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Offering Memorandum SOLANO @ MOFFETT 655 Lynwood Ave • Mountain View, CA 94043 Offering Memorandum 1 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. 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 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. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. SOLANO @ MOFFETT Mountain View, CA ACT ID ZAB0010478 2 SOLANO AT MOFFETT TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map Aerial Photo Floor Plans FINANCIAL ANALYSIS 02 Rent Roll Summary Rent Roll Detail Operating Statement Notes Pricing Detail Acquisition Financing MARKET COMPARABLES 03 Sales Comparables Rent Comparables MARKET OVERVIEW 04 Market Analysis Demographic Analysis 3 Solano @ Moffett INVESTMENT OVERVIEW The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the property and the information herein. 4 To see Solano @ Moffett is to experience its character and unique qualities – the private patios, the natural light throughout. We invite you to view the virtual tour. Click here to watch our virtual tour. SOLANO AT MOFFETT OFFERING SUMMARY EXECUTIVE SUMMARY VITAL DATA Price $3,750,000 CURRENT PROFORMA Down Payment 40% / $1,500,000 CAP Rate 4.14% 4.26% MAJOR EMPLOYERS Loan Amount $2,250,000 GRM 16.41 15.66 Net Operating Loan Type Proposed New $155,385 $159,726 Income EMPLOYER # OF EMPLOYEES Net Cash Flow Interest Rate / Amortization 3% / 30 Years 2.77% / $41,552 3.06% / $45,893 Cisco Systems 13,464 After Debt Service Price/Unit $468,750 Total Return 5.90% / $88,527 6.29% / $94,297 Lockheed Martin Corporation 10,300 Price/SF $625.00 Juniper Networks (us) Inc 8,100 Number of Units 8 Stanford University Medical 6,120 Rentable Square Feet 6,000 HP 6,115 Year Built / Renovated 1961 / 2019 Stanford University 6,055 Lot Size 0.39 acre(s) McAfee Security LLC 5,030 Broadreach Capitl Partners LLC 4,010 General Dynamics Adv Info Sys 4,000 UNIT MIX Agilent Technologies Inc 3,676 NUMBER APPROX. UNIT TYPE Hyve Solutions Corporation 3,646 OF UNITS SQUARE FEET Palo Alto VA Medical Center 3,500 8 1 Bedroom / 1 Bath 750 DEMOGRAPHICS 8 Total 6,000 3-Miles 5-Miles 10-Miles 2019 Estimate Pop 155,293 338,789 1,040,677 2010 Census Pop 139,164 306,597 946,785 2019 Estimate HH 65,752 136,367 388,139 2010 Census HH 57,454 120,421 344,214 Median HH Income $132,194 $142,046 $131,112 Per Capita Income $77,318 $79,611 $68,707 Average HH Income $182,484 $197,569 $183,263 #6 Solano @ Moffett INVESTMENT SUMMARY OFFERING SUMMARY Located in a highly desirable area of Mountain View, an affluent submarket of San Jose, Solano @ Moffett consists of 8 one-bedroom units and approximately 6,000 square feet of rentable space. Recently completed projects include fencing, exterior painting and asphalt sealing. All units are individually metered for electricity and gas, with a master for water. Residents enjoy large private patios, assigned covered parking, in-unit washer/dryer, and ultra-convenient access to major Bay Area technology employers. With its proximity to Nasa, Moffett Field, Google, Facebook, Apple, LinkedIn, Yahoo, eBay, and a dozen more of Silicon Valley’s hi-tech companies, this property offers the savvy investor the opportunity to diversify sources of revenue with short-term rentals. The corporate housing industry is evolving, with emerging technologies, shifting travel preferences, and changing corporate travel policies. A study shows that 37% of business travelers were looking for increased autonomy (private accommodation) on the trip, according to American Express Global Business Travel. The City of Mountain View has taken the guesswork out of registering a short-term rental City of Mountain View - Short-term Housing Information and here you can gather information on how to market your short-term rental, along with market data. Become a host - more information here! Located in a quiet neighborhood, residents of Solano @ Moffett enjoy easy access to the many amenities provided by the great city of Mountain View. The property is driving distance to numerous popular restaurants, shops and entertainment located on Castro Street in downtown Mountain View. Additionally, the subject property is less than 3.4 miles from San Antonio Center, providing quick access to places such as Target, Whole Foods, Safeway, Trader Joes, Walmart, 24 Hour Fitness and many more. The city of Mountain View is located in the heart of Santa Clara County and Silicon Valley. It is central to many of the worlds largest high-tech corporations, as well as thousands of tech startups, which account for nearly one-third of total venture capital investment in the United States. With a world-class location in the heart of Silicon Valley, Solano @ Moffett presents an attractive choice for Peninsula and South Bay renters due to the close proximity to major employers, transportation corridors, shopping, dining and entertainment. Mountain View continues to thrive and with demand high, presents a very desirable market for all types of investors. INVESTMENT HIGHLIGHTS . 100% Rent Collection during Covid-19 . Within minutes of coveted Castro Street . Single story construction . Recently painted and landscaped . 8 assigned covered + 2 open guest parking spaces . Large private patios and full washer/dryer unit in each apartment home . C onvenient access to highways 101, 280 and 85; plus major thoroughfares 7 Solano @ Moffett OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING PROPOSED FINANCING Property Solano @ Moffett First Trust Deed Price $3,750,000 Loan Amount $2,250,000 Property Address 655 Lynwood Ave, Mountain View, CA Loan Type Proposed New Assessors Parcel Number 160-05-038 Interest Rate 3% SITE DESCRIPTION Amortization 30 Years Number of Units 8 Loan Term 10 Years Year Built/Renovated 1961 / 2019 Loan to Value 60% Rentable Square Feet 6,000 Debt Coverage Ratio 1.36 Lot Size 0.39 acre(s) Type of Ownership Fee Simple Parking Assigned Parking/Carports UTILITIES Water Owner pays Electric Individually metered Gas Individually metered CONSTRUCTION Framing Woof Frame Exterior Stucco Parking Surface Asphalt Roof Flat Roof 8 Minutes from NASA, Moffett Field, Google, Facebook, Apple, LinkedIn, Yahoo, eBay Less than 5 miles from Castro Street and Downtown Moffett Field Mountain View Airbase offering dining, encompasses shopping and approximately entertainment 2,200 acres and employees approximately 2,300. Solano @ Moffett FINANCIAL ANALYSIS The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal.
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