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MMELANGEp r o p e r t i e s
michelle [email protected] johnson avenue suite 303san luis obispo, ca 93401p 805 459 5289f 805 512 9492DRE lic # 01472639
presented by
o Drive#44
$6,150,000
- 6,189 square feet- 100% Occupied- Class A Tenancy (American Riviera Bank)- Long Term Leases, with Annual 3% escalations- Extensive Construction (completed Oct 2019)- Excellently located at the Gateway to Downtown- High Visibility
1085 Higuera Street, San Luis Obispo
Design+FinishSpecifications
• 13onsiteparkingspaces.Oneoftwoofficesindowntowncorewithparking• KebonyMelsomslatsidingimportedfromNorway,onbuildingexterior.Patenttimbermodificationprocess
thatisenvironmentallyfriendlyandcomeswithamanufacturer30yearguarantee.• Fiberopticdata• HandmilledeleveninchwidelonglengthFrenchoakflooringthroughout• ExpansivehandmadesteelwindowsalongsideboththeHigueraStreetandSantaRosaStreetviews• RichlyappointedbathroomswithTotofinishes.Floortoceilingtilesatalllocations• Riftsawnoakcabinetsandoakworkstations• Stainlessrefrigeratorscompletewithicemakersandfilteredwater.Drawerbeveragecenters• Caesarstonecountertops• PVCroofmembranewithweldedseamsand40yearwarranty• Individualgeneration,supply,andclimatizedsuites.NosharedHVAC.5totalzones• ViewsofthedowntownCorridorandpeaksoftheCoastalRanges• ExceptionalvisibilityonbusiestcornerintersectionofdowntownSanLuisObispo.• Smoothtexturedrywall• 8’doorsandstainlesshardware• Aluminumexteriorcladdingandinterioraccents• Historicalexposedreinforcedmasonry[brick]walls• Boardformconcretecastcolumns• Individualalarmandcamerasystems• Firesuppressionandfirealarms• DimmableLEDlightingthroughout.Nofluorescents• 10’CeilingsandZEROT-bar.Alldrywallhardlids• Framelessglassofficesuites• CaliforniaCoastalLiveOakspecimentreesandmanicuredroselandscaping• Newsidewalksandpubliclandscaping• Locatedincenterofprimedowntowndistrict.Walkingtoallamenities• Riftsawnoakmilledlumberaccents• 800AMPelectricalservice.Abundanceofpower• Newsewerlateralsandseparatedsewertoeachsuite• CONCRETEparkinglot• Satelliteandcabletelevision• Exposedhistoricaltimberceilings
Lease Expiration
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 13,184.00$ 158,208.00$ 2,856.00$ 34,272.00$ 34,272.00$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 7,391.28$ 88,695.36$ 1,601.15$ 19,213.74$ 19,213.74$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,189.50$ 50,274.00$ 949.31$ 11,391.72$ 11,391.72$ TOTAL 5,000.00$ 24,764.78$ 297,177.36$ 5,406.46$ 64,877.46$ 64,877.46$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 13,579.52$ 162,954.24$ 2,998.80$ 35,985.60$ 35,985.60$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 7,613.02$ 91,356.22$ 1,681.20$ 20,174.43$ 20,174.43$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,315.19$ 51,782.22$ 996.78$ 11,961.31$ 11,961.31$ TOTAL 5,000.00$ 25,507.72$ 306,092.68$ 5,676.78$ 68,121.33$ 68,121.33$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 13,986.91$ 167,842.87$ 3,148.74$ 37,784.88$ 37,784.88$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 7,841.41$ 94,096.91$ 1,765.26$ 21,183.15$ 21,183.15$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,444.64$ 53,335.69$ 1,046.61$ 12,559.37$ 12,559.37$ TOTAL 5,000.00$ 26,272.96$ 315,275.46$ 5,960.62$ 71,527.40$ 71,527.40$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 14,406.51$ 172,878.15$ 3,306.18$ 39,674.12$ 39,674.12$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,076.65$ 96,919.81$ 1,853.53$ 22,242.31$ 22,242.31$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,577.98$ 54,935.76$ 1,098.94$ 13,187.34$ 13,187.34$ TOTAL 5,000.00$ 27,061.14$ 324,733.73$ 6,258.65$ 75,103.77$ 75,103.77$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 14,838.71$ 178,064.50$ 3,471.49$ 41,657.83$ 41,657.83$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,318.95$ 99,827.41$ 1,946.20$ 23,354.42$ 23,354.42$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,715.32$ 56,583.83$ 1,153.89$ 13,846.71$ 13,846.71$ TOTAL 5,000.00$ 27,872.98$ 334,475.74$ 6,571.58$ 78,858.96$ 78,858.96$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 15,283.87$ 183,406.43$ 3,645.06$ 43,740.72$ 43,740.72$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,568.52$ 102,822.23$ 2,043.51$ 24,522.14$ 24,522.14$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,856.78$ 58,281.34$ 1,211.59$ 14,539.04$ 14,539.04$ TOTAL 5,000.00$ 28,709.17$ 344,510.01$ 6,900.16$ 82,801.91$ 82,801.91$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 15,742.39$ 188,908.63$ 3,827.31$ 45,927.76$ 45,927.76$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,825.57$ 105,906.90$ 2,145.69$ 25,748.25$ 25,748.25$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,002.48$ 60,029.79$ 1,272.17$ 15,265.99$ 15,265.99$ TOTAL 5,000.00$ 29,570.44$ 354,845.31$ 7,245.17$ 86,942.00$ 86,942.00$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 16,214.66$ 194,575.88$ 4,018.68$ 48,224.15$ 48,224.15$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 9,090.34$ 109,084.11$ 2,252.97$ 27,035.66$ 27,035.66$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,152.56$ 61,830.68$ 1,335.77$ 16,029.29$ 16,029.29$ TOTAL 5,000.00$ 30,457.56$ 365,490.67$ 7,607.43$ 91,289.10$ 91,289.10$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 16,701.10$ 200,413.16$ 4,219.61$ 50,635.35$ 50,635.35$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 9,363.05$ 112,356.63$ 2,365.62$ 28,387.44$ 28,387.44$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,307.13$ 63,685.60$ 1,402.56$ 16,830.76$ 16,830.76$ TOTAL 5,000.00$ 31,371.28$ 376,455.39$ 7,987.80$ 95,853.56$ 95,853.56$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 17,202.13$ 206,425.56$ 4,430.59$ 53,167.12$ 53,167.12$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 9,643.94$ 115,727.33$ 2,483.90$ 29,806.82$ 29,806.82$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,466.35$ 65,596.17$ 1,472.69$ 17,672.30$ 17,672.30$ TOTAL 5,000.00$ 32,312.42$ 387,749.05$ 8,387.19$ 100,646.23$ 100,646.23$
RENT ROLL
RENT ROLL 2029
RENT ROLL 2023
RENT ROLL 2024
RENT ROLL 2025
RENT ROLL 2026
RENT ROLL 2027
RENT ROLL 2020
RENT ROLL 2021
RENT ROLL 2022
RENT ROLL 2028
Suite 100 3,198 51.67% 2,856.00$ Suite 110 1,794 28.99% 1,601.15$ Suite 120 1,197 19.34% 949.31$
GRAND TOTAL 6,189 100.00% 5,406.46$ 0.87$ NNN / SF
Annual MonthlyInsurance 3,000.00$ 250.00$
Property Taxes 30,000.00$ 2,500.00$ Landscape & Parking Lot 13,800.00$ 1,150.00$
PG&E 900.00$ 75.00$ Water (Landscape) 1,800.00$ 150.00$
Garbage -$ -$ Tenants Pay DirectlyRepair & Maintenance 2,400.00$ 200.00$
Managmenet Fees 5,400.00$ 450.00$ Miscellaneous 900.00$ 75.00$
TOTAL NNN ESTIMATE 58,200.00$ 4,850.00$ 0.78 NNN / SF$
NOTE:NNN estimates are estimates only.
An annual audit will be performed and tenants will be refunded or invoiced to actual costs.
COMMON AREA&
NNN CALCULATION
NNN ESTIMATE
Suite Square
Feet Common Area %
Monthly NNN Estimate
NNN COLLECTIONS IN 2020
Monthly Annual Cap Rate ValueLease Income 24,764.78$ 297,177.36$
NNN Income 5,406.46$ 64,877.46$ NNN Expenses 5,406.46$ 64,877.46$
Vacancy Loss 742.94$ 8,915.32$ Unreimburseable NNN's (Due to Vacancy Loss) 162.19$ 1,946.32$
Capital / Owner Reserve 250.00$ 3,000.00$ Net Operating Income 23,609.64$ 283,315.72$ 4.50% 6,295,904.79$
Monthly Annual Cap Rate ValueLease Income 25,507.72$ 306,092.68$
NNN Income 5,676.78$ 68,121.33$ NNN Expenses 5,676.78$ 68,121.33$
Vacancy Loss 765.23$ 9,182.78$ Unreimburseable NNN's (Due to Vacancy Loss) 170.30$ 2,043.64$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 24,322.19$ 291,866.26$ 4.50% 6,485,916.90$
Monthly Annual Cap Rate ValueLease Income 26,272.96$ 315,275.46$
NNN Income 5,960.62$ 71,527.40$ NNN Expenses 5,960.62$ 71,527.40$
Vacancy Loss 788.19$ 9,458.26$ Unreimburseable NNN's (Due to Vacancy Loss) 178.82$ 2,145.82$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 25,055.95$ 300,671.38$ 4.50% 6,681,586.12$
Monthly Annual Cap Rate ValueLease Income 27,061.14$ 324,733.73$
NNN Income 6,258.65$ 75,103.77$ NNN Expenses 6,258.65$ 75,103.77$
Vacancy Loss 811.83$ 9,742.01$ Unreimburseable NNN's (Due to Vacancy Loss) 187.76$ 2,253.11$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 25,811.55$ 309,738.60$ 4.50% 6,883,080.00$
Monthly Annual Cap Rate ValueLease Income 27,872.98$ 334,475.74$
NNN Income 6,571.58$ 78,858.96$ NNN Expenses 6,571.58$ 78,858.96$
Vacancy Loss 836.19$ 10,034.27$ Unreimburseable NNN's (Due to Vacancy Loss) 197.15$ 2,365.77$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 26,589.64$ 319,075.70$ 4.50% 7,090,571.02$
VALUE
2023 (Year 4)
2024 (Year 5)
2020 (Year 1)
2021 (Year 2)
2022 (Year 3)
Monthly Annual Cap Rate ValueLease Income 28,709.17$ 344,510.01$
NNN Income 6,900.16$ 82,801.91$ NNN Expenses 6,900.16$ 82,801.91$
Vacancy Loss 861.28$ 10,335.30$ Unreimburseable NNN's (Due to Vacancy Loss) 207.00$ 2,484.06$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 27,390.89$ 328,690.65$ 4.50% 7,304,236.70$
Monthly Annual Cap Rate ValueLease Income 29,570.44$ 354,845.31$
NNN Income 7,245.17$ 86,942.00$ NNN Expenses 7,245.17$ 86,942.00$
Vacancy Loss 887.11$ 10,645.36$ Unreimburseable NNN's (Due to Vacancy Loss) 217.36$ 2,608.26$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 28,215.97$ 338,591.69$ 4.50% 7,524,259.77$
Monthly Annual Cap Rate ValueLease Income 30,457.56$ 365,490.67$
NNN Income 7,607.43$ 91,289.10$ NNN Expenses 7,607.43$ 91,289.10$
Vacancy Loss 913.73$ 10,964.72$ Unreimburseable NNN's (Due to Vacancy Loss) 228.22$ 2,738.67$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 29,065.61$ 348,787.28$ 4.50% 7,750,828.34$
Monthly Annual Cap Rate ValueLease Income 31,371.28$ 376,455.39$
NNN Income 7,987.80$ 95,853.56$ NNN Expenses 7,987.80$ 95,853.56$
Vacancy Loss 941.14$ 11,293.66$ Unreimburseable NNN's (Due to Vacancy Loss) 239.63$ 2,875.61$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 29,940.51$ 359,286.12$ 4.50% 7,984,136.00$
Monthly Annual Cap Rate ValueLease Income 32,312.42$ 387,749.05$
NNN Income 8,387.19$ 100,646.23$ NNN Expenses 8,387.19$ 100,646.23$
Vacancy Loss 969.37$ 11,632.47$ Unreimburseable NNN's (Due to Vacancy Loss) 251.62$ 3,019.39$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 30,841.43$ 370,097.19$ 4.50% 8,224,382.04$
NOTE: ABOVE REFLECTS THE FOLLOWING3% Vacancy Loss
$250.00 Annual Capital / Owner Reserve4.50% Cap Rate
2028 (Year 9)
2029 (Year 10)
2025 (Year 6)
2026 (Year 7)
2027 (Year 8)
