Golden State Theatre Offering Brochure by mcherald


									                                 THE GOLDEN STATE THEATRE BUILDING
                                                                                            OFFERED AT $4,990,000
                                                                                     $178 / square foot (approximately 28,000 s.f.)
                                                                          413 - 421 Alvarado Street & 420 Tyler Street, Monterey, California, 93940

                                                                                                                              FOR SALE
                                                                                              The historic Golden State Theatre, a grand and restored 1926
                                                                                            atmospheric theatre with seating for nearly 1000 guests. Included
                                                                                            are three restaurants, a clothing boutique, a hair salon plus second
                                                                                                 and third floor offices / loft / potential conference space.

                                                                                           • Heart of downtown Monterey and
                                                                                             serving Monterey, Carmel, Pacific
                                                                                             Grove, Salinas,.... “The Showplace of
                                                                                             the Monterey Peninsula.”
                                                                                           • Theatre features intricate Spanish
                                                                                             Revival and art deco details with state-
                                                                                             of-the-art sound, lighting and projection
                                                                                             all included. Accommodates nearly
                                                                                             1000 guests in new & restored seating.
                                                                                           • An abundance of water credits (theatre
                                                                                             water credits are calculated differently
                                                                                             from most commercial buildings).
                                                                                           • Excellent parking nearby.
                                                                                           • Very low Mills Act property taxes.          Golden State Theatre
                                                                                           • Host to events with Bill Cosby, kd lang,    Monterey, California
                                                                                             Willie Nelson, Brian Wilson, Google,
                                                                                             TED conference, Monterey Jazz
                    Property Mix, Inc   •

                                                                                             Festival, Al Gore, Joan Baez, Emmy
39   phone 310.890.8111      •
     7435 N. Figueroa St. #893, Los Angeles, CA 90041   •
                                                            CA Broker License # 01315939
                                                                                             Lou Harris, Lily Tomlin, and more
                                                                                                       NNN Leased OR Owner / User

                                                                                      The Theatre:
                                                                                      • The Golden State Theatre has a large balcony, full fly space over the stage, dressing rooms,
                                                                                        orchestra pit and a 13-rank Wurlitzer pipe organ. The Theatre is a proven venue for
                                                                                        concerts, lectures, conference events, musicals, community events, comedy shows, and film.
                                                                                        The theatre is sold “turn-key” with furniture, fixtures and equipment in place.

                                                                                      Second and Third Floor Offices / Penthouse Loft:
                                                                                      • A separate double door entrance on Alvarado Street leads to the second and third floors
                                                                                        above the storefronts and the lobby with approximately 6,000 square feet. These areas can
                                                                                        also be accessed from the theatre mezzanine. Potential uses include offices, meeting space,
                                                                                        conference facilities, ballroom, residential, loft, restaurant, etc. (note that uses require city
                                                                                        approval). Rows of windows overlooking downtown Monterey run across the front of the
                                                                                        2nd and 3rd floors. The third floor has a 10’ ceiling height, carpets over wood floors and
                                                                                        no dividing walls. There is a private kitchen and bathroom. The second floor has the same
                                                                                        basic layout as the third floor but is currently divided into smaller rooms. The highest and
                                                                                        best use of the 2nd and 3rd floor spaces is likely to use them in conjunction with the theatre
                                                                                        for private receptions, conference meeting spaces, etc. though they can be leased separately.
                                                                                        There are two tenants renting small offices. One pays $200 per month and the other pays
                                                                                        $300 per month for a combined total of $500 per month. The entire third floor
                                                                                        commercial loft penthouse (approximately 3,500 square feet) is available and can be leased
                                                                                        or delivered vacant for an owner / user.

                                                                                      Na Ra Korean Restaurant:
                                                                                      • Located behind the theatre at 420 Tyler Street, this full-service restaurant with a liquor
                                                                                        license is nnn leased through Nov. 30, 2014. Base rent is $3,700 per month with annual

                                                                                      Koko’s Cafe:
                                                                                      • Coffee, gelato and Mediterranean food located just to the right of the theatre entrance at
                                                                                        419 Alvarado Street. NNN leased through June 30, 2016 for $2,361.84 per month with
                                                                                        annual increases.

                                                                                      Shinbi Salon:
                                                                                      • Recently renovated hair salon. Long-term tenant. Located at 421 Alvarado Street. Leased
                                                                                        through June 30, 2017 NNN for $2,575 per month with annual increases.

                                                                                      Karma Fashion Lounge:
                                                                                      • A young women’s boutique clothing store. Located at 415 Alvarado Street. NNN leased
                                                                                        through April 30, 2015 for $2,266 per month NNN with annual increases

                                                                                      Sushi Moto:
                                                                                      • Sushi restaurant located at 413 Alvarado Street. Leased through September 30, 2016 for
                                                                                        $2,163 per month NNN with annual increases.

                                                                                      The Numbers...
                                                                                      • Annual Base Rent (not including nnn) for just the five storefronts and two small offices is
                                                                                        $162,790. This still leaves the 1000-seat theatre and about 5,400 square feet of office/
                                                                                        creative/loft space available for an owner user.
                                                                                      • Annual Property Taxes (this Mills Act locked rate passes to the buyer for significant
               Property Mix, Inc   •
                                                                                        savings): $20,011
phone 310.890.8111      •
7435 N. Figueroa St. #893, Los Angeles, CA 90041   •
                                                       CA Broker License # 01315939
                                                                                      • Annual Property Insurance: $4,082
                                                                                                      The Golden State Theatre
                                                                                                “The Showplace of the Monterey Peninsula”

                                                                                      Concerts, Movies, Conferences, Art:
                                                                                      •    The Golden State Theatre is the showplace of the Monterey
                                                                                          Peninsula. Built in 1926 and designed by the famed Reid Brothers,
                                                                                          the theatre has a Spanish castle theme and atmospheric style.
                                                                                          While sitting in the audience you feel as if you are in the castle
                                                                                          courtyard complete with detailed parapets, golden spiral columns
                                                                                          and medieval tapestries.
                                                                                      • The theatre portion of the property features a large balcony, a full
                                                                                       stage with fly space, dressing rooms, a modern projection, lighting
                                                                                       and sound booth, a large lobby with a historic mural and
                                                                                       elaborately decorated beamed ceiling, open mezzanine, dressing
                                                                                       rooms, and much more. In recent years the theatre has undergone
                                                                                       a significant restoration with upgrades to 21st century technology.
                                                                                       A complete list of lighting, projection and sound equipment is
                                                                                      • Now a concert and event venue also presenting film festivals and
                                                                                       live theatre, recent local presentations include those by the
                                                                                       Monterey Jazz Festival, the Monterey Blues Festival, Monterey
                                                                                       Symphony, Ensemble Monterey and The Monterey Opera
                                                                                       Association. Concerts and visiting perfomers have included BB
                                                                                       King, kd lang, Bill Cosby, Lyle Lovett, Hall & Oates, Weird Al
                                                                                       Yankovic, Lily Tomlin, Brian Wilson and Willie Nelson.
                                                                                      • The Golden State Theatre is the largest commercial auditorium
                                                                                       in the region with approximately 1000 seats. Due to the location of
                                                                                       the theatre with its close proximity to the Monterey Conference
                                                                                       Center, its regional appeal to the Monterey Peninsula, and as a
                                                                                       destination city for vacationers and business travelers, this theatre
                                                                                       has a wide range of realistic uses. From music concerts to film
                                                                                       festivals, corporate media events to conferences, live theatre and
                                                                                       comedy shows, the Monterey Peninsula has an audience that loves
                                                                                       the Golden State Theatre.

               Property Mix, Inc   •

phone 310.890.8111      •
7435 N. Figueroa St. #893, Los Angeles, CA 90041   •
                                                       CA Broker License # 01315939
                                                                                      Seating Chart

               Property Mix, Inc   •

phone 310.890.8111      •         •
7435 N. Figueroa St. #893, Los Angeles, CA 90041   •   CA Broker License # 01315939
                                Building Layout - Lower Floors

                                 These floor plans show the five levels
                                 of the property including the fourth
                                 floor lighting and projection booth
                                 and the lower level dressing rooms
                                 located under the stage. Please note
                                 that these are approximate drawings.

                                                               Shinbi Salon

                                                               Koko’s Cafe


                                                             Karma Fashion

                                                              Sushi Moto

Dolor adipiscing: Ryan Flegal
Office: Work Phone
Cell: Mobile Phone
Email: Work Email
   Building Layout - Upper Floors

Roof                        Roof

Downtown Monterey
• Monterey was the capital of California from 1777 to 1849. Its rich history, beautiful architecture and
  natural scenery along a spectacular stretch of California’s coastline make it a very desirable city. The
  Golden State Theatre is located in the heart of the downtown area (see the star on the map, below-left).
  It is a block from the Monterey Conference Center, a block or so from City Hall, and within two blocks
  of a wide range of restaurants, hotels and retail shops.

Monterey Peninsula
• The Golden State Theatre is the regional theatre serving the entire Monterey Peninsula. It is the largest
  public performing arts and concert theatre in the area. The Monterey Peninsula includes such famed
  locations as Carmel, Pebble Beach Golf Resort, Pacific Grove, 17 Mile Drive and Monterey.
Local Hotels, Conference Center and Attractions
• The Monterey area offers more than 10,000 guest rooms. Accommodations range from full-service hotels
  and resorts to Bed & Breakfast Inns. There are close to 1,000 rooms available within just a short walk of
  the Golden State Theatre including hotels like the Portola Hotel & Spa at Monterey Bay, Hotel Pacific,
  Monterey Marriott and, directly across the street, the Monterey Hotel.
• In addition to the conference center, the Monterey Peninsula draws travelers to the area with attractions
  like the Monterey Bay Aquarium, world class golf at Pebble Beach, the Mazda Raceway Laguna Seca,
  gorgeous coastline and marine life and a host of events including the Monterey Jazz Festival, the AT&T
  Pebble Beach National Pro-Am golf championship, world-class car and private jet shows and auctions,
  and much, much more.
• Colleges and universities in the area include Cal State University Monterey Bay, Monterey Peninsula
  College, and the world-renowned Monterey Institute of International Studies.
• Monterey’s Airport is close and convenient and served by United, American Eagle, US Airways and
  United Express with regular flights to Los Angeles, San Francisco, Phoenix, Denver and Las Vegas.

               Property Mix, Inc   •

phone 310.890.8111      •         •
7435 N. Figueroa St. #893, Los Angeles, CA 90041   •   CA Broker License # 01315939
                                                                                          Parking, Tax Advantage & Additional Details
                                                                                             NNN Leased Investment Opportunity

                                                                                      Convenient Area Parking
                                                                                      • Parking for the theater is very easy. Street parking is readily available
                                                                                        and there are three large, city operated parking garages (with a
                                                                                        combined 882 parking spaces) within one block of the theater, the
                                                                                        closest of which is just a few steps away.

                                                                                      Property Tax Advantage
                                                                                      • The seller reports that this property was recently approved for a
                                                                                        significant property tax reduction in accordance with the Mills Act, a
                                                                                        tax-incentive for historic property owners. This has a potential
                                                                                        savings to the new owner of tens of thousands of dollars a year in
                                                                                        property taxes. Property taxes are fixed (with small annual increases)
                                                                                        at $20,011 per year and this tax rate passes to the buyer.

                                                                                      Independent Studies:
                                                                                      • Prospective Buyers may be interested to know that the City of
                                                                                        Monterey spent $30,000 a few years ago commissioning a study on
                                                                                        the financial benefits of the Golden State Theatre. Two other
                                                                                        groups, the Monterey Jazz Festival and the State Theatre
                                                                                        Preservation Group also studied the property for their own potential
                                                                                        purchases. Both studies were created when Regal Entertainment or
                                                                                        United Artists owned the property and was operating it as a multi-
                                                                                        screen movie theatre. They were both done prior to the restoration
                                                                                        of the building.

                                                                                      Furniture, Fixtures and Equipment:
                                                                                      • The Golden State Theatre is available and fully operational with
                                                                                        existing seller-owned equipment for turn-key operation. This
                                                                                        includes sound and lighting equipment, film and digital video
                                                                                        projection equipment, concessions equipment, furnishings, etc.
                                                                                        Lighting, stage plans and lists of equipment are available on the
                                                                                        theatre’s website,
                                                                                        booking_specs.html. Please note that all interested parties are
                                                                                        encouraged to perform their own investigation. Some equipment in
                                                                                        use is owned by tenants. Projections, measurements, operational
                                                                                        information and other details contained in this brochure have not
                                                                                        been independently verified or confirmed and may not be accurate.
                                                                                        Please perform your own due diligence.
                                                                                                           Property Mix, Inc   •

               Property Mix, Inc
                                                                                            phone 310.890.8111   
                                                                                                                    •                                •
phone 310.890.8111      •         •
7435 N. Figueroa St. #893, Los Angeles, CA 90041   •   CA Broker License # 01315939         7435 N. Figueroa St. #893, Los Angeles, CA 90041   •   CA Broker License # 01315939

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