1265 Montecito Avenue Mountain View, California

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1 OFFERING MEMORANDUM Mountain View Redevelopment Site 1265 Montecito Avenue Mountain View, California

2 NON-ENDORSEMENT & DISCLAIMER NOTICE NON-ENDORSEMENTS Marcus & 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. DISCLAIMER THIS 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 Marcus & Millichap. All rights reserved. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Activity ID: Z EXCLUSIVELY LISTED BY KIRK TRAMMELL Senior Managing Director Investments Palo Alto Office Cell: // Office: kirk.trammell@marcusmillichap.com License: CA DAVID CUTLER Senior Associate Palo Alto Office Cell: // Office: david.cutler@marcusmillichap.com License: CA JOSHUA JOHNSON Senior Associate Palo Alto Office Cell: // Office: joshua.johnson@marcusmillichap.com License: CA

3 OFFERING SUMMARY REDEVELOPMENT SITE SUBJECT PROPERTY 1265 Montecit0 Avenue Mountain View, CA ASKING PRICE OPEN BID ZONING CN Zoning Approved for Medical Uses GENERAL PLAN Neighborhood Commercial LAND AREA 46,101 SF 1265 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 3

4 Moffett Field SUBJECT PROPERTY 1265 MONTECITO AVENUE

5 INVESTMENT OVERVIEW 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 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 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. POPULATION OF 151,190 WITHIN 3-MILES 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 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 5

6 INVESTMENT HIGHLIGHTS 1265 MONTECITO AVENUE REDEVELOPMENT SITE GENERAL PLAN DESIGNATION NEIGHBORHOOD COMMERICIAL General plan land use designation of Neighborhood Commercial allows for retail, restaurants, personal services, financial services, and medical office uses DYNAMIC NEIGHBORHOOD Mountain View has thousands of residential units and millions of square feet of office space either currently proposed or under construction TRANSIT-FRIENDLY PROPERTY Located near a VTA bus stop and less than one mile from Caltrain and VTA Light Rail STRONG HOUSEHOLD INCOMES The median household income within three miles of the property is more than $172,000 MAJOR COMMERCIAL THOROUGHFARE 1265 Montecito Avenue is located less than one mile from the interchange of US Highway 101 and State Highway 85 CLOSE PROXIMITY TO MAJOR EMPLOYERS Silicon Valley s top employers are located in Mountain View: Google, Microsoft, LinkedIn, Facebook, Amazon, Samsung, and 23andMe

7 1265 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 7

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9 SITE MAP El Camino Real 4880 El Camino Real 1265 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 9

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11 Summary of Terms Interest Offered Fee simple interest in 1265 Montecito Avenue, a 13,200-square-foot (per county record) office builidng located in Mountain View, California. Terms of the Sale 1265 Montecito Avenue is being offered on an open bid basis, all cash to seller, free and clear of existing debt. Property Tours Prospective 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 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 11

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13 Montectio Ave North Shoreline Blvd 1265 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 13

14 SUBJECT PROPERTY MOUNTAIN VIEW

15 MOUNTAIN VIEW CALIFORNIA SAN JOSE METRO POPULATION 2+ MILLION THE WORLD S MOST PROMINENT TECHNOLOGY HUB APPROXIMATELY 37 MILES SOUTH OF SAN FRANCISCO 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 highpaying 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 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 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 15

16 LOCATION HIGHLIGHTS 1265 MONTECITO AVENUE M O U N T A I N V I E W, C A L I F O R N I A HIGHLY AFFLUENT AREA Average household income within 3-mile radius of site exceeds $172,580 POSITIONED IN THE HEART OF SILICON VALLEY Home to numerous world class businesses STRATEGICALLY LOCATED Near several highly regarded public schools Mountain View Whisman District STRONG DEMOGRAPHIC AREA Surrounded by dense residential populations of Los Altos, Mountain View and Palo Alto

17 DEMOGRAPHICS // 1265 MONTECITO AVENUE 1265 MONTECITO AVENUE 335,804 Total Daytime Population Within 5-Mile $175,985 Average Household Income within 5-Mile Radius $120,800 Median Household Income within 5-Mile Radius 132,416 Total Households within 5-Mile Radius 10% From MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 17

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19 POPULATION 1 Mile 3 Miles 5 Miles 2022 Projection Total Population 30, , , Estimate Total Population 30, , , Census Total Population 28, , , Census Total Population 26, , ,862 Daytime Population 2017 Estimate 33, , ,014 HOUSEHOLDS 1 Mile 3 Miles 5 Miles 2022 Projection Total Households 13,961 64, , Estimate Total Households 13,830 62, ,416 Average (Mean) Household Size Census Total Households 12,457 57, , Census Total Households 12,165 55, ,688 HOUSING UNITS 1 Mile 3 Miles 5 Miles Housing Units Occupied Units 2022 Projection 13,961 64, , Estimate 13,830 62, ,416 Owner-Occupied 4,522 30,221 66,965 Renter-Occupied 9,276 32,768 65,570 Vacant ,397 Persons in Units 2017 Estimate Total Occupied Units 13,799 62, ,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 Miles 5 Miles $200,000 or More 16.03% 25.36% 26.57% $150,000 - $199, % 13.71% 13.29% $100,000 - $149, % 20.35% 19.35% $75,000 - $99, % 9.60% 9.54% $50,000 - $74, % 10.36% 10.02% $35,000 - $49, % 6.19% 6.41% $25,000 - $34, % 4.52% 4.77% $15,000 - $24, % 4.57% 4.48% Under $15, % 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 Miles 5 Miles Population By Age 2017 Estimate Total Population 30, , ,804 Under % 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 % 13.84% 14.10% Median Age Population 25+ by Education Level 2017 Estimate Population Age , , ,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, , ,804 Male Population 52.3% 50.3% 50.2% Female Population 47.7% 49.7% 49.8% 1265 MONTECITO AVENUE // MARKET & PROPERTY ANALYSIS 19

20 KIRK TRAMMELL Senior Managing Director Investments Palo Alto Office Cell: // Office: License: CA EXCLUSIVELY LISTED BY DAVID CUTLER Senior Associate Palo Alto Office Cell: // Office: License: CA JOSHUA JOHNSON Senior Associate Palo Alto Office Cell: // Office: License: CA