OFFERING MEMORANDUM

2071 MONTE VISTA DRIVE VISTA, CA LISTED BY

AUSTIN FISHER Associate

DIRECT +1 (858) 810-6052 MOBILE +1 (858) 245-8770 [email protected] Lic No. 02010218 (CA)

DAVID HARRINGTON EVP & Managing Director

DIRECT +1 (310) 295-1170 MOBILE +1 (310) 497-5590 [email protected] Lic No. 01320460 (CA)

| 2 2071 MONTE VISTA DRIVE VISTA, CA

TABLE OF CONTENTS

06

PROPERTY OVERVIEW

08

AREA OVERVIEW 20

FINANCIAL OVERVIEW

3 | | 4 5 | 2071 MONTE VISTA DRIVE VISTA, CA

PROPERTY OVERVIEW

| 6 ADDRESS 2071 Monte Vista Drive NUMBER OF UNITS Vista, CA 92084 8 2071 MONTE VISTA DRIVE PROPERTY BUILDING SF VISTA, CA Vista ± 4,512 SF

YEAR BUILT CURRENT OCCUPANCY 1957 100%

PROPERTY HIGHLIGHTS

Hidden Gem in Vista Owner’s Unit Includes Lovely Patio Balcony, Storage Unit, Separate Laundry Room

Pride of Ownership Asset Covered Parking

8 Beautifully Maintained One-Bedroom Units Communal Garden and Individual Patio Spaces

Breathtaking Views of Vista

7 | 2071 MONTE VISTA DRIVE VISTA, CA

AREA OVERVIEW

| 8 VISTA, CA

Vista is a city in Southern and is located in northwestern County. Vista is a medium-sized city within the San Diego-Carlsbad, CA Metropolitan Area. Vista is known for its amazing views over-looking the surrounding area. The top employers within Vista include Vista Unified School District, Watkins Manufacturing Company, Costco, and many others. The Vista Unified School District serves Vista, with eighteen elementary schools, six middle schools, and seven high schools, including Rancho Buena Vista High School, Vista High School and Mission Vista High School. Guajome Park Academy is a charter school with joint elementary, middle, and high schools that receives part of its funding from the Vista Unified School District. Alta Vista Continuation High School is another option for teens who cannot attend regular school. There are 12 private schools serving over 2,500 students, including Tri-City Christian School, St. Francis of Assisi Catholic School and Calvary Christian School. Several popular downtown events include the North County St. Patrick’s Day Parade & Festival, the Vista Strawberry Festival, the Vista Rod Run (over 25 years running) and the annual Winterfest & Christmas Parade. Two of the best-known parks in the city are Brengle Terrace Park and Guajome County Park. Brengle Terrace Park houses the Moonlight Amphitheatre, Alta Vista Gardens (a city-owned botanical garden), two softball fields, a senior center, a playground, and the city community center, where the main offices of the city’s day camps are held. Guajome County Park has 557 acres (2.25 km2) of land, which is shared between Vista and nearby Oceanside.

94,114+ $97,773+ 4.47% 3-MILE POPULATION 3-MILE AVERAGE HH INCOME FUTURE POPULATION GROWTH

2071 MONTE VISTA DRIVE DEMOGRAPHICS VISTA, CA

POPULATION 1-MILE 3-MILE 5-MILE 2025 Projection 5,694 98,324 246,648 2020 Estimate 5,500 94,114 235,441 2010 Census 5,176 85,823 210,536 Growth: 2020 to 2025 3.53% 4.47% 4.76% Growth: 2010 to 2020 6.26% 9.66% 11.83%

HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2025 Projection 1,934 29,908 79,685 2020 Estimate 1,871 28,731 76,264 2010 Census 1,771 26,610 68,905 Growth: 2020 to 2025 3.37% 4.10% 4.49% Growth: 2010 to 2020 5.65% 7.97% 10.68%

INCOME 1-MILE 3-MILE 5-MILE 2020 Avg. $129,058 $97,773 $102,275 Household Income 9 | SAN DIEGO, CALIFORNIA

ESTABLISHED COORDINATES TIME ZONE July 16, 1769 32°42′54″N 117°09′45″W UTC−8 (Pacific)

With its great weather, miles of sandy beaches, and major attractions, San Diego is known worldwide as one of the best tourist destinations and a great place for residents to relax year round. California’s second largest city and the United States’ eighth largest, San Diego boasts a citywide population of nearly 1.37 million residents and more than 3 million residents countywide. Within its borders of 4,200 sq. miles, San Diego County encompasses 18 incorporated cities and numerous other charming neighborhoods and communities, including downtown’s historic Gaslamp Quarter, Little Italy, Coronado, , Del Mar, and Carlsbad, just to name a few. 1.37 Million $98,210 3.5% 2020 ESTIMATED 2020 ESTIMATED EMPLOYMENT POPULATION HOUSEHOLD INCOME GROWTH

| 10 BALBOA PARK LA JOLLA DOWNTOWN

SAN DIEGO COUNTY

San Diego County, officially the County of San Diego, is a county in the southwestern class waterfront and award-winning international airport make it accessible from corner of the state of California. As of 2020 the population was 3,370,232 making destinations across the globe. it California’s second-most populous county and the fifth-most populous in the United States. Its county seat is San Diego, the eighth-most populous city in the Critical to the region, San Diego’s tourism economy is one of San Diego’s three United States. It is the southwestern most county in the 48 contiguous United core traded economies, along with the region’s innovation and military economies. States and is a border county. Tourism employs more than 199,800 people in a variety of positions including lodging, food service, attractions, and transportation. With more than 70 miles of coastline, state of the art hotel and convention spaces, and an array of entertainment options throughout the region, San There are also 16 naval and military installations of the U.S. Navy, U.S. Marine Diego is positioned as one of the top visitor and convention destinations in the Corps, and the U.S. Coast Guard in San Diego County. These include the Naval world. Dubbed by Fodor’s as a “vacationer’s paradise” and by the U.S. Weather Base San Diego, Marine Corps Base Camp Pendleton, Marine Corps Air Station Bureau as “the closest thing to perfect weather in America,” San Diego’s world- Miramar, and Naval Air Station North Island. 11 | ECONOMY With breakthrough technology companies and research organizations, the largest military concentration in the world and a strong tourism industry, the San Diego region has one of the most diverse, dynamic economies in the country. 1.57M $241.9B SAN DIEGO SAN DIEGO JOBS GDP 1.20M 3.3M+ HOUSING REGIONAL UNITS POPULATION

TOURISM Tourism is San Diego’s second largest traded industry (behind Research/Technology/Innovation

• The visitor industry directly and indirectly employs 199,800 San Diegans. • Visitors spend nearly $11.6 billion annually.

• San Diego hosts nearly 35.1 million visitors each year and is a top U.S. travel destination.

• The industry generates $855 million annually in state and local transient occupancy, sales, and property taxes. The are an The are the The UC San Diego Tritons are the American professional team athletic teams that represent San athletic teams that represent the based in San Diego, California. They Diego State University (SDSU). San , San Diego. • Annual SAN Airline Passengers – 25 Million compete in Diego State currently sponsors six UC San Diego has 23 varsity sports (MLB) as a member club of the men’s and thirteen women’s sports at teams and offers student participation • Annual Attendance at Major Attractions 15.5 Million National League (NL) West division. the varsity level. in a wide range of sports.

29,585 Avg. Attendance NCAA Division I NCAA Division I

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2071 MONTE VISTA DRIVE VISTA, CA S

4 23 12 ATTRACTIONS 10 Key Attractions And Events 1• Balboa Park 2• Del Mar Racetrack & Fairgounds 3• Hotel del Coronado 4• LEGOLAND California Resort 5• Old Town San Diego State Historic Park 6• Gaslamp Quarter 7•

8• Port of San Diego 9• San Diego Convention Center

10• San Diego Zoo and Safari Park 2 11• SeaWorld San Diego

12• Stone Brewing World Bistro and Gardens

13• USS Midway Shopping 14• Horton Plaza 15• Westfield UTC

19 16•

17• 21 15 18• Golf Courses 19• Torrey Pines Golf Course 20• Balboa Park Golf Course Universities

21• University of California, San Diego

22• San Diego State University

23• California State University, San Marcos

24• (USD) 25• Point Loma Nazarene University (PLNU)

13 | TORREY PINES GOLF COURSE PETCO PARK

DEL MAR RACETRACK SAN DIEGO CONVENTION CENTER

SUBJECT PROPERTY

| 14 SUBJECT PROPERTY

15 | rancho minerva MIDDLE SCHOOL

SUBJECT SUBJECT PROPERTY PROPERTY

| 16 SUBJECT PROPERTY

17 | 2071 MONTE VISTA DRIVE VISTA, CA

FINANCIAL OVERVIEW

| 18 INVESTMENT SUMMARY

2071 MONTE VISTA DRIVE VISTA, CA 92084

Offering Price: $2,050,000 Number of Units: 8

Year Built: 1957 Price Per Unit: $256,250 APN: 181-151-15-00 Cap (Current/Market): 5.16% / 5.79% Gross Sq. Ft.: 4,512 GRM (Current/Market): 13.70 / 12.59 Average S.F. Per Unit: 564

Lot Size (Acres): 22,215 (0.51)

UNIT MIX

CURRENT MARKET TOTAL UNITS UNIT MIX AVG RENT MONTHLY RENT RENT MONTHLY RENT

7 1+1 $1,493 $10,450 $1,650 $11,550

1 1+1 O $1,950 $1,950 $1,950 $1,950

Scheduled Monthly Rent: $12,400 $13,500

Scheduled Yearly Rent: $148,800 $162,000

19 | ANNUAL OPERATING SUMMARY

CURRENT MARKET Scheduled Gross Income: $148,800 $162,000 9% Upside Less Vacancy Reserve: $4,464 3.0% $4,860 3.0%* Laundry Income: $840 $840 Gross Operating Income: $145,176 $157,980 Expenses: $39,383 26.5% $39,383 24.3%* Net Operating Income: $105,793 $118,597 Loan Payments: $74,429 $74,429 Pre-Tax Cash Flow: $31,364 4.2% $44,168 5.9%** Plus Principal Reduction: $26,508 $26,508 Total Return Before Taxes: $57,872 7.8% $70,676 9.5%** * As a percent of Scheduled Gross Income ** As a percent of Down Payment PRO FORMA ANNUAL OPERATING EXPENSES

PRO FORMA % OF SGI CURRENT PER UNIT MARKET PER UNIT % OF SGI ESTIMATES Property Taxes 1.110% x Sale Price 10.3% $15,368 $1,921 $15,368 $1,921 9.5% Property Management 5.0% x GOI 4.9% $7,259 $907 $7,259 $907 4.5% Insurance $0.35 x GSF 1.1% $1,579 $197 $1,579 $197 1.0% Reserves $250 x Units 1.3% $2,000 $250 $2,000 $250 1.2% Repairs & Maintenance $750 x Units 4.0% $6,000 $750 $6,000 $750 3.7% Turnover $250 x Units 1.3% $2,000 $250 $2,000 $250 1.2% Utilities 2020 Actual 2.1% $3,177 $397 $3,177 $397 2.0% Contract Services $250 x Units 1.3% $2,000 $250 $2,000 $250 1.2% Total Expenses 26.5% $39,383 $4,923 $39,383 $4,923 24.3%

CURRENT PER UNIT % OF SGI Non-controllable expenses: Taxes, Ins., Reserves: $18,947 $2,368 12.7% Total Expense without Taxes $24,015 $3,002 16.1% FINANCING

Loan Amount $1,381,250 Terms: RENOVATED 30 Down Payment: 36% $743,750 Interest: 86% 3.50% Yearly Pmt: $74,429 Monthly Pmt: $6,202 RENT ROLL

UNIT MIX RENT MARKET RENT

A 1+1 $1,350 $1,650

B 1+1 $1,500 $1,650

C 1+1 $1,450 $1,650

D 1+1 $1,550 $1,650

E 1+1 $1,550 $1,650

F 1+1 $1,500 $1,650

G 1+1 $1,550 $1,650

H 1+1 O $1,950 $1,950 (Sold Vacant)

Totals $12,400 $13,500

Averages $1,550 $1,688

Brian Krebs DEBT (949) 777-5988 QUOTE [email protected]

LTV:65% RATE: 3.50% AMORTIZATION: 30 Years TERM: 5 Years

Loan quote provided by Matthews Capital Agent based on market conditions at this time. Actual rates and terms will vary based on market conditions at closing.

21 | | 22 23 | CONFIDENTIALITY AGREEMENT & DISCLAIMER

This Offering Memorandum contains select information pertaining to the business and affairs located in2071 Monte Vista Dr, Vista, CA (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

| 24 LISTED BY

2071 MONTE VISTA DRIVE AUSTIN FISHER DAVID HARRINGTON Associate EVP & Managing Director

DIRECT +1 (858) 810-6052 DIRECT +1 (310) 295-1170 VISTA, CA MOBILE +1 (858) 245-8770 MOBILE +1 (310) 497-5590 [email protected] [email protected] Lic No. 02010218 (CA) Lic No. 01320460 (CA)

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