El Centro Town Village
El Centro Town Village
Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Roads, El Centro, CA 184 Unit Apartments
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
Summary Property Location:
Between Highway 86 and 12th Street, Cruickshank Dr. and Bradshaw Rd. El Centro, CA 92243 City of El Centro, Imperial County, Southern California
Property Type / Use: Proposed Mid Density Residential Property Size:
APN: 044-62-012 13.45 Acres including Streets and additional Park Area 3.23 Acres
Property Zoning:
Mid Density Residential (12 units/acres), change in Progress to High Density Residential (25 units/acres)
Proposed Usage:
184 units two-story Apartment (Max. allowable units: 336 units)
Project Code Name: Town Center Village Price:
$3,680,000
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
California Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
Street Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA Market Overview Imperial County is the last area in Southern California where inexpensive housing can still be found. As the federal interest rate is at an all time low, housing value has been continued on the rise and most distinct in Metropolitan areas. The real estate market in Los Angeles, Orange County, and San Diego counties has been saturated prompting the first wave to build affordable housing in cities such as Escondido, Lancaster and Temecula. Cities in Imperial County such as Brawley, El Centro and Calexico are on the second wave front to affordable housing. A city’s growth is not measured by its income alone or number of business establishments. One of the most important factors is its housing development. This is the key factor to future business demand and source of labor. Because of inexpensive housing value and Imperial County’s dry weather climate, residential developments have been popular in the recent years. Developer like Capstone Advisors, have announced their plan in early 2004 to build houses ranging from 1,100 to 1,900 square feet for 465 units. Since 2001 the construction of new homes continues to rise.
Because of the Home Buyers’ Assistance Program offered by the City of El Centro, these houses are sold before they were built. Table 1 shows the median housing value of Imperial County and San Diego County in 2000 census, for the price of a single house in San Diego County is more than twice than the price of a single home in Imperial County. The City intends to make FTHB loans of up to $20,000.00 to each qualifi ed moderate-income family to assist them in the purchase of their first home. These loans shall be made at the rate of 3.5% and shall be due and payable in twenty years. The repayment of these loans shall be an interest only payment for the first five years and then a fully amortized payment over the next fifteen years. According the San Diego Union Tribune Sunday paper published on May 23, 2004, there is a growing list of apartment renters whose quest in search of affordable houses turned up nothing in the city. Many of them turned east to Imperial County despite of commuting hours to and from San Diego. The president of Innovative Community projected that in the near future El Centro will be recognized as the next Temecula where the real estate market was a huge success in 1980’s. Research firms in San Diego were flooded with phone calls from builders interested in expanding to Imperial County. Many renowned builders - Ryland Homes, KB Homes, D.R. Horton and McMillin Homes have been surveying Imperial valley and purchasing land. By looking at the table 2 it is apparent how many building permits were issued during 2003. El Centro is growing, both in commercial and residential sectors - from a second Applebee restaurant to a free standing Starbuck’s Coffee, not to mention a brand new Target and a new mall just south of Interstate 8 bringing high end department stores to the valley. Regardless of the City’s assistance program for the first time home buyers, many of them simply can’t come up with the two percent down payment or did not fit the income bracket. New opportunity for jobs also prompted more people to relocate to the city. This has caused the demand on apartments to rise to an all time high. Of all major high end apartments visited, there is virtually no vacant or just one or two openings. In many cases people were put on the waiting list and were
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
forced to stay in motels. According to the Market Pointe Realty Advisors, the average new house in Imperial County is just under $200,000. The median home value is approximately $181,128. By using a trivial calculation, the necessary household Income for purchasing a home is calculated base on a 7% fixed 30-year loan with ten percent down. By comparing it with the income distribution in table 8, there is at least 45.8% of the population in El Centro that fall into the apartment renting category. The only assistance offer for these people is from Imperial Valley Housing Authority headquartered in Brawley, CA in which the tenant pays about 30% of the income and the rest is covered by the Housing Authority. The qualifiation is set by household number and income tier. The average for a two-bedroom assistance value is ranging from $600 to $650. In conclusion, the demand for apartments and affordable housing will likely to increase with most builders favors new residential homes. The El Centro city officials also encourages new apartment to accommodate the increasing population, the planning department of the City has no objection to the development behind El Centro Town Center. See below for the preliminary budget and Income Projection. The vacancy rate used in the Proforma is based on Danter Company’s 2005 US Rental Vacancy Rate.
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
USA Rental Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA Demographics
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA Apartment Comparison
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment
Highway 86 @ Cruickshank and Bradshaw Rd. El Centro, CA 92243 Parcel Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Roads, El Centro, CA 184 Unit Apartments
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
Summary Property Location:
Between Highway 86 and 12th Street, Cruickshank Dr. and Bradshaw Rd. El Centro, CA 92243 City of El Centro, Imperial County, Southern California
Property Type / Use: Proposed Mid Density Residential Property Size:
APN: 044-62-012 13.45 Acres including Streets and additional Park Area 3.23 Acres
Property Zoning:
Mid Density Residential (12 units/acres), change in Progress to High Density Residential (25 units/acres)
Proposed Usage:
184 units two-story Apartment (Max. allowable units: 336 units)
Project Code Name: Town Center Village Price:
$3,680,000
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
California Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
Street Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA Market Overview Imperial County is the last area in Southern California where inexpensive housing can still be found. As the federal interest rate is at an all time low, housing value has been continued on the rise and most distinct in Metropolitan areas. The real estate market in Los Angeles, Orange County, and San Diego counties has been saturated prompting the first wave to build affordable housing in cities such as Escondido, Lancaster and Temecula. Cities in Imperial County such as Brawley, El Centro and Calexico are on the second wave front to affordable housing. A city’s growth is not measured by its income alone or number of business establishments. One of the most important factors is its housing development. This is the key factor to future business demand and source of labor. Because of inexpensive housing value and Imperial County’s dry weather climate, residential developments have been popular in the recent years. Developer like Capstone Advisors, have announced their plan in early 2004 to build houses ranging from 1,100 to 1,900 square feet for 465 units. Since 2001 the construction of new homes continues to rise.
Because of the Home Buyers’ Assistance Program offered by the City of El Centro, these houses are sold before they were built. Table 1 shows the median housing value of Imperial County and San Diego County in 2000 census, for the price of a single house in San Diego County is more than twice than the price of a single home in Imperial County. The City intends to make FTHB loans of up to $20,000.00 to each qualifi ed moderate-income family to assist them in the purchase of their first home. These loans shall be made at the rate of 3.5% and shall be due and payable in twenty years. The repayment of these loans shall be an interest only payment for the first five years and then a fully amortized payment over the next fifteen years. According the San Diego Union Tribune Sunday paper published on May 23, 2004, there is a growing list of apartment renters whose quest in search of affordable houses turned up nothing in the city. Many of them turned east to Imperial County despite of commuting hours to and from San Diego. The president of Innovative Community projected that in the near future El Centro will be recognized as the next Temecula where the real estate market was a huge success in 1980’s. Research firms in San Diego were flooded with phone calls from builders interested in expanding to Imperial County. Many renowned builders - Ryland Homes, KB Homes, D.R. Horton and McMillin Homes have been surveying Imperial valley and purchasing land. By looking at the table 2 it is apparent how many building permits were issued during 2003. El Centro is growing, both in commercial and residential sectors - from a second Applebee restaurant to a free standing Starbuck’s Coffee, not to mention a brand new Target and a new mall just south of Interstate 8 bringing high end department stores to the valley. Regardless of the City’s assistance program for the first time home buyers, many of them simply can’t come up with the two percent down payment or did not fit the income bracket. New opportunity for jobs also prompted more people to relocate to the city. This has caused the demand on apartments to rise to an all time high. Of all major high end apartments visited, there is virtually no vacant or just one or two openings. In many cases people were put on the waiting list and were
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
forced to stay in motels. According to the Market Pointe Realty Advisors, the average new house in Imperial County is just under $200,000. The median home value is approximately $181,128. By using a trivial calculation, the necessary household Income for purchasing a home is calculated base on a 7% fixed 30-year loan with ten percent down. By comparing it with the income distribution in table 8, there is at least 45.8% of the population in El Centro that fall into the apartment renting category. The only assistance offer for these people is from Imperial Valley Housing Authority headquartered in Brawley, CA in which the tenant pays about 30% of the income and the rest is covered by the Housing Authority. The qualifiation is set by household number and income tier. The average for a two-bedroom assistance value is ranging from $600 to $650. In conclusion, the demand for apartments and affordable housing will likely to increase with most builders favors new residential homes. The El Centro city officials also encourages new apartment to accommodate the increasing population, the planning department of the City has no objection to the development behind El Centro Town Center. See below for the preliminary budget and Income Projection. The vacancy rate used in the Proforma is based on Danter Company’s 2005 US Rental Vacancy Rate.
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA
USA Rental Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA Demographics
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment Apartment Site behind Target/Lowe’s
Highway 86 @ Cruickshank and Bradshaw Rds, El Centro, CA Apartment Comparison
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
El Centro Town Village Apartment
Highway 86 @ Cruickshank and Bradshaw Rd. El Centro, CA 92243 Parcel Map
Pat Seay, Realtor® | License #CA-DRE 01218535 Direct: 760.353.0849 | Mobile: 760.562.1436 Email: [email protected] | www.patseay.com
388 W. Aten Rd., Ste D Imperial, CA 92251
The information contained herein was obtained from sources believed reliable; however, Pat Seay, Realtor® makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.
