Heritage Ranch. The Hoffman Company. Lake Nacimiento Area ±1, Acres EXCLUSIVE OFFERING MEMORANDUM. San Luis Obispo County, CA

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1 leading the land 35years brokerage industry CALIFORNIA + NEVADA Heritage Ranch Lake Nacimiento Area ±1,59.58 Acres San Luis Obispo County, CA David McSwain CA BRE # T dmcswain@hoffmanland.com Justin Esayian CA BRE # T jesayian@hoffmanland.com THE HOFFMAN COMPANY Southern California Office Von Karman Avenue Suite 150 Irvine, CA 961 T F CA BRE #

2 CONFIDENTIALITY, CONDITIONS AND DISCLAIMER a. Reliance on Provided Materials The Information contained herein is provided to the prospective party for reference purposes only. Any prospective Buyer shall verify all property information on its own. Neither Seller nor any of its agents, lending partners, representatives, and employees makes any representations and/or warranties regarding the accuracy and completeness of the information contained herein. The prospective Buyer acknowledges and agrees that Buyer will conduct its feasibility investigation of the Property using its own methods to determine the suitability of the Property for Buyer s intended use and shall not rely on any materials provided by Seller. This Brochure was prepared by The. This Brochure contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective Buyer may desire. All market information is provided for general reference purposes only and is based on recorded sale information, advertised new home pricing and MLS data and therefore is subject to material change or variation. This Brochure may contain certain documents from local municipalities, various government agencies and other public and private associations. Also included are summary descriptions based on said documents. The summaries do not purport to be complete, nor necessarily accurate descriptions of all available documentation and therefore do not constitute a legal analysis of such documents. Interested parties are expected to independently source and review all documents. Although every effort has been made to ensure accuracy, this Brochure may contain errors and omissions. The Brochure is subject to change or withdrawal without notice. This Brochure does not constitute a recommendation, endorsement or advice as to the value of the Property by The or the Seller. Each prospective Buyer is to rely upon its own investigation, evaluation and judgment as to the purchasing the Property described herein. b. As-is, where is Sale The Buyer shall acknowledge and agree that Buyer is acquiring the property on an As-Is, Where Is basis, with all faults, if any, and without any warranty, express or implied. Neither Seller nor any of its agents, lending partners, representatives, and employees makes any representations or warranties, direct or indirect, oral or written, express on implied, to Buyer or any agents, representatives, or employees of buyer with respect to the Property, including the size or physical condition of the Property (including whether or not the Property lies in a flood zone and the presence or absence or hazardous materials), zoning, setbacks and other ordinances, codes, regulations, rules, requirements and orders affecting the Property or Buyer s proposed use of the Property. c. Right to terminate Seller and The expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any prospective Buyer reviewing this Brochure. Seller shall have no legal commitment or obligation to any prospective Buyer who has made an offer to purchase the Property. The is not authorized to make any legally binding agreements on behalf of Seller. d. Agency Buyer acknowledges that The is the exclusive agent of the Seller. Buyer further acknowledges that this Brochure or any information from the in no way constitutes or creates an agency relationship with Buyer. The is solely the agent of the Seller. Any prospective Buyer that may submit an offer to The for the subject property acknowledges that any such offer is submitted to the Seller s Agent and in no way constitutes or creates an agency relationship between Buyer and The. The terms and conditions set forth above apply to this Brochure in its entirety.

3 TABLE OF CONTENTS 1 Property Overview Executive Summary Site Detail Offering Guidelines Aerials, Maps & Photos Regional Map Close Up Aerial of Heritage Lake Close Up Aerial of Conceptual Planning Areas Conceptual Lots: PA 1 Conceptual Lots: PA & 3 Conceptual Lots: PA 4 Conceptual Lots: PA 5 Heritage Ranch Village Land Use Plan Assessor s Parcel Map: West Side of Nacimiento Lake Dr Assessor s Parcel Map: East Side of Nacimiento Lake Dr Zoning Maps Property Photos Area Overview Paso Robles Info & Demographics Paso Robles Overview Major Highways and Transportation Amenities Major Area Attractions Area Retail and Amenities Area Schools Market Overview Market Trends: Paso Robles Recent Sales in Heritage Ranch

4 PROPERTY OVERVIEW 1 EXECUTIVE SUMMARY Heritage Ranch is an established, private, gated community on 9,150 acres located on the eastern shoreline of Lake Nacimiento in San Luis Obispo County. Gentle rolling hills, lake views and grand oak trees make this area one of the most beautiful and inviting communities one could hope to find. The subject property of 1,59 acres consists of the only lake front developable property left within Heritage Ranch. A total of approximately,100 homes currently exist within the community with a maximum allowable build-out of,900 dwelling units. The subject property contains the only undeveloped high-density residential zoning within Heritage Ranch and also the only remaining commercial site within the gated portion of Heritage Ranch. A conceptual lotting study has been completed for the residential portions featuring five planning areas with a potential of 357 single family units. Current amenities within the private gated community of Heritage Ranch include:»» Lake Resort area and Marina with Boat Launch»» Senior s Community Center»» Trail System»» 5,100 acres of Open Space»» Community Pools»» Tennis & Basketball Courts»» 37 Acre Equestrian Center»» Parks & Camping 4

5 PROPERTY OVERVIEW 1 SITE DETAIL Location The property is generally located off Nacimiento Lake Drive (Hwy. G-14), 14 miles from Paso Robles. Size ±1,59.58 Gross Acres APN s Acres Condition & Topography The property is undeveloped and in raw condition. The topography ranges from flat to gentle sloping terrain. Existing Infrastructure including Heritage Loop Road and Heritage Road. Municipality County of San Luis Obispo Zoning RS (Residential Suburban) RMF (Residential Multifamily) REC (Recreation) OS (Open Space) The property lies within the Lake Nacimiento Planning Area. Within this larger planning area is the Heritage Ranch Village Reserve of 8,6 acres and is designated by the Village Reserve Line (VRL). Heritage Village itself consists of,518 acres. All RMF and REC zoned portions of the subject site are located in Heritage Village. Schools San Miguel Joint Union School District Cappy Culver Elementary School (K-6) API Score = 819 Lillian Larsen Elementary/Middle School (K-8) API Score = 779 Paso Robles Joint Unified School District Paso Robles High School (9-1) API Score = 778 HOA & Planning The Heritage Ranch HROA was established in 197. Current HOA fees are $55 per month. On May, 006 a Development Plan Agreement was signed by Judge Picquet which limits the total number of dwelling units in Heritage Ranch to,900. Currently there are,100 developed units in Heritage Ranch. The website for the Heritage Ranch Home Owner Association is Utilities Water: Heritage Ranch Community Services District - (805) Sewer: Heritage Ranch Community Services District - (805) Electricity: Pacific Gas & Electric - (877) County Planning (805) Broker s Contact Information David McSwain Justin Esayain CA BRE # CA BRE # T T dmcswain@hoffmanland.com jesayian@hoffmanland.com THE HOFFMAN COMPANY Von Karman Avenue, Ste 150 Irvine, CA 961 T F CA Corp Lic # Seller s Website For more information on similar Bank Owned Properties, please visit: 5

6 PROPERTY OVERVIEW 1 OFFERING GUIDELINES Seller: California Two Bunch Return, LCC Price: $3,800,000 Deposit: Terms: Due Diligence Period: Close of Escrow: Purchase Agreement: 5% of purchase price. (Non-refundable after Due Diligence) Cash at close of Escrow 45 days from execution of Purchase & Sale Agreement 15 days from end of Due Diligence Seller prepares. 6

7 REGIONAL MAP SUBJECT SITE The 7

8 NACIMIENTO LAKE DR CLOSE UP AERIAL OF HERITAGE LAKE Heritage Ranch VRL Boundary Subject Property Boundary CAPPY CULVER SCHOOL Grades K API Fill & Save Gas Lake Nacimiento N The 8

9 CLOSE UP AERIAL OF CONCEPTUAL PLANNING AREAS Subject Property Boundary Conceptual Lots Conceptual plans were prepared only as potential lot yields for the site. No specific entitlements have been pursued, nor have the conceptual plans been approved by the county. HERITAGE LOOP RD NACIMIENTO LAKE DR N HERITAGE RD The 9

10 CONCEPTUAL LOTS: PA 1 Subject Property Boundary Conceptual Lots Conceptual plans were prepared only as potential lot yields for the site. No specific entitlements have been pursued, nor have the conceptual plans been approved by the county. PA 1-37 Lots 1,950 Sq Ft Avg. Lot Size HERITAGE LOOP RD N The 10

11 CONCEPTUAL LOTS: PA & PA 3 Subject Property Boundary Conceptual Lots Conceptual plans were prepared only as potential lot yields for the site. No specific entitlements have been pursued, nor have the conceptual plans been approved by the county. HERITAGE LOOP RD PA - 6 Lots 6,11 Sq Ft Avg. Lot Size HERITAGE RD PA Lots 6,850 Sq Ft Avg. Lot Size N The 11

12 CONCEPTUAL LOTS: PA 4 Subject Property Boundary Conceptual Lots Conceptual plans were prepared only as potential lot yields for the site. No specific entitlements have been pursued, nor have the conceptual plans been approved by the county. PA 4-77 Lots 6,750 Sq Ft Avg. Lot Size HERITAGE RD WATER VIEW DR N The 1

13 CONCEPTUAL LOTS:PA 5 Subject Property Boundary Conceptual Lots Conceptual plans were prepared only as potential lot yields for the site. No specific entitlements have been pursued, nor have the conceptual plans been approved by the county. STEELHEAD RD NACIMIENTO LAKE DR PA 5-43 Lots 15,300 Sq Ft Avg. Lot Size N The 13

14 TO WER RD HERITAGE RANCH VILLAGE LAND USE MAP RIVER RD DRAGONS BREATH UNNAMED RD PL RIVER RD PERIMETER RD RESO R T DR Adelaida Sub Area LAKESIDE VILLAGE DR BLUEGILL D R Miles Lake Nacimiento FLYROD DR HERITAGE RANCH VILLAGE RESERVE LINE LAND USE CATEGORIES HERIT AGE FIRE ROAD HERITAGE LOOP RD CATALINA PL PERCH LN TIMBER LINE DR EDGEWOOD CT H OL LY D R STEELHEAD RD SUNF ISH CIR LEGEND Coastal Zone Boundary Planning Area Boundary North County Planning Area Planning Sub Area Boundary Heritage Ranch Village Reserve Line Nacimiento Sub Area PARK RD EAGLE POINT LN LON GVIEW LN HERITAGE RD Heritage Ranch VRL VALLEY LN BRI D LE TRAIL LN EQU E STRIAN RD BARN RD SWAN LN NACIMIENTO LAKE DR IR RD RES ERV O WINDMI L L RD Land Use Category Agriculture Commercial Retail Commercial Service Industrial Multi-Land Use Category Office Professional Open Space WATE R VIE W DR PIN TO LN LN MEAD OWLA RK MALLARD CT IBIS LN WOOD DUCK LN PINTAIL AVE C O MMANCH E WAY TUMBLEWEED WAY NORTHFORK PL SOUTHFO RK P L Public Facility Recreation Rural Lands Residential Multi Family Residential Rural Residential Suburban Residential Single Family Monterey County Kings County Tulare County 41 GATEWAY DR Kern County Adelaida Sub Area Revised March 6, 014 Santa Barbara County 33 Ventura County Sources: County of San Luis Obispo, Department of Planning and Building, ParcelQuest, USGS National Hydrography Dataset, California Department of Finance 14

15 ASSESSOR S PARCEL MAP : WEST SIDE OF NACIMIENTO LAKE DR 15

16 ASSESSOR S PARCEL MAP: EAST SIDE OF NACIMIENTO LAKE DR 16

17 ZONING MAPS 17

18 HERITAGE RANCH COMMUNITY PHOTOS Entrance Community Pool, Tennis and Basketball Courts Marina Existing Neighborhood Multifamily Near PA4 18

19 NEW CONSTRUCTION PHOTOS New home construction in Heritage Ranch (Tract 1990) New home construction in Heritage Ranch (Tract 1990) New home construction in Heritage Ranch (Tract 1990) Newly completed home in Heritage Ranch (Tract 1990) 19

20 SURROUNDING AREA PHOTOS View Oak Hill Market Oak Hill Shopping Center 0

21 PLANNING AREA PHOTOS PA PA 3 PA 4 PA 3 1

22 PLANNING AREA PHOTOS PA 4 PA 4 PA 5 - Edge of property looking east PA 5 - Neighboring property (looking due north at top of property) PA 5 - Property Corner

23 AREA OVERVIEW 3 PASO ROBLES INFO & DEMOGRAPHICS City Info State: California Income (010) Median Household Income $39,17 Population (010) Total: 9,79 County: San Luis Obsipo Paso Robles Mayor: Duane Picanco Founded: 1869 Website: Climate Average Temperature January high 61.º, low 33.4º July high 91.º, low 5.6º MedianAge: 35.3 Average Household Size:.73 Average Family Size: 3.19 Average Rainfall 15. inches Paso Robles Wine Country The Paso Robles Wine Country has a number of wineries and vineyards in the area. It is the location of the Paso Robles American Viticultural Area. More than 5 different varieties of grapes are grown in the Paso Robles Wine Country and there are over 50 bonded wineries. A vineyard in Paso Robles Paso Robles Clock Tower In 1993, Paso Robles grape growers, wineries and wine tasting rooms united to form the Paso Robles Wine Country Alliance. This non-profit trade organization is dedicated to the promotion and education of the Paso Robles premium wine country. The Paso Robles Wine Country Alliance is a cooperative marketing alliance made up of Paso Robles Wine Country wineries, vineyards and related businesses. They host many of the festivals in the Paso Robles Area, and strengthn brand awarenes locally, regionally and nationally. The wine alliance focuses on trade and consumer outreach, media relations, buyer tours, educational and research programs and giving back to education and health organizations in the Paso Robles community. Overlooking Southern Paso Robles Source: wikipedia.org 3

24 AREA OVERVIEW 3 PASO ROBLES OVERVIEW El Paso de Robles, or Pass of the Oaks, a community of 30,000 nestled in the coastal mountain range of central California, where the values and riches of the past are interwoven with the future. Located close to mountains, beaches, and deserts, it is home to one of the United States greatest wine growing areas and a growing number of hot springs resorts. The City of Paso Robles has a long history with both wine and healing waters. Situated midway between Los Angeles and San Francisco, it is also a gateway to thriving metropolitan areas north, south and east. Paso Robles offers all the amenities of family life including attractive and available housing, ample City services, state-of-the-art recreation facilities, easy access retail shopping, excellent public schools, and safe neighborhoods. Paso Robles holds the charm of a rural community, but is developing into a center of industry, viticulture, recreation, commerce, and housing. It is truly a place with something for everyone. Source: Historic Carnegie Library City Park, part of the original townsite of Paso Robles and donated to the city by two of its founders, J. and D. Blackburn, provides the setting for the Paso Robles Carnegie building. The Classical Revival library, of rosy brick with gray stone trim, surrounded by large old valley oaks and magnolias, exemplifies the Carnegie temple in a park. The building was added to the National Register of Historic Places in Pioneer Museum The Paso Robles Pioneer Museum is a wonderful collection of visual and written history. It is our mission to preserve the cultural heritage of California s Paso Robles area through well-organized and detailed displays, historical literature and education. In documenting and explaining the past, we are helping to retain the values that are foundational to our future. Paso Robles Wine Festival Sample wines from among the more than 180 Paso Robles American Viticultural area wineries, indulge in epicurean delights and experience Paso Robles wine country in this annual signature event. This sellout marquee wine event showcases Paso Robles wines and highlights just why Paso Robles is being recognized as Wine Spectator s Wine Region of the Year. Downtown City Park A variety of dining, shopping and hotels can be found in the downtown area of Paso Robles. A weekly farmers market is held on Tuesdays from 3-6pm in the city park. Easy walking distance between antique stores and gourmet shops makes a convenient shopping experience. Public transportation options, pedestrian-friendly trails and bike-friendly paths are all around for visitors to enjoy in Downtown City Park. 4

25 AREA OVERVIEW 3 MAJOR HIGHWAYS AND TRANSPORTATION AMENITIES NORTHWEST TO SAN JOSE & SAN FRANCISCO LAKE NACIMIENTO SITE NORTHEAST TO FRESNO SAN MIGUEL LAKE NACIMIENTO DR 101 Paso Robles Municipal Airport SAN SIMEON 10 Miles PASO ROBLES INTERMODAL AMTRAK STATION A PASO ROBLES 46 1 CAMBRIA 0 Miles 15 Miles HARMONY 46 GREEN VALLEY RD TEMPLETON ATASCADERO 41 N CAYUCOS SOUTH TO SAN LUIS OBISPO The 5

26 AREA OVERVIEW 3 MAJOR AREA ATTRACTIONS LAKE NACIMIENTO SITE SAN MIGUEL Hearst Castle 101 Mission San Miguel SAN SIMEON Lake Nacimiento Recreation Area 46 PASO ROBLES 1 WINE COUNTRY CAMBRIA HARMONY 46 Central California Wine Country GREEN VALLEY RD TEMPLETON Historic Downtown Paso Robles California s Rugged Coastline ATASCADERO N Cayucos Pier CAYUCOS 41 The 6

27 AREA OVERVIEW 3 AREA RETAIL AND AMENITIES Fill & Save Gas LAKE NACIMIENTO SITE SITE SAN MIGUEL LAKE NACIMIENTO DR SAN MARCOS RD 16.7 MILES (7 MINUTES) TO SAN MIGUEL Links Golf Course Paso Robles Municipal Airport CHIMNEY ROCK RD ADELAIDA RD 15.5 MILES (3 MINUTES) TO PASO ROBLES ADELAIDE 101 PASO ROBLES RD 46 + Urgent Care + PASO ROBLES Paso Robles Golf Course 7

28 AREA OVERVIEW 3 AREA SCHOOLS CAPPY CULVER E.S./M.S. LILLIAN LARSEN E.S./M.S. LAKE NACIMIENTO 1 SAN MIGUEL SITE SITE 1 SAN MIGUEL JOINT UNION SCHOOL DISTRICT Cappy Culver Elementary School (K-6) API Score: Heritage Loop Rd, Paso Robles, CA Phone: (805) LAKE NACIMIENTO DR CHIMNEY ROCK RD SAN MARCOS RD 16.7 MILES (7 MINUTES) TO SAN MIGUEL 15.5 MILES (3 MINUTES) TO PASO ROBLES ADELAIDE 101 Lillian Larsen Elementary/Middle School (K-8) API Score : 779 ADELAIDA RD PASO ROBLES RD L Street, San Miguel, CA Phone: (805) PASO ROBLES H.S. PASO ROBLES JOINT UNIFIED SCHOOL DISTRICT 3 Paso Robles High School (9-1) API Score: Niblick Road, Paso Robles, CA Phone: (805) PASO ROBLES 8

29 MARKET OVERVIEW 4 MARKET TRENDS: PASO ROBLES AVERAGE LISTING PRICE MEDIAN SALES PRICE $610,673 +$0,61 $385,000 for week ending +3.5% August 1, 015 w-o-w May August 015 +$1,500 $3.4% y-o-y HOME STANDINGS 69 Homes for Sale 0 Open Homes 544 Recently Sold 157 Foreclosures 16 Number of Sales MARKET SUMMARY The median sales price for homes in Paso Robles CA for May 15 to Aug 15 was $385,000. This represents a decline of 0.8%, or $3,000, compared to the prior quarter and an increase of 3.4% compared to the prior year. Sales prices have appreciated.% over the last 5 years in Paso Robles. The average listing price for Paso Robles homes for sale on Trulia was $610,673 for the week ending Aug 1, which represents an increase of 3.5%, or $0,61, compared to the prior week and an increase of 4.4%, or $5,975, compared to the week ending Jul. Average price per square foot for Paso Robles CA was $36, an increase of 7.8% compared to the same period last year. AVERAGE PRICE PER SQ FT FOR HOMES (Y-O-Y) NUMBER OF LISTINGS Data as of 08/18/15 Source: 9

30 MARKET OVERVIEW 4 New Home Sales - Heritage Ranch (Tract past 1 months) SITE_ADDR DATE_TRANSFER VAL_TRANSFER 735 EDGEWOOD CT 8//014 $55, EDGEWOOD CT 9/4/014 $417, CATALINA PL 1/9/015 $487, HOLLY DR 1/14/015 $370, TIMBERLINE DR 1/16/015 $55, CATALINA PL /0/015 $445, TIMBERLINE DR /7/015 $435, CATALINA PL 3/18/015 $479, EDGEWOOD CT 4/16/015 $385, LAKESIDE VILLAGE DR 4/17/015 $375, LAKESIDE VILLAGE DR 5//015 $413, LAKESIDE VILLAGE DR 5/9/015 $390, HOLLY DR 6/1/015 $384, DOUBLE POINT WAY 7/9/015 $510,000 Lake Nacimiento RECENT SALES IN HERITAGE RANCH Tract No Average $438,643 Past 1 month Average $410,150 % Increase 6.95% Lot Sales in Heritage Ranch (Tract 1990) APN DATE_TRANSFER VAL_TRANSFER /15/015 $73, //015 $75, /17/015 $76, /16/015 $80, /4/015 $80, /4/015 $85, /10/015 $90, /5/015 $107, /30/015 $135, //015 $140,000 NACIMIENTO LAKE DR Average $94, Average $53,650 % Increase 75.58% 30

31 leading the land 35years brokerage industry CALIFORNIA + NEVADA THE HOFFMAN COMPANY Southern California Office Von Karman Avenue Suite 150 Irvine, CA 961 T F CA BRE #