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A 29 Unit Multifamily Investment Opportunity Located in Sausalito, CA THE LEESON GROUP Exclusively Listed By:

THE LEESON GROUP

ERICH M. REICHENBACH TYLER C. LEESON First Vice President Senior Managing Director 415-625-2146 714-713-9086 [email protected] [email protected] CA License: 01860626 CA License: 01451551

MATTHEW J. KIPP First Vice President 949-419-3254 [email protected] CA License: 01364032

DANIEL E. RABIN ASHLEY A. BAILEY Director of Operations Senior Transaction Manager 949-419-3306 949-419-3219 [email protected] [email protected] www.TheLeesonGroup.com www.TheLeesonGroup.com

ANDREW M. PISES ALLISON M. DAVIS Marketing Coordinator Marketing Coordinator 949-419-3266 949-419-3208 [email protected] [email protected] www.TheLeesonGroup.com www.TheLeesonGroup.com TABLE OF CONTENTS

04 20 26 32 Executive Summary Property Overview Financial Analysis Market Comparables

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

NON-ENDORSEMENT AND DISCLAIMER NOTICE

Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. DRIVE BY ONLY. DO NOT WALK THE PROPERTY OR DISTURB THE RESIDENTS. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Activity ID: ZAB0100407 Executive Summary THE OFFERING

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Pier at Sausalito, a 29-unit multifamily investment property consisting of twenty-four, 1-bedroom, 1-bath units and four, 2-bedroom, 2-bath units located at 120 Bulkley Ave, Sausalito, CA. Built in 1959, 120 Bulkley Avenue is situated on a 0.66-acre lot and consists of 20,235 net rentable square feet. The property is located on the hills of Sausalito, just across the Bridge from and is in close proximity to Bridgeway, a major thoroughfare for southern Marin County. 120 Bulkley Avenue is also situated just over a half mile from U.S. Interstate 101, providing residents with convenient access to job centers in Marin County and San Francisco County. The 29-unit community is comprised of spacious one- and two-bedroom floor plans, averaging 722 square feet. The property provides residents with attractive amenities including carport parking, in-unit washer/dryer, and balconies with views of the . Since 2017, current ownership has renovated seventeen of the 29 residential units, as well as the property’s amenities and exterior. A continued renovation plan to complete the remaining units will help a future investor achieve renovated market-level rents across all units. Current ownership has recently achieved a $3,495 rent for multiple renovated 1-bedroom units, which proves the property's ability to close the loss to lease gap that exists within current rents. The Pier at Sausalito offers a world-class property in Marin County’s premier city. The Pier at Sausalito is located in Sausalito’s “banana-belt” and benefits from the best San Francisco Bay view’s Sausalito has to offer. Tenants will enjoy unparalleled as access to the North Bay, a 5-minute walk to the Sausalito ferries servicing San Francisco and the greater Bay Area. Sausalito is a beautiful waterfront community located on the southern tip of Marin County, just across the from San Francisco. Sausalito provides world-class hotels and restaurants and a diverse selection of shopping, including art galleries and retail fashion. Sausalito is the most well-known city in Marin County. Marin is a dynamic community of 250,000 well-educated and involved residents. From its tidelands to the top of Mt. Tamalpais, Marin enjoys a high quality of life marked by beautiful beaches, groves of redwoods and oaks, rolling foothills, and scenic valleys. Through the continuation of the renovation program and the fantastic location of the subject property, The Pier at Sausalito is well suited to provide investors with strong returns and value appreciation. INVESTMENT HIGHLIGHTS

THE OPPORTUNITY

» A rare opportunity to acquire The Pier at Sausalito, the 3rd largest apartment complex in the city

» Highly desirable rental location in Sausalito, an affluent, waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco

» Direct walking access to local art, retail, dining, and entertainment options in Downtown Sausalito via the Excelsior Lane Stairway

» Under 5-minute walk with direct staircase access to the Sausalito ferries which travel to the Historic Ferry Building in the Financial District or to Fisherman's Wharf

» Attractive amenity package including carport parking, upgraded windows, in-unit washer and dryer, two parking spaces per unit, and balconies with views of the San Francisco Bay

» 100% of the units have excellent bay views

» The property offers an impressive 2 parking spaces per unit, which is unheard of in this walkable location

» Current ownership has recently achieved a $3,495 rent for multiple renovated 1-bedroom units, which proves the property's ability to close the loss to lease gap

» Excellent walk score of 77 as residents have walkable access to Downtown Sausalito's shops, restaurants, and points of interest SAUSALITO APARTMENT FUNDAMENTALS 2015-2020 4.6% Average Yearly Rent Growth 2020 3.1% Vacancy Rate 2020-2025 5.6% Average Yearly Projected Rent Growth (Forecast) 2020 3.3% Average Sausalito Cap Rate INVESTMENT HIGHLIGHTS

THE LOCATION

» The City of Sausalito is situated just north of the Golden Gate Bridge, on the southeastern tip of Marin County. This small town of only 7,500 residents boasts spectacular waterfront views, with many beautiful and unique homes scattered throughout the wooded hills overlooking

» The property has an excellent Sausalito location with direct access into Downtown Sausalito via The Excelsior Stairway, offering easy access to a large number of upscale restaurants, shopping, and entertainment options

» The Pier Apartments are a short 30-minute ferry ride to multiple locations in San Francisco, making for a leisurely commute

» Sausalito has the lowest unemployment rate in Marin County and much of the high earning local population commutes to San Francisco for employment

» The average household income for the area of $188,417 ranks among the highest in the nation, the median home sale price of $1,720,000 would require a substantially higher annual income of $281,000 for the mortgage, tax and insurance expense to be considered affordable. As a result, many local employees are forced to rent and must compete for rentals with high earning San Francisco based employees who prefer the relative rental affordability of Sausalito, where the average rent is $2,927, versus San Francisco, where the average rent is $3,783.

» With no significant addition of any form of housing stock expected in southern Marin County in the future, rents and values should continue to appreciate over time as the supply remains extremely constrained and the demand continues to surge

SAUSALITO QUICK FACTS » Future job growth over the next ten years is predicted to be 33.4%. » The City provides the entry into the Golden Gate National Recreation Area » Sausalito is well positioned in the current economic environment: The and the Marin Headlands, a 2,027 acres of national recognized ecologically City's to purchase of the 5,875 SF Bank of America Building in the heart of and historically significant landscapes surrounding the San Francisco Bay downtown; in addition to the opening of the new Dunphy Park in town. Area. » The median property value in Sausalito, CA was $1.72M in 2019, which is » The largest industries in Sausalito, CA are professional & technical services, 5.37 times larger than the national average of $320,000. health care, finance & insurance, and real estate. SAUSALITO OVERVIEW

Sausalito is a beautiful waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco. This is a colorful waterfront town that reminds many of a European fishing village. Sausalito provides world-class hotels and restaurants and a diverse selection of shopping, including art galleries and retail fashion. Regular ferry service from San Francisco makes the town easily accessible for both commuters and tourists. The city also offers investors the highest rental rates in the wealthiest county in the state.

ECONOMIC PROFILE While casual observers may consider Sausalito’s economy primarily based median age is 51.1 years, while Marin County has a median age of 44.5. Of the on retail or tourism, the demand for Sausalito’s businesses lies in its non- 4,112 occupied housing units in Sausalito in 2019, 49.2 percent are rented; Marin retail firms. Over 77 percent of companies in Sausalito are non-retail firms. County has 36.9 percent of its housing stock currently rented. Sausalito businesses annually generate over $1.2 billion of business revenue; Sausalito businesses generate about 5 percent of the income made For Sausalito, its location on the waterfront has been a magnet for artists, by Marin County businesses and employ about 2.5 percent of the workforce in residents, marine and other businesses, and tourists alike. There are diverse Marin County. Professional services, such as architecture, engineering, legal, businesses located in the Sausalito, including light industrial, restaurants, accounting, specialty design, and other consulting, generate over $388 million professional services, grocery and other retail, and personal services. Proximity per year in business revenue, and employ over 1,290 workers in Sausalito. Retail to US 101 also makes this area attractive for businesses that would and related services (bars, restaurants, hotels, and tourism activities) annually naturally feed off a worker base that primarily commutes. The marina generate over $82 million in business revenue, while employing over areas and industries in Sausalito encompass industrial, marine support, and 1,100 workers. As of 2019, more than one fourth of all businesses in Sausalito recreational marine businesses. The marina district provides the best setting were operated out of homes (mainly personal services and consultancies). for Sausalito to grow and enhance its business opportunities. The waterfront areas of Sausalito are homes to industrial, commercial, and recreational marine Sausalito companies employ approximately 5,000 people who live businesses. The waterfront areas also attract visitors and are enjoyed by local outside Sausalito city limits; over 93 percent of the people that work in residents. Sausalito are in-bound commuters. Census 2019 data state that Sausalito’s MARIN COUNTY OVERVIEW

Located in the North Bay across the Golden Gate Bridge from San Francisco, Marin County is a dynamic community of 250,000 well-educated and involved residents. From its tidelands to the top of Mt. Tamalpais, Marin enjoys a high quality of life marked by beautiful beaches, groves of redwoods and oaks, rolling foothills, and scenic valleys. The mild, year-round Mediterranean climate is highlighted by cool, coastal fog tempering the warm inland temperatures of summer. Incorporated communities include Belvedere, Corte Madera, Fairfax, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael (the County seat), Sausalito, and Tiburon.

Marin County is known for its combination of rural and suburban lifestyles. It is a recreation destination for the entire Bay Area - the Golden Gate National Recreation Area and Point Reyes National Seashore are just two destinations out of more than 140,000 acres of public lands within Marin. The County’s active economy includes insurance related (e.g., Fireman’s Fund), finance, movie and video production (e.g., Lucas Films), agriculture, bio-technology (e.g., BioMarin), computer software (e.g., Autodesk), communications equipment, printing, and tourism. Marin County children excel in school with test scores well above the average. The 19 school districts in Marin range in attendance from 20 to 8,000, the Marin Community College has two campuses (Kentfield and Novato).

#4 BEST COUNTIES FOR FAMILIES IN CALIFORNIA

#4 BEST PLACES TO LIVE IN CALIFORNIA REAL ESTATE Marin County real estate market continued its pandemic-defying rebound in July, posting solid increases in both prices and sales. The median price of a detached home hit $1.55 million last month, an increase of nearly 24% over the prior July, according to new data from the county assessor-recorder’s office. Inventories are shrinking as well, two months ago, there were 3.5 months of inventory on the market in Marin. Currently, Marin is down to 1 month of home inventory, which is typical for December but not for summer. This strength is taking place despite of COVID-19 restrictions, including restrictions on open houses and additional safety measures.

This dramatic rebound in the Marin County real estate market is being driven the demonstrated fact that the pandemic has convinced some San Franciscans that it is finally time to give up on city living. Life in San Francisco has clearly changed. Cooped up and concerned about the post-COVID future, more renters from the city are ready to make the move to the suburbs in search of more space, yards, and easier access to the outdoors. However, given the historically low supply of inventory listed to meet the buyer demand, sellers are benefiting record breaking buyer interest and sales prices.

FINANCIAL MARKETS Despite the barrage of headlines focused on the COVID-19 and the impact this has had on financial markets, real estate investment activity remains positive. The steep decline of interest rates to unheard of levels will support refinance and acquisition activity. Though many lenders have widened their spreads over the risk-free rates, investors have been able to lock in debt in the 3.0% range depending on the borrower’s credit, asset quality, location, etc. The reduced cost of capital has not translated to higher property valuations or lower cap rates as many sellers hoped because the new coronavirus does create additional uncertainty for many buyers.

Barring a major economic disruption, commercial real estate yields and investment activity should remain stable. Potential coronavirus-related disruptions to the economy and investment market would likely stem from public policies discouraging or restricting travel and public events. In addition, a major sustained drop in business and consumer confidence in reaction to the wave of negative headlines could potentially restrain spending and spark an economic slowdown. The other substantive risk factor stems from financial and stock market volatility, which, if severe enough, could undermine confidence levels. Despite these downside risks, baseline forecasts still point to slower, but positive economic growth that will sustain the expansion cycle and the underlying demand for real estate. Excelsior Staircase SAUSALITO DEMOGRAPHICS

7,547 $188K 2.87% $1.72M Total Median Poverty Median Population Household Income Rate Property Value

MARIN COUNTY DEMOGRAPHICS

259,656 $136K 47.4 118K Total Median Median Total Population Household Income Age Households

$207K 134K $1,754/M $1.32M Average Number of Affordability Median Property Household Income Employees Gap Value

14 ∙ THE PIER AT SAUSALITO LOCATION HIGHLIGHTS

Independent Labor Force

» Sausalito has 27.6% of its labor force self- employed compared with a 10% of self-employed workers on a national level

Job Opportunity

» By 2026, total jobs in Marin County are estimated to be 142,600, a 5.9% increase from 2020

High Renter Demand

» 55% of the city's housing units are renter occupied

EXCELSIOR STAIRCASE

EXECUTIVE SUMMARY ∙ 15 NEARBY POINTS OF INTEREST 11

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13 6 8 9 10 7

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4 1

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14 Points of Interest Golden Gate Ferry Terminal connects to Downtown Sausalito. It is just a 30-minute boat ride to San Francisco. Visitors ride the ferry to the San Francisco Ferry Building near 1 Golden Gate Ferry Terminal the Bay Bridge. The ferry offers a fantastic scenic tour of the San Francisco Bay, with its sailboats and commercial ships. The ride takes passengers by the famous island 2 Barrel House Tavern of Alcatraz, and offers a sensational view of the Golden Gate Bridge to the west. Just before the ride ends, passengers see Angel Island and Tiburon in the tranquil Richardson 3 The Trident Bay to the east.

4 Sausalito Point Premier Sausalito restaurant, Barrel House Tavern, is an inviting waterfront oasis and a lively destination fit for an intimate dinner for two or a celebratory venue for large 5 Sausalito Yacht Harbor groups. Landmarked as a historical building, this location was once home to the first ferry terminal to and from San Francisco before the Golden Gate Bridge was built. 6 Dunphy Park Now converted into a modern casual eatery sure to put anyone “at-ease” with contemporary twists on rustic comfort food. 7 Pelican Harbor

8 Joinery Beerhall Dunphy Park is a waterfront park located in the Sausalito Harbor. Currently the park in undergoing renovations including the demolition of existing park features, site grading, 9 Bar Bocce DUNPHY the installation of underground utilities, lighting, a new parking lot, paths, a Park shoreline access area, bike racks, planting soil, and the installation of an irrigation 10 Lighthouse Cafe system.

11 Sausalito SeaHorse

Sausalito SeaHorse is an Italian seafood restaurant which features live music and 12 Marina Plaza Harbor entertainment nightly. Holding true to the tradition of quality and originality the Tuscan coastal cuisine blends the passion for intense flavors and aromatic hints of the 13 Saylor's Restaurant & Bar classic regional recipes, with the freshness and spontaneity of the seafood preparation popular in the Italian Riviera. The products are fresh and locally gathered and the 14 Rodeo Valley preparation always new and exciting with a warm ambiance

EXECUTIVE SUMMARY ∙ 17 DOWNTOWN SAUSALITO

CLOSE PROXIMITY TO SAN FRANSISCO TAKE A DAY TRIP TO SAN FRANCISCO! Sausalito is among the popular day trips from San Francisco for both residents of the city and visitors alike. Spend the day traveling to and from Sausalito by driving over the Golden Gate Bridge or take the scenic route and enjoy a glass of California wine on the ferry while you make your way across the bay to Sausalito. The waterfront shopping in Sausalito can’t be beat fro selection or for ambiance, and it makes the perfect afternoon or day trip to head out across the Bay for shopping at the many unique retailers, lunch at one of the locally famous restaurants or cafes, and a leisurely stroll along the most quaint streets near an Francisco.

GOLDEN GATE FERRY San Francisco is just a 30-minute ferry ride from downtown Sausalito. The Golden Gate Ferry is a commuter ferry service located adjacent to the Bay Bridge. The Ferry ride includes stunning views of the Golden Gate Bridge as well as Larkspur, and Tiburon located in Marin county.

CITY OF SAUSALITO SAUSALITO. A RELAXING PLACE TO STAY Just four miles from San Francisco lies the charming town of Sausalito, offering gorgeous views of San Francisco Bay and a leisurely, friendly community in which to indulge yourself. The waterfront town, nestled in the steep Marin Headlands, is home to fabulous restaurants, including Scoma's of Sausalito and Salito's Crab House, serving a range of cuisines. It hosts the popular Sausalito Art and Music Festival, which attracts more than 50,000 people every year over the Labor Day weekend, and a small colony of houseboats that are occasionally open for tours. There are family-friendly activities in town, too, like the Bay Area Discovery Museum. The unmistakable Mediterranean vibe insists that you put your feet up and relax. TOURIST ATTRACTIONS

TOUR THE HOUSEBOAT NEIGHBORHOODS OVER 400 HOUSEBOATS ARE LOCATED IN THE HARBOR The Sausalito floating home community, a tight-knit group of maritime residents, consists of more than 400 houseboats which you can tour. The charming collective of architectural treasures every summer attract thousands to the city.

Anyone can do a walking tour of the Sausalito houseboats community, and the gates to most of the docks are unlocked. You’ll see everything from architectural gems to re-purposed working boats to, well, a few maintenance-challenged vessels that date back to World War II.

SHOPPING IN DOWNTOWN SAUSALITO #1 BEST SUBURBS FOR YOUNG PROFESSIONALS IN THE COUNTY - NICHE

Truly one of the only cities in the that offers visitors a chance to unwind and relax while they shop the main street, Sausalito is a destination for many primarily because of the downtown shopping area. Offering a glimpse into the San Francisco Bay Area’s past, shoppers in Sausalito can meander along the waterfront shops on cobbled sidewalks and enjoy the sunshine, sea air, and ambiance while they browse some of the Bay Area’s most individual and unique shops. Property Overview

PROPERTY DETAILS SITE DESCRIPTION

Address: 120 Bulkley Avenue, Sausalito, CA 94965 Assessor's Parcel #: 065-071-23 Units: 29(1) Buildings: 1 Stories: 4 Net Rentable SF: 20,900 (2) Lot Size (Acres): 0.66 Year Built: 1959 (1) Includes one ADU (contact agent for more information) (2) Owner and Broker make no representation as to the actual square footage of the property and any units. Prospective purchasers are encouraged to independently confirm the measurements of the property and units.

PROPERTY DETAIL

Utilities - Water: Marin Municipal Water District (Owner Pays) Utilities - Sewer: Richmond Bay Sanitary (Owner Pays) Utilities - Gas/Electric: PG&E (Tenant Pays) Garbage Removal: Mill Valley Refuse (Owner Pays) HVAC: Wall Heaters Plumbing: Copper Electrical: Circuit Breakers Roof: Tar & Gravel Foundation: Concrete Piers Framing/Siding: Wood Parking Surface: Asphalt

PARKING DETAIL

Garage Spaces: 2 Covered Spaces: 56 Total Spaces: 58

22 ∙ THE PIER AT SAUSALITO Sausalito Yacht Harbor

Sausalito Ferry Terminal

PROPERTY DESCRIPTION ∙ 23 UNIT AMENITIES

» Fully Appointed Kitchens with » Skylights New Appliances, Countertops, Cabinets and Backslashes » Nest Thermostat

» New Bathroom Countertops, » Mirrored Closet Doors Cabinets, and Plumbing Fixtures » Extra Storage Space » Wood Plank Flooring » Views of San Francisco Bay and » New Lighting and Fixtures San Francisco

» Hardwood Flooring » Spacious Private Balconies

» In-Unit Stacked Washer and Dryer

Financial Analysis OFFERING SUMMARY Price $21,500,000 Current Cap Rate 3.30% Current GIM 19.00 Current NOI $708,964 Estimated Rental Upside 17.71%

MARKET DRIVERS » Highly Constrained Market with Massive Barriers to Entry Due

» Extremely Desirable Place to Live for High Earners

» Huge Housing Demand Spillover Effect from San Francisco

» Significant Affordability Gap

AREA AMENITIES » Short Walk (0.5 mile) to SF Ferry Systems

» Short Walk (0.25 mile) to Downtown Sausalito Dinning, Shopping and Entertainment

» Proximity to Fort Baker National Park and Bay Area Discovery Museum

» Marine Mammal Visitor Center

» Day Trip to Muir Woods

» Sausalito Art Festival INCOME CURRENT MARKET TOTAL PER UNIT TOTAL PER UNIT GROSS POTENTIAL RENT $1,084,716 $37,404 $1,276,800 $44,028 Total Other Income $47,097 $1,624 $52,406 $1,807 GROSS POTENTIAL INCOME $1,131,813 $39,028 $1,329,206 $45,835 Less: Vacancy Allowance (GPR) (2.0% / $21,694) ($748) (2.0% / $25,536) ($881) BUILDING DATA EFFECTIVE GROSS INCOME $1,110,119 $38,280 $1,303,670 $44,954 Address 120 Bulkley Avenue Less: Expenses ($401,154) ($13,833) ($406,574) ($14,020) City, State and Zip Sausalito, CA 94965 NET OPERATING INCOME $708,964 $24,447 $897,096 $30,934 Number of Units 29(1) Less: Debt Service ($295,625) ($295,625) Rentable Square Feet 20,900 (2) NET CASH FLOW AFTER DEBT SERVICE 3.85% / $413,339 5.60% / $601,471 Lot Size (Acres) 0.66 TOTAL RETURN 3.85% / $413,339 5.60% / $601,471 Year Built 1959 EXPENSES CURRENT MARKET FINANCIAL INDICATORS TOTAL PER UNIT TOTAL PER UNIT Price $21,500,000 Real Estate Taxes $265,900 $9,169 $265,900 $9,169 Down 50% / $10,750,000 Insurance $7,909 $273 $7,909 $273 Utilities - Electric $1,783 $61 $1,783 $61 Price/Unit $741,379 Utilities - Water & Sewer $4,809 $166 $4,809 $166 Price/Gross SF $1,028.71 Utilities - Gas $3,574 $123 $3,574 $123 Current CAP 3.30% Trash Removal $25,343 $874 $25,343 $874 Market CAP 4.17% Repairs & Maintenance $14,000 $483 $14,000 $483 Current GIM 19.00 Management Fee 2.8% / $31,083 $1,072 2.8% / $36,503 $1,259 Market GIM 16.18 On-Site Payroll $36,648 $1,264 $36,648 $1,264 Ownership Fee Simple Landscaping $7,800 $269 $7,800 $269 Pest Control $961 $33 $961 $33 FINANCING Elevator Contract $1,344 $46 $1,344 $46 Loan Amount $10,750,000 TOTAL EXPENSES $401,154 $13,833 $406,574 $14,020 Interest Rate 2.75% I.O. % of EGI 36.1% 31.2%

NO. ESTIMATED CURRENT CURRENT CURRENT MARKET MARKET MARKET UNIT TYPE OF UNITS SQ. FT. (1) RENT/UNIT RENT/SF RENT/MONTH RENT/UNIT RENT/SF RENT/MONTH 1 Bed/1 Bath 24 700 $1,860 - $3,495 $3.83 $70,846 $3,500 - $3,550 $5.04 $84,800 2 Bed/2 Bath 4 850 $3,880 - $4,095 $4.69 $16,147 $4,550 $5.35 $18,200 1 Bed/1 Bath ADU (2) 1 700 $3,400 $4.86 $3,400 $3,400 $4.86 $3,400 TOTALS: 29 20,900 $90,393 $106,400

NOTES/ASSUMPTIONS (1) Includes one ADU (contact agent for more information) (2) Owner and Broker make no representation as to the actual square footage of the property and any units. Prospective purchasers are encouraged to independently confirm the measurements of the property and units.

RENT ROLL CURRENT MARKET UNIT EST. # RENT RENT/SF RENT RENT/SF TYPE UNIT SIZE (1)

100 2 Bed/2 Bath 850 $4,095 $4.82 $4,550 $5.35

101 1 Bed/1 Bath (2) 700 $3,400 $4.86 $3,400 $4.86

201 1 Bed/1 Bath 700 $1,860 $2.66 $3,500 $5.00

202 1 Bed/1 Bath 700 $3,055 $4.36 $3,500 $5.00

203 1 Bed/1 Bath 700 $3,195 $4.56 $3,500 $5.00

204 1 Bed/1 Bath 700 $2,995 $4.28 $3,500 $5.00

205 2 Bed/2 Bath 850 $4,095 $4.82 $4,550 $5.35

206 1 Bed/1 Bath 700 $3,300 $4.71 $3,500 $5.00

207 1 Bed/1 Bath 700 $2,038 $2.91 $3,500 $5.00

208 1 Bed/1 Bath 700 $3,170 $4.53 $3,500 $5.00

209 1 Bed/1 Bath 700 $2,290 $3.27 $3,500 $5.00

301 1 Bed/1 Bath 700 $3,049 $4.36 $3,550 $5.07

302 1 Bed/1 Bath 700 $3,055 $4.36 $3,550 $5.07

303 1 Bed/1 Bath 700 $3,195 $4.56 $3,550 $5.07

304 1 Bed/1 Bath 700 $2,417 $3.45 $3,550 $5.07

NOTES/ASSUMPTIONS (1) Owner and Broker make no representation as to the actual square footage of the property and any units. Prospective purchasers are encouraged to independently confirm the measurements of the property and units. (2) Unit 101 is an ADU (contact agent for more information).

30 ∙ THE PIER AT SAUSALITO RENT ROLL CURRENT MARKET UNIT EST. # RENT RENT/SF RENT RENT/SF TYPE UNIT SIZE (1)

305 2 Bed/2 Bath 850 $3,880 $4.56 $4,550 $5.35

306 1 Bed/1 Bath 700 $3,145 $4.49 $3,550 $5.07

307 1 Bed/1 Bath 700 $3,220 $4.60 $3,550 $5.07

308 1 Bed/1 Bath 700 $3,145 $4.49 $3,550 $5.07

309 1 Bed/1 Bath 700 $3,300 $4.71 $3,550 $5.07

401 1 Bed/1 Bath 700 $2,799 $4.00 $3,550 $5.07

402 1 Bed/1 Bath 700 $3,495 $4.99 $3,550 $5.07

403 1 Bed/1 Bath 700 $3,145 $4.49 $3,550 $5.07

404 1 Bed/1 Bath 700 $2,608 $3.73 $3,550 $5.07

405 2 Bed/2 Bath 850 $4,077 $4.80 $4,550 $5.35

406 1 Bed/1 Bath 700 $2,437 $3.48 $3,550 $5.07

407 1 Bed/1 Bath 700 $3,325 $4.75 $3,550 $5.07

408 1 Bed/1 Bath 700 $3,283 $4.69 $3,550 $5.07

409 1 Bed/1 Bath 700 $3,325 $4.75 $3,550 $5.07

TOTAL $90,393 $106,400

FINANCIAL ANALYSIS ∙ 31 Market Comparables

Sales Comparables Map

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3 SALES COMPARABLES SALE DATE/ PROPERTY YEAR BUILT UNITS GROSS SF PRICE CURRENT CAP CURRENT GIM $/UNIT $/SF STATUS The Pier at Sausalito 1959 29(1) 20,900(2) $21,500,000 3.30% 19.00 $741,379 $1,028.71 Subject 120 Bulkley Avenue Sausalito, CA 94965

1 Mallard Pointe 1951 22 22,000 $23,000,000 3.61% 19.30 $1,045,455 $1,045.45 Under Contract 1 - 22 Malard Road Belvedere, CA 94920

2 Parc Marin 1961 32 30,480 $20,500,000 3.98% 16.05 $640,625 $672.57 1/31/2020 1441 Casa Buena Drive Corte Madera, CA 94925

3 1601 Bridgeway 1959 10 7,828 $4,500,000 2.80% 20.74 $450,000 $574.86 1/31/2020 Sausalito, CA 94965

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Unit Mix Unit Mix Unit Mix Unit Mix

25* 1 Bed/1 Bath 22 2 Bed/1 Bath 1 1 Bed/1 Bath 10 1 Bed/1 Bath 4 2 Bed/2 Bath 23 2 Bed/1 Bath 7 2 Bed/1.5 Bath 1 3 Bed/1.5 Bath

NOTES/ASSUMPTIONS (1) Includes one ADU (contact agent for more information) (2)Owner and Broker make no representation as to the actual square footage of the property and any units. Prospective purchasers are encouraged to independently confirm the measurements of the property and units.

MARKET COMPARABLES ∙ 35 Rent Comparables Map

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3 RENT COMPARABLES

PROPERTY UNITS YEAR BUILT UNIT TYPE EST. UNIT SF RENT RENT/SF NOTES

The Pier at Sausalito 29(1) 1959 1/1 700 $1,860 - $3,495 $2.66 - $4.99 In-unit laundry; Bay views; Spacious 120 Bulkley Avenue 2/2 850 $3,880 - $4,095 $4.56 - $4.82 private balconies; Renovated units Sausalito, CA 94965 (new kitchens, appliances, countertops, bathrooms, lighting fixtures, & more; Covered parking; Nest thermostat 1 8 Gordon Street 3 1962 1/1 788 $3,603 $4.57 Renovated interior (new flooring, kitchen Sausalito, CA 94965 cabinets, & appliances); In-unit washer & dryer

2 77 Bulkley Avenue 21 1963 1/1 671 $3,300 $4.92 Fully renovated interior (granite Sausalito, CA 94965 2/1 825 $4,500 $5.45 countertops, stainless steel appliances, 3/2 1,200 $7,000 $5.83 hardwood floors throughout, upgraded bathroom); Bosch washer & dryer in- unit; Bay views 3 212 Richardson Street 3 1984 2/2 1,085 $4,500 $4.15 Updated kitchen (granite countertops); Sausalito, CA 94965 Fire place; Private balcony; Off-street parking; On-site laundry; Bay views

4 432 Napa Street 3 1961 2/1 1,100 $4,200 - $4,600 $3.82 - $4.18 Furnished; Private balcony; Bay views Sausalito, CA 94965

5 The Cove at Tiburon 270 1963 1/1 640 - 660 $3,885 $5.89 - $6.07 Clubhouse; Fireside lounge; Fitness 50 Barbaree Way 1/1 700 $3,107 - $3,182 $4.44 - $4.55 center; Indoor & outdoor pools; Private Tiburon, CA 94920 2/2 980 - 1,075 $6,215 $5.78 - $6.34 marina & sailing charters; Kayaks & 2/2 1,310 - 1,335 $6,517 $4.88 - $4.97 paddle boards; Vaulted ceilings; Floor to ceiling windows; Bay views 6 Harbor Point 220 1972 1/1 770 $3,500 $4.54 Waterfront views; Vaulted ceilings; 2 Harbor Point Drive 1/1 823 $3,300 - $3,395 $4.01 - $4.12 Fireplace; Private patios/balcony; Resort Mill Valley, CA, 94941 2/1 1,154 $4,671 $4.05 style swimming pool & spa; Fitness center; Tennis courts

7 Tam Ridge 180 2017 1/1 600 $2,788 - $3,400 $4,65 - $5.67 1/2-acre private park; Bocce ball 199 Tamal Vista Blvd 1/1 729 $2,974 - $3,752 $4.08 - $5.15 court; Fitness Center; 4th floor lounge; Corte Madera, CA, 94925 2/2 1,037 $3,693 - $4,639 $3.56 - $4.47 Marin hills views; Vaulted ceiling; 2/2 1,081 $3,886 - $4,957 $3.59 - $4.59 Garage parking; Private patio & decks; 2/2 1,148 $4,027 - $5,011 $3.51 - $4.36 Swimming pool

NOTES/ASSUMPTIONS (1) Includes one ADU (contact agent for more information)

Exclusively Listed By:

ERICH M. REICHENBACH TYLER C. LEESON MATTHEW J. KIPP First Vice President Senior Managing Director First Vice President 415-625-2146 714-714-9086 949-419-3254 [email protected] [email protected] [email protected] CA License: 01860626 CA License: 01451551 CA License: 01364032

THE LEESON GROUP