TIBURON BOULEVARD 1601TIBURON, CA OFFERING MEMORANDUM

RARE FREESTANDING TROPHY BUILDING WITH IRREPLACEABLE DRIVE-THRU

1 The information provided in this Offering Memorandum and information that may be provided with respect to the Property was obtained from a variety of sources. NEITHER SELLER NOR BROKERS HAS MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF THE INFORMATION PRESENTED OR TO BE PRESENTED WITH RESPECT TO THE PROPERTY. SELLER AND BROKERS MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION THAT MAY BE PROVIDED REGARDING THE PROPERTY.

The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be presented in the form of a non-binding letter of intent. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and, except for the Confidentiality Agreement, shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.

2 Table of

Contents 1 Executive Summary pages 4-5

2 Property Overview pages 6-9

3 Market Overview pages 10-15

4 Owner/User Scenario pages 16-19

CAMERON BAIRD BRIAN HENNESSEY Senior Vice President Senior Vice President AVISON YOUNG 415.301.3175 818.858.1830 6711 Forest Lawn Drive [email protected] [email protected] Los Angeles, CA 90068 CA License #01503816 CA License #00481388 www.avisonyoung.com

3 Executive Summary

4 Executive Summary

We are pleased to offer qualified investors an opportunity to purchase an PROPERTY HIGHLIGHTS irreplaceable, stand-alone asset on the main thoroughfare entering Tiburon/ • Located in the center of downtown Tiburon on the Belvedere in Marin County, which is currently a Bank of America branch. signalized corner of Tiburon Boulevard and Beach Road Bank of America’s lease ends March 31, 2020 providing new ownership with multiple opportunities to capitalize on the site’s excellent location and rare drive- • Currently zoned as NC/AHO - Neighborhood thru permitting for a variety of different uses. Ownership is fee simple with ±6,487 Commercial/Affordable Housing Overlay SF of improvements on ±.53 acres of land that includes 35 parking spaces with • ±6,487 square feet (±5,026 square feet ground floor and the ability to park additional cars on the adjacent parking lot. ±1,461 square feet second level) The property is located on the northeast corner of Tiburon Boulevard and Beach • 35 parking spaces / 5.4 per 1000 square feet (additional Road, within walking distance to Main Street Tiburon and the waterfront. This parking available in adjacent parking lot at no additional two-story office building was constructed in 1973 as a build-to-suit for Bank cost) of America and features one of the handful of permitted drive-thru retail sites • Property has a drive-thru which is irreplaceable in Marin in Marin County. Banks and credit unions are permitted uses and a CUP would County be required for medical office, personal service, professional offices or medical • Tiburon is one of the wealthiest cities in the United services. Tiburon is one of the most affluent communities in the United States States with average household income at $269,000 with an average HH income of $269,000 and a median home price of $2,427,100. • Built in 1973 for Bank of America, whose lease expired in This provides a unique opportunity for an owner-user or an investor to capitalize March 2020 on the surrounding wealth. • $1,540 to acquire a CUP and the time to obtain one can This is a unique opportunity to own a highly visible retail location on a signalized range from several weeks to a couple months corner in one of the most affluent communities in Northern California. • Banks or Credit Unions would not require a CUP

Offering Summary Price $5,950,000 Price PSF Building $917.22 Price PSF Land $244.35

5 Property Overview

6 Specifications

Address 1601 Tiburon Boulevard, Tiburon, California 94920

Building Size ±6,487 SF (±5,026 square feet ground floor and ±1,461 square feet second level)

Site Area ± 0.56 Acres (± 24,350 SF)

APN 058-171-47

Year Built 1973

32 Surface Spaces, plus 3 Handicap Spaces; Ratio of 5.4/1,000 SF Parking* (Additional parking is available in the adjacent parking lot at no additional cost)

Submarket Corte Madera/Mill Valley

*See information on Parking Easement on Page 12

7 BEACH ROAD

TIBURON BLVD.

8 Parcel Map

9 Ground Floor Plan

10 11 Parking Easement

Additional parking available on the adjacent parking lot as per the Declaration.

Pursuant to said Declaration, both Parcels A and B are benefited and burdened with reciprocal easements for reasonable access, ingress upon, and egress on and over the other Parcel so as to provide for the passage of motor vehicles and pedestrians between the Common Area (as defined in the Declaration) and to and from all abutting streets or rights of way furnishing access to the Parcels. Pursuant to Section 2.1(b), each Parcel also enjoys a reciprocal easement for reasonable and customary use of the parking spaces located on the Parcels as set aside or marked for parking of passenger automobiles from time to time.

12 13 Market Overview

14 Tiburon

The Town of Tiburon is located just north of , in Marin County, California. It is accessible by ferry from downtown San Francisco, as well as by car from Highway 101 and Highway 131 (Tiburon Boulevard).

TIBURON DEMOGRAPHICS

9,170 3,824 $269,000 50.5 POPULATION HOUSEHOLDS AVG HH INCOME MEDIAN AGE 15 Marin County Market Overview

Marin County is in Northern California, across the Golden Gate Strait from San Francisco. The sprawling Marin Headlands has views, trails and the 1855 Point Bonita Lighthouse. North are the giant redwood trees of Muir Woods National Monument. Mount Tamalpais State Park’s namesake peak has panoramic views. The Frank Lloyd Wright–designed Marin County Civic Center is in county seat San Rafael.

Economic Factors • Marin County added 3,100 jobs since August 2015, and has added 15,200 jobs since 2010. • Marin County inflation is likely to rise close to 3 percent per year from 2016-2019; • Marin County has median housing prices over $1.08 million, among the highest in California, a reflection of both a low housing inventory and low interest rates; • Marin County’s employment growth is toward services; • Marin County added approximately 370 payroll businesses since 2015; • Commercial properties have reduced vacancies and prices have increased over 10 percent since 2015, with commercial rents near $2.95 per square foot; • Rental home prices in San Rafael have recently been estimated at an average of over $3,300 per month for a two-bedroom apartment; and Wages in Marin County are relatively high versus state and suburban county averages, but are outpaced by urban areas in the Bay Area, helping to explain regional commute patterns.

Healthcare/Biotech • Hospitals, health care organizations and biotechnology companies have been leasing, purchasing or building hundreds of thousands of square feet throughout Marin County • The combination of health-related tenants taking large amounts of Marin County commercial space off the market and sales of a number of the county’s top properties is changing the economics of doing business in Marin.

16 17 DISTANCE TO:

l San Francisco l Oakland

6 Miles 10 Miles

l Sacramento l Santa Barbara

70 Miles 280 Miles

l Los Angeles l Las Vegas

18 350 Miles 420 Miles Demographics

19 Owner/User Scenario

20 Own vs. Lease Comparison With SBA 504 Loan

Loan Information - Dated 08/04/2020 Wells Fargo Loan SBA Loan Combined Jay Ahn Loan Amount: $2,975,000 $2,443,070 $5,418,070 Vice President Interest Rate: 3.00% 2.41% 2.73% [email protected] Amortization in Years: 25 25 213.253.3484 Term in Years: 25 25 Monthly Payments $14,108 $10,850 $24,958

Own Lease Purchase Assumptions Lease Assumptions Total Project Cost $6,035,945 Monthly Rent per Square Foot $5.68 Start-up Costs Monthly Rent (approx. 6,487 sq.ft.) $36,846 Cash Down Payment: 10% of Total Project $617,875 Start-Up Costs Prepaid Rent and Security Deposit $73,692 Monthly Cost Estimate Per SF Amount (Equals 2 Months Rent) Mortgage Payment $3.85 $24,958 Operating Costs (includes CAMS) $1.44 $9,341 Monthly Cost Estimate Per Sq.Ft. Amount Rent Payment $5.68 $36,846 Association Costs $0.00 $0 Operating Costs (includes CAM) $1.44 $9,341 Total Monthly Costs $5.29 $34,299 Association Dues $0.00 $0 Total Monthly Costs $7.12 $46,187 Monthly Ownership Benefits Monthly Ownership Benefits Depreciation Estimate (1) $3,560 Depreciation Estimate N/A Appreciation Estimate (2.00% annualized) $9,917 Appreciation Estimate N/A Total Ownership Benefits $13,477 Total Ownership Benefits N/A

Total Effective Monthly Cost $46,187 Total Effective Monthly Cost $20,822

(1) Depreciation Assumptions: Depreciable building cost is 80% of $5,950,000 property value; Depreciated over 39 years; Borrower tax rate is 35.00%. (2) Owner’s equity calculation assumes 2.00 % annual appreciation rate and constant interest rate noted above. Rate may be subject to change. This is not an offer or commitment to lend and is intended for discussion purposes only. All financing is subject to credit approval and determination of SBA eligibility by the Wells Fargo SBA Lending group and additional collateral may be required. The amounts provided are estimations and the actual fees, costs and monthly payment will vary depending on your specific loan transaction. The interest rate is dependent on the Wall Street Journal Prime and is subject to change. 21 CAMERON BAIRD Senior Vice President 415.301.3175 [email protected] CA License #01503816

BRIAN HENNESSEY Senior Vice President 818.858.1830 [email protected] CA License #00481388

AVISON YOUNG 6711 Forest Lawn Drive Los Angeles, CA 90068 www.avisonyoung.com 22