BLACK DIAMOND BIG BEAR LAKE, CALIFORNIA - 42172 MOONRIDGE ROAD, BIG BEAR LAKE - BizBuySell
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O F F E R I N G M E M O R A N D U M
4 2 1 7 2 M O ON R I D G E ROA D, B I G B E A R L A K E
BL AC K DIA MON D
TAV E R N
BIG BEA R L A K E, C A LIFORNIA
N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E
C ONFIDENTIALIT Y & DISCL AIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus
& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared
to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained
herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect
to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,
the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,
or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained
in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information
contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy
or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service
mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2018 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's
logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or
any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to
prospective customers. Activity ID: XXXXXX
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N LY.
P L E A S E C O N S U LT Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E TA I L S .
OFFICES THROUGHOUT THE U.S. AND CANADA
www.marcusmillichap.com
E XC L U S I V E LY L I S T E D B Y
Paul Bitonti
First Vice President Investments
Newport Beach, CA
Direct: (949) 419-3246
Mobile: (714) 267-8582
License: CA 01325076
Paul.Bitonti@marcusmillichap.com
TABLE OF CONTENTS
02
01
E X E C U T I V E S U M M A RY / / X X
PROPERT Y DESCRIPTION // X X
03
F I N A N C I A L A N A LY S I S / / X X
04 06
M A R K E T OV E RV I E W / / X X
05
R E N T C O M PA R A B L E S / / X X
S A L E S C O M PA R A B L E S / / X X
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
section 1
Executive Summary
offering summary
summary of terms
investment overview
investment highlights
OFFERING SUMMARY 4 2 1 7 2 M O ON R I D G E ROA D, B I G B E A R L A K E , C A Asking Price $2,000,000 Gross Square Feet 8,280 SF Number of Buildings 3 Number of Stories 2 Property Type Mixed-Use Year Built/Renovated 1987/2018 Lot Size 1.30 AC Zoning C-2 Commercial - General 8 EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
• Big Bear Lake, California
• Real Estate and High Performing Restaurant
• 2 Apartments and 16 Storage Units
• 1.30 Acre Parcel
• Well-located Real Estate - Foot of Big Bear Ski Resort
• Very Large Parking Field
• Owner User Investment
EXECUTIVE SUMMARY 9
10 EXECUTIVE SUMMARY
BL AC K DIA MON D
TAV E R N
42172 MO ONRID GE ROAD, BIG BEAR L AKE, CA
Marcus and Millichap is pleased to present Black Diamond restaurant and tavern a mixed use
property located at the foot of Big Bear Mountain Lake and resort. The offering consists of an
operational restaurant and real estate which includes 2, 1 bedroom 1 bath apartments, 16 storage
units and a 3,850 square foot operating restaurant building located on 1.30 acre parcel.
Big Bear is home to Southern California’s largest recreation lake and ski resort that receives more
than 7 million visitors every year. During winter season Big Bear Lake becomes the most popular
skiing and snowboarding destination for Southern California. There are two ski resorts: Snow
Summit and Bear Mountain. The primary summer attraction in Big Bear are fishing, hiking,
mountain biking and horse riding.
Big Bear Lake is experiencing significant changes that will grow its appeal as a visitor destination
for the next decade. Bear Mountain and Snow Summit, along with Mammoth Mountain and June
Mountain, were acquired in 2017 by The Aspen Skiing Co. - KSL Capital Partners, forming a new
alliance named Alterra Mountain Co. who is expected to rival Vail Resorts as each controls about a
dozen ski resort across the country. The Big Bear Alpine Zoo is moving to a new $8.5 Million home
to open early Spring 2019. The Southern California Mountains Foundation is working on a master
trail plan that will add 10 miles of trails every year for 10 years. The Moonridge Road/Rathburn
Corridor plan is in progress to revitalize Moonridge Road and connect trail systems.
EXECUTIVE SUMMARY 11This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
section 2
Property Description
the property
local and regional maps
site plan
amenities14 PROPERTY DESCRIPTION
PROPERTY DESCRIPTION 15
PL AT MA P
Tax Map 42172 Moonridge Rd, Big Bear Lake, CA 92315
Limitation of Liability for Informational Report
IMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITION
OF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT OR
16 P R PRELIMINARY
O P E R T Y DREPORT,
E S C R I OR
P T ANY
I O NFORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFIT
OF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BE
REPRODUCED IN ANY MANNER WITHOUT FIRST AMERICAN’S PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT ORPROPERT Y DESCRIPTION
PROPERTY DESCRIPTION
42172 Moonridge Road
Address
Big Bear Lake, CA
Lot Size 1.30 AC
Gross Leasable Area 8,280 SF
Year Built/Renovated 1987/2018
Parcel 2328-202-06
Zoning C-2 Commercial - General
CONSTRUCTION
Number of Stories INSERT SITE PL AN
Type of Ownership Fee Simple
Topography Flat
Foundation Concrete
Framing Wood
Exterior Stucco
Parking Surface Asphalt
Roof Composite
MECHANICAL
Utilities Gas, Electric and Water
PROPERTY DESCRIPTION 17Big Bear Lake
Water Department
Big Bear Lake
Library
City of Big
Bear Lake
Public Works
Bear Valley Home of The
Church Hangover
Moonridge
Fuel
Goldsmith’s
Big Bear Blvd Twin Bear Sports
30,000 Daily Traffic Party Rentals
The Grind &
Grill Cafe
Moonridge Rd
18 PROPERTY DESCRIPTIONBig Bear
Airport
Big Bear Lake
Snow Summit
Ski Resort Bear Mountain
Ski Resort
PROPERTY DESCRIPTION 19This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
section 3
Financial Analysis
property details
pricing details
rent roll summary
operating statement
cash flow22 FINANCIAL ANALYSIS
PROPERT Y DETA IL S / / B l a ck B e a r Tave r n
42172 Moonridge Rd,
Address:
Big Bear Lake, CA 92314
Price: $2,000,000
Buildings: 3
Price Per Foot Building: $241.55
GLA: 8,280 SF
Year Built/Renovated: 1987/2018
Lot Size: 1.30 AC
Price Per Foot Land: $35.32
Cap Rate (Current): 34.43%
Cap Rate (Pro Forma): 36.13%
FINANCIAL ANALYSIS 23CURRENT PRO FORMA
Apartment
Gross Potential Rent $12,450
Gross Potential Income $12,450
Effective Gross Income $12,450
INCOME ANALYSIS
Restaurant
Other Income $779,000 $779,000
Gross Potential Income $779,000 $779,000
Effective Gross Income $779,000 $779,000
Storage
Gross Potential Rent $21,600
Gross Potential Income $21,600
Effective Gross Income $21,600
Combined Effective Gross Income $779,000 $813,050
Real Estate Taxes $46,881 $46,881
EXPENSE ANALYSIS
Insurance $5,000 $5,000
Utilities $32,000 $32,000
Repairs & Maintenance $2,500 $2,500
Contract Services $4,100 $4,100
Total Expenses $90,481 $90,481
Net Operating Income $688,519 $722,569
24 FINANCIAL ANALYSISREN T ROL L / / B LAC K D IAM O N D TAV E RN
NUMBER
APARTMENTS
UNIT TYPE SQUARE FOOTAGE PRO FORMA RENT / SF PRO FORMA RENT ANNUAL
OF UNIT
2 1 Bed / 1 Bath 415 $1.25/SF $518.75 $6,225.00
Total 830 $1,037.50 $12,450.00
NUMBER
UNIT SIZE SQUARE FOOTAGE PRO FORMA RENT / SF PRO FORMA RENT PER UNIT ANNUAL
OF UNIT
4 10 x 10 400 $0.50 $200.00 $2,400.00
2 10 x 20 400 $0.50 $200.00 $2,400.00
STORAGE
3 15 x 20 900 $0.50 $450.00 $5,400.00
4 15 x 20 1,200 $0.50 $600.00 $7,200.00
1 20 x 20 400 $0.50 $200.00 $2,400.00
1 20 x 15 300 $0.50 $150.00 $1,800.00
Total 3,600 $1,800.00 $21,600.00
NUMBER
RESTAURANT
UNIT TYPE SQUARE FOOTAGE
OF UNIT
1 Restaurant & Bar 3,850
Total 830
TOTAL 8,280 $2,837.50 $34,050.00
FINANCIAL ANALYSIS 25This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
section 6
Market Overview
location overview
market research
demographics[INSERT CITY SEAL]
BIG BEAR LAKE
California
P O P U L AT I O N
84,424
28 MARKET OVERVIEWCity Of H ISTORY
[BIG BEAR LAKE] Big Bear Lake was inhabited by the indigenous Serrano Indians for over
2,000 years before it was explored by Benjamin Wilson and his party.
Once populated by only the natives and the grizzly bears, from which the
area received its name, the population of the Big Bear Valley grew rapidly
during the Southern California Gold Rush from 1861 to 1912. Grizzly
Big Bear Lake is a small city in San Bernardino County, California, located in the San bears were not found in the region after 1908. Today, there are black bears
Bernardino Mountains along the south shore of Big Bear Lake, and surrounded by the in the region since their introduction in 1933,[5] and they are sometimes
San Bernardino National Forest. The city is located about 25 miles (40 km) northeast of sighted in residential areas.
the city of San Bernardino, and immediately west of the unincorporated town of Big Bear
City. The population was approximately 5,019 at the 2010 census, down from 5,438 at the Written records demonstrate that the site known as La Lomita was
granted to Captain Conway and J.W. Hoit, who established the Rancho
2000 census. Being a popular year-round resort destination, however, the actual number
La Lomita Land Company. Between 1906 and 1908, most of the area’s
of people staying in or visiting the greater Big Bear Valley area regularly surges to over
activities centered around the La Lomita area. In 1908, the Missouri
100,000 during many weekends of the year. Pacific Railroad established a railway station near the center of the new
development, 4 miles north of the mission. That same year, the City of
Big Bear Lake is Southern California’s largest recreation lake. It is about seven miles Mission, Texas was founded; Mrs. Ann Voltz, who lived in the Madero
long and about one mile at its widest. The primary summer attraction in Big Bear was area, suggested that the new town be named Mission after the La Lomita
fishing and it still is one of the most common activities there.[6] The most abundant Mission. Since 1908, the City of Mission has grown from a railroad stop
to a thriving city with a population approaching 70,000.
types of fish are trout, bass and catfish. Hiking, mountain biking and horse riding are
also very popular. San Bernardino National Forest offers many trails in varying degrees
It was in this area that citrus was first planted in the Rio Grande Valley. The
of difficulty. During winter season Big Bear Lake becomes a skiing and snowboarding citrus industry is now a multimillion-dollar business, which is celebrated
destination for Southern California. There are two ski resorts: Snow Summit and Bear annually with a gala Citrus Fiesta. The historic La Lomita Mission still
Mountain. The town is also home to the Big Bear Lake International Film Festival, in stands and is visited regularly each year by tourists and residents, and
operation since 1999. the multimillion-dollar citrus industry is celebrated annually with the
gala Texas Citrus Fiesta, attracting participants from both sides of the
Rio Grande. Mission is a city that is quickly growing but that has not
Big Bear City Airport, a general aviation airport in the Big Bear City section of
forgotten its vibrant and important history.
unincorporated San Bernardino County, serves Big Bear Lake.
MARKET OVERVIEW 29S an B e r nardi no C ount y
C a l i for n i a
San Bernardino County, officially the County of San Bernardino, is a county
located in the southern portion of the U.S. state of California. San Bernardino
County is included in the Riverside–San Bernardino–Ontario metropolitan
statistical area (also known as the Inland Empire), as well as the Los Angeles–
Long Beach combined statistical area. With an area of 20,105 square miles
(52,070 km2), San Bernardino County is the largest county in the United States
by area. San Bernardino County is located in southeastern California, with
Inyo and Tulare Counties to the north, Kern and Los Angeles Counties to the
west, and Orange and Riverside Counties to the south. San Bernardino County
is bordered on the east by the states of Nevada and Arizona. The county’s
diverse geography and extensive natural resources, as well as its proximity to
major economic and population centers, provide unique opportunities for
varied industry sectors to thrive, including commerce, education, tourism
and recreation.
30 MARKET OVERVIEWMARKET OVERVIEW 31
DE MO GR APHIC S / / T-M o b i l e
17,942 To t a l
Popu l at i on Wit h i n 5 - m i l e R a d iu s
$55,230
Average Hous ehold Income w it hin
5 - m i l e R adius
7,668
To t a l H o u s e h o l d s i n 5 - m i l e R a d i u s
32 MARKET OVERVIEWPOP U L ATION 1 Mile 3 Mi l e s 5 Mi l e s
2000 Population 2,415 10,854 16,387
2010 Population 2,364 10,659 16,983
2016 Population 2,604 11,336 17,942
2021 Population 2,665 11,563 18,509
HOU SE HOLD S BY INC OM E 1 Mile 3 M i l es 5 M i l es
HOU SE HOLDS 1 Mile 3 Mi l e s 5 Mi l e s $ 0 - $ 14,999 14.3% 17.0% 16.1%
2000 Households 976 4,573 6,788 $ 15,000 - $24,999 17.0% 15.0% 14.9%
2010 Households 953 4,562 7,163 $ 25,000 - $34,999 16.4% 14.9% 15.1%
2016 Households 1,062 4,920 7,668 $ 35,000 - $49,999 10.2% 12.9% 13.2%
2021 Households 1,093 5,068 7,976 $ 50,000 - $74,999 14.6% 17.9% 17.8%
2016 Average HH Size 2.36 2.35 2.35 $ 75,000 - $99,999 12.8% 9.4% 9.7%
$100,000 - $124,999 8.1% 6.7% 6.4%
HOU SI NG U N I T S 1 Mile 3 Mi l e s 5 Mi l e s $125,000 - $149,999 1.5% 2.6% 2.3%
2000 Owner Occupied Housing Units 23.36% 22.55% 23.42% $150,000 - $200,000 3.0% 2.4% 3.0%
2000 Renter Occupied Housing Units 7.65% 10.22% 9.93% $200,000 to $249,999 1.0% 0.6% 0.7%
2000 Vacant 68.99% 67.23% 66.66% $250,000 + 1.1% 0.7% 0.7%
2014 Owner Occupied Housing Units 66.03% 57.95% 61.87%
2014 Renter Occupied Housing Units 33.97% 42.05% 38.13% Median HH Income $36,777 $37,293 $38,185
2014 Vacant 72.45% 68.75% 66.62% Per Capita Income $24,078 $23,385 $23,651
Average HH Income $58,716 $53,773 $55,230
2019 Owner Occupied Housing Units 65.83% 57.36% 61.50%
2019 Renter Occupied Housing Units 34.17% 42.64% 38.50%
2019 Vacant 72.93% 69.00% 66.60%
MARKET OVERVIEW 33E XC L U S I V E LY L I S T E D B Y
Paul Bitonti
First Vice President Investments
Newport Beach, CA
Direct: (949) 419-3246
Mobile: (714) 267-8582
License: CA 01325076
Paul.Bitonti@marcusmillichap.comYou can also read
