SIGNIFICANT PRICE REDUCTION
SIGNIFICANT PRICE REDUCTION
Lower Sacramento Road & Kettleman Lane (Hwy 12) Lodi, California 41.2 ACRES | ZONED (RMD) MEDIUM DENSITY RESIDENTIAL (8-20 UNITS PER ACRE) $11,742,000 ($285,000/AC) SCHOOL
SITE
PARK
WALMART TARGET
VAN RUITEN RANCH SAFEWAY
SACR LOWER Gary Gallelli Partner Managing Director L #01099383 [email protected]
D O ROA AMENT
LODI SHOPPING CENTER
KE
300K SQUARE FEET
TTL
EM
AN
LAN
E(
HW
VINTNER’S SQUARE
Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected]
LOWES
Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
Y1 2)
N
THE OPPORTUNITY This site encompasses 41.2 acres on 3 separate parcels, the best located and largest infill residential site in Lodi, CA. The property is zoned RMD (Medium Density Residential) which allows for residential densities of 8 to 20 units per acre. The property is conveniently located near the major east/west Highway 12, and near Highway 99 which runs north/south through the heart of California.
Limited New Development
New Construction to the West Requires Annexation
•
There are 4 active home developments in the City of Lodi
•
All have received 100% of their needed Growth Allocation Units
Any approval of projects west of the Van Ruiten Ranch site will require annexation by the City of Lodi
•
The most recent project to require annexation was first approved in 2007, with site work beginning 3rd Quarter 2016
--
»»
1 is currently under construction
»»
1 will begin grading in 2nd Quarter 2016
»»
2 have not begun site improvements
•
Extremely limited supply of new development sites within the City
•
The City of Lodi restricts new development to accommodate no more than a 2% growth rate within the city’s limits resulting in a pent up demand for new product with little inventory
Convenient Access to Numerous Retail Amenities •
1/4 mile from intersection with nearly 1 million square feet of retail and restaurants
•
Large retailers within walking distance include
Development Ready Parcels •
Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected] Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
WalMart
--
Staples
--
Target
--
JCPenney
--
Safeway
--
--
Lowe’s Home Improvement
Hobby Lobby (Coming Soon to backfill old Walmart)
--
Food For Less
All underground utilities are present to the site --
Gary Gallelli Partner Managing Director L #01099383 [email protected]
--
Storm •
Nearby restaurants include
--
Water
--
Sewer
--
Round Table Pizza
--
Starbucks
--
PG&E
--
Applebee’s
--
Panda Express
--
Chili’s
--
Panera Bread
--
In-N-Out
Park
Coas
40°N EXECUTIVE SUMMARY
Red Bluff
e ang t R
Lodi is a Unique and Affluent City in the San Joaquin Valley
The site, located in the charming City of Lodi, comprises 41.2 acres ofLeggett prime
•
No other area is recognized by its own appellation
allows for a wide range of product types from single family residential to townhomes
•
Average education levels exceed Chico those of other San Joaquin Valley cities
•
Lodi is a highly desirable location for people looking to reside in San Joaquin
and multi-family apartment communities.
County
The property is located along the southern boundary of Lodi’s newest and largest
Sacramento R
Sacram
residential land zoned RDM (Medium Density Residential). This zoning designation
Mendocino retail developments. At buildout, the four corners of Lower Sacramento Road and
New Home Building has been Limited by the Number of Available Sites.
Kettleman Lane (Highway 12) will offer nearly 1 million square feet of retail space.
•
The topography of the land is flat, with no wetlands, making it nearly 100% usable.
Clear Lake AREA MAP
ento
39°N
Si ra
va da
in which to live in California’s Central Valley.
Ne
SACRAMENTO
Area) Wine Appellation. Lodi is the heart of California’s premium wine business. Due
38°N cities
Folsom49
Davis
Santa Rosa
Sutter Creek
Sonoma
to its quaint, hometown charm, Lodi is widely considered one of the most desirable
S
er
Calistoga
Lodi, California is located between the San Francisco Bay Area and the Sierra
Lake Tahoe
r
ley
r ive an R
MARKET OVERVIEW
Grass Valley
ive
s si
fees.
Nevada Mountain Range in the fertile valley of the Lodi AVA (American Viticultural
Val
Ru
Please contact our offices for more specific information regarding development
Truckee
Nevada City given its small town Lodi is a popular area for many commuters to reside charm and convenient access to the Bay Area and Sacramento.
SITE
The area offers numerous
outdoor recreational activities and has a moderate Mediterranean type climate. Lodi itself is a destination for tourists and wine lovers, while also being a short
San Rafael
Berkeley
drive to many of California’s other most scenic and famous tourist destinations. The Official Recognition of Lodi Wine Appellation Came in 1986
Farallon Islands
SAN JOSE
r
3Grown 7°N from 8 wineries in the early 1990’s to over 85 wineries today
Lodi, a Community With a Strong Identity •
Many growers are 4th and 5th generation
•
Lodi fosters a strong sense of community among its citizens
N ve
•
Palo Alto
Ri
Responsible for over 40% of the Premium Zinfandel grapes grown in California
in
•
qu
Produces a crop of premium wine grapes worth in excess of $350 million annually
oa
•
SAN FRANCISCO nJ
Home to over 90,000 acres of planted vineyards
Sa
•
Walnut Creek
Sonora
Stockton
Santa Cruz
Watsonville
Fresno
Di
Monterey Carmel-by-the-Sea
ab lo
TARGET
SAFEWAY
JC PENNEY
EN OA
R TO D
Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
AM
Pat Ronan Assistant Vice President L #01410074 [email protected]
ACR RS
Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected]
E LOW
Gary Gallelli Partner Managing Director L #01099383 [email protected]
WAL-MART
W
CE
N
RY U T
VD BL
New Home Building has been Limited by the Number of Available Sites.
Affordable Living
•
•
Cost of living in Lodi is 21.8% lower than the State
•
Further evidence of the strong housing market is the fact that in the past year 3% of Lodi’s existing homes have sold which is 50% higher than the State average
•
Average new home closing price is $308,500, an increase of 22% over last year
•
Lodi is a popular area for many commuters to reside given its small town charm and convenient access to the Bay Area and Sacramento. There are currently 4 new home sites in various stages of development, each has been allocated 100% of their growth. --
Rose Gate: Over 90 homes of the total 232 home development are sold
--
Reynolds Ranch, located near Highway 99 at the southern entrance to the City, will commence construction of housing units in the 2nd Quarter 2016
--
--
Van Ruiten Ranch, located west of the property, is expected to begin grading March 2016 and will include 145 low density homes, 55 medium density homes and 88 high density homes on 74 acres Vintner’s Square, a gated 57 home development located north of Highway 12 approximately ½ mile North of the northern boundary of our site. Site work is expected to begin 3rd Quarter of 2016
PROPERTY LOCATION The site is located just southeast of the intersection of Kettleman Lane (Highway 12) and Lower Sacramento Road at the western edge of the City of Lodi. The Multi-Family Rental Market is Performing Well in Lodi •
No new apartment construction in the previous 25 years
•
The apartments located immediately to the east of the site were built between 1983 and 1989
•
The adjacent apartments average more than 98% occupancy --
1 bedroom rents average $1.55 per square foot
--
2 bedroom rents average $1.30 per square foot
--
3 bedroom rents average $1.10 per square foot
The site is within the Lodi Unified School District and currently feeds in to the Ellerth E. Larson Elementary School, the highest rated elementary school in the district according to both parent ratings and Great Schools ratings. A new school is proposed 1/4 mile to the west, but has no timetable to begin construction.
W
Gary Gallelli Partner Managing Director L #01099383 [email protected] Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected] Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
C
EN
TU
RY
BL VD
SUMMARY
PROPERTY DETAILS
This site represents the largest in-fill site in the City of Lodi. The combination of location, school boundaries, and a zoning of
LODI LAND SALE PRICE
$11,742,000
The site can accommodate a range of housing types from single
ACRES
±41.2
family residential to multi-family apartment homes. Lodi’s “quality
APN
058-140-14, 058-140-52 & 058-140-12
ZONING
RMD
LOCATION
Lower Sacramento Road & Kettleman Lane (HWY 12)
Medium Density Residential make this property truly unique.
growth” approach to planning ensures that projects within city limits naturally have a strong base of tenants and buyers. The reduced availability of new housing options, coupled with the organic growth of the community, and its proximity to the employment centers of Sacramento, Stockton and the Bay Area creates a strong demand for new development.
KET
TLE
MA
NL
ANE
(HW Y1 2) D OA
WE LO
R AC S R
AM
R TO N E
LOWER SACRAMENTO ROAD & KETTLEMAN LANE (HWY 12) LODI, CA
Gary Gallelli Partner Managing Director L #01099383 [email protected] Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected] Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
Lower Sacramento Road & Kettleman Lane (Hwy 12) Lodi, California 41.2 ACRES | ZONED (RMD) MEDIUM DENSITY RESIDENTIAL (8-20 UNITS PER ACRE) $11,742,000 ($285,000/AC) SCHOOL
SITE
PARK
WALMART TARGET
VAN RUITEN RANCH SAFEWAY
SACR LOWER Gary Gallelli Partner Managing Director L #01099383 [email protected]
D O ROA AMENT
LODI SHOPPING CENTER
KE
300K SQUARE FEET
TTL
EM
AN
LAN
E(
HW
VINTNER’S SQUARE
Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected]
LOWES
Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
Y1 2)
N
THE OPPORTUNITY This site encompasses 41.2 acres on 3 separate parcels, the best located and largest infill residential site in Lodi, CA. The property is zoned RMD (Medium Density Residential) which allows for residential densities of 8 to 20 units per acre. The property is conveniently located near the major east/west Highway 12, and near Highway 99 which runs north/south through the heart of California.
Limited New Development
New Construction to the West Requires Annexation
•
There are 4 active home developments in the City of Lodi
•
All have received 100% of their needed Growth Allocation Units
Any approval of projects west of the Van Ruiten Ranch site will require annexation by the City of Lodi
•
The most recent project to require annexation was first approved in 2007, with site work beginning 3rd Quarter 2016
--
»»
1 is currently under construction
»»
1 will begin grading in 2nd Quarter 2016
»»
2 have not begun site improvements
•
Extremely limited supply of new development sites within the City
•
The City of Lodi restricts new development to accommodate no more than a 2% growth rate within the city’s limits resulting in a pent up demand for new product with little inventory
Convenient Access to Numerous Retail Amenities •
1/4 mile from intersection with nearly 1 million square feet of retail and restaurants
•
Large retailers within walking distance include
Development Ready Parcels •
Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected] Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
WalMart
--
Staples
--
Target
--
JCPenney
--
Safeway
--
--
Lowe’s Home Improvement
Hobby Lobby (Coming Soon to backfill old Walmart)
--
Food For Less
All underground utilities are present to the site --
Gary Gallelli Partner Managing Director L #01099383 [email protected]
--
Storm •
Nearby restaurants include
--
Water
--
Sewer
--
Round Table Pizza
--
Starbucks
--
PG&E
--
Applebee’s
--
Panda Express
--
Chili’s
--
Panera Bread
--
In-N-Out
Park
Coas
40°N EXECUTIVE SUMMARY
Red Bluff
e ang t R
Lodi is a Unique and Affluent City in the San Joaquin Valley
The site, located in the charming City of Lodi, comprises 41.2 acres ofLeggett prime
•
No other area is recognized by its own appellation
allows for a wide range of product types from single family residential to townhomes
•
Average education levels exceed Chico those of other San Joaquin Valley cities
•
Lodi is a highly desirable location for people looking to reside in San Joaquin
and multi-family apartment communities.
County
The property is located along the southern boundary of Lodi’s newest and largest
Sacramento R
Sacram
residential land zoned RDM (Medium Density Residential). This zoning designation
Mendocino retail developments. At buildout, the four corners of Lower Sacramento Road and
New Home Building has been Limited by the Number of Available Sites.
Kettleman Lane (Highway 12) will offer nearly 1 million square feet of retail space.
•
The topography of the land is flat, with no wetlands, making it nearly 100% usable.
Clear Lake AREA MAP
ento
39°N
Si ra
va da
in which to live in California’s Central Valley.
Ne
SACRAMENTO
Area) Wine Appellation. Lodi is the heart of California’s premium wine business. Due
38°N cities
Folsom49
Davis
Santa Rosa
Sutter Creek
Sonoma
to its quaint, hometown charm, Lodi is widely considered one of the most desirable
S
er
Calistoga
Lodi, California is located between the San Francisco Bay Area and the Sierra
Lake Tahoe
r
ley
r ive an R
MARKET OVERVIEW
Grass Valley
ive
s si
fees.
Nevada Mountain Range in the fertile valley of the Lodi AVA (American Viticultural
Val
Ru
Please contact our offices for more specific information regarding development
Truckee
Nevada City given its small town Lodi is a popular area for many commuters to reside charm and convenient access to the Bay Area and Sacramento.
SITE
The area offers numerous
outdoor recreational activities and has a moderate Mediterranean type climate. Lodi itself is a destination for tourists and wine lovers, while also being a short
San Rafael
Berkeley
drive to many of California’s other most scenic and famous tourist destinations. The Official Recognition of Lodi Wine Appellation Came in 1986
Farallon Islands
SAN JOSE
r
3Grown 7°N from 8 wineries in the early 1990’s to over 85 wineries today
Lodi, a Community With a Strong Identity •
Many growers are 4th and 5th generation
•
Lodi fosters a strong sense of community among its citizens
N ve
•
Palo Alto
Ri
Responsible for over 40% of the Premium Zinfandel grapes grown in California
in
•
qu
Produces a crop of premium wine grapes worth in excess of $350 million annually
oa
•
SAN FRANCISCO nJ
Home to over 90,000 acres of planted vineyards
Sa
•
Walnut Creek
Sonora
Stockton
Santa Cruz
Watsonville
Fresno
Di
Monterey Carmel-by-the-Sea
ab lo
TARGET
SAFEWAY
JC PENNEY
EN OA
R TO D
Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
AM
Pat Ronan Assistant Vice President L #01410074 [email protected]
ACR RS
Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected]
E LOW
Gary Gallelli Partner Managing Director L #01099383 [email protected]
WAL-MART
W
CE
N
RY U T
VD BL
New Home Building has been Limited by the Number of Available Sites.
Affordable Living
•
•
Cost of living in Lodi is 21.8% lower than the State
•
Further evidence of the strong housing market is the fact that in the past year 3% of Lodi’s existing homes have sold which is 50% higher than the State average
•
Average new home closing price is $308,500, an increase of 22% over last year
•
Lodi is a popular area for many commuters to reside given its small town charm and convenient access to the Bay Area and Sacramento. There are currently 4 new home sites in various stages of development, each has been allocated 100% of their growth. --
Rose Gate: Over 90 homes of the total 232 home development are sold
--
Reynolds Ranch, located near Highway 99 at the southern entrance to the City, will commence construction of housing units in the 2nd Quarter 2016
--
--
Van Ruiten Ranch, located west of the property, is expected to begin grading March 2016 and will include 145 low density homes, 55 medium density homes and 88 high density homes on 74 acres Vintner’s Square, a gated 57 home development located north of Highway 12 approximately ½ mile North of the northern boundary of our site. Site work is expected to begin 3rd Quarter of 2016
PROPERTY LOCATION The site is located just southeast of the intersection of Kettleman Lane (Highway 12) and Lower Sacramento Road at the western edge of the City of Lodi. The Multi-Family Rental Market is Performing Well in Lodi •
No new apartment construction in the previous 25 years
•
The apartments located immediately to the east of the site were built between 1983 and 1989
•
The adjacent apartments average more than 98% occupancy --
1 bedroom rents average $1.55 per square foot
--
2 bedroom rents average $1.30 per square foot
--
3 bedroom rents average $1.10 per square foot
The site is within the Lodi Unified School District and currently feeds in to the Ellerth E. Larson Elementary School, the highest rated elementary school in the district according to both parent ratings and Great Schools ratings. A new school is proposed 1/4 mile to the west, but has no timetable to begin construction.
W
Gary Gallelli Partner Managing Director L #01099383 [email protected] Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected] Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
C
EN
TU
RY
BL VD
SUMMARY
PROPERTY DETAILS
This site represents the largest in-fill site in the City of Lodi. The combination of location, school boundaries, and a zoning of
LODI LAND SALE PRICE
$11,742,000
The site can accommodate a range of housing types from single
ACRES
±41.2
family residential to multi-family apartment homes. Lodi’s “quality
APN
058-140-14, 058-140-52 & 058-140-12
ZONING
RMD
LOCATION
Lower Sacramento Road & Kettleman Lane (HWY 12)
Medium Density Residential make this property truly unique.
growth” approach to planning ensures that projects within city limits naturally have a strong base of tenants and buyers. The reduced availability of new housing options, coupled with the organic growth of the community, and its proximity to the employment centers of Sacramento, Stockton and the Bay Area creates a strong demand for new development.
KET
TLE
MA
NL
ANE
(HW Y1 2) D OA
WE LO
R AC S R
AM
R TO N E
LOWER SACRAMENTO ROAD & KETTLEMAN LANE (HWY 12) LODI, CA
Gary Gallelli Partner Managing Director L #01099383 [email protected] Mickey Turpen Senior Vice President Investment Group L #01340787 [email protected] Pat Ronan Assistant Vice President L #01410074 [email protected] Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 F 916 784 2098 www.GallelliRE.com
