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SUBJECT SITE
LAKE ST LAKESH
ORE DR
GRAND AVE
15
TERRA COTTA MIDDLE SCHOOL
T H E H O F F M A N C O M P A N Y18881 Von Karman Ave, Suite 150
Irvine, California 92612(949) 553-2020 • www.hoffmanland.com CA BRE
Corp ID #01473762
TheHoffmanCompany
L A K E E L S I N O R E , R I V E R S I D E C O U N T Y, C A
40.44 AC R E S
O F F E R I N G M E M O R A N D U M
BROKER CONTACT
Graham Gilles, CA BRE #01252103
T (949) 705-0914
[email protected]
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DISCLAIMERThe information contained in this offering material
(“Brochure”) is furnished solely for the purpose of a review by
prospective purchaser of any portion of the subject property in the
City of Lake Elsinore, County of Riverside, California (“Property”)
and is not to be used for any other purpose or made available to
any other person without the express written consent of Scheel
Dallape Inc. d/b/a The Hoffman Company (“The Hoffman Company”). The
material is based in part upon information obtained by The Hoffman
Company from sources it deems reasonably reliable. Summaries of any
documents are not intended to be comprehensive or all inclusive but
rather only an outline of some of the provisions contained therein.
No warranty or representation, expressed or implied, is made by
Seller, The Hoffman Company, or any of their respective affiliates,
as to the accuracy or completeness of the information contained
herein or as to engineering or environmental matters. Prospective
purchasers should make their own projections and conclusions
without reliance upon the materials contained herein and conduct
their own independent due diligence, including engineering and
environmental inspections, to determine the condition of the
Property and the existence of any potentially hazardous material
located at the site.
This Brochure was prepared by The Hoffman Company. It contains
select information pertaining to the Property and does not purport
to be all-inclusive or to contain all of the information that a
prospective purchaser may desire. All assumptions are provided for
general reference purposes only and are based on assumptions
relating to the general economy, competition and other factors
beyond control and, therefore, are subject to material change or
variation.
In this Brochure, certain documents and other materials are
described in summary form. The summaries do not purport to be
complete nor, necessarily, accurate descriptions of the full
agreements involved, nor do they constitute a legal analysis of
such documents. Interested parties are expected to independently
review all documents.
This Brochure is subject to prior placement, errors, omissions,
changes or withdrawal without notice and does not constitute a
recommendation, endorsement or advice as to the value of the
Property by The Hoffman Company or the Seller. Each prospective
purchaser is to rely upon its own investigation, evaluation and
judgment as to the advisability of purchasing the Property
described herein.
Seller and The Hoffman Company expressly reserve the right, at
their sole discretion, to reject any or all expressions of interest
or offers to purchase the property and/or to terminate discussions
with any party at any time with or without notice. Seller shall
have no legal commitment or obligation to any purchaser reviewing
this Brochure or making an offer to purchase the Property unless a
written agreement for the purchase of the Property has been fully
executed, delivered and approved by the Seller and any conditions
to Seller’s obligations there under have been satisfied or waived.
The Hoffman Company is not authorized to make any representations
or agreements on behalf of Seller.
This Brochure is the Property of The Hoffman Company and may be
used only by parties approved by The Hoffman Company. The Property
is privately offered and, by accepting this Brochure, the party in
possession hereof agrees (i) to return it to The Hoffman Company
immediately upon request of The Hoffman Company or Seller and (ii)
that this Brochure and its contents are of a confidential nature
and will be held and treated in the strictest confidence. No
portion of this Brochure may be copied or otherwise reproduced or
disclosed to anyone without the prior written authorization of The
Hoffman Company and Seller.
Please be advised, Buyer acknowledges that The Hoffman Company
Organization, may (1) act as an agent for more than one prospective
Buyer on the subject property and/or (2) act as the agent for both
the Buyer and Seller on the subject property. Any prospective Buyer
requesting The Hoffman Company to submit an offer on its behalf
acknowledges the foregoing disclosures and agrees to the described
agency relationships with other prospective Buyers.
POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER -
DISCLOSURE AND CONSENT (C.A.R. Form PRBS, 11/14)
A real estate broker (Broker), whether a corporation,
partnership or sole proprietorship, may represent more than one
buyer or seller. This multiple representation can occur through an
individual licensed as a broker or salesperson or through different
individual broker’s or salespersons (associate licensees) acting
under the Broker’s license. The associate licensees may be working
out of the same or different office locations.
Multiple Buyers: Broker (individually or through its associate
licensees) may be working with many prospective buyers at the same
time. These prospective buyers may have an interest in, and make
offers on, the same properties. Some of these properties may be
listed with Broker and some may not. Broker will not limit or
restrict any particular buyer from making an offer on any
particular property whether or not Broker represents other buyers
interested in the same property.
Multiple Sellers: Broker (individually or through its associate
licensees) may have listings on many properties at the same time.
As a result, Broker will attempt to find buyers for each of those
listed properties. Some listed properties may appeal to the same
prospective buyers. Some properties may attract more prospective
buyers than others. Some of these prospective buyers may be
represented by Broker and some may not. Broker will market all
listed properties to all prospective buyers whether or not Broker
has another or other listed properties that may appeal to the same
prospective buyers.
Dual Agency: If Seller is represented by Broker, Seller
acknowledges that broker may represent prospective buyers of
Seller’s property and consents to Broker acting as a dual agent for
both seller and buyer in that transaction. If Buyer is represented
by Broker, buyer acknowledges that Broker may represent sellers of
property that Buyer is interested in acquiring and consents to
Broker acting as a dual agent for both buyer and seller with regard
to that property.
In the event of dual agency, seller and buyer agree that: (a)
Broker, without the prior written consent of the Buyer, will not
disclose to seller that the Buyer is willing to pay a price greater
than the offered price; (b) Broker, without the prior written
consent of the seller, will not disclose to the buyer that seller
is willing to sell property at a price less than the listing price;
and (c) other than as set forth in (a) and (b) above, a dual agent
is obligated to disclose known facts materially affecting the value
or desirability of the property to both parties.
Offers not necessarily confidential: Buyer is advised that
seller or listing agent may disclose the existence, terms, or
conditions of buyer’s offer unless all parties and their agent have
signed a written confidentiality agreement. Whether any such
information is actually disclosed depends on many factors, such as
current market conditions, the prevailing practice in the real
estate community, the listing agent’s marketing strategy and the
instructions of the seller.
Buyer and seller understand that Broker may represent more than
one buyer or more than one seller and even both buyer and seller on
the same transaction and consents to such relationships.
The terms and conditions set forth above apply to this Brochure
in its entirety.
BROKER CONTACT
Graham Gilles
CA BRE #01252103
T (949) 705-0914
[email protected]
EXCLUSIVE OFFERING MEMORANDUM
W W W . H O F F M A N L A N D . C O M
THE HOFFMAN COMPANY
Southern California Office
18881 Von Karman Ave Ste 150,
Irvine, California 92612
T (949) 553-2020
CA BRE #01473762
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TABLE OF CONTENTS
TheHoffmanCompany
1. Property Overview
2. Aerials, Maps & Photos
3. Area Overview
4. Market Overview
4-5
6-11
12-14
15-16
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P R O P E R T Y O V E R V I E WThe subject property presents a
good potential to develop new single family housing with views in
the City of Lake Elsinore.
LO C AT I O NThe property is located adjacent to Alberhill Ranch
in the City of Lake Elsinore. To access the site from the 91
freeway take the 15 freeway South to Lake Elsinore and exit at Lake
Street. Turn right on Lake Street and follow Lake for approximately
2.5 miles to Mountain Street. Turn left on Mountain and travel
approximately 450 feet to the property. The property can also be
accessed along the southern boundary via Spruce Street, Date Street
and Apple Blossom Lane.
M U N I C I PA L I T YCity of Lake Elsinore, County of
Riverside
AC R E AG EApproximately 40.44 acres
A S S E S S O R PA R C E L N U M B E R S389-372-010 through
015389-372-017389-402-021 through 022389-412-026 through 027
CO N D I T I O N O F T H E P R O P E R T YThe property is
currently unimproved.
ZO N I N GThe property is subject to the Cape of Good Hope
Specific Plan as adopted by the City of Lake Elsinore.
E N T I T L E M E N TThe property is currently unentitled. In
2007 Tentative Tract Map #32481 was approved for 5 minimum 7,200 sf
lots on the portion of the property that fronts on Spruce Street,
but the map has expired. Spruce Street appears to be fully improved
so it is likely that minimal improvements would be required to
construct 5 homes on this portion of the property. In 2007
Tentative Tract Map #32482 for 51 lots was prepared for the balance
of the property but not submitted due to the downturn in the real
estate market. The Cape of Good Hope Specific Plan is still valid
according to the City of Lake Elsinore.
H O ABuyer to determine the need for an HOA.
C F DBuyer to determine the feasibility of creating a CFD for
the property.
S C H O O L SStudents will attend the following schools in the
Lake Elsinore Unified School District:Rice Canyon Elementary School
(PK-5)Terra Cotta Middle School (6-8)Lakeside High School
(9-12)
U T I L I T I E SElectric: Southern California EdisonGas:
Southern California GasCable TV: Time Warner CableTelephone:
VerizonWater: Elsinore Valley Municipal Water DistrictSewer:
Elsinore Valley Municipal Water District
P r o P e r t y o v e r v i e w 4 0 . 4 4 A C R E S 4
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Site Detail
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A S K I N G P R I C E$600,000
T E R M SSeller is willing to finance a portion of the Purchase
Price. Buyer to submit the proposed terms
F E A S I B I L I T Y45 day review period
C LO S E O F E S C R O W30 days following completion of the
review period.
D E P O S I TInitial deposit of $50,000 to open escrow. Upon
completion of the review period, the deposit shall be increased to
a total of $100,000, shall become non-refundable and shall be
released to the seller. The released deposit shall be credited to
the purchase price at the close of escrow.
P r o P e r t y o v e r v i e w 4 0 . 4 4 A C R E S 5
H
Offering Guidelines
SUBJECT SITE
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LAKESHORE DR
SPRUCE ST
MOUNTAIN ST
ORANGE GROVE WAY
ASH
ST
LAKE STGRAND AVE
APPLE BLOSS
OM LN
A L B E R H I L L R A N C H
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S
6
H
Close -Up Aerial
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SUBJECT SITE
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S
7
H
Vicinity Aerial
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LAKE
ST
GRAND AVE
LAKESHORE DR
COLLIER AVE
LINCOLN STRI
VERS
IDE D
R
MACH
ADO S
T
L A K E E L S I N O R E
A L B E R H I L L R A N C H
74
74
15
SUBJECT SITERICE CANYONELEMENTARY
LAKESIDE HIGH
TERRA COTTA MIDDLE
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S
8
H
Nearby Vicinity
TheHoffmanCompany
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A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S
9
H
Proposed Tentative Tract Map No. 32482
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A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 1
0
H
Expired Tentative Tract Map No. 32481 | 5 Lots
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Northerly view from Spruce Street
Northwesterly view from the end of Apple Blossom Lane and Cherry
Blossom Lane
Notherly view from Apple Blossom Lane and Cherry Blossom
Lane
Easterly view from Mountain Street
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 1
1
H
Street View Photos
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Lake Elsinore Recreation
Pechanga Resort & Casino
Lake Skinner
Bear Creek Golf Club
Old Town Temecula
The legends Golf club at Temeku Hills
The Golf Club at Rancho California
Shops at Dos Lagos
15
15
215
79
74
74
Lake Perris
Motte Historic Car Museum
Orange Empire Railway Museum
Outlets at Lake ElsinorE
Loma Linda University Medical Center
Canyon Lake COunty Club
Tom’s Farms
TEMECULA
MURRIETA
WILDOMAR
PERRIS
MENIFEE
LAKEELSINORE
Glen Ivy Day Spa
Temecula Wine Country
Diamond Valley lake
SITE
A r e A o v e r v i e w 4 0 . 4 4 A C R E S 1 2
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Area Attractions Map: Southwest Riverside County
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LAKE
ST
LAKESHORE DR
COLLIER AVE
NICHOLS RD
4MILESA L B E R H I L L
R A N C H
15
RIVER
SIDE D
R
74
SUBJECT SITE
A r e A o v e r v i e w 4 0 . 4 4 A C R E S 1 3
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Nearby Retail: Outlets at Lake Elsinore
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LAKE ST
GRAND AVE
LAKESHORE DR
LINCOLN ST
RIVERSIDE DR
MACHADO ST
SUBJECT SITE
A L B E R H I L L R A N C H
RICE CANYON ELEMENTARY
1
TERRA COTTA MIDDLE
2
LAKESIDE HIGH
2
A r e A o v e r v i e w 4 0 . 4 4 A C R E S 1 4
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Nearby Schools
1 RICE C ANYON Great schools ratingELEMENTARY SCHOOL | K-529535
Westwind Drive
6out of 10Lake Elsinore, CA, 92530
Tel: (951) 471-2184lAKe elsiNore UNiFieD sChool DistriCt
2 TERRA COT TA Great schools ratingMIDDLE SCHOOL | 6-829291 Lake
Street
3out of 10Lake Elsinore, CA, 92530
Tel: (951) 253-7380lAKe elsiNore UNiFieD sChool DistriCt
3 LAKESIDE Great schools ratingHIGH SCHOOL | 9-1232593 Riverside
Drive
5out of 10Lake Elsinore, CA, 92530
Tel: (951) 253-7300lAKe elsiNore UNiFieD sChool DistriCt
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MEDIAN CLOSING PRICE
$355K
PRICE PER SQ. FT.
$178
MEDIAN LISTING PRICE
$378K
844 homes for sale
49 homes for rent
March 2019 | Source: Realtor.com
MEDIAN LISTING PRICE VS. SOLD PRICE
M E D I A N DAY S O N M A R K E T: 97 DAY S
$350k
$300K
$250k
Oc t 2016 Apr 2017 Oc t 2017 Apr 2018 Oc t 2018
MeDiAN list PriCe MeDiAN solD PriCe
100
80
60
40
Oc t 2016 Apr 2017 Oc t 2017 Apr 2018 Oc t 2018
M A r K e t o v e r v i e w 4 0 . 4 4 A C R E S 1 5
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Resale Housing Market: Lake Elsinore, CA
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March 2019 | Source: Zonda Meyers Research
NO. PROJEC T NAME BUILDER LOC ATIONSALES INFORMATION SALES RATE
PRICING INFORMATION PAYMENT INFO
OPEN
DAT
E
SAMPLE PRODUC TLOT SIZE PLANNED SOLD REMAINING AVG. 3 MO. UNIT
SIZE SF PRICE RANGE PRICE PER SF HOA TAX RATE
1 AlderWilliam
Lyon Homes
Lake Elsinore 6,200 65 47 18 4.37 2.33
MIN
.
1,941 $394,900 $203
$117 1.95%
APR
2018
MAX
.
2,309 $412,900 $179
2 Linden PointeExpress Homes
Lake Elsinore 3,500 95 94 1 5.00 3.33
MIN
.
1,387 $338,490 $244
$90 1.90%
AUG
2017
MAX
.
1,895 $379,990 $201
3 Marisol at Summerly
Richmond American
Homes
Lake Elsinore 7,500 51 37 14 2.70 1.67
MIN
.
2,491 $409,990 $165
- 1.90%
JAN
2018
MAX
.
2,805 $439,990 $157
4 Starling Pardee HomesLake
Elsinore 5,000 107 48 59 2.11 1.33
MIN
.
2,936 $435,000 $148
$215 2.00%
APR
2017
MAX
.
3,255 $457,000 $140
5 Glen at SummerlyBeazer Homes
Lake Elsinore 7,000 57 0 57 - -
MIN
.
2,304 $394,990 $138
$117 1.90%
JAN
2019
MAX
.
3,053 $422,990 $171
6Laurel
Pointe at Summerly
Express Homes
Lake Elsinore 5,500 58 3 55 - -
MIN
.
1,576 $363,000 $196
$196 1.90%
FEB
2019
MAX
.
1,960 $386,000 $230
7 Sendero at Summerly
Richmond American
Homes
Lake Elsinore 5,000 65 13 52 2.54 2.3
MIN
.2,320 $373,990 $149
$117 1.90%
OCT
2018
MAX
.
2,640 $393,990 $167
M A r K e t o v e r v i e w 4 0 . 4 4 A C R E S 1 6
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Lake Elsinore Active New Home Projects
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w w w . h o f f m a n l a n d . c o m
Southern California Office
18881 Von Karman Ave., Suite 150
Irvine, California 92612
T (949) 553-2020
Coachella Valley Office
777 E Tahquitz Way, Suite 200
Palm Springs, California 92262
T (760) 969-7357
Northern California Office
3447 Mt Diablo Boulevard
Lafayette, California 94549
T (925) 954-1804
Nevada Office
1980 Festival Plaza Dr., Suite 300
Las Vegas, NV 89135
T (702) 856-4718
TheHoffmanCompany
Leading the LandBrokerage IndustryC A L I F O R N I A + N E V A
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