Boise, Idaho Located in Boise, Id, the Fastest Growing City in the U.S

Lakeharbor Offices BOISE, IDAHO LOCATED IN BOISE, ID, THE FASTEST GROWING CITY IN THE U.S. PER FORBES MAGAZINE IN 2018

Overview

Lakeharbor Offices

3050, 3100, 3250 NORTH LAKEHARBOR LANE, BOISE, ID 83703

$9,800,000 7.00% 9.88%* PRICE CAP RATE CASH-ON-CASH *New debt - see Financial Summary for more information. PAGE 5

Investment Summary

LEASEABLE SF LAND AREA OCCUPANCY 76,319 SF 5.47 Acres 88%

PRICE PER SF YEAR BUILT PARKING $128 1985 ±241 Spaces; 3.2/1,000 SF

LAKEHARBOR OFFICES is a ±76,000 SF, two-story office building located in Boise, ID. The Property has high quality finishes, an outdoor courtyard, and is situated on Silver Lake, a beautiful lakeside amenity. The Property benefits from its location off of State Street, one of the city’s main daily-needs corridors with dense surrounding housing.

Overview Investment Highlights

The Highlights

■■ QUALITY, TWO-STORY CONSTRUCTION WITH SIGNIFICANT CAPITAL INVESTED BY LANDLORD OF APPROXIMATELY $518K OVER THE LAST FEW YEARS, INCLUDING RESURFACING OF THE PARKING LOT IN 2019.

■■ EXISTING LEASES WITH BELOW MARKET RENTS PROVIDE OPPORTUNITY FOR UPSIDE UPON LEASE RENEWAL.

■■ 88% OCCUPIED TO A DYNAMIC MIX OF OFFICE AND PERSONAL SERVICE USES. PAGE 7

■■ BENEFITS FROM PROXIMITY TO DAILY-NEEDS RETAIL AND SCHOOLS, WITH STRONG SURROUNDING DEMOGRAPHICS.

■■ MANY NEW DEVELOPMENTS EXPECTED TO DELIVER IN THE NEXT FEW YEARS, INCLUDING SEVERAL HUNDRED HOUSING UNITS WITHIN A 10- MILE RADIUS, AND A DRIVE-THRU STARBUCKS ADJACENT TO THE PROPERTY THAT WAS DEVELOPED BY THE SELLER.

■■ BOISE NAMED THE FASTEST GROWING CITY IN THE U.S. BY FORBES IN 2018. Investment Highlights Site

PLANTATION BUSINESS CENTER

SAVANNAH PLAZA BUSINESS PARK W STATE STREET

GEM STATE 30,476 BUSINESS VPD PARK

LAKEHARBOR OFFICES

DOWNTOWN BOISE 3 MILES PAGE 9

Q&AQ: HAS THERE BEEN ANY ENVIRONMENTAL TESTING PERFORMED AT THE PROPERTY? A: Yes, a Phase I ESA was performed by GEM Environmental Management, LLC in December 2005. No Recognized Environmental Conditions were identified, and no further testing was required.

W STATE STREET

30,476 LAKEHARBOR LN VPD

NEW DRIVE-THRU

LAKE MAINTENANCE The lake is maintained by a Master Association that bills each surrounding lot owner their share of annual maintenance on a quarterly basis.

Site About the Seller

SAWTOOTH DEVELOPMENT GROUP SAWTOOTH DEVELOPMENT GROUP, LLC WAS FORMED IN 2000, in operation for nearly 20 years. Sawtooth is a well-respected developer with a proven track record of successfully designing, developing, managing, selling, and leasing residential, mixed-use, office, university, retail, and industrial projects throughout the western United States.

ONE NINETEEN | BOISE, ID PAGE 11

TENTH AND MAIN | BOISE, ID

STARBUCKS | BOISE, ID

About the Seller Floor Plan

West First Floor SUITE 112 SUITE 110 SUITE 118 SUITE 116 SUITE 120

ELEVATOR

SUITE 134

SUITE 100 SUITE 128

SUITE 138

SUITE 126 SUITE 146

SUITE 142

SUITE TENANT W-126 FEDERAL HIGHWAY ADMINISTRATION W-100 PAGE ONE POWER W-128 BUSTER BUILT W-110 GENTHER MASONRY W-134 CBI SECURITY W-112 GORDELL INDUSTRY W-138 AVAILABLE W-116 ALTERATIONS PLUS W-142 BANKERS LIFE W-118 ABRACUTABRA HAIR STUDIO W-146 SCOTT MECHAM, CPA W-120 AVAILABLE PAGE 13

East First Floor SUITE 188 SUITE 186 SUITE 180

SUITE 198 SUITE 168 SUITE 190 SUITE 171 SUITE 169 A STORAGE

SUITE 150 B STORAGE SUITE 170

SUITE 173 SUITE 174

SUITE 176 SUITE 175 SUITE 160 SUITE 165 SUITE 178

SUITE 166B SUITE 166A SUITE 178 SUITE TENANT SUITE 164 E-150 AUCTION FROGS - LOI E-160 AGAMI HOLDING E-164 NUTRITION DISTRIBUTION MECHANICAL ROOM E-165-166 AUCTION FROGS E-168 YOUNG LIFE E-169 WATERS GONE BY COUNSELING E-170 SIMPLY BALANCE ACUPUNCTURE E-171 HP STUDIOS C-1 E-173 RIVERWORKS E-174 RACK SUPPLY SUITE TENANT E-175 AVAILABLE C-1 KIWI SHAKE & BAKE C-2 E-176 AUCTION FROGS C-2 LAKE HARBOR EVENT CENTER E-178 SAGE MANAGEMENT E-180 HALL ACADEMY E-186 AVAILABLE E-188 DEEP SIX PARKING & SECURITY E-190 IT’S ALIVE LABS E-198 PAUL FRANTELLIZZI Floor Plan Floor Plan

West Second Floor

SUITE 220 SUITE 222 SUITE 218

SUITE 216 ELEVATOR

SUITE 205

SUITE 214 SUITE 209 248

SUITE 212

SUITE TENANT W-201 GREAT WEST ENGINEERING SUITE 201 W-205 KIM KEYS COUNSELING W-209 KIM KEYS COUNSELING W-210 BOISE WEALTH MANAGEMENT W-212 XENICUS W-214 AVAILABLE W-216 THE REAL ESTATE DREAM TEAM SUITE 210 W-218 AVAILABLE W-220 PURE MASSAGE W-222 BOISE ELECTROLYSIS W-248 KEYS COUNSELING SOLUTIONS PAGE 15

East Second Floor

SUITE E-254

SUITE TENANT SUITE TENANT W-201 GREAT WEST ENGINEERING E-254 PAGE ONE POWER W-205 KIM KEYS COUNSELING W-209 KIM KEYS COUNSELING W-210 BOISE WEALTH MANAGEMENT W-212 XENICUS W-214 AVAILABLE W-216 THE REAL ESTATE DREAM TEAM W-218 AVAILABLE W-220 PURE MASSAGE W-222 BOISE ELECTROLYSIS W-248 KEYS COUNSELING SOLUTIONS

Floor Plan Financial Summary Income & Expense

PRICE $9,800,000 CAPITALIZATION RATE 7.00% PRICE PER FOOT $128

CASH FLOW SUMMARY IN-PLACE SCHEDULED INCOME PER SF Base Rent for the Period of: 1/1/2020 - 12/31/2020 $13.47 $1,028,118 Rent Increases Over Base Rent $0.03 $2,594 Operating Expense Reimbursement* $0.04 $3,300 Total Effective Gross Income (EGI) $13.55 $1,034,012

OPERATING EXPENSES PER SF CAMS $3.05 $232,506 Property Taxes $0.77 $59,088 Insurance $0.20 $15,151 Management Fee 3.5% of EGI $0.47 $36,190 Reserves $0.10 $7,632 Total Operating Expenses $4.59 $350,567

NET OPERATING INCOME $8.96 $683,445

LEVERAGED RETURN CALCULATION Proposed New Loan : 70% $6,860,000 Interest Rate 4.00% Amortization 30 Payment - Principal & Interest: ($393,008) Start Date Jan-20

Equity Requirement: $2,940,000 Debt Coverage Ratio: 1.74 Debt Constant: 5.73% Net Operating Income: $683,445 Less: Total Annual Debt Service ($393,008) Equals: Pre-Tax Cash Flow $290,436 PRE-TAXED LEVERAGED CASH-ON-CASH RETURN 9.88%

Plus: Principal Paydown Year 1 120,807.10 Equals: Cash Flow Including Paydown $411,243 YIELD AFTER PRINCIPAL REDUCTION 13.99% Notes: *Bankers Life is the only Tenant reimbursing fixed share of utilities at $275 per month.

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. 10/3/2019 [ ] Buyer must verify the information and bears all risk for any inaccuracies. PAGE 17

Rent Roll

TO ACCESS THE FULL FINANCIAL SUMMARY INCLUDING RENT ROLL, PLEASE EXECUTE THIS FORM.

DEBT QUOTE

THE FOLLOWING LOAN SUMMARY IS NOT A GUARANTY OF LOAN TERMS. SUCH TERMS ARE FOR ANALYSIS PURPOSES ONLY AND ARE SUBJECT TO FLUCTUATION.

PROPOSED TERMS: LOAN QUOTE PROVIDED BY: LOAN TO VALUE: 70% JACK HARTY TERM: 5-10 YEARS HARTY MORTGAGE ADVISORS INTEREST RATE: 4.0% DIRECT: 208-344-4141 AMORTIZATION: 25-30 YEARS E-MAIL: [email protected] LOAN: RECOURSE

Financial Summary Construction Details

Recent Improvements 2016 - 2019

Over $500K invested into building upgrades by the Seller.

COMMON AREA REMODEL & UPGRADES: $154,000 RE-PIPE COLD WATER LOOP/HVAC UPGRADES: $149,000 FIRE LIFE SYSTEM UPDATE: $64,000 LIGHTING UPGRADES: $37,000 PARKING LOT RESURFACING & STRIPING: $36,000 ROOF IMPROVEMENTS: $34,000 NEW MONUMENT SIGN: $22,000 LANDSCAPING REFRESH: $9,000 SECURITY SYSTEM UPGRADES: $8,000 PAGE 19

Construction Details Featured Photography PAGE 21

Featured Photography Featured Photography

MAIN LOBBY PAGE 23

Featured Photography Location Boise, Idaho MSA

Boise is the Fastest Growing City in the U.S. PER FORBES IN 2018

BOISE IS THE CAPITAL AND MOST POPULOUS CITY of the state of Idaho, as well as the county seat of Ada County. Located on the Boise River, it anchors the Boise City-Nampa metropolitan area and is the largest city between Salt Lake City, Utah and Portland, Oregon. The Boise metropolitan area is home to approximately 616,500 people and is the most populous metropolitan area in Idaho, containing the state’s three largest cities; Boise, Nampa, and Meridian. PAGE 25 Corporate Headquarters

BOISE IS THE HEADQUARTERS FOR several major companies, such as Boise Cascade LLC, Albertsons, J.R. Simplot Company, Idaho Pacific Lumber Company, Idaho Timber, WinCo Foods, Bodybuilding.com, and Clearwater Analytics. Other major industries are headquartered in Boise or have large manufacturing facilities present. The state government is also one of the city’s largest employers.

93,000 2nd 80%

NEW JOBS IN IDAHO HIGHEST HOME POPULATION Replacing 60,000 lost during the recession APPRECIATION YEAR- GROWTH SINCE 2000 OVER-YEAR IN THE U.S. 2018

Drive Time POPULATION

5 MINS 10 MINS 15 MINS

2010 14,304 57,511 157,251

2019 15,475 64,548 175,195

2024 16,519 70,526 190,258

2019 HH INCOME

5 MINS 10 MINS 15 MINS

KEY Average $69,213 $74,784 $76,147 5 MINS 10 MINS Median $52,773 $52,412 $52,212 15 MINS Contact Us We’d love to hear from you.

SEAN MACK KEVIN ADATTO [email protected] [email protected] PH: 503.675.8378 PH: 503.675.7726

MICHAEL HORWITZ PETER DUNN [email protected] [email protected] PH: 503.675.8381 PH: 503.607.0197

LANCE SASSER [email protected] PH: 503.607.0207

LEASING BROKERS

KARENA GILBERT AL MARINO, SIOR [email protected] [email protected] PH: 208.947.0853 PH: 208.947.0811

BRIANNA MILLER [email protected] PH: 208.947.5519

The information in this Executive Summary 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. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.