19-0917 45 Koch Road

KOCH ROAD

CORTE MADERA, CA

HADEN ONGARO ● MARK CARRINGTON ● JOE MCCALLUM ● ALYSSA DOYLE

THE OFFERING

Newmark Knight Frank (“NKF”), as an exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in
45 Koch Road (the “Property”) in Corte Madera. The Property is improved with an approximately +/-10,770 square foot office/light
industrial project which is currently 100% leased to two tenants. Restoration Hardware (“RH”) is the anchor tenant with +/- 8,920
square feet and Telischak & Company, the current ownership, occupying 1,850 square feet. The property has excellent visibility of
Highway 101 and is easily accessible off the highway. The Property is one of a three property portfolio, all of which are listed for sale
individually or in combination.

HINIVGEHSLTIMGHENTTS

STABLE, CREDIT TENANCY MISSION-CRITICAL FACILITY

Restoration Hardware (NYSE:RH) occupies 45 Koch Road is part of RH’s 10-building, approximately 250,000 square
83% of the Property - on a lease with 9 foot headquarters campus. Buildings on the campus not included in this
years remaining - as part of its Corporate offering have an average parking ratio of just 1.64 spaces per 1,000 square
Headquarters. RH has forecast revenues feet. With a parking ratio of 5.76 spaces per 1,000 square feet, 45 Koch Road
for 2019 of $2.66 billion and has increased is essen­ tial to providing sufficient parking for RH’s employees and visitors.
revenues almost 7% annually over the past Recognizing this, RH is preparing to make considerable investment in interior
five years. EBITDA for 2019 is forecast at upgrades to the Property.
$377.26 million and the company has a
market capitalization of $2.28 billion.

EXCELLENT IDENTITY STRONG MARKET FUNDAMENTALS
AND FREEWAY ACCESS
Central Marin County enjoys some of the strongest demographics in the nation
45 Koch Road enjoys excellent in terms of household income and workforce education levels. The Central Marin
visibility of Highway 101 in Corte office submarket is one of the most desired office locations in the San Francisco
Madera and is conveniently Bay Area. With proximity to the Larkspur Ferry Terminal, and retail and services
accessed from 101 via the Paradise at the nearby Corte Madera Village and Corte Madera Town Center malls, Central
Drive/Tamalpais Drive exit. Freeway Marin County office vacancy is 5.7%. Submarket asking rents have increased 15%
visible signage opportunities add over the past year to $5.16 per square foot per month Full Service Gross. With no
value to the Property. new competing product currently planned, and significant barriers to entry, tight
office market conditions are forecast to persist.

ESUXMECMUATRIYVE

THE OPPORTUNITY

With secure, stable income through at least the current lease term through July 2028, extremely desirable
locational attributes and exceptionally strong market fundamentals, 45 Koch Road provides an excellent
investment opportunity - particularly for buyers looking for a low-risk vehicle providing excellent returns relative to
other investment categories. The ability to occupy Suite A provides an opportunity for new ownership to occupy
high quality space onsite.

PRICING SUMMARY

Price $7,050,000
Price/SF $655
Cap Rate 5.00%
Year 1 NOI $352,432

PROPERTY SUMMARY

45 KOCH ROAD
Parcel # 026-251-05
Year Constructed 1986
Building Area 10,770 SF
Stories 1
Site Area 46,174 SF
Parking Spaces 62
Parking Ratio 5.76/1,000 SF

TERMS OF THE OFFERING

The Fee-Simple Interest in 45 Koch Road is offered on an As-Is, Where-Is basis. The Property is offered
individually or in combination with 55 Koch Road and 65 Koch Road, which together constitute the Corte Madera
Business Center.

The distributor of this communication is performing acts for which a real estate license is required. The
information contained herein has been obtained from sources deemed reliable but has not been verified and no
guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms
of sale or lease and availability are subject to change or withdrawal without notice.

The Offering Memorandum is delivered under the terms and conditions of a Confidentiality Agreement which has
been executed by the recipient as Potential Buyer and is on file at Broker’s office. All terms and conditions of the
Confidentiality Agreement apply to all information contained herein where not a matter of public record.

OFFERING PROCESS

Offers should be delivered to the office of the Exclusive Listing Broker, Newmark Knight Frank attention Haden
Ongaro, via e-mail at [email protected]. Offers should include information on funding sources, experience in
owning and operating similar properties and any other information likely to reflect on Offeror’s ability to close the
transaction in a timely manner. Seller and Broker reserve the right to create a deadline for offers and request
follow-up offers.



RH Corte Madera gallery under construction

TPREONFAINLTE

RH is one of the most innovative and fastest growing luxury brands in the home
furnishings marketplace. RH believes their brand stands alone and is redefining this

highly fragmented and growing market, contributing to superior sales growth and
market share gains over the past several years as compared to industry growth rates.

RH’s ability to innovate, curate and integrate products, categories, services and
businesses with a completely authentic and distinctive point of view, then rapidly scale
them across their fully integrated multi-channel infrastructure is a powerful platform for
continued long-term growth. They have evolved their brand to become RH, positioning

the Company to curate a lifestyle beyond the four walls of the home. Unique product
development, go-to-market and supply chain capabilities, together with RH’s significant
scale, enable RH to offer a compelling combination of design, quality and value that they

believe is unparalleled in the marketplace.
As of January 2017, the Company operated a total of 85 retail Galleries and outlet stores

throughout the United States, United Kingdom and Canada. The Company’s retail
Galleries are located in Alabama, Arizona, California, Colorado, Connecticut, Florida,

Georgia, Illinois, Indiana, Kansas, Louisiana, Maryland, Massachusetts, Michigan,
Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma,
Oregon, Pennsylvania, Tennessee, Texas, Utah, Alberta, Virginia, Washington, District of

Columbia, British Columbia, London, Ontario and Virginia.
RH has forecast revenues for 2019 of $2.66 billion and has increased revenues almost
7% annually over the past five years. EBITDA for 2019 is forecast at $377.26 million and

the company has a market capitalization of $2.28 billion.

CO

OSNCTSOOAOFNTLIEDINDMECANEOTNSMEETDDES
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)

THREE MONTHS ENDED

MAY 4, 2019 MAY 5, 2018

Net revenues $598,421 $557,406

Cost of good sold 365,607 348,073

Gross profit 232,814 209,333

Selling, general and administrative expenses 164,181 161,186

Income from operations 68,633 48,147

Intrest expense - net 21,118 15,098

Income before income taxes 47,515 33,049

Income tax expense 11,793 7,588

Net income $35,722 $25,461

From RH Form 10Q filed June 13, 2019

Interior of RH New York

ALEBASTSERACT
Tenant Restoration Hardware

Address 45 Koch Road, Corte Madera, California

Suite 45B-G

Net Rentable Area (RSF) 8,920

% of Total RSF 82.82%

Lease Commencement August 1, 2010

Lease Expiration July 31, 2028

Renewal Options Two (2) five (5) year options

Current Monthly Rent $31,307.77

Rental Increases Year Monthly Rent

August 1, 2020 – July 31, 2021 $32,247.00

August 1, 2021 – July 31, 2022 $33,214.41

August 1, 2022 – July 31, 2023 $34,210.84

August 1, 2023 – July 31, 2024 $35,237.17

August 1, 2024 – July 31, 2025 $36,294.29

August 1, 2025 – July 31, 2026 $37,383.12

August 1, 2026 – July 31, 2027 $38,504.61

August 1, 2027 – July 31, 2028 $39,659.75

Website https://www.restorationhardware.com

Outdoor seating at RH West Palm Beach





TACEBOLSIMSTLCRPEHAAANACSKT&YE

Tenant Telischak & Company
Address 45 Koch Road, Corte Madera, California
Suite
Net Rentable Area (RSF) 45A
% of Total RSF 1,850
Lease Commencement 17.18%
Lease Expiration August 1, 2019
Renewal Options July 31, 2020
Current Monthly Rent None
Website $7,400.00
None

DOIMEFPSRCORIVPETMIOENNT

FOUNDATION

Concrete structural slab and grade beams with concrete pier support

EXTERIOR STRUCTURE

Concrete tilt-up wall panels

INTERIOR STRUCTURE

Conventional, wood partition framing

ROOFING

Flat, single-ply thermoset membrane

RESTROOMS

Suite A – Two individual restrooms; Suites B-G – One individual restroom per suite

HVAC

Eight rooftop packaged units, capacities range from 5-10 tons each

ELECTRICAL

800 amp; 120/208 volt, three-phase, four-wire alternating current

LIFE SAFETY & FIRE PROTECTION

Fully automatic, wet-pipe sprinkler system. Portable fire extinguishers located in tenant units and fire hydrants
located at several points adjacent to the parking lot. Life safety equipment includes pull stations, illuminated exit
signs, battery back-up exit lighting, alarm horn/strobes and hardwired smoke detectors

FLOOR PLAN

Full plans saved in OneDrive

TS

TENANT IMPROVEMENTS

The interior of the Property has been improved in RH’s distinctive, elegant style. Recognizing the importance of the
Property to the overall Headquarters Campus, RH has indicated that it is preparing to make a major investment in
further improving the interiors to its exacting standards.



SITE DESCRIPTI

ION ACCESS AND IDENTITY

45 Koch Road is located adjacent to US Highway 101, the main transportation corridor linking San
Francisco to the North Bay and communities in far northern California. Convenient freeway access is
provided at the Paradise Drive/Tamalpais exit via two signalized intersections on San Clemente Drive.
45 Koch Road enjoys substantial freeway visibility with the potential for valuable signage opportunities.

S

SURPRROOUPENRDTINIEGS
RESTORATION HARDWARE HEADQUARTERS CAMPUS
The properties in this offering form an integral part of the Headquarters Campus for Restoration Hardware. The
254,577 square foot Campus consists of ten office/industrial buildings located on five parcels owned by three
distinct ownership entities.

ADDRESS BUILDING SF PARKING RATIO

5725 Paradise Drive - Bldg A 14,629 2.40 per 1,000
per 1,000
5725 Paradise Drive - Bldg B 14,484 2.50 per 1,000
per 1,000
5725 Paradise Drive - Bldg C 15,330 2.40 per 1,000
per 1,000
5725 Paradise Drive - Bldg D 14,808 2.47 per 1,000
per 1,000
5725 Paradise Drive - Bldg E 30,951 3.23 per 1,000
per 1,000
5725 Paradise Drive - Bldg F 6,105 0.00 per 1,000

15 Koch Road 120,000 0.91 per 1,000
per 1,000
45 Koch Road 10,770 5.76

55 Koch Road 9,600 6.46

65 Koch Road 17,900 3.52

254,577 2.13



Average (excluding 45,55,65 Koch) 1.64

Average (45,55,65 Koch) 4.89

MEADOWCREEK STATION PARADISE SHOPPING CENTER

: Meadowcreek Station is a community of 148 homes nestled Paradise Shopping Center is an approximately
between the bay and Ring Mountain. About 40% are two-bedroom 47,000 square foot neighborhood shopping center
condos and the rest are two or three bedroom town homes. within an easy walk of the Property. The tenants,
Recent sales of these homes have been at prices around $1.2 Nugget Market, Five Points Fitness and Paradise
million or $640 per square foot. The development also includes Cleaners are all convenient amenities for tenants at
100 Meadowcreek Drive, a 16,639 square foot office building 45 Koch Road.
leased to 7 tenants.

THE VILLAGE AT CORTE MADERA CORTE MADERA TOWN CENTER

The Village at Corte Madera is an approximately 278,000 Corte Madera Town Center is a 440,000 square foot lifestyle
square foot regional shopping center anchored by community center located at the northeast quadrant
Macy’s and Nordstrom’s and located at the northeast of the US101/Paradise Drive Interchange. The center
quadrant of the US 101/Paradise Drive Interchange. accommodates approximately 76,575 square feet of office
The Village also is home to a 40,000 square foot gallery space in addition to brand name retailers and restaurants
building being developed by Restoration Hardware. The including REI, Crate & Barrel, and Barnes and Noble. The
Village offers dining and high-end shopping amenities to Bay Club, a very popular fitness club, is also located in the
tenants at 45 Koch Road. Town Center, which accommodates many amenities within a
short drive of 45 Koch Road.

SITE PLAN

KOCH ROAD 45 65
KOCH KOCH
ROAD ROAD

55
KOCH
ROAD

SCALE (IN FEET)
1 INCH = 30 FT.



TITLE, EASEMENTS, COVENANTS, CONDITIONS AND RESTRICTIONS

According to ALTA Survey dated 9/30/2013 the Property is subject to Easements, Covenants, Conditions and
Restrictions. The Easements facilitate the provision of utilities, drainage and access to the improvements
at Corte Madera Business Center. The Property is subject to a Declaration of Covenants, Conditions and
Restrictions. According to ownership, the CC&Rs required the establishment of a Property Owners Association
including ownership of Corte Madera Business Center as well as the adjacent properties at 100 Meadowcreek
Drive and 15 Koch Road. The Property Owners Association has not been established.

The ALTA Survey found no evidence of site use as a solid waste dump, sump, sanitary landfill cemetery or burial
ground.

ZONING

The M – Light Industrial with Baylands Risk Zone Overlay. The zoning allows for the current use of the site as a
Business Center.

PARKING

The Property has 62 parking stalls providing a parking ratio of approximately 5.76 spaces per 1,000 square
feet. Due to the fact that buildings at RH’s Headquarters Campus not included in this portfolio are parked at an
average ratio of 1.64 spaces per 1,000 square feet, the parking at 45 Koch Road and the other two properties
available in this offering is essential to RH for providing necessary parking for employees and visitors.

FLOOD ZONE AND DRAINAGE

According to ALTA Survey dated 9/30/2013 portions of the property are located in Flood Zone X and Flood
Zone AE. Flood Zone X is an area designated by the Federal Emergency Management Agency as having a
moderate or minimal risk of flooding. Flood Zone AE is an area designated by FEMA as subject to inundation
by the 1-percent-annual-chance flood event. Mandatory flood insurance purchase requirements and floodplain
management standards apply. An Elevation Certificate for 45 Koch Road indicates that the top of the bottom
floor of the building is nine feet in accordance with NAVD 1988. According to MarinMap.org, the Property is not
in an area threatened by sea-level rise. The on-site drainage system for the Property is designed to collect all
on-site storm water using the catch basins as collection points, then depositing the storm water into the public
sewer system. Environmental: A Phase 1 Environmental Site Assessment by Partner Engineering and Science,
Inc. dated March 2013 revealed no evidence of recognized environmental conditions or environmental issues in

connection with the Property.

SEISMIC

The entire State of California known to be at risk of seismic activity. A Seismic Risk Site Assessment by Partner
Engineering and Science, Inc. dated March 2013 determined that the Probable Maximum Loss (PML) in the
event of a generally expected earthquake is 14%, a fairly low level in comparison to most office buildings.

ENVIRONMENTAL

A Phase 1 Environmental Site Assessment by Partner Engineering and Science, Inc. dated March 2013 revealed
no evidence of recognized environmental conditions or environmental issues in connection with the subject
property.



OVMERAVRIKEEWT

MARIN COUNTY

Marin County is a suburb of San Francisco located just across the Golden Gate Bridge from that city. Residents,
including many high-profile entertainers, athletes and business leaders, and businesses are attracted to Marin
County by the following attributes:

PROXIMITY TO SAN FRANCISCO

It is just 15.5 miles from the Property to the heart of San Francisco’s Financial District. The drive time is about 30
minutes during non-commute hours and under an hour during peak traffic hours. The distance to San Francisco

International Airport is 27.5 miles with a drive time of approximately one hour. Oakland International Airport is
under 32 miles from the property and also reachable within an hour. Regular Golden Gate Transit Bus and Ferry

service provides excellent public transportation options into Central Marin.

OUTDOOR LIVING AND SPECTACULAR VISTAS

Marin County has approximately 185,000 acres designated as open space and enjoys extensive shoreline
on both the Pacific Ocean and San Francisco Bay. The Mount Tamalpais Watershed is the County’s major

geographic feature and widely regarded as the birthplace of mountain biking. The physical features and
development constraints in Marin County provide its residents with world class recreational opportunities on both

land and water and breathtaking views.

ENTREPRENEURIAL ENVIRONMENT

Marin County has a highly-educated population with a strong entrepreneurial spirit. This is illustrated by the list of
illustrious companies that were “born in Marin” including Lucasfilm, Pixar, FICO, Autodesk, BioMarin, Ultragenyx.

STELLAR DEMOGRAPHICS

Marin County is one of the most affluent counties in the nation with median home prices in excess of $1 million.



MDRMAIRAVKJEOERTRS
HEALTHCARE

With an ageing population, Marin County has seen strong growth in the medical services sector with major
providers like Marin Healthcare District, Kaiser Permanente and Sutter Health all contributing substantially to

recent net absorption. Pharma, in particular orphan drug manufacturers like BioMarin and Ultragenyx have
become major users of office space in Marin County.

FINANCIAL SERVICES

An affluent population and the quality of life in Marin County has attracted major financial services providers
including Morgan Stanley, Merrill Lynch, UBS, RW Baird and Raymond James. Marin’s stunning setting and high-

quality housing stock has also attracted hundreds of small money management firms that combine to occupy
significant space, particularly in the Central Marin submarket. National, regional and local retail banks also have

a strong presence in the market.

DIGITAL ENTERTAINMENT

: When LucasFilm and associated companies moved into San Francisco, they left a legacy of highly talented
creative workers. This has attracted major space users including Take 2 Interactive, Epic Games, and Activision

into the market.

CONSUMER PRODUCTS

In addition to RH, Birkenstock Distributing USA and EO Products among others have established their
headquarters in Marin County and have been active in both leasing and purchasing properties in Marin County.

OMMCOFAAFURRIKINCNEETTY

SUBMARKET STATISTICS - ALL CLASSES

Total Total Qtr Gross Qtr Net YTD Net Direct FS Sublet FS Total FS
Inventory Avilability Absorption Absorption Absorption Asking Rent Asking Rent Asking Rent
(RSF) (%) (RSF) (RSF) (RSF) (Price/SF) (Price/SF) (Price/SF)

Southern Marin 859,138 12.14% 11,714 8,419 37,946 $4.42 $3.67 $3.97

Central Marin 1,100,605 5.70% 10,100 -6,475 -8,013 $5.29 $4.58 $5.16

Central San Rafael 1,430,441 8.31% 2,530 244 -4,018 $3.04 $2.49 $2.98

North San Rafael 2,090,973 20.21% 199,721 18,731 20,337 $2.99 $2.37 $2.78

Novato 2,531,795 39.66% 14,388 13,672 62,314 $2.58 $2.29 $2.57

Marin County 8,012,952 21.37% 238,453 34,591 108,566 $3.09 $2.80 $3.02

INVENTORY

The Marin County Office Market includes just over 8 million square feet in office buildings measuring greater than
15,000 square feet. Newmark Knight Frank divides the market into five submarkets generally indicating distinct
areas from north to south in Marin County. There have been few recent additions to inventory and little addition
currently planned.

AVAILABILITY

While statistics reflect an availability rate at the end of 2q2019 of 21.37%, some large blocks of available space
are considered to be obsolete and have been available for many years. Removal from inventory just of space
at the former Fireman’s Fund Headquarters in Novato – rumored to be in contract to a residential developer –
reduces the overall availability rate to a healthy 13.25%.

LEASING ACTIVITY

The bulk of leasing activity in Marin County is for spaces smaller than 5,000 square feet, there are frequently lease
transactions that are much larger. In 2019 alone, the market has seen lease renewals by Autodesk for 111,000
square feet at 111 McInnis Parkway and 45,000 square feet at 3900 Civic Center Drive, a lease renewal by FICO
for 47,000 square feet at 3900 Civic Center Drive and a new lease by Birkenstock Distributing USA for 47,000
square feet at 100 Wood Hollow Drive.





RENTAL RATES

Weighted average rental rates in Marin County are currently at approximately $3.00 per square foot per month on
a Full Service Gross basis. In comparison, there have been a number of leases signed in San Francisco at over
$10.00 per square foot per month.
Direct Class A Ask rents by Submarket ($/SF, Full Service)

CENTRAL MARIN SUBMARKET

The Central Marin Submarket, located close to the Larkspur Ferry Terminal and executive housing in Southern
Marin and the Ross Valley, is the tightest submarket in Marin County. With inventory of just over 1.1 million

square feet, the submarket has an availability rate of just 5.7%. Average weighted direct Class A asking rents are
significantly higher than all other submarkets at $5.29 per square foot per month. Asking rents have increased
15% in Central Marin in the past year.
OVERALL DIRECT ASKING RENT CHANGE
Asking Rent & Availability

SALES COMPARABLES

Building Address 45 - 65 Koch Road 270 Miller Avenue 495 Miller Avenue 61 Camino Alto 7 North Knoll

Submarket Central Marin Southern Marin Southern Marin Southern Marin Southern Mar
City / Town Corte Madera Mill Valley Mill Valley Mill Valley Mill Valley
Property Type Office Office Office Office Medical Office
Project Size 38,270 4,800 9,329 11,167 5,928
Year Built 1988 1948 1979 1956 1963
Sale Date N/A 28-Jun-19 24-May-19 26-Apr-19 31-Jan-19
Sale Price N/A $3,469,500 $5,600,000 $5,570,000 $3,700,000
Sale Price / Sq. Ft. N/A $723 $600 $498.79 $624.16
Capitalization Rate N/A 6.00% 6.13% 6.00% 5.50%
Tenant Restoration Vacant Multi-Tenant Multi-Tenant Multi-Tenant
Hardware
Remaining Lease Term 9-Years 12-Years Various Various Various
Notes Buyer has a Montessori 1031 Exchang
school in tow who has
signed a new 12 year
lease

LEASE COMPARABLES

Date Signed Property Tenant Size
Avila Encore Management 2,684 sf
5/14/19 Corte Madera Town Center National Rice Company 4,030 sf
Prima Medical Group 9,143 sf
1/30/19 300 Drakes Landing WeWork 20,838 sf
Aperio Group 14,162 sf
12/12/17 1100 Larkspur Landing Cir. Southern Marin Dermatology 2,188 sf

6/18/18 1Belvedere Place

6/8/17 3 Harbor Drive

11/20/18 2330 Marinship Way

Road 1240 S. Eliseo Drive 505 Sir Francis Drake 110 Tiburon Boulevard 1350 S. Eliseo Drive 601 Tamalpais Drive
rin Boulevard
e Central Marin Central Marin Southern Marin Central Marin Central Marin
Greenbrae Greenbrae Mill Valley Greenbrae Corte Madera
ge Medical Office Office Office Medical Office Retail/Office
12,911 4,800 4,050 45,277 6,477
1982 1971 1975 1964 1963
11-Jan-19 27-Mar-18 19-Jan-18 5-Dec-17 14-Jul-17
$17,000,000 $4,300,000 $2,612,000 $32,000,000 $3,650,000
$1,317 $895.83 $644.94 $707 $564
5.00% 6.31% 4.52% 5.00% N/A
Marin General Marin Specialty Surgery Multi-Tenant Marin General Daphne Funerals
Hospital Center Hospital Marin
7-Years Short remaining Various 10-Years Unknown
1031 Exchange Off market transaction Sale Leaseback;
currently marketing as
a retail development
opportunity

Term Rent Increases TI Free
60 months $5.00 FSG 3% inc. annual None None
36 months $6.00 3% inc. annual 1 month
122 months $4.95 33% inc. annual $10/sf 3 months
144 months $5.40 2.5% inc. annual $107/sf None
74 months $5.18 3% inc. annual $33/sf 1 month
120 months $5.25 FSG 3% inc. annual

FAINNAALNYCSIIASL
RENT ROLL
Suite Size Lease Start Lease Expiration Rent PSF Monthly Rent An
Tenant 45A 1,850 August 1, 2019 July 31, 2020 $ 4.25 $7,862.50 $9
Telischak & Company 45B-G 8,920 August 1, 2010 July 31, 2028 $ 3.51 $31,307.77 $3
Restoration Hardware 10,770 $39,170.27 $4

INCOME ANALYSIS

REVENUE

Rental Revenue

Potential Base Rent $ 470,043.24

Absorbtion & Turnover Vacancy $ -

Free Rent $ -

Scheduled Base Rent $ 470,043.24

Expense Recoveries $ 21,298.00

Potential Gross Revenue $ 491,341.24

Vacancy Allowance $ (4,718.00)

Effective Gross Revenue $ 486,623.24



OPERATING EXPENSES

Category Projected Expense

Tax Millage $ 81,613.00

Tax Fixed/Special $ 4,145.00

Property Insurance $ 4,986.00

Management $ 8,547.00

Electric $ 509.00

Water $ 916.00

Janitorial $ 10,277.00

Alarm/Phones $ 1,526.00

Landscaping $ 2,239.00

Trash $ 3,765.00

HVAC $ 6,410.00

Repairs and Maintenance $ 9,100.00

Total OPEX $ 134,033.00



Net Operating Income $ 352,590.24

Cap Rate 5%

Total $ 7,051,804.80

Price per SF $ 654.76

nnual Rent Annual Increases Options Base Year Notes
94,350.00 None None None Expenses capped at 5% Annual Cumulative Growth
375,693.24 3% Two 5-year at 95% FMV 2011
470,043.24

Projected PSF Expense

$ 7.58

$ 0.38

$ 0.46

$ 0.79

$ 0.05

$ 0.09

$ 0.95

$ 0.14

$ 0.21

$ 0.35

$ 0.60

$ 0.84

$ 12.45

ELAIXGSCETLNINUTGSSIVE KOCH ROAD

HADEN ONGARO CORTE MADERA, CA

Executive Vice President
[email protected]
415.526.7649
CA RE License #00916960

MARK CARRINGTON

Managing Director
[email protected]
415.526.7650
CA RE License #01219528

JOE MCCALLUM

Transaction Services Specialist
[email protected]
415.526.7672
CA RE License #02048815

ALYSSA DOYLE

Associate
[email protected]
415.526.7652
CA RE License #02016068

1101 Fifth Avenue, Suite 230, San Rafael, CA 94901 | 19-0917.07/19

The distributor of this communication is performing acts for which a real estate license is required. The information contained herein has been
obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made
with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.