RESCARE - SINGLE TENANT ASSISTED LIVING

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1 Jeff Selick (310) Lic RESCARE SINGLE TENANT ASSISTED LIVING

2 5HV&DUH6LQJOH7HQDQW$VVLVWHG/LYLQJ EXCLUSIVELY MARKETED BY : INVESTMENT SUMMARY,QYHVWPHQW2YHUYLHZ 5HJLRQDO0DS PROPERTY DESCRIPTION 3URSHUW\'HWDLOV '0DS AREA OVERVIEW /RFDO0DS &LW\2YHUYLHZ $HULDO0DS FINANCIALS 2IIHULQJ6XPPDU\ 1HW,QFRPH6WDWPHQW 5HQW5ROO /HDVH$EVWUDFWV Condor Commercial, Inc. Jeff Selick MV#FRQGRUFRPPHUFLDOFRP /LF COMPARABLES 6DOHV&RPSDUDEOH0DS 6DOHV&RPSDUDEOHV

3 Investment Summary Price $1,677,950 Cap Rate 4.50% NOI $75, Occupancy % Building Size 2,120 SF Land Area 6,000 SF Ownership Fee Simple Investment Description Condor Commercial is pleased to present this ResCare STNL asset in Redwood City. This facility has been at this location for approximately 21 years, and there is a strong probability that ResCare will renew the lease. This location has been improved and permitted for assisted care, and ResCare has invested a significant amount of resources in retrofitting and permitting the house. This makes it unlikely that the tenant will leave, as it would be very difficult to relocate, considering the time and funds required to replace and retrofit a new location. Moreover, the asset is located in a prime location, providing the opportunity to to redevelop the property in the future. Investment Highlights Single Tenant Asset in exceptionally strong location. ResCare has been at this location for over 21 years. Well known assisted living operator (ResCare) is a national human services company providing services in 42 states, as well as in Puerto Rico and Canada. The company has over 50,000 employees with $1.8 Billion in revenues. ResCare provides services to 60,000 people every single day and over a million people every year. High probability of lease renewal. Most assisted care operators invest significantly in their facilities, increasing the likelihood of lease renewal. Location has been retrofitted and permitted accordingly. Investment Summary

4 Regional Map Investment Summary

5 Property Details Address Redwood City CA, Square Footage 2,120 SF Land Area 6,000 SF Year Built 1961 Year Renovated 2008 Assessors Parcel Number Site Number of Buildings Number of Stories One One ResCare Info History ResCare was founded in 1974 and headquartered in Louisville, Kentucky. Company and Revenues ResCare has revenues in excess of $1.8 Billion and is the largest onestop workforce contractor and the largest privatelyowned home care company on the country. Size ResCare is the nation s largest private provider of services to people with disabilities with approximately 50,000 employees in thousands of locations in 42 states, and in Canada and Puerto Rico. It provides services to 60,000 people every single day and over a million people every year. Property Description

6 3D Map Property Description 6

7 Local Map Area Overview

8 Area Overview City Overview Redwood City Redwood City is a city on the San Francisco Peninsula in Northern California's Bay Area, approximately 27 miles south of San Francisco, and 24 mi north of San Jose. Redwood City's history spans its earliest inhabitation by the Ohlone people to being a port for lumber and other goods. Redwood City is the home of several technology companies such as Oracle and Electronic Arts. At the 2010 census, the city had a population of 76,815. As of 2010, there were 29,167 housing units and 50.6% were owneroccupied, with 49.4% were occupied by renters. The homeowner vacancy rate was 1.3%; the rental vacancy rate was 3.9%. 49.2% of the population lived in owneroccupied housing units and 48.8% lived in rental housing units. Redwood City is a heavily developed mixed city, from its huge dense urban in the east, north, northeast and central neighborhoods, to its very dense suburban in the west, south and centralsouth neighborhoods, to its less dense exurb in the deep south and southwest neighborhoods, and to its rural upscale hillside neighborhoods. It is a very diverse cosmopolitan city in the Bay Area, a newly popular destination in the peninsula and the Bay as a whole. Redwood City is headquarters to many major tech companies, such as BroadVision, Electronic Arts, Oracle, Shutterfly, Support.com, and Evernote. It also houses many hospitals, such as Kaiser Permanente, and Stanford Hospital. Redwood City Highlights Affluent Area Home to Several Household Tech Companies Dense Infill Location Area Overview

9 Aerial Map Area Overview

10 Financial Offering Summary Price $1,677,950 Building Size 2,120 SF Land Area 6,000 SF Number of Suites/Spaces 1 Number of Stories One Year Built 1961 Occupancy % Price per Square Foot $ CAP Rate 4.50% Pro Forma Cap Rate 4.74% NOI $75,511 Pro Forma NOI $79,560 Financials

11 Net Income Statement Current Annual Income REVENUES Gross Potential Rent $75,511 $79,560 Less: Current Vacancy 0 0 Effective Scheduled Rent 75,511 79,560 Effective Gross Income $75,511 $79,560 Proforma Annual Income OPERATING EXPENSES TOTAL EXPENSES $0 $0 NET OPERATING INCOME $75,511 $79,560 Debt Service $0 $0 NET CASH FLOW AFTER DEBT SERVICE $75,511 $79,560 TOTAL RETURN 4.50% 4.74% Expenses Per SF $ $ % of EGR 0.00% 0.00% Financials

12 ResCare Single Tenant Assisted Living Rent Roll Lease Terms Suite Tenant Name ResCare SF % of Bldg Start 2, % End Rental Rates Begin Jan2008 Dec2018 Current Monthly PSF Annually PSF Lease Type Market PSF/Yr $6,293 $2.85 $75,511 $34.17 NNN $36.00 CPI CPI CPI Dec2017 CPI Option 1 3 Years Jan2029 Dec2032 Jan2029 Option 2 3 Years Jan2024 Dec2028 Jan2024 Option 3 3 Years Jan2019 Dec2023 Jan2019 T.I.s Admin LL Responsibilities None Financials 12

13 ResCare Tenant Address Suite Rentable Square Feet ResCare Redwood City ,210 SF Landlord Responsibilities None Tenant Description ResCare is the the nation s largest private provider of services to people with disabilities; the largest onestop workforce contractor and the largest privatelyowned home care company. ResCare operates in 42 states, as well as Puerto Rico and Canada. It has $1.8 Billion in revenues and over 50,000 employees. ResCare offers residential and support services, education, vocational training and job placement for people of all ages and skill levels. ResCare Residential Services focuses on people with disabilities and youth with special needs and ResCare HomeCare helps seniors who want to age in place. ResCare Workforce Services and ResCare Education and Training Services provide counseling, training and job placement to people of all ages with barriers to employment. Lease Term 10 Years Lease Commencement Jan 01, 2008 Lease Expiration Dec 31, 2018 Term Remaining 2 Years Lease Type NNN Annual Rent $75,511 Rent Increases Changes On Dec2017 Changes To CPI Options Option 1 Changes On Jan2029 Duration 3 Years Changes To Option 2 Changes On Jan2024 Duration 3 Years Changes To Option 3 Changes On Jan2019 Duration 3 Years Changes To Financials

14 Sales Comparable Map Comparables

15 Sales Comparables Photos Address Sale Price Sale Date CAP NOI Total SF $/SF Year Built Days on Market Land Area Number of Spaces 910 Woodside Rd Redwood City, California $1,715,000 08/06/ % 1,695 SF $1, ,261 1 Notes Similar to Subject, as Comp is a single tenant retail property in similar area as Subject Gardella Plz Livermore, California $2,400,000 02/10/2016 3,095 SF $ ,327 Notes Similar in type to Subject, Skilled Nursing Facility Building 4050 Irving St San Francisco, California $4,000,000 04/01/ % 9,157 SF $ ,324 Notes Property is an Assisted Living Building, similar in type and area to Subject 1000 N Gardner St West Hollywood, California $1,199,000 10/24/2014 1,176 SF $1, ,484 Notes Property is an Assisted Living Building, similar in type to Subject Comparables

16 Photos Address Sale Price Sale Date CAP NOI Total SF $/SF Year Built Days on Market Land Area Number of Spaces Averages $2,328, % 3,781 SF $811 16,849 SF 1 Redwood City, CA $1,677, % $75,511 2,120 SF $ ,000 SF 1 Comparables

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