+/- 8.9 Acres Suitable for Multifamily Development

Zoning Allows Commercial, Retail and Multifamily at 30 Dwelling Units Per Acre

Southern California

Inland Empire ~ Wildomar

OPPORTUNITY:

  • Property is zoned for retail, multifamily use at 30 dwelling units per acre
  • Close to employment, hospitals, freeways.
  • We have a retail developer who is interested in codeveloping the site if the multifamily developer prefers a smaller project.

THE OFFERING:

  • Offered at $530,000 per acre
  • Purchase Price: $4,770,000
  • Purchase Price per Door assuming 22 DUPA / 198 units: $24,000
  • Due Diligence: 30 days
  • Closing: 30 days after DD

PROJECT SUMMARY:

  • Approximately 8.9 acres with zoning that allows mulitfamily development.
  • At 30 DUPA about 250 units could be built. at 20 DUPA about 180 units could be built
  • The property is
    • a rectangle and would be efficient
    • Has 600+ feet of frontage on a major street on its southern boundary (Clinton Keith Rd.)
    • Has two signalized intersections in place at the SW and SE corners of the property
    • Has 600+ feet of frontage on its eastern bounday (George Rd.)
    • Is just a 1/4 mile to a major freeway (15)
    • Is at the north end of the Temecula Valley with good access to the Corona and Ontario.

VALUE

We have not yet prepared an ARGUS model to estimate a Project IRR or Multiple.

We can assist with preparing financial analysis using Argus Developer or a Prospect's preferred financial model software.

Buyer / Investor must rely on its own Due Diligence

FINANCIAL ASSUMPTIONS

Acquisition 
$4,770,000

NOI
Year 1 - TBD 
At Disposition (month 84, June 2024) - TBD

Revenue 
Net Operating Income - TBD
Capitalized Rent - TBD
Total Project Revenue – TBD

Total Project Costs:
Excluding Finance and Disposition - TBD
Including Construction Loan and Mortgage Interest & Fees -TBD

Profit:
TBD available for distribution

Construction Debt:
TBD

Total Equity:
TBD 
90% Primary = TBD 
10% Developer Co-invest = TBD

Mortgage:
TBD

Equity IRR / Multiple
TBD

TIMING

The property is being actively marketed

Seller is looking for 30 day due diligence and 30 day close

RELATIONSHIP

Hanover Development is acting as the buyer's agent, broker representative.

Our fee will be paid by owner/seller

Google Map

Clinton Keith Aerial

Clinton Keith Aerial

Zoning Legend

Zoning Legend

Zoning Map

Zoning Map

Contact: Joe Richter  949 769-2000
949 677-7722 (cell & text)
JRichter@HanoverDevelopment.com

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