fully entitled proposed development

21 E. Carrillo Street, Suite 270, Santa Barbara, CA 93101 | Office: 805.845.9300 | Fax: 805.979.4344 | www.jaegerpartners.net

FOR SALE OFFERING

MEMORANDUM414 & 420 E. CARRILLO ST

SANTA BARBARA, CA

FULLY ENTITLED PROPOSED DEVELOPMENT

21 Apartment Units on 414 E. Carrillo with 850 SF of Commercial

FULLY LEASED INVESTMENTWITH UPSIDE POTENTIAL420 E. CARRILLO ST

+/- 11,868 SF

414 E. CARRILLO ST+/- 5,127 SF

Jason Jaeger, [email protected] | BRE# 01514807

Listing Price: $10,100,000

Cap Rate: 4.77%* Cap Rate with seller lease back

Total Land Size: +/- 35,284 SF ($286 PSF)

Total Building Sizes: +/- 16,995 SF ($594 PSF)414 E. Carrillo: +/- 5,127 Building SF420 E. Carrillo: +/- 11,868 Building SF

Total Parking: 57 Stalls

Total proposed NOI with lease back: Please sign attached NDA for full offering

memorandum.

Bathrooms: 420 E. Carrillo has 6 restrooms

Upside: Fully entitled proposed 21 unit apartment redevelopment on 414 E. Carrillo Street.

CSO: 2.5%

To Show: Call broker (805) 845-9300

*Lease back from seller at 420 E. Carrillo St is based on a full price offer.

The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

This information and proposed draft development proforma was created by Jaeger Commercial Real Estate, Inc. DBA Jaeger Partners for discussion purposes only. Any prospective buyer or related broker shall perform their own independent proforma to see if these properties meet their own underwriting criteria. Seller does not warrant or represent the accuracy of the same.


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Jason Jaeger, [email protected] | BRE# 01514807

Listing Price: $10,100,000

Cap Rate: 4.77%* Cap Rate with seller lease back

Total Land Size: +/- 35,284 SF ($286 PSF)

Total Building Sizes: +/- 16,995 SF ($594 PSF)414 E. Carrillo: +/- 5,127 Building SF420 E. Carrillo: +/- 11,868 Building SF

Total Parking: 57 Stalls

Total proposed NOI with lease back: Please sign attached NDA for full offering

memorandum.

Bathrooms: 420 E. Carrillo has 6 restrooms

Upside: Fully entitled proposed 21 unit apartment redevelopment on 414 E. Carrillo Street.

CSO: 2.5%

To Show: Call broker (805) 845-9300

*Lease back from seller at 420 E. Carrillo St is based on a full price offer.

The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

This information and proposed draft development proforma was created by Jaeger Commercial Real Estate, Inc. DBA Jaeger Partners for discussion purposes only. Any prospective buyer or related broker shall perform their own independent proforma to see if these properties meet their own underwriting criteria. Seller does not warrant or represent the accuracy of the same.


414 E. Carrillo St

420 E. Carrillo St 420 E. Carrillo St

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NEWAPARTMENTS

EXISTING OFFICE

414 E. Carrillo St.

Carrillo Street

414 E. Carrillo St

420 E. Carrillo St

PROPOSED DEVELOPMENT 21 Apartment Units 850 SF of Commercial

NEWAPARTMENTS

NEWAPARTMENTS

NEWAPARTMENTS

NEWAPARTMENTS

420 E. Carrillo St.

4This information and proposed draft development proforma was created by Jaeger Commercial Real Estate, Inc. DBA Jaeger Partners for discussion purposes only. Any prospective buyer or related broker shall perform their own independent proforma to see if these properties meet their own underwriting criteria. Seller does not warrant or represent the accuracy of the same.

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CONFIDENTIALITY AND NON-DISCLOSURE AGREEMENT

This Confidentiali ty and Non-Disclosure Agreement (this “Agreement”) is made and entered into the ____ day of ______________________, 2017, by and between 420 East Carrillo Properties, LLC, a Nevada limited liability company (“420”) and 414 East Carrillo, LLC, a Nevada limited liability company (“414”) (individually and collectively, the “Property Owners”) and __________________________________________________________ ( “Prospective Buyer”).

RECITALS A. 420 is the owner of certain real property and improvements located in the City of Santa Barbara, County of Santa Barbara, State of California, and more commonly known as 420 East Carrillo Street, Santa Barbara, CA 93101 (the “420 Property”). 414 is the owner of certain real property and improvements located in the City of Santa Barbara, County of Santa Barbara, State of California, and more commonly known 414 East Carrillo Street, Santa Barbara, CA 93101 (the “414 Property”). The 420 Property and 414 Property are individually and collectively referred to herein as the “Property.” B. Prospective Buyer wishes to engage in discussions with the Property Owners regarding a possible purchase of all or some of the Property. C. In connection with these discussions (including with respect to the nature of the discussions themselves), the Property Owners may need to disclose to Prospective Buyer, and Prospective Buyer may have access to, certain “Confidential Information” regarding the Property, the principals, employees, and/or agents of the Property Owners, the rental business operated on the Property, including, but not limited to, tenant information and/or rental income, and about other confidential and/or financial matters related to the Property, including but not limited to, all non-public, confidential or proprietary information concerning the Property, the Property Owners, its affiliates, or its or their business (whether written of oral and whether or not reduced to written, electronic, magnetic or other tangible form), as well as the nature of any discussions themselves between the parties (collectively, “Confidential Information”). D. As a condition to receiving the Confidential Information, Prospective Buyer agrees to treat the Confidential Information in accordance with the provisions of this Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

1. Prospective Buyer hereby agrees to maintain all such Confidential Information in a confidential manner. Prospective Buyer recognizes that all such Confidential Information is the property of the Property Owners, including, without limitation, all information in any way concerning the business or personal affairs of the Property Owners which is furnished, or has already been furnished, to Prospective Buyer by or through the Property Owners or their principals, affiliates, employees, and/or agents. Prospective Buyer recognizes and acknowledges that the Property Owners have a vested interest in assuring that all such Confidential Information remains confidential

2. Prospective Buyer agrees to exercise all reasonable precautions to protect the integrity

and confidentiality of all Confidential Information in their possession and Prospective Buyer agrees that at all times from and after the date hereof, Prospective Buyer will not, directly or indirectly, without the prior written consent of the Property Owners, disclose, divulge, publish, broadcast or otherwise

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disseminate or communicate to any person, firm, corporation, association, partnership, reporter, photographer, or any other media or other entity any of the Confidential Information, except to the extent that (i) any such Confidential Information becomes generally available to the public, other than as a result of a breach by Prospective Buyer of this Agreement, or (ii) any such Confidential Information becomes available to Prospective Buyer on a non-confidential basis from a source other than the Property Owners or any of its affiliates, principals, employees or advisors; provided, that such source is not known by Prospective Buyer to be bound by a confidentiality agreement with, or other obligation of secrecy to, the Property Owners or another party. In addition, it shall not be a breach of the confidentiality obligations hereof if Prospective Buyer is required by law or legal process to disclose any Confidential Information; provided that in such case Prospective Buyer shall (i) give the Property Owners the earliest notice possible that such disclosure is or may be required, and (ii) cooperate with the Property Owners in protecting to the maximum extent legally permitted, the confidential or proprietary nature of the Confidential Information which must be so disclosed. Upon request by the Property Owners, Prospective Buyer will return to the Property Owners all documents containing Confidential Information, in whatever form, including electronic forms, and any other tangible embodiment of any such Confidential Information.

3. Prospective Buyer acknowledges and agrees that the Property Owners would be irreparably harmed if Prospective Buyer violated any of the covenants and agreements set forth in this Agreement or if any of such covenants and agreements were not specifically enforced. Prospective Buyer further agrees that the breach or threatened breach of any of the covenants or agreements set forth in this Agreement will result in continuing harm to the Property Owners for which the Property Owners would not have an adequate remedy at law. Therefore, Prospective Buyer acknowledges and agrees that, in addition to any other remedy which the Property Owners may have at law or in equity, the Property Owners shall be entitled to injunctive relief or other equitable remedies in the event of any such breach or threatened breach. Prospective Buyer further acknowledges and agrees that monetary damages would be insufficient to compensate the Property Owners in the event of a breach by Prospective Buyer or any of such covenants and agreement, and that the Property Owners shall be entitled to specific performance of Prospective Buyer’s obligations pursuant to such covenants or agreements.

4. Prospective Buyer acknowledges that the nondisclosure restrictions provided for herein

are reasonable, that the Property Owners have relied upon them and that the disclosure of the Confidential Information to assist Prospective Buyer in evaluating a possible purchase of the Property is adequate consideration to fully and adequately compensate Prospective Buyer for agreeing to the nondisclosure restrictions.

5. Nothing in this Agreement shall be construed to grant Prospective Buyer any right or

license with respect to the Property Owners’ Confidential Information.

6. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

7. This Agreement is binding upon and shall inure to the benefit of the parties hereto, their respective heirs, executors, assigns, administrators and successors.

8. This Agreement shall be governed by, and construed in accordance with the laws of the State of California, without regard to the conflicts of laws provisions thereof.

9. This Agreement sets forth the entire agreement between the parties as of the date hereof

with respect to the Confidential Information. This Agreement shall not be amended or terminated, and no obligation of any party shall be waived, except by written instrument signed by the parties. The

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provisions of this Agreement shall be enforceable notwithstanding the existence of any claim or cause of action of Prospective Buyer against the Property Owners whether predicated on this Agreement or otherwise.

10. In the event any suit or other action is commenced to construe or enforce any provision of

this Agreement, the prevailing party shall be awarded reasonable attorneys’ fees and costs, in addition to all other relief to which such party shall be entitled.

11. The Recitals to this Agreement are incorporated into and shall constitute a part of this

Agreement. 12. This Agreement may be executed in one or more counterparts, all of which taken together

shall constitute one instrument. A facsimile or other electronic copy of a signature on this Agreement shall be acceptable as and deemed to be an original signature.

13. The parties acknowledge that this Agreement was prepared by the Property Owners for

Prospective Buyer. The parties have had the opportunity to retain their own independent legal and financial counsel with respect to the negotiation of this Agreement. They have independently, separately, and freely negotiated each and every provision of this Agreement as if all parties drafted it, and therefore, waive any statutory or common-law presumption that would serve to have this document construed in favor of, or against, any party.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above

written. “Prospective Buyer” “420” 420 East Carrillo Properties, LLC, a Nevada limited liability company By: _______________________ By: “414” 414 East Carrillo, LLC, a Nevada limited liability company By: _______________________ By: _______________________

fully entitled proposed development

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