125 WEST MASON SITE OPEN HOUSES FIVE-UNIT BEACHSIDE APARTMENT WITH OCEAN VIEWS IN DOWNTOWN SANTA BARBARA

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1 125 WEST MASON FIVE-UNIT BEACHSIDE APARTMENT WITH OCEAN VIEWS IN DOWNTOWN SANTA BARBARA OPEN HOUSES Tuesday Oct PM Thursday Oct PM BID DATE: Monday Oct 23, 2017 SITE

2 IRREPLACEABLE ASSET This ideally located five-unit apartment building, adjacent to Ambassador Park in the idyllic West Beach neighborhood, has been in the same family for over 25 years. Its classic Spanish Mediterranean architecture and lush landscaping is reminiscent of a peaceful oasis, while the property s unit mix provides great versatility for an investor. With a walk score of 83, the location allows easy access to the Funk Zone, the harbor, the wharf and the many amenities of downtown Santa Barbara, satisfying every whim of the tenants and keeping these units in high demand. OFFERING SUMMARY PRICE: TO BE DETERMINED BY MARKET Address: 125 West Mason St, Santa Barbara Units: Five (5) Unit Mix: 3 x 1BD/1BA; 1 x 2BD/1BA; 1 x Studio Gross Scheduled Rents: $172,800 annually Year Built: 1940 Building area: 3,526 SF Site area: 4,356 SF (.10 acres) Floors: Two Parking: Four (4) private garages Zoning: HRC-1/S-D-3 APN: CSO: 2% SITE 2

3 VERSATILE INVESTMENT UNIT 8 1BD/1BA Ground floor one-bedroom apartment features a private yard and access to Ambassador Park. Currently leased at $2,550 per month, plus utilities with the exception of water and trash (paid by landlord). The lease expires July 1, PROPERTY SUMMARY UNIT 9 1BD/1BA Spacious second floor one-bedroom apartment features a private deck, large living area, upgraded bathroom and peeks of the ocean. Currently leased at $2,900 per month, plus utilities with the exception of water and trash (paid by landlord). The lease expires September 15, UNIT 10 2BD/1BA This first and second floor two-bedroom apartment with garage features a private patio with built-in outdoor grill and access to Ambassador Park. This upgraded unit with ocean views could serve as the primary unit for a potential owner-occupant. Currently leased at $3,900 per month (including garage), plus utilities with the exception of water and trash (paid by landlord). The lease expires November 1, UNIT 11 1BD/1BA Second floor one-bedroom apartment and garage features a private patio facing the park, great views of the park and peeks of the ocean. Currently leased at $2,800 per month, plus utilities with the exception of water and trash (paid by landlord). The lease expires February 1, UNIT 12 STUDIO Charming and efficient ground floor studio. Currently leased at $1,650 per month, plus utilities with the exception of water and trash (paid by landlord). The lease is currently month to month. Note: Two garages rented separately for a total of $400 per month and one garage currently vacant. 3

4 PROPERTY PHOTOS 4

5 PROPERTY PHOTOS 5

6 NEIGHBORHOOD OVERVIEW Fess Parker Hotel Montecito East Beach Funk Zone Stearns Wharf Hotel Californian Harbor View Inn West Beach SANTA BARBARA ATTRACTIONS Santa Barbara Bowl Granada Theatre Arlington Theatre Lobero Theatre FESTIVALS Solstice Festival Spanish Days Celebration Harbor Festival Art Walk MUSEUMS Natural History Museum Maritime Museum Santa Barbara Museum of Art MOXI Museum of Contemporary Art FOOD & WINE The Funk Zone Urban Wine Trail Santa Barbara Farmers Market SITE Ambassador Park 6

7 THE NEIGHBORHOOD WEST BEACH West Beach is a residential neighborhood between Stearns Wharf and the harbor offering a picturesque view of the ocean and islands, walking and biking along the boardwalk, beach volleyball, and proximity to the harbor make West Beach the most soughtafter locale in the city. THE FUNK ZONE Just two blocks from the subject property, the Funk Zone was historically an industrial area that later became a haven for the city s artists and artisans. This unique history, combined with its prime location, has recently attracted an influx of investment and new tenants including wine and beer tasting rooms, restaurants, tech companies, and art galleries. HOTEL CALIFORNIAN New luxury hotel complex of three buildings brings 121 rooms, restaurants, shops, and a parking garage to the base of State Street. THE HARBOR Santa Barbara s charming marina is an easy stroll from 125 W Mason, offering restaurants, a yacht club, and the Maritime Museum, and a variety of boating activities. 7

8 CONFIDENTIALITY AGREEMENT The Seller, through Hayes Commercial Group ( Sales Agent ), has available for study certain information ( Evaluation Materials ) regarding 125 W Mason St in Santa Barbara, CA (the Property ). We are prepared to furnish the Evaluation Materials to you in connection with discussions concerning your possible investment in the Property only on the condition that you agree to treat the Evaluation Materials confidentially and agree specifically as follows: 1. The Evaluation Materials furnished to you will not be used for any purpose other than to evaluate a possible investment in the Property by you as a Principal or broker; 2. You will not make any of the Evaluation Materials available, or disclose or distribute, either orally or in writing, any of the contents of the Evaluation Materials, to any person other than your counsel, analyst(s), equity partner(s), broker(s), or potential lender(s) (hereinafter Excluded Persons ); 3. You will not disclose to any person, other than Excluded Persons, either the fact that discussions or negotiations are taking place concerning a possible investment in the Property by you or any of the terms, conditions or other facts with respect to any such possible investment, including the status thereof; 4. You agree that you will not contact the tenant or property management staff of the Property in connection with your review of the Evaluation Materials. Any and all questions related to the Evaluation Materials must be directed solely to Kristopher Roth, Caitlin McCahill, and Francois DeJohn at Hayes Commercial Group; 5. You acknowledge that neither the Seller, nor Hayes Commercial Group, nor any affiliate of either of such persons, nor any partner, director, officer, employee, agent of or consultant to any such persons (collectively, Seller/Agent ) has made any representation or warranty as to the completeness or accuracy of the Evaluation Materials, and any representation or warranty in connection therewith is hereby expressly excluded. The Evaluation Materials provided to you are subject to change of price or terms, withdrawal from market without notice, and prior sale. You agree that the Seller/Agent shall have no liability to you resulting from the delivery to, or use by, you of the Evaluation Materials or otherwise with respect thereto, and you agree to defend, indemnify and hold the Seller/Agent harmless from and against all loss, damage or expense sustained or incurred by Seller/Agent by reason of any unauthorized distribution or disclosure of the Evaluation Materials by you or by any Excluded Person; 6. We may elect at any time to terminate access to the Evaluation Materials, and you agree that you will, following any request by us or if you do not wish to invest in the Property, promptly redeliver to us all written Evaluation Materials and any other written material (and agree to delete any analyses contained in a database or spreadsheet type format) containing information in the Evaluation Materials and will not retain copies of such written material; 7. You acknowledge that you have not dealt with any broker other than Hayes Commercial Group concerning the investment in the Property; and 8. You acknowledge that when you make available the Evaluation Materials to any Excluded Person, you will inform such Excluded Persons of the confidential nature of the Evaluation Materials and the existence and terms of this Agreement. Please acknowledge your agreement to and acceptance of the foregoing by signing where indicated below and returning one (1) executed copy of the to our attention. ACCEPTED AND AGREED effective as of, 2017 PRINCIPAL By: Name: Company: Tel: BROKER By: Name: Company: Tel: 8 Contacts: Kristopher Roth kris@hayescommercial.com lic Caitlin McCahill caitlin@hayescommercial.com lic Francois DeJohn fran@hayescommercial.com lic