WILLOW VIEW BUSINESS CENTRE PALM DESERT, CA J. MARK LARSON Vice Chairman 213.623.2022 mark.larson@lee-associates.com License #00546735 MAGGIE MONTEZ Principal 760.346.2520 mmontez@leedesert.com License #01070683 BRIAN WARD Principal 760.346.2521 bward@leedesert.com License #01212003
TABLE OF CONTENTS SECTION I - EXECUTIVE OVERVIEW Executive Summary... 4 Property Overview... 5 SECTION III - VALUATION Income & Expenses... 12 Rent Roll... 13 SECTION II - PROPERTY DESCRIPTION Property Description... 7 Property Photos... 8 Plat Map... 9 Aerial... 10 Page 2
SECTION I EXECUTIVE OVERVIEW
EXECUTIVE SUMMARY PRICE: $3,690,000.00 SQUARE FEET: 21,095 SF NET OPERATING INCOME: $192,857.00 Estimated for 2016 TENANTS: Reliance Hospice Care, Care Dimensions, Law Firm of Fiore Racobs Powers OCCUPANCY: Currently 81.4% Page 4
PROPERTY OVERVIEW Introduction Willow View Business Centre, located at 74130 Country Club Drive in Palm Desert, California consists of approximately 21,095 SF in a two-story building. The offi ce building has ample parking and signage is available. This offi ce building was built in 2005. The property sits on a 1.34 acre parcel. In 2016, a second-fl oor prominent offi ce suite of 7,005 to 9,061 SF will be available for an owner-user looking to own their building with tenants occupying the majority of the fi rst fl oor. Property Highlights Strong medical/professional tenant mix Below replacement cost Attractive common areas Great Palm Desert location 2005 Construction Ample Parking Page 5
SECTION II PROPERTY DESCRIPTION
PROPERTY DESCRIPTION Property Description Address: Building Square Footage: Land Area: Parking: Construction Type: Stories: Number Of Buildings: 74130 Country Club Drive Palm Desert, CA 21,095 SF 58,370 Square Feet (1.34 acres) 71 Spaces Wood Frame Two Stories One Building Assessor s Parcel Number: 620-430-029 Zoning: Offi ce Professional Year Built: 2005 Restrooms: HVAC: Ingress/Egress: Common area restrooms on both fl oors. Two of the ground fl oor suites each have private restrooms Package Units Country Club Drive Page 7
PROPERTY PHOTOS FIRST FLOOR PLAN SECOND FLOOR PLAN Reliance AVAILABLE April 2016 Care Dimensions Fiore, Racobs Powers Lobby AVAILABLE AVAILABLE Now Lobby Page 8
PLAT MAP Page 9
AERIAL Subject Site WILLOW VISTA OFFICE PARK CORNERSTONE OFFICE PARK Palm Desert Oasis Manor Care Health Page 10
SECTION III VALUATION
INCOME & EXPENSES INCOME Base Rent Income 5% Vacancy Factor Monthly Pro Forma Annually $26,997.00 $323,964.00 $(16,198.00) CAM Income $706.00 $8,472.00 GROSS INCOME $27,703.00 $316,238.00 OPERATING EXPENSES Pro Forma Monthly Annually Utilities $1,070.00 $12,837.00 Repairs & Maintenance $1,733.00 $20,792.00 Management 3% $791.00 $9,492.00 Janitorial $1,272.00 $15,267.00 Gardening/Pest Control $705.00 $8,460.00 Taxes (1.23%) $4,271.00 $51,250.00 Telephone $189.00 $2,263.00 Insurance $252.00 $3,020.00 TOTAL EXPENSES $10,283.00 $123,381.00 NET INCOME $192,857.00 Page 12
RENT ROLL Tenant Name Suite # Lease Start Vacant 101 1,820 Reliance 103 (/104) Care Dimensions 104 (105) Lease End SF Date SF 5/1/15 4/30/18 6,818 5/1/16 5/1/17 5/1/15 4/30/18 1,530 5/1/16 5/1/17 $ per SF 6,818 1.10 1.15 1,530 1.40 1.45 Manor Care PKG 4/1/15 3/30/16 PKG 4/1/15 PKG 50.00 per stall Fiore Racobs Powers RBF Consulting Vacant 4-1-2016 Monthly Rent BASE RENT FUTURE RENTS CAM FUTURE CAM Base Year Pro- Rata Late Fees $7,470.75 5 days - 10% or $100 $7,811.65 whichever is greater $2,142.00 5 days - 10% or $100 $2,218.50 whichever is greater $900.00 5 days - $150 10 days - 18% annual interest 102 2009 8/31/17 1,766 9/1/16 1,766 1.45 $2,560.70 $706.00 $706.00 9.0% tenant does not have a base year 201 2005 6/30/15 7,055 4/1/15 7,055 1.74 $12,251.00 $4,145.00 43.7% 5 days - 7.5% or $100 whichever is greater. Tenant does not have a base year. Storage Space 6/1/16 100 Vacant 202 2,006 TOTALS $25,324.45 $4,851.00 $30,175.45 TOTAL MONTHLY RENT Storage used by RBF deducted from 103 total and not included in RBF's total SF Occupied SF: 17,269 (81%) Vacant SF: 3,826 (18%) Total SF: 21,095 Page 13
PROFORMA RENT ROLL Tenant Name Suite # Lease Start Lease End SF Date SF Vacant 101 6/1/16 12/31/19 1,820 1/1/16 1/1/17 1/1/18 Reliance 103 5/1/15 4/30/18 6,818 5/1/16 5/1/17 Storage Space (private offi ce) Care Dimensions Fiore Racobs Powers Vacant April 2016 103 6/1/16 4/30/18 100 6/1/16 6/1/17 104 5/1/15 4/30/18 1,530 5/1/16 5/1/17 $ per SF 1,820 1.35 1.39 1.43 6,818 1.10 1.15 100 1.35 1.40 1,530 1.40 1.45 Monthly Rent $2,457.00 $7,470.75 $135.00 $2,142.00 BASE RENT FUTURE RENTS CAM $2,530.00 $2,603.00 $7,811.65 $140.00 $2,218.50 FUTURE CAM Base Year Pro- Rata Late Fees 5 days - 10% or $100 whichever is greater 5 days - 10% or $100 whichever is greater 102 9/1/14 8/31/17 1,766 9/1/16 1,766 1.40 $2,560.70 $706.00 9.0% tenant does not have a base year 201 7/1/16 12/31/20 7,055 7/1/16 7/1/17 7/1/18 7/1/19 7/1/20 Vacant 202 6/1/16 12/31/20 2,006 1/1/16 1/1/17 1/1/18 1/1/19 1/1/20 7,055 1.35 1.39 1.43 1.47 1.52 2,006 1.35 1.39 1.43 1.47 1.52 $9,524.00 $2,708.00 $9,806.00 $10,089.00 $10,371.00 $10,724.00 $2.788.00 $2,869.00 $2,949.00 $3,049.00 TOTALS $26,997.45 $706.00 $27,703.45 TOTAL MONTHLY RENT RBF Storage Space of 100 SF assumed to be leased by Suite 103 Occupied SF: 21,095 Vacant SF: 0 Total SF: 21,095 Page 14