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Doug Montgomery
Spinello Commercial Real Estate, Inc.
68936 Adelina Road, Cathedral City, CA / (760-318-7484 Ext.
223
[email protected] / Lic. # 01435021
FOR SALE / LA QUINTA, CA INVESTMENT
50991 Washington Street, La Quinta CA 92253
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Doug Montgomery
Spinello Commercial Real Estate, Inc.
68936 Adelina Road, Cathedral City, CA / (760-318-7484 Ext.
223
[email protected] / Lic. # 01435021
AERIAL: Looking North on Washington Street
The information has been secured from sources we believe to be
reliable, we make no representations or warranties expresses or
implied, as to the accuracy of the information. Buyer must verify
the information and bears all risk for any inaccuracies.
50991 Washington Street, La Quinta CA 92253 FOR SALE
-
Doug Montgomery
Spinello Commercial Real Estate, Inc.
68936 Adelina Road, Cathedral City, CA / (760-318-7484 Ext.
223
[email protected] / Lic. # 01435021
AERIAL: Looking South on Washington Street
The information has been secured from sources we believe to be
reliable, we make no representations or warranties expresses or
implied, as to the accuracy of the information. Buyer must verify
the information and bears all risk for any inaccuracies.
50991 Washington Street, La Quinta CA 92253 FOR SALE
-
Doug Montgomery
Spinello Commercial Real Estate, Inc.
68936 Adelina Road, Cathedral City, CA / (760-318-7484 Ext.
223
[email protected] / Lic. # 01435021
PROPERTY’S STRENGTHS Investment grade credit Tenant
Attractive 3% annual rent increases
Rare fee simple interest
Additional space to rent out for increased
income or it could be used as an Owner
User opportunity.
The information has been secured from sources we believe to be
reliable, we make no representations or warranties expresses or
implied, as to the accuracy of the information. Buyer must verify
the information and bears all risk for any inaccuracies.
50991 Washington Street, La Quinta CA 92253
U.S. Bancorp reported unaudited consolidated earnings results
for the third quarter and nine months ended September 30, 2018. For
the quarter, the company re-ported total interest income of $4,123
million compared to $3,704 million a year ago.
US BANK
US Bancorp (stylized as US bancorp) is a bank holding
company based in Minneapolis, Minnesota. It is the
parent company of US Bank National Association,
known as US Bank, which is ranked 7th on the list of
largest banks in the United States. The company
provides banking, investment, mortgage, trust, and
payment services products to individuals, businesses,
governmental entities, and other financial institutions. It
has 3,106 branches and 4,842 ATMs. The company also
owns Elavon, a processor of credit card transactions.
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PRICING AND FINANCIAL SUMMARY
The 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.
Doug Montgomery Lic. 01435021
US Bank National Association
SUMMARY
Price: $3,250,000
CAP Rate ± 6.72%
Building: Price/Square Foot: $582
Gross Leasable Area ( GLA): 5,580
Year Built: 2011
LOCATION 50991 Washington Street, La Quinta, CA
FINANCIAL SUMMARY 65% LTV / Loan Amount $2,112,500
Interest 5.75 / Amortization 25
Monthly Mortgage Payment $13,392.01
As loan information is time sensitive and subject to market
fluctuations, we recommend that you verify quoted terms
by contacting a qualified lending institution.
INCOME
Building Total Square Footage 5,580 SF
US Bank’s Square Footage 4,400 and Evolve Yoga 1,180 SF
Effective Gross Income $251,127.44
Less: Expenses $32,678.40
Net Operating Income (NOI) $218,448.60
50991 Washington Street, La Quinta CA 92253
Please contact us so we may discuss this opportunity in greater
detail.
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LA QUINTA
The City of La Quinta is situated at the base of the scenic
Santa Rosa Mountains on the desert floor of the Coachella Valley in
Riverside County. Between 2000-2016, the total population of the
city increased by 16,283 to 39,977 in 2016. During this 16-year
period, the city’s population growth rate of 68.7% was higher than
the Riverside County rate of 51.9%.
Median home sales price increased by 16% between 2010 and 2016.
In 2016, the median home sales price in the city was $370,000 -
$38,000 higher than that in the county, overall.
In 2017, Montage International and The Robert Green Company
reached an agreement for the development of the city’s SilverRock
Resort. Breaking ground in Summer 2017 and opening in late 2019,
the development will include branded residences, Spa Montage, and
expansive catering and conference facility, state-of-the-art
recreation center, multiple food and beverage outlets, a mixed-use
village, and the 18-hole Arnold Palmer Signature Golf Course.
RIVERSIDE COUNTY
Riverside County is a county located in the southern region of
California bordered by Orange, San Bernardino, San Diego, and
Imperial Counties with the state of Arizona at its eastern border.
Riverside County is made up of 28 cities, 48 unincorporated
communities, 12 Indian reservations and spans over 7,300 square
miles.
US BANK | LA QUINTA, CA
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The information has been secured from sources we believe to be
reliable, we make no representations or warranties expresses or
implied, as to the accuracy of the information. Buyer must verify
the information and bears all risk for any inaccuracies.
50991 Washington Street, La Quinta CA 92253
