CONTACT US MERAKI CAPITAL
MERAKI BUILDING CORPORATION
C ON TAC T U S
F OL L OW US
17848 SKY PARK CIR SUITE B,
MONARCHCAPITALREALTY.COM
IRVINE
Four separate divisions working as one. 2
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–Mario Franco
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TABLE OF CONTENTS
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Executive Summary 1. 1 C OM PAN Y S U M M A RY
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1. 2 OU R F OU N DE RS 1. 3 OU R V IS ION
1. 4 OU R P ORT F OL IO
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Meraki Building 2. 1 IN T RODUC T ION
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2. 2 S T RAT E GY 2. 3 PRO C E S S
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Sub j e ct P ro p e r ty
3.1 PROPERTY SU M M A RY 3.2 LOCATION
3.3 SURROUN DING DEMOGRAPHICS
F INANC IAL PROJE C TION S
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4. 1 P U RC HAS E AN D R E NOVATION C O STS
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4. 2 N E T OPE RAT ING I NC OM E A N D E X PE N S E S
4. 3 S U M M ARY F INANC I A L PROJ E C TION S 4. 4 IN V E S T M E N T OP TION S
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EXECUTIVE SUMMARY 4
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Company Summary EXECUTIVE
SUMMARY
"From beginning to end, we help define visions and make dreams become reality.
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The Meraki Corporation embodies the definition of its name: to do something with soul, creativity, and love. It was founded with the goal of designing spaces that breathe life, innovate and inspire vision. Today, it has evolved into a full-service entity comprised of office furnishings, interior design, commercial real estate and construction, which together, create spaces that motivate our clients to live and work daily with meraki.
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MERAKI INTERIOR DESIGNS
"To do something with soul, creativity, and love." The beginnings of the company began in 2013, as an office furniture retailer and showroom providing quality, affordable products to small and mid-sized companies. It was during this period of selling unit furniture pieces that the founders realized space plans alone were not enough to help clients visualize the end result. Without the ability to envision the outcome prior to purchasing, clients ended up with mismatched furniture and discordant office finishes. The solution to this issuewas to create a mirror of the final presentation so that clients could see exactly what they are buying from any angle, down to the square foot before installation.
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In 2017, the Meraki Corporation was officially established with the addition of its second arm: Meraki Interior Design. The interior design firm uses the most advanced tools to aid clients in selecting materials and finishes, creating specialized space plans and 3D renderings, and guiding customers in their visions for their work spaces. Meraki Interior Design employs the creativity and freedom of design to build work environments and cultures that stimulate, motivate, and appeal to the modern day workforce.
Still yet, there were needs that remained unaddressed. Clients were struggling with buildings and floor plans that were not ideal for their business operations. In 2018, Meraki Capital, a commercial real estate brokerage, was founded as the third division under the Meraki Corporation. This arm was developed in order to help clients locate commercial spaces that align with their business, financial, and operational objectives, and to equip them with the information and guidance necessary to negotiate favorable terms and make the best property selection. With the addition of the real estate division, the Meraki Corporation now encompassed more resources to aid clients through the journey of achieving their ideal commercial office: secure a desirable location, design the space, and provide office furniture.
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To complete the final piece necessary to make our renderings come to life, the construction division of the Meraki Corporation was born. The in-house construction division allows direct communication between the designers and constructors, enhancing the opportunity for improved coordination, more efficient and constructible designs, conserve the economies of time and cost, and ultimately, permit a greater overall team approach. Clients now only have to communicate with one entity, rather than facing the burden of coordinating between the different industries separately.
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Our Founders EXECUTIVE
SUMMARY
Together, our founders bring about a wealth of knowledge and experience in design, product sourcing, finances, real estate, and construction management. The combined expertise drive Meraki Corporation’s success, and continuously lead the company to reach new heights.
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Tavip Tobing PRESIDENT
Tavip holds a unique background in business management and international imports and exports, strengthened by a deep understanding of the global market and product sourcing and trade. He carries with him decades of experience managing and operating multiple businesses domestically and internationally, and stands out for his ability to lead project teams in processes that lead to valuable business outcomes.
Mario Franco CEO
With a never-ending drive and passion to dream and inspire, Mario embraces challenges and changes that create forward-thinking transformations in the design and real estate industry. Since he received his contractor’s license almost 20 years ago, Mario has continued to make his mark in the design, furniture, and real estate industries through the wealth of knowledge he has garnered from his construction background.
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Rosemary Franco CFO
Passionate about residential and commercial real estate and its ability to allow clients to address challenges and realize opportunities, Rosemary is the real estate expert of the company. She successfully leads clients and the team of real estate agents to negotiate successful transactions for clients. Her expertise in the field stems from over a decade of experience, her knowledge of financial analysis, and an MBA education.
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Our Visions EXECUTIVE
SUMMARY
"Through the process of working with clients in each of the 4 arms, we came to see unfulfilled needs within each of the divisions.
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OFFICE FURNITURE
The Meraki Corporation Divisions
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INTERIOR DESIGN
COMMERCIAL REAL ESTATE
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CONSTRUCTION
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Through the process of working with clients in each of the 4 arms, we came to see unfulfilled needs within each of the divisions. Ultimately, as current markets and office trends evolve away from the traditional, companies are recognizing that in order to generate and maintain working momentum within the younger workforce, they must create workspaces that induce employees to be productive and comfortable in the working environment. Prime examples of companies boasting success from such a model are Google, Facebook, and WeWork, where modern office aesthetics, open floor plans and complimentary beverages, snacks, and services engage the youngest and most brilliant of minds. These elements contribute to the creation of company cultures that motivate and stimulate its employees, allow collaboration and the exchange of ideas, and provide and encourage environments of innovation and productivity. 12
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This is the new and the now. Companies are reaping the benefits of creating unique and enthralling environments where employees want to work. As we engage in our clients, however, we are realizing that although the future of commercial real estate working environments are moving toward the direction of establishing stimulating, engaging company cultures, most companies in the United States do not possess the means to invest into their work environments. Small and medium businesses (SMBs), defined by the Affordable Care Act as companies with fewer than 50 employees, constitute the bulk of the business population in the United States. Over 96% of businesses are categorized as SMBs and of these, most of them are small SMBs, with less than 10 employees.
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When it comes to sales, however, 4% of businesses, companies with more than 50 employees, generate almost 80% of the total revenue. Simply put, SMBs do not have the financial means required to fund the design, planning and construction in the renovation of a space. While there are co-working spaces, such as WeWork, available, little else is available on the market for SMBs. Larger companies possess the funding necessary to construct the space as they wish and micro companies have accessibility to coworking offices, but small and midsized businesses have very limited options to their disposal.
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In the words of Simon Sinek, “greatness starts with a clear vision of the future.� Meraki Interior Design sees and understands the future of companies in the United States. We envision providing innovative, engaging, creative and unique work environments to companies and businesses that do not possess the means to create these spaces on their own. We aim to empower business owners to create company cultures that strengthen workplace collaboration, employee productivity and creativity. This vision is only the beginning of the greatness that will spread through the creation of Meraki Buildings. Meraki Buildings will be renovated office buildings consisting of fully-furnished, private corporate suites, allowing small and mid-sized businesses affordable means to creative turnkey office spaces.
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WE WORK WORKPLACE
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GOOGLE WORKPLACE
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Our Portfolio EXECUTIVE
SUMMARY
"Through the process of working with clients in each of the 4 arms, we came to see unfulfilled needs within each of the divisions.
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REAL PICTURE
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SE E CHANG E FOU NDATI ON City: Santa Ana Year: 2018 Size: 8,515 SF RENDERING
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WORKPLACE JUSTI CE A DVOCATE S City: Irvine Year: 2018 Size: 765 SF RENDERING
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INSTABOOST City: Santa Ana Year: 2018 Size: 2,383 SF RENDERING
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REAL PICTURE
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FONA City: Santa Ana Year: 2018 Size: 2,383 SF RENDERING
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REAL PICTURE
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In 2018, the Meraki Corporation partnered with the owner of the historical Legion Building located at 313 N Birch St, Santa Ana for design concept, marketing, and leasing services. After acquiring the account, Meraki Capital was able to lease out the 15, 742 SF office to multiple tenants within 5 weeks of posting, prior to the completion of the renovation period. Monarch Capital Realty successfully negotiated 5 year lease terms at $2.40/SF (original asking was $1.35-$1.65/SF), resulting in profits of $38,000/month for the owner.
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REAL PICTURE
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The Meraki Building 28
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Building Introduction THE MERAKI BUILDING
"They will bring to the commercial real estate market work environments that generate cultures of innovation and productivity for small and midsized businesses.
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Each building will consist of private, turnkey corporate suites with the following amenities:
• Office Furniture with Customizable Finishes Electric Desks Telephone Booths • Modern Renovations Natural Lighting Kitchenettes Private Conference Room Private Pffices Open Floor Plans • New HVAC and Plumbing Installation • Shared Lobby and Receptionist • Security Guard • Snacks and Beverages
In return, the renovations will increase the value of the building, converting B or C class buildings into A class corporate offices.
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rendering
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rendering
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rendering
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Building Strategy
THE MERAKI BUILDING
"Meraki Buildings will provide the intimacy of operating within a personal space, while still allowing the benefit of collaboration in an open floor plan office.
rendering
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LISTING PROCESS
PRODUCT SOURCING
COMPETITORS
The media department of Meraki Interior Design was developed to take advantage of the creative eyes of our personnel to successfully market real estate. Our team members will utilize the latest tools available to create renderings of the commercial space. This will be an effective form of communication that will allow us to reveal the qualities of a space, permit clients to visualize the end product, and inspire further ideas through better spatial understanding. These components allow us to begin marketing prior to construction completion.
Our products and materials have been carefully selected based on years of product research sourcing and establishing close working relations with industry partners domestically and internationally. Meraki Interior Design utilizes reliable, cost-effective products to produce quality projects with efficient execution.
Currently competitors on the market include other co-working spaces that offer businesses the opportunity to operate in modern, turnkey offices. Meraki Buildings offer the privacy that traditional offices allow, while still providing the modern aesthetic and premium amenities that coworking spaces provide.
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MERAKI BUILDING
WEWORK
REGUS
TRADITIONAL OFFICE
○ ○ ○ ○
○ ○/ × × ×
○ ○/ × × ×
× ○ ○ ×
SNACKS & BEVERAGES
○ ○ ○ ○ ○ ○ ○
○ ○ ○ ○ ○ × ×
○ ○/ × ○ ○ ○ × ×
× × × × × × ×
LEASE TERMS
36 TO 60 MONTHS
FLEXIBLE
FLEXIBLE
36 TO 60 MONTHS
FLOOR PLAN LOBBY
P R I VAT E O F F I C E S
PR IVAT E C ONFER ENCE ROOM
P R I VAT E K I T C H E N E T T E AMENITIES
FURNITURE
MODERN AESTHETIC PHONE BOOTHS
N EW H VAC & PLU MBI NG SHARED RECEPTIONIST
SECURITY GUARD L E A S E DE TA I L S
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Building Process
THE MERAKI BUILDING
"Meraki Buildings will provide the intimacy of operating within a personal space, while still allowing the benefit of collaboration in an open floor plan office.
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PROPERTY SELECTION AND PURCHASE
Subject properties for Meraki Buildings are selected based on 2 primary considerations:
• CONDITION: We target B or C class buildings with low tenancy that allow us the opportunity to renovate and re-design the vision of the building and purchase the building at a lower price point.
• LOCATION Meraki Buildings will be strategically located in areas with positive growth trends and target demographics. The surrounding businesses, restaurants, ease of freeway access, job market, local tenancy and the area’s safety will be researched thoroughly to guarantee that products and services of the Meraki Building will meet the needs of the local demographic.
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R E N OVAT I O N
• Renovation will include construction, MEP, architecture, design, landscape, and furniture installation The expected renovation period can be expected to take 3-6 months. • Each building will be renovated as fully-furnished private office suites, designed to create inspirational and motivational company cultures. • Suites will hold a combination of private offices, conference room, and open floor plans, with each suite ranging from 1000 to 3000 SF
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S C O P E O F R E N OVAT I O N
• FLOORING: REPLACEMENT • WALLS: DEMOLITION AND RECONSTRUCTION • TERMITE INSPECTION
• NEW HVAC, PLUMBING • REFURBISH ELEVATOR
• HVAC systems will be routed to allow optimal airflow
• Furniture will be provided with pieces that are integrated with the needs of the modern employee: height-adjustable tables, desks with built-in charging stations, telephone booths MERAKI INTERIOR DESIGNS
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Subject Property
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Property Summary SUBJECT PROPERTY
1940 E 17TH ST, S A N TA A NA SF
9,912 SF
B U I LT
1968
FLOORS
2 (Elevator Served)
ASKING
$2,200,000.00 ($221.95/SF)
AC LOT CLASS
PA R K I NG R AT IO
0.4 B
3.20:1000
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Property Location SUBJECT PROPERTY
"Location was the most important consideration in our selection of the property. We understand that while our building condition may change, our location will not.
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LARGE-SCALE
The proximity to markets, warehouses, transport hubs, and freeways played important roles in the selection of 1940 E 17th St as a subject property for a Meraki Building. The building is located in the city of Santa Ana, bordering the city of Tustin, and located just 8 miles from Irvine.
In 2019, Irvine was reported as the 3rd fastest growing city in California, growing at a rapid rate of 29% since 2010. Research shows that in order to accommodate larger populations, cities physically expand outwards as they experience rising densities. We can thus reasonably expect that as Irvine reaches capacity, the neighboring towns will come to experience the impact of its growth. The future job growth of Tustin is predicted to increase 32.3% over the next ten years, and Santa Ana is expected to grow by 31.7%. These trends indicate the fertility of the area for economic growth in the coming years.
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Santa Ana is also expecting many major planned developments in the near future that will certainly elevate the city. Such developments include the approved $300M plan to transform MainPlace Mall into a mixed-use destination and the OC Streetcar which will broach the reach of the system to reach key employment, population, and activity centers. S T R E E T- L E V E L
17th Street itself is a main street in the area, generating a daily traffic count of 31,000 vehicles. The building is sandwiched between two office buildings with many other commercial structures in the surrounding area. There is a lack of new Interestingly enough, there are very few, if any, newly renovated buildings in the city. Meraki Buildings will bring to the local market office spaces that are currently lacking in inventory. lack at all, newly renovated office buildings with open space plans in the vicinity. We will create environments for the average company that will foster the engagement and level of productivity that is experienced by top-grossing companies today.
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Demographics Overview THE MERAKI BUILDING
SMALL-SCALE
In the first quarter of 2019, the vacancy rate of Main Place Area and Orange County averaged at 13.1% and 9.9%, respectively. The rates are projected to maintain steadily until the first quarter of 2024. As it currently stands, the property records an 87% vacancy rate, which although high, is likely attributed to the building’s current condition. Once renovated, we are confident the leasing ability of the property will reach, if not exceed, the projections of the surrounding area at a vacancy rate of 10% or less..
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S A N TA A NA P OP U L AT ION G ROW T H T R E N D
Santa Ana’s population has been growing since the 1950s, and is estimated to soon surpass 334,000 residents. According to the most recent trends, it is expected to increase at a rate of 3% per year. It stands as the 57th largest city in the US by population and the 11th largest city in the state.
Santa Ana is a diverse city, with almost 46% of the population identifying as white, over 10% Asian, and over 78% of the population Hispanic or Latino. Santa Ana’s population is relatively young - the median age of its residents is 31 years old. The largest age group is the 25-44 group, which make up over 31% of the population. Over 30% are under the age of 18, and just 6.8% are over the age of 65. This makes Santa Ana a city full of potential for development and growth through the fostering of its young population.
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FINANCIAL PROJECTIONS
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D1 SUBJECT PROPERTY PURCHASE AND R E N OVAT I O N C O S T S
$1,900,000 ($191.67/SF)
OFFERING PRICE R E N OVAT I O N
( E S T I M AT E D)
P RO J E C T E D T O TA L
$1,066,712.32
$2,966,712.32
D 2 N E T OP E R AT I NG I NC OM E A N D E X P E N S E S OP E R AT I NG EXPENSES
OP E R AT I NG INCOME @
$ 3 . 9 0 /S F, 0 % VAC A N C Y
N E T O P E R ATING INCOME
M O N T H LY
ANNUAL
$8,865.68
$106,388.16
$38,656.80
$463,881.60
$29,791.12
$357,493.44
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D3 SUMMARY FINANCIAL PROJECTIONS
INITIAL INVESTMENT FULL RETURN ON INVESTMENT
ANNUAL CASH FLOW RETURN ON
INVESTMENT
$1,900,000 ($191.67/SF) $1,066,712.32
$357,493.44 with 3% annual increase 12.05%
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Building Options
FINANCIAL PROJECTIONS
Upon the completion of renovations and full occupancy of the Meraki Building, two options are available for the investment opportunity. The building can subsequently be sold at the market capitalization (cap) rate, which can range from 5-8% for Class A and B buildings in the Orange County market. The second option is to hold the building as a long-term investment opportunity.
OPTION 01 SELL
In the sell option, the building will be listed at a desired cap rate of 6%, which places a valuation of $5,958,224.00 on the property at full occupancy of office suites. This flip-and-sell method will generate a marginal profit of $2,991,511.68, a ROI of 100.84%.
Generated profit will be contributed toward the development of the next Meraki Building. As an opportunity to maintain the building as a Meraki Building and to continue the management of the property, Meraki Interior Design will collect a 10% management fee from the new ownership. DE S I R E D C A P R AT E UPON LISTING
P R O J E C T E D VA L UAT I O N AT FULL OCCUPANCY
MARGINAL PROFIT
PROJECTED RETURN ON INVESTMENT
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6% $5,958,224.00
$2,991,511.68 100.84%
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OPTION 02 HOLD
The second option is to hold the building as a long term property investment. The initial outlay of $2,966,712.32 can be recaptured by Year 8, after which all net operating income becomes pure profit. YEAR 01 02 03
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A N N UA L F I NA NC I A L R E T U R NS
CASH FLOW
INVESTMENT
RUNNING T O TA L
YEAR
$368,218.24
12.41%
$725,711.68
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ANNUAL
$357,493.44 $379,264.79
$368,218.24
$390,642.73
RETURN ON
12.05% 12.78%
13.17%
13.56%
$357,493.44
$1,104,976.47
$1,495,619.21
$1,897,981.22
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ANNUAL
RETURN ON
CASH FLOW
INVESTMENT
$426,865.86
14.39%
$402,362.02
RUNNING T O TA L
13.97%
$2,312,414.10 $2,739,279.96
08
$439,671.84
14.82%
$3,178,951.80
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$466,447.85
15.72%
$4,098,261.65
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$452,861.99
15.26%
$3,631,813.80
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SUMMARY
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E1
The Summary SUMMARY
Small and mid-sized companies confront the obstacle of
five major expenses in the development of a modern office: Lease Payment:
Initial 1st Month & Deposit Architecturals Design
Construction Furnishing
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Meraki Buildings provide the solutions by providing these fully-furnished, renovated private office suits so that clients do not have to invest into a leased space that ultimately, they do not own. In return for paying $1-2/SF higher per month, these businesses can experience the benefits of working in renovated office suites without having to pay related costs of construction, design, furnishing, and architecturals upfront. Meraki Buildings bring a cost-saving alternative to the commercial market for SMBs. MERAKI INTERIOR DESIGNS
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S A M P L E C O S T- S AV I N G S M O D E L 1000 SF 3 YEAR TERM
MERAKI BUILDING
TRADITIONAL BUILD-OUT
RENT
$162,000.00 (@$4.50/SF)
$86,400.00 (@$2.40/SF)
INTERIOR DESIGN
NA
$2,000.00
ARCHITECTURALS
NA
$8,000.00
CONSTRUCTION
NA
$80,000.00
FURNITURE
NA
$16,000.00
T O TA L
$162,200.00
$192,400.00
M E R A K I B U I L D I N G S AV I N G S $ 3 0 , 2 0 0 . 0 0
Meraki Interior Design is launching Meraki Buildings to fill the void in the current commercial market for affordable, modern private office suites for small and mid-sized business. These buildings will feature turnkey suites that will foster the establishment of company cultures that inspire everyday operations. Meraki Buildings will transform ordinary, traditional offices into spaces that promote personal fulfillment, growth, and community.
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