OFFERING 1265 Montecito Avenue Mountain View, California · THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This

1265 Montecito Avenue Mountain View, California

OFFERINGMEMORANDUM

Mountain View Redevelopment Site

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

N O N - E N D O R S E M E N T SMarcus & 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.

D I S C L A I M E RTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been

secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square

footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real

Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y.P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

A c t i v i t y I D : Z 0 0 1 0 4 7 6

KIRK TR AMMELLSenior Managing Director Investments

Palo Alto OfficeCell: 650.450.0920 // Office: 650.391.1809

[email protected]: CA 01038657

DAVID CUTLERSenior AssociatePalo Alto Office

Cell: 650.269.5637 // Office: [email protected]

License: CA 01514751

JOSHUA JOHNSONSenior AssociatePalo Alto Office



E X C L U S I V E L Y L I S T E D B Y

OFFERING SUMMARY

ASKING PRICE

$ 1 2 , 5 0 0 , 0 0 0

1 2 6 5 M o n t e c i t 0 A v e n u eM o u n t a i n V i e w, C A

REDEVELOPMENT SITE

GENERAL PLAN

Neighborhood Commercial

ZONING

CN Zoning Medical Approved

LAND AREA

46,101 SFCorner Lot

SUBJECT PROPERTY

BUILDING AREA

13,200 SF$946.97 Price/SF

LAND

1.06 Acres$274.14 Price/SF

1265 MONTECITO AVENUE / / MARKET & PROPERT Y ANALYSIS 3

SUBJECT PROPERT Y1265 MONTECITO AVENUE

Moffett Field

1265 Montecito Avenue is a 13,200 square foot (per county record) office building located at the corner

of Shoreline Boulevard and Montecito Avenue in Mountain View, California. This high-profile site is

located near the interchange of US Highway 101 and State Highway 85 and is just over one mile from

Google’s headquarters. In addition to the high employment density in the area, there is a significant

amount of residential development occurring in the neighborhood surrounding the property.

The population is expected to grow substantially over the next few years as these developments are

completed. 1265 Montecito Avenue is located in an area with excellent income demographics, with an

average household income of $172,000 and population of 151,000 within a three-mile radius.

Located approximately 37 miles south of San Francisco, Mountain View is an area that is unparalleled

in innovation and business success. The immediate area has

facilities for world class technology companies including

Google, Hewlett-Packard, Facebook, Apple, Cisco, Intel,

Microsoft, Amazon, Tesla Motors, LinkedIn, Yahoo, and many

more. While technology plays the central role in the local

economy, the area is not entirely dependent on the technology

sector. The healthcare sector is a major employer, as is the

educational sector. El Camino Hospital, Palo Alto Medical

Foundation, Stanford Hospitals and Clinics, and Veterans Affairs all have major hospital facilities

nearby. Additionally, Stanford University is a major employer and contributes to the high profile and

desirability of this community.

The zoning and general plan for the site allow for a wide range of potential uses, including retail,

restaurants, banks and financial services, medical office, and personal services. The property is

currently underutilized and has the potential to be redeveloped with a more intense development. This

asset offers buyers an opportunity to acquire an infill redevelopment site in one of the most desirable

locations in Silicon Valley.

I N V E S T M E N T O V E R V I E W

Marcus & Millichap has been selected

to exclusively market for sale 1265

Montecito Avenue, Mountain View, a

13,200 square-foot (per county record)

office builidng located in the heart of

Silicon Valley.

P O P U L A T I O N O F

151,190W I T H I N 3 - M I L E S


I N V E S T M E N T H I G H L I G H T S

STRONG HOUSEHOLD INC OMES

The median household income within three miles of the property is more than

$172,000

GENER AL PL AN DESIGNATION NEIGHB ORHO OD C OMMERICIAL

General plan land use designation of Neighborhood Commercial allows for retail,

restaurants, personal services, financial services, and medical office uses

REDEVELOPMENT SITE

CLOSE PROXIMIT Y TO MAJOR EMPLOYERS

Silicon Valley’s top employers are located in Mountain View: Google,

Microsoft, LinkedIn, Facebook, Amazon, Samsung, and 23andMe

TR ANSIT-FRIENDLY PROPERT Y

Located near a VTA bus stop and less than one mile from Caltrain and VTA

Light Rail

DYNAMIC NEIGHB ORHO ODMountain View has thousands of residential

units and millions of square feet of office space either currently proposed or under

construction

1265 MONTECITO AVENUE

MAJOR C OMMERCIAL THOROUGHFARE

1265 Montecito Avenue is located less than one mile from the interchange of US Highway 101 and State Highway 85


12

1819

4856 El Camino Real

4880 El Camino Real

SITE MAP


Summar y of Terms

Interest OfferedFee simple interest in 1265 Montecito Avenue, a 13,200-square-foot (per county record) office builidng located in Mountain View, California.

Terms of the Sale1265 Montecito Avenue is being offered at $12,500,000, all cash to seller, free and clear of existing debt.

Property ToursProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the listing agents. Please do not contact the tenants, property management, or staff without prior approval.


Montectio Ave

North Shoreline Blvd1265 MONTECITO AVENUE / / MARKET & PROPERT Y ANALYSIS 13

SUBJECT PROPERTY

MOUNTAIN VIEW

1265 Montecito Avenue is located in the city of Mountain View in one of the most dynamic neighborhoods in Silicon Valley. Located approximately 37 miles south of San Francisco, Mountain View is in the heart of the Silicon Valley, an area that is unparalleled in innovation and business success. The immediate area is home to world class companies, including Google, Hewlett-Packard, Facebook, Apple, Cisco, Intel, Oracle, eBay, Netflix, Tesla Motors, LinkedIn, Yahoo, and many more.

This area has a well-educated population, with more than 67 percent of the workforce within a three-mile radius of the property having obtained a bachelor’s degree or higher. The high educational attainment of the local population is reflected in the high income of residents. The median household income in the area is estimated at $119,869 and the per capita income is estimated at $71,967. This highly affluent community boasts an abundance of highly educated, politically aware, and culturally sophisticated residents who complement the innovative businesses in the surrounding region.

The local housing market is one of the strongest in the country, due the large number of high-paying jobs in the region and desirability of the area. According to the Santa Clara County Association of Realtors, the median home price in Mountain View was $2.44 million at the end of the first quarter 2018. This represents a 37.9% percent increase over the median price of $1.77 million at the end of the same period one year ago. With strong demand for new housing in the area, it is expected that home values will continue to increase in the near future.

Mountain View is easily accessible from other communities in Silicon Valley; Interstate 280, State Highway 85, and U.S. Highway 101 all provide access to the area. Interstate 280 runs along the south side of Mountain View, between San Francisco to the north and San Jose to the south, while State Highway 85 connects Mountain View with the communities of Cupertino, Saratoga, Campbell, and Los Gatos to the southeast. U.S. Highway 101 runs along the San Francisco Bay and provides access between San Francisco to the north and San Jose to the south.

2+MILLION

SAN JOSE METRO POPULATION

APPROXIMATELY

MILES SOUTH OF SAN FRANCISCO

THE WORLD’S MOST PROMINENT

TECHNOLOGY HUB

MOUNTAIN VIEWCALIFORNIA

37


L O C A T I O N H I G H L I G H T S

M O U N T A I N V I E W , C A L I F O R N I A


STR ATEGICALLYLO CATED

Near several highly regarded public schools Mountain View Whisman District

HIGHLY AFFLUENT AREAAverage household income within 3-mile

radius of site exceeds $172,580

STRONG DEMO GR APHIC AREA

Surrounded by dense residential populations of Los Altos, Mountain View and Palo Alto

P O SI T ION E D I N T H E H E A RT OF SI L IC ON VA L L E Y

Home to numerous world class businesses

DEMO GRAPHICS // 1265 MONTECITO AVENUE

335,804To t a l D a y t i m e P o p u l a t i o n Wi t h i n 5 - M i l e

$175,985Average Household Income within

5-Mile R adius

$120,800Median Household Income within

5-Mile R adius

132,416Total Households within

5-Mile R adius

10%From 2010



POPULATION 1 Mile 3 Mi les 5 Mi les

2022 Projection

Total Population 30,846 153,533 340,858

2017 Estimate


2010 Census


2000 Census


Daytime Population

2017 Estimate 33,167 190,134 410,014

HOUSEHOLDS 1 Mile 3 Mi les 5 Mi les

2022 Projection

Total Households 13,961 64,230 135,240

2017 Estimate


Average (Mean) Household Size 2.20 2.38 2.47

2010 Census


2000 Census


HOUSING UNITS 1 Mile 3 Mi les 5 Mi les

Housing Units

Occupied Units

2022 Projection 13,961 64,230 135,240

2017 Estimate 13,830 62,990 132,416

Owner-Occupied 4,522 30,221 66,965

Renter-Occupied 9,276 32,768 65,570

Vacant 259 790 1,397

Persons in Units

2017 Estimate Total Occupied Units 13,799 62,990 132,535

1 Person Units 39.4% 32.1% 29.2%

2 Person Units 30.5% 31.4% 31.5%

3 Person Units 13.8% 15.7% 16.5%

4 Person Units 9.3% 13.4% 14.5%

5 Person Units 3.8% 4.7% 5.1%

6+ Person Units 3.3% 2.8% 3.2%

HOUSEHOLDS BY INCOME 1 Mile 3 Mi les 5 Mi les

$200,000 or More 16.03% 25.36% 26.57%

$150,000 - $199,999 11.43% 13.71% 13.29%

$100,000 - $149,999 21.91% 20.35% 19.35%

$75,000 - $99,999 10.92% 9.60% 9.54%

$50,000 - $74,999 13.24% 10.36% 10.02%

$35,000 - $49,999 7.57% 6.19% 6.41%

$25,000 - $34,999 4.84% 4.52% 4.77%

$15,000 - $24,999 6.00% 4.57% 4.48%

Under $15,000 8.02% 5.88% 6.21%

Average HH Income $135,775 $172,580 $175,985

Median HH Income $98,632 $119,869 $120,800

Per Capita Income $60,832 $71,967 $69,647

POPULATION PROFILE 1 Mile 3 Mi les 5 Mi les

Population By Age

2017 Estimate Total Population 30,895 151,190 335,804

Under 20 19.16% 22.40% 23.36%

20 to 34 Years 29.93% 21.68% 21.96%

35 to 39 Years 10.27% 8.45% 7.85%

40 to 49 Years 14.77% 15.21% 14.44%

50 to 64 Years 15.88% 18.41% 18.33%

Age 65+ 9.99% 13.84% 14.10%

Median Age 35.39 38.45 37.95

Population 25+ by Education Level

2017 Estimate Population Age 25+ 23,195 110,372 238,789

Elementary (0-8) 2.90% 2.53% 2.59%

Some High School (9-11) 4.35% 2.99% 2.96%

High School Graduate (12) 11.62% 9.42% 9.63%

Some College (13-15) 14.31% 11.93% 12.18%

Associate Degree Only 5.29% 5.08% 4.98%

Bachelors Degree Only 27.91% 28.90% 29.10%

Graduate Degree 31.77% 38.25% 37.68%

Population by Gender

2017 Estimate Total Population 30,895 151,190 335,804

Male Population 52.3% 50.3% 50.2%

Female Population 47.7% 49.7% 49.8%


KIRK TR AMMELLSenior Managing Director Investments

Palo Alto OfficeCell: 650.450.0920 // Office: 650.391.1809

[email protected]: CA 01038657

DAVID CUTLERSenior AssociatePalo Alto Office



JOSHUA JOHNSONSenior AssociatePalo Alto Office



E X C L U S I V E L Y L I S T E D B Y

Documents

OFFERING 1265 Montecito Avenue Mountain View, California · THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This