MAMMOTH MALL - LoopNet...Mammoth Mall at 126 Old Mammoth Road, Mammoth Lakes, CA 93546. Prospective purchasers are advised that as part of the solicitation process, Seller will be

MAMMOTH MALL126 Old Mammoth Rd, Mammoth Lakes, CA

Value-Add Mountain Town Investment Offering

MAMMOTH MALL126 OLD MAMMOTH ROAD, MAMMOTH LAKES, CA 93546

The information contained herein has been carefully compiled from sources we consider reliable, and while not guaranteed as to completeness or accuracy, we believe it to be correct as of this date. The proforma revenues and expenses set forth in this brochure do not constitute a representation, warranty, or guaranty of any of the numbers set forth herein or of any economic value attributable to the property or income that may be derived therefrom. Independent estimates of proforma revenues and expenses should be developed before any decision is made on whether to invest in the property.

18301 Von Karman Avenue Suite 800

Irvine, CA 92612

Phone: (949) 221–1800

Fax: (949) 221–1830

www.farislee.com

INVESTMENT ADVISORS:

Thomas ChichesterManaging [email protected](949) 221-1820R.E. License No 01915137

Joseph [email protected](949) 221-1813R.E. License No. 01915138

Matt Brooks [email protected](949) 221-1832R.E. License No. 01976931

Richard ChichesterPresident & [email protected](949) 221-1818R.E. License No 00777637

PRICING ANALYSIS 13 APARTMENT CONVERSION 19 AREA OVERVIEW 27PROPERTY OVERVIEW 5

STATEMENT OF CONFIDENTIALITY & DISCLAIMERFaris Lee Investments (“FLI”) has been engaged as the exclusive financial advisor to the Seller in connection with Seller’s solicitation of offers for the purchase of the property known as The Mammoth Mall at 126 Old Mammoth Road, Mammoth Lakes, CA 93546. Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of the prospective purchaser. Seller expressly reserves the right in its sole and absolute discretion to evaluate the terms and conditions of any offer and to reject any offer without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement.

The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property, and it is not to be used for any other purpose or made available to any other person without the express written consent of Seller or FLI. The material is based in part upon information supplied by the Seller and in part

upon financial information obtained by FLI from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and qualified in their entirety by the actual document to which they relate.

No representation or warranty, expressed or implied, is made by the Seller, FLI, or any of their respective affiliates as to the accuracy or completeness of the information contained herein. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Property site or used in the construction or maintenance of the building at the Property site.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall

be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or FLI or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

Prospective purchasers are not to construe the contents of this Offering Memorandum or any prior or subsequent communication from FLI or Seller or their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents as legal, tax, or other advice. Prior to submitting an offer, prospective purchasers should consult with their own legal counsel and personal and tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment.

TABLE OF CONTENTS

PROPERTY OVERVIEW

PRICING

Pricing: $6,000,000

NOI: $280,028

Cap Rate: 4.67%

INVESTMENT SUMMARY

Faris Lee Investments is pleased to offer for sale the fee simple interest (land & building), in The Mammoth Mall located in the popular resort town of Mammoth Lakes, CA. This property presents a unique opportunity for an investor to own a piece of property in the heart of one of the fastest growing mountain communities in California. The beautiful scenery and endless activities draw over 5 million people to the area per year. The Mammoth Mall is ideally located to take advantage of this booming tourism, with excellent street frontage along Old Mammoth Road and just steps from Main Street; the main thoroughfare road and the only road with access to the world famous Mammoth Mountain Ski Area.

This property features a strong value add component through multiple avenues including, leasing, bringing rents to market rates, or redevelopment. An active leasing campaign will provide investors immediate upside in the lease up of vacant units (current occupancy is 75%). The property has flexible zoning that would accommodate a conversion from the office units to residential units. Additionally, tenants are currently paying below market rents, providing investor with an opportunity to increase rent in the near term.

PROPERTY OVERVIEW · 6

INVESTMENT SUMMARY

TRAFFIC COUNTS (COSTAR)PROPERTY SPECIFICATIONSRentable Area: 40,735 SFSF Land Area: 2.22 AcresYear Built: 1985Year Renovated: 2006

Zoning: CG (Commercial General)Ownership: Fee Simple (Land & Building)

Address: 126 Old Mammoth Road, Mammoth Lakes, CA 93546Access: There are two (2) access points, one (1) along Tavern Road and one (1) along Old Mammoth RoadParking: There are approximately 110 dedicated parking stalls on the owned parcel. The parking ratio is

approximately 3.4 parking stalls per 1,000 SF of leasable area.

Vehicles Per Day

Old Mammoth Road: 4,000

Tavern Road: 1,000

Main Street: 15,000

PARCEL NUMBERS

PARCELS ACRES SQUARE FEET035-230-010-000 1.88 81,893

035-230-011-000 0.34 14,810

PARCEL MAP

035-230-010-000

035-230-011-000


PROPERTY SPECIFICATIONS

SIGNIFICANT REDEVELOPMENT OPPORTUNITY

IN CALIFORNIA’S PREMIER MOUNTAIN RESORT

COMMUNITY

Q Aspen Skiing Co. and KSL Capital Partners recently

purchased Mammoth Mountain from Starwood

Capital Group freeing up new development around

the mountain

Q Large redevelopments adjacent to the property:

1. Old Mammoth Place, along Old Mammoth Rd

and directly adjacent to the center, will consist

of a six-story condo-hotel with up to 343

units along with retail spaces, conference and

banquet facilities, a spa and wellness center,

and underground parking for approximately 600

vehicles

2. Grocery Outlet, caddy corner to property along

Old Mammoth Road, is a new 18,000 square

foot supermarket on 1.37 acres

Q Several resort and residential developments in and

around the mountain due to the increasing demand

from winter and summer visitors and residents

SEPARATELY PARCELIZED | POTENTIAL

BREAK-UP SCENARIO

Q Bleu Foods is separately parcelized from the

remainder of the center, which allows a new investor

the potential to break-up the site and sell-off pieces

individually to low their basis.

VALUE-ADD OPPORTUNITY WITH FLEXIBLE ZONING

Q An active leasing campaign will provide investors

immediate upside in the lease up of vacant units

Q Property has flexible zoning that would

accommodate a conversion to residential units

Q Current tenants are paying below market rents,

providing investor with an opportunity to increase

rent in the near term

Q Mixed-Use nature of center allows for strong synergy

between tenants and crossover customer traffic

STRONG LOCATION IN ICONIC SIERRA NEVADA

MOUNTAIN COMMUNITY

Q Mammoth Mountain is considered one of the finest

mountain resorts in the Western United States with

over 5 million annual visitors

Q Mammoth’s accessibility from both Southern

California and the Bay Area creates a steady stream

of affluent visitors that enjoy skiing & snowboarding

in the winter, as well as fishing, mountain biking,

and camping in the summer months

Q Located in the center of the retail corridor and a

short drive from the Mammoth Mountain Ski Area

Q 20.10% population growth in the last 17 years

Q Mammoth Yosemite Airport has a new development

master plan that will expand operations, and

accommodate larger aircrafts, which will increase

accessibility to the town for residents and visitors

alike

FEE SIMPLE OWNERSHIP WITH NNN LEASES

Q Minimal landlord expense to maintain land or

building

Q Limited landlord management duties as -CAM, Taxes,

Insurance are paid by tenants

Q Fee-Simple ownership allows the ability to depreciate

the improvements

CENTRALIZED POSITIONING WITHIN

TRADE AREA

Q The property is ideally located on Old Mammoth

Road between Main Street and Meridian Boulevard

Q Nearby tenants include Vons, Rite Aid, Ace

Hardware, Carl’s Jr., and Union Bank

Q Strong street visibility and excellent signage along

Old Mammoth Road

Q Convenient access from Highway 395, the main

highway running through the Eastern Sierras

Q close proximity to the subject property (approx. 1/2

mile; 10 minute walk).

STRONG CORPORATE TENANTS

Q Both Wells Fargo Home Mortgage and Verizon

Communications occupy space in the mall, showing

their trust for the location and the surrounding

community

Q Attractive to other national, credit tenants hoping to

establish locations in the area

WELL DESIGNED MULTI-TENANT PROPERTY FOR

ALPINE COMMUNITY

Q Covered parking allows customers to access

businesses within the property in all weather

conditions

Q Roof Structure allows for minimal snow build-up

during winter months

Q Access points from both Tavern Road and Old

Mammoth Road provide good ingress/egress from

the property

ADJACENT TO MAMMOTH HOSPITAL

Q Largest hospital in the surrounding community with

a 17-bed Critical Access Hospital, plus 12 out-patient

clinics, supported by a full-time board certified

medical staff

Q Official medical provider for the U.S. Ski and

Snowboard Teams

Q Close proximity of hospital provides a built in

customer base


INVESTMENT HIGHLIGHTS

JUNE MOUNTAIN SKI AREA10.6 MILES FROM MAMMOTH MALL


AERIAL VIEW

MAMMOTH MOUNTAIN SKI AREA

1.6 MILES FROM MAMMOTH MALL

JUNE MOUNTAIN SKI AREA10.6 MILES FROM MAMMOTH MALL


AERIAL VIEW


LOCATION MAP


PHOTOS

PRICING ANALYSIS

Ground Floor101 Oak Tree Furniture 4,200102/103/104 Vacant 3,724105 Resort Property Management 144106 Ed Schuyler Inc 783107 Vacant 773108 Vacant 999109 PCH Wireless 1,035110 Sierra Escrow 1,035111 Bongo Corp 1,295112 Good Life Café 3,077

Ste Tenant SFParcel 035-230-010-11100 Bleu Foods 7,459Second FloorMALL 201 Blizzard Property Management 712MALL 202 Child Support Services 441MALL 203/204 Law Offices of Rick Wood 1,023MALL 205/210 Wells Fargo Home Mortgage 977MALL 206 Vacant 160MALL 207 MLBOR 188MALL 208 MCF Church 188MALL 209 Vacant 201MALL 211 Vacant 184

Ste Tenant SFMALL 212 Vacant 178MALL 213 Vacant 202MALL 214 Vacant 328MALL 215 Sleep 253MALL 216 Vacant 677MALL 220 Law Offices of David Baumwhol 690MALL 219A Robinson Development Group 146MALL 219B Gregory, Pieper 305MALL 219C Katrina Lantieri 186MALL 219D The Powder Room/Mums N Roses 225MALL 227 Vacant 1,485MALL 221/226 Vacant 3,665

Ste Tenant SF

Old Mammoth Road

Tave

rn R

oad

106

105

102/103/104

101

100

Suite 101Second FloorOpen Space

109 110 111 112

Boiler Room

Stairs

Stairs Covered ParkingDeck

Restroom

219C/D205

227215214213210

211208

209206

202201

220

203/204

207 212

219B

219A

Stairs

Stairs

Stairs

Stairs

Restroom

Conference

Break Room

Pylon Sign

Second Floor107 108

221/226

PRICING ANALYSIS · 14

SITE PLAN (AS-IS)

AS IS Rent RollMammoth Mall - Mammoth Lakes, CA

101 Oak Tree Furniture 4,200 10.3% $4,980 $1.03 $59,755 $14.23 8.9% 4,830 - - - - - - NNN 10/1/2015 9/30/2018 2 (3-Year)Oct-2018 - @ Market ValueOct-2022 - @ Market Value

102 986 2.4% $1,627 $1.43 $19,523 $19.80 2.9% 1,134 - - - - - - - - - -

103 Vacant 989 2.4% $1,632 $1.43 $19,582 $19.80 2.9% 1,137 - - - - - - - - - -

104 Vacant 1,749 4.3% $2,886 $1.43 $34,630 $19.80 5.2% 2,011 - - - - - - - - - -

105 Resort Property 144 0.4% $250 $1.51 $3,000 $20.83 0.4% 166 - - - - - - NNN 12/1/2016 (MTM) None

106 Ed Schuyler Inc 783 1.9% $1,292 $1.43 $15,503 $19.80 2.3% 900 - - - - - - NNN 2/12/2017 1/31/2018 TBD

107 Vacant 773 1.9% $1,160 $1.30 $13,914 $18.00 2.1% 889 - - - - - - - - - -

108 Vacant 999 2.5% $1,499 $1.30 $17,982 $18.00 2.7% 1,149 - - - - - - - - - -

109 1,035 2.5% $1,915 $1.61 $22,980 $22.20 3.4% 1,190 - - - - - - NNN 10/1/2016 (MTM) None

110 1,035 2.5% $512 $0.43 $6,144 $5.94 0.9% 1,190 - - - - - - NNN 11/19/2012 11/30/2019 None

111 Bongo Cop. 1,295 3.2% $2,202 $1.48 $26,418 $20.40 4.0% 1,489 Oct-2018 3% $2,266 $1.75 $27,195 $21.00 NNN 10/1/2017 9/30/2019 1 (2-Year)Option 1: $2,331 for 2019 and $2,398 for 2020

112 3,077 7.6% $4,812 $1.36 $57,749 $18.77 8.6% 3,539 May-2018 2% $4,909 $1.60 $58,910 $19.15 NNN 5/1/2012 4/30/2019 1 (5-Year)2% Annual Increases from 95% of minimum of Minimum Guaranteed Rental of prevalent rental rate for restaurant space

Good Life Café

Sierra Escrow

Vacant

Philips Camera House dba Verison Wireless

AnnualRent

Annual$/SF

PCH is currently month-to-month; Lease expired on 9/1/2017.

Monthly Operating Rent is $1.02 per sqft & Monthly CAM is $0.33 per sqft

Resort Property Management is currently month-to-month; Lease expired on 11/30/2016.

Rentable (SF)

MonthlyRent$/SF

% of Total (Rent)

Current Monthly

Rent

CAM Recovery

Type

LeaseStartDate

LeaseExpiration

DateLease Options & Notes

CurrentAnnual

Rent

AnnualRent$/SF

Rental Increases

IncreaseDate Increase Monthly

RentMonthly

$/SFSuite # Tenant Useable

(SF)% of Total

(SF)

The above information has been obtained from sources we believe to be reliable, however we cannot accept responsibility for its correctness.


RENT ROLL (AS-IS)

AnnualRent

Annual$/SF

Rentable (SF)

MonthlyRent$/SF

% of Total (Rent)

Current Monthly

Rent

CAM Recovery

Type

LeaseStartDate

LeaseExpiration


CurrentAnnual

Rent

AnnualRent$/SF

Rental Increases


RentMonthly


(SF)% of Total

(SF)

MALL 201 712 1.7% $904 $1.10 $10,848 $15.24 1.6% 819 Nov-2018 34% $1,210 $1.70 $14,520 $20.39 Gross 2/1/2014 1/31/2019 NoneNov-2019 3% $1,246 $1.75 $14,952 $21.00Nov-2020 3% $1,284 $1.80 $15,408 $21.64Nov-2021 3% $1,322 $1.86 $15,864 $22.28

MALL 202 441 1.1% $917 $1.81 $11,004 $24.95 1.6% 507 - - - - - - Gross 10/1/2013 (MTM) In last options period nowParking

$150/monthMALL 203 572 1.4% $901 $1.37 $10,816 $18.91 1.6% 658 - - - - - - Gross 4/1/2011 3/31/2021

MALL 204 Law Offices of Rick Wood 451 1.1% $711 $1.37 $8,528 $18.91 1.3% 519 - - - - - - Gross 4/1/2011 3/31/2021 None

MALL 205 Wells Fargo Home Mortgage 817 2.0% $1,348 $1.43 $16,176 $19.80 2.4% 940 - - - - - - Gross 4/1/2012 4/30/2020

MALL 210 160 0.4% $264 $1.43 $3,168 $19.80 0.5% 184 - - - - - - Gross 4/1/2012 4/30/2020Parking

$100/month

MALL 206 160 0.4% $310 $1.68 $3,720 $23.25 0.6% 184 - - - - - - - - - -

MALL 207 MLBOR 188 0.5% $310 $1.43 $3,722 $19.80 0.6% 216 - - - - - - Gross 9/1/2011 12/31/2017 2 (3-Year)

$100/monthMALL 208 188 0.5% $310 $1.43 $3,722 $19.80 0.6% 216 - - - - - - Gross 7/1/2016 (MTM) None

MALL 209 Vacant 201 0.5% $310 $1.34 $3,722 $18.52 0.6% 231 - - - - - - - - - -

MALL 211 184 0.5% $310 $1.47 $3,722 $20.23 0.6% 212 - - - - - - - - - -

MALL 212 Vacant 178 0.4% $267 $1.30 $3,204 $18.00 0.5% 205 - - - - - - - - - None

MALL 213 Vacant 202 0.5% $333 $1.43 $4,000 $19.80 0.6% 232 - - - - - - - - - -

MALL 214 Vacant 328 0.8% $400 $1.06 $4,800 $14.63 0.7% 377 - - - - - - - - - -

MCF Church is currently month-to-month; Lease expired on 6/30/2017.

LL pays: Heat, Water, Electricity, Heating Equip., Toilet Facilities, HVAC, Trash, Snow

LL pays: Heat, Water, Electricity, Heating Equip., Toilet Facilities, HVAC, Trash, Snow

Tenant pays: Maintenance and Repairs, Janitorial, Telephone

Fixed CAM of $285 per month

Support Services is now MTM as of 9/30/2017

Vacant

MCF Church

Vacant

Blizzard Property Management

County of Inyo & Mono Child Support Services

Wells Fargo Home Mortgage

Law Offices of Rick Wood



RENT ROLL (AS-IS)

AnnualRent

Annual$/SF

Rentable (SF)

MonthlyRent$/SF

% of Total (Rent)

Current Monthly

Rent

CAM Recovery

Type

LeaseStartDate

LeaseExpiration


CurrentAnnual

Rent

AnnualRent$/SF

Rental Increases


RentMonthly


(SF)% of Total

(SF)

MALL 215 253 0.6% $400 $1.37 $4,800 $18.97 0.7% 291 - - - - - - Gross 6/1/2017 5/31/2018 None

MALL 216 677 1.7% $1,016 $1.30 $12,186 $18.00 1.8% 779 - - - - - - - - - -

MALL 220(former 217)

Law Offices of David Baumwhol

690 1.7% $1,000 $1.26 $12,000 $17.39 1.8% 794 - - - - - - Gross 4/22/2013 4/30/2018 None

Parking LL pays: all items except Janitorial, electricity$100/month

MALL 219A 146 0.4% $255 $1.52 $3,060 $20.96 0.5% 168 - - - - - - Gross 12/1/2015 (MTM) None

MALL 219B 305 0.7% $542 $1.55 $6,504 $21.32 1.0% 351 - - - - - - Gross 11/1/2014 (MTM) None

MALL 219 C 186 0.5% $326 $1.52 $3,912 $21.03 0.6% 214 - - - - - - Gross 12/1/2015 8/31/2018 None

MALL 219 D 225 0.6% $371 $1.43 $4,452 $19.79 0.7% 259 - - - - - - Gross 12/1/2015 12/31/2017 None

MALL 227 Vacant 1,485 3.6% $2,174 $1.27 $26,091 $17.57 3.9% 1,708 - - - - - - - - - -

MALL 221 702 1.7% $491 $0.61 $5,897 $8.40 0.9% 807 - - - - - - - - - -

MALL 222 Vacant 104 0.3% $73 $0.61 $874 $8.40 0.1% 120 - - - - - - - - - -

MALL 223 Vacant 660 1.6% $462 $0.61 $5,544 $8.40 0.8% 759 - - - - - - - - - -

MALL 224 Vacant 351 0.9% $246 $0.61 $2,948 $8.40 0.4% 404 - - - - - - - - - -

MALL 225 Vacant 1,663 4.1% $1,164 $0.61 $13,969 $8.40 2.1% 1,912 - - - - - - - - - -

MALL 226 Vacant 185 0.5% $130 $0.61 $1,554 $8.40 0.2% 213 - - - - - - - - - -

MALL 101 Vacant 3,797 9.3% $2,658 $0.61 $31,895 $8.40 4.8% 4,367 - - - - - - - - - -

100 Bleu Foods 7,459 18.3% $12,000 $1.61 $144,000 $19.31 22% 7,459 Sep-2019 2% $12,240 $1.64 $146,880 $19.69 NNN 8/1/2017 7/31/2027 3 (5-Year)Sep-2021 2% $12,485 $1.67 $149,818 $20.09 Oct-2027 - @ FMVSep-2023 2% $12,734 $1.71 $152,814 $20.49Sep-2025 2% $12,989 $1.74 $155,870 $20.90

Total Occupied 30,684 75% $36,522 $1.07 $438,263 $12.83 66% 34,168Total Vacant 10,051 25% $19,146 $1.66 $229,758 $19.88 34% 11,559

Total / Wtd. Avg: 40,735 100% $55,668 $1.22 $668,020 $14.61 100% 45,726Notes: Total Load Factor is set at 15% for all units excluding Bleu Foods

Parcel 035-230-011-00

Sleep

Robinson Development Group

The Powder Room Mums N Roses

Vacant

Katrina Lantieri

Vacant

Gregory, Pieper & Graham LLP is currently month-to-month; Lease expired on 10/31/2015.

Robinson is currently month-to-month; Lease expired on 11/30/16.Gregory, Pieper & Graham

LLP



RENT ROLL (AS-IS)

Financial InformationPrice: $6,000,000Total Cost: $6,732,000

Property SpecificationsRentable Area: 40,735 SF Land Area: 2.22 AcresYear Built / Renovated: 1985 / 2006Address: 126 Old Mammoth Road,

Mammoth Lakes, CA 93546APN: 035-230-010-000 / 035-230-011-000

Estimated Operating Information

In-Place Stabilized(Lease-Up)

Gross Potential Rent $668,020 $818,008Plus Recapture $166,116 $354,493

Tot. Gross Potential Income $834,136 $1,172,500Less Vacancy ($229,758) 34% ($58,625) 5%

Effective Gross Income $604,379 $1,113,875Less Expenses ($324,350) ($374,171)

Net Operating Income $280,028 $739,704

Stabilization Costs (1) $232,657Capital Improvement Cost (2) $499,140

Cap Rate 4.67% 10.99%(1) Estimated at $10 PSF for Tenant Improvements and 6% for Leasing Commissions(2) Capital Improvements Costs are $15 PSF which excludes 7,459 sf for Bleu Foods (3)(4) Bleu Foods has option to purchase prior to the 24th month of the lease per a joint appraiser to determine the FMV(5) Reimbursement for Stabilized (Lease-Up) includes $0.40 per sqft

Estimated Operating Expenses PSF/Yr PSF/Yr

Taxes (1) 1.1% $70,674 $1.81 $70,674 $1.81

Insurance (2) $6,463 $0.17 $6,463 $0.17

CAM (3) $235,975 $6.05 $235,975 $6.05

Management (4) 3.0% $11,239 $0.29 $61,059 $1.56

Total $324,350 $8.31 $374,171 $9.59

(1) Per the Mono County Property Tax Bills. Millage rate is approximately 1.1%(2) Insurance per the Jan-Oct 2017 Statement of Income and Expense (annualized)(3)(4) Management Fee is 3% of EGR

CAM is per the Jan-Oct 2017 Statement of Income and Expense (annualized) and vacant units were estimated; also includes parking fees

Vacancy percentage shown above is based on the economic vacancy of the rent roll.


TRANSACTION SUMMARY

BUSINESS PLAN OPTION - APARTMENT CONVERSION


PROFORMA 2ND FLOOR APARTMENT CONVERSION - FLOORPLAN

REF.

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LIVING AREA

BATHROOM

CLOSET #1

CLOSET #2

KITCHEN

DINING AREA

KITCHEN

DINING AREALIVING AREA

B UNIT PLAN

FIXTURE SCHEDULESYM. ROOM NAME FLOOR SOFFIT CABINETSBASE MATERIAL

WALLS CEILINGFINISH MATERIAL HEIGHT

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NOTE NUMBER THIS COLUMN

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11

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APT. B

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CLOSET #1

CLOSET #2

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LAMINATE FLOORING: PERGO OR EQUALCOUNTERTOPS: LAMINATESHOWERS: FIBERGLASSPLUMBING FIXTURES: LOW FLOW, SINGLE MIXING VALVE APPLIANCES

Scale 1/4" = 1'-0"Date 3/4/2015

Mammoth MallEvergreen Development

REF.

DW

6 7

AA102

AA102

BA102

BA102

L

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Level 214' - 0"

Level 324' - 0"

LK

Level 214' - 0"

7

Level 324' - 0"

BEDROOM

LIVING AREA

BATHROOM

CLOSET #1

CLOSET #2

KITCHEN

DINING AREA

KITCHEN


B UNIT PLAN



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Mammoth MallEvergreen DevelopmentREF.

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Mammoth MallEvergreen Development


PROFORMA 2ND FLOOR APARTMENT CONVERSION - UNIT PLANS

Ground Floor

101 Oak Tree Furniture 4,200

102/103/104 Vacant 3,724

105 Resort Property Management 144

106 Ed Schuyler Inc 783

107 Vacant 773

108 Vacant 999

109 PCH Wireless 1,035

110 Sierra Escrow 1,035

111 Bongo Corp 1,295

112 Good Life Café 3,077

Ste Tenant SF

Parcel 035-230-010-11

100 Bleu Foods 7,459

Second Floor Apartments

Studio 1 Vacant 625

Studio 2 Vacant 625

Studio 3 Vacant 625

Studio 4 Vacant 625

Studio 5 Vacant 625

Studio 6 Vacant 625

Studio 7 Vacant 625

Studio 8 Vacant 625

Ste Tenant SF

Studio 9 Vacant 625

Studio 10 Vacant 625

Second Floor Apartments, cont.

1 Bedroom Vacant 875








Ste Tenant SF Ste Tenant SF

Old Mammoth Road

Tave

rn R

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106

105

102/103/104

101

100

109 110 111 112

Boiler Room

Stairs

Stairs Covered ParkingDeck

Restroom

BongoCorp.

Stairs

Pylon Sign

Second Floor

Suite 101Second FloorOpen Space

219C/D205

220215214213210

211208

209206

202201

220

221/226

203/204

207 212

219B

219A

Stairs

Stairs

Stairs

Stairs

Restroom

Conference

2 Bedroom Vacant 1,000


Second Floor Apartments, cont.







107 108

Permits already in place for the first phase of apartments (13 units)


SITE PLAN - APARTMENT CONVERSION

Shops + Apartments Rent RollMammoth Mall - Mammoth Lakes, CA

101 Oak Tree Furniture 4,200 24.6% $4,980 $1.03 $59,755 $14.23 19% 4,830 - - - - - - NNN 10/1/2015 9/30/2018 2 (3-Year)Oct-2018 - @ Market ValueOct-2022 - @ Market Value

102 986 5.8% $1,627 $1.43 $19,523 $19.80 6.3% 1,134 - - - - - - - - - -

103 Vacant 989 5.8% $1,632 $1.43 $19,582 $19.80 6.3% 1,137 - - - - - - - - - -

104 Vacant 1,749 10.2% $2,886 $1.43 $34,630 $19.80 11.2% 2,011 - - - - - - - - - -

105 144 0.8% $250 $1.51 $3,000 $20.83 1% 166 - - - - - - NNN 12/1/2016 (MTM) None

106 Ed Schuyler Inc 783 4.6% $1,292 $1.43 $15,503 $19.80 5.0% 900 - - - - - - NNN TBD TBD TBD

107 Vacant 773 4.5% $1,160 $1.30 $13,914 $18.00 4.5% 889 - - - - - - - - - -

108 Vacant 999 5.9% $1,499 $1.30 $17,982 $18.00 5.8% 1,149 - - - - - - - - - -

109 1,035 6.1% $1,915 $1.61 $22,980 $22.20 7% 1,190 - - - - - - NNN 10/1/2016 (MTM) None

110 1,035 6.1% $1,514 $1.27 $18,172 $17.56 6% 1,190 - - - - - - NNN 11/19/2012 11/30/2019 None

111 Bongo Cop. 1,295 7.6% $2,202 $1.48 $26,418 $20.40 9% 1,489 Oct-2018 3% $2,266 $1.75 $27,195 $21.00 NNN 10/1/2017 9/30/2019 1 (2-Year)Option 1: $2,331 for 2019 and $2,398 for 2020

112 3,077 18.0% $4,812 $1.36 $57,749 $18.77 19% 3,539 May-2018 2% $4,909 $1.60 $58,910 $19.15 NNN 5/1/2015 4/30/2019 1 (5-Year)2% Annual Increases from 95% of minimum of Minimum Guaranteed Rental of prevalent rental rate for restaurant space

Total Occupied 11,569 68% $16,965 $1.28 $203,578 $15.30 66% 13,304Total Vacant 5,496 32% $8,803 $1.39 $105,631 $16.71 34% 6,320

Total / Wtd. Avg: 17,065 100% $25,767 $1.31 $309,209 $15.76 100% 19,625

Suite # Tenant Useable (SF)

% of Total (SF)

Current Monthly

Rent

MonthlyRent$/SF

Lease Options/NotesCurrentAnnual

Rent

AnnualRent$/SF

% of Total (Rent)

Rental Increases CAM Recovery

Type

LeaseStartDate

Sierra Escrow

Resort Property Management

Philips Camera House dba Verison Wireless

Retail - 1st Floor - Shops

Monthly Operating Rent is $1.02 per sqft & Monthly CAM is $0.33 per sqft

Vacant

Resort Property Management is currently month-to-month; Lease expired on 11/30/2016.

PCH is currently month-to-month; Lease expired on 9/1/2017.

Rentable (SF)

Association Fees Increase

Date Increase MonthlyRent

Monthly$/SF

AnnualRent

Annual$/SF

LeaseExpiration

Date

Good Life Café


RETAIL (1ST FLOOR)


RENT ROLL (PROFORMA APARTMENT CONVERSION)


% of Total (SF)

Current Monthly

Rent

MonthlyRent$/SF


Rent

AnnualRent$/SF

% of Total (Rent)


Type

LeaseStartDate


Rentable (SF)



Monthly$/SF

AnnualRent

Annual$/SF

LeaseExpiration

Date

Studio 1 625 3% $1,300 $175 $2.08 $17,700 $28.32 3% Dec-2018 3% $1,339 $2.14 $16,068 $25.71 Gross TBD 1 Year None

625 3% $1,300 $175 $2.08 $17,700 $28.32 3% Dec-2018 3% $1,339 $2.14 $16,068 $25.71 Gross TBD 1 Year None0%

625 3% $1,300 $175 $2.08 $17,700 $28.32 3% Dec-2018 3% $1,339 $2.14 $16,068 $25.71 Gross TBD 1 Year None




1 Bedroom 875 4% $1,500 $200 $1.71 $20,400 $23.31 4% Dec-2018 3% $1,545 $1.77 $18,540 $21.19 Gross TBD 1 Year None



1,000 5% $1,700 $225 $1.70 $23,100 $23.10 4% Dec-2018 3% $1,751 $1.75 $21,012 $21.01 Gross TBD 1 Year None

2 Bedroom 1,000 5% $1,700 $225 $1.70 $23,100 $23.10 4% Dec-2018 3% $1,751 $1.75 $21,012 $21.01 Gross TBD 1 Year None



1 Bedroom

1 Bedroom

2 Bedroom

2 Bedroom

Studio 2

Studio 3

Studio 4

Studio 5

Apartments - Phase 1 - Second Floor


APARTMENT (2ND FLOOR)




% of Total (SF)

Current Monthly

Rent

MonthlyRent$/SF


Rent

AnnualRent$/SF

% of Total (Rent)


Type

LeaseStartDate


Rentable (SF)



Monthly$/SF

AnnualRent

Annual$/SF

LeaseExpiration

Date

Studio 6 625 3% $1,300 $175 $2.08 $17,700 $28.32 3% Dec-2018 3% $1,339 $2.14 $16,068 $25.71 Gross TBD 1 Year None













Total Occupied 21,450 100% $39,000 $5,200 $1.82 $530,400 $24.73 100%Total Vacant 0 0% $0 $0 $0.00 $0 0%

Total / Wtd. Avg: 21,450 100% $39,000 $5,200 $1.82 $530,400 $24.73 100%

100 Bleu Foods 7,459 16% $12,000 $1.61 $144,000 $19.31 15% Sep-2019 2% $12,240 $1.64 $146,880 $19.69 NNN 8/1/2017 7/31/2027 3 (5-Year)Sep-2021 2% $12,485 $1.67 $149,818 $20.09 Oct-2027 - @ FMVSep-2023 2% $12,734 $1.71 $152,814 $20.49Sep-2025 2% $12,989 $1.74 $155,870 $20.90

Total Occupied 45,974 100% $76,767 $1.67 $983,609 $21.39 100%Total Vacant 0 0% $0 $0 0%

Total / Wtd. Avg: 45,974 100% $76,767 $1.67 $983,609 $21.39 100%Notes: Sq.Ft for Apartments are estimates only based on architectural drawings and total Load Factor is set at 15% for the office floor onlyPermits in-place for the first phase of the apartments (13 units)

Apartments - Phase 2 - Second Floor

Studio 7

Studio 8

1 Bedroom

2 Bedroom

2 Bedroom

Parcel 035-230-011-00

Studio 9

Studio 10

1 Bedroom




Proforma 2nd Floor

Apartments

Proforma Ground Floor

RetailRestaurant Pad

Bleu Foods CombinedGross Potential Rent $530,400 $309,209 $144,000 $983,609

Plus Recapture $0 $141,176 $58,778 $199,954Potential Gross Income $530,400 $450,386 $202,778 $1,183,564

Less Vacancy (Rent) ($26,520) 5% ($13,512) 3% - ($40,032)Effective Gross Income $503,880 $436,874 $202,778 $1,143,532

Less Expenses ($170,700) ($141,176) ($60,282) ($373,263)

Net Operating Income $333,180 $295,698 $142,496 $770,269Cap Rate 5.50% 6.25% 5.25% 5.70%

Exit/Terminal Price $6,058,000 $4,731,000 $2,714,000 $13,503,000

Bldg. SF: 21,450 SF 17,065 SF 7,459 SF 45,974 SF% of Tot. SF: 47% 37% 16% 100%Exit Price/Bldg. SF: $282 $277 $364 $294

Unit Count 26Average Price/Unit $233,000

Acquisition Price $6,000,000Est. Construction and Stabilizing Costs $2,800,000Total Cost $8,800,000Return on Cost (NOI/Total Project Costs) 8.8%

Notes: Bleu Foods has option to purchase prior to the 24th month of the lease per a joint appraiser to determine the FMVConstruction costs are estimated at approximately $107,690 per unit on average. Stabilizing costs for the first floor retail (92% occupied) and Blue Foods excluded from analysisApartment GPR includes all the Association Fees

Estimated Operating Expenses Avg Price/Unit PSF/Yr PSF/Yr PSF/YrTaxes (1) $26,409 $26,409 $9,279 $62,096 $1.35Insurance (2) $3,214 $2,557 $1,118 $6,888 $0.15CAM (3) $125,961.25 $100,211 $43,802 $269,974 $5.87Management (4) 3.00% $15,116 $12,000 $6,083 $34,306 $0.75TotalBlizzard Property Management $170,700 $141,176 $60,282 $373,263 $8.12

(1) Per the Mono County Property Tax Bills. Millage rate is approximately 1.1%(2) Insurance per the Jan-Oct 2017 Statement of Income and Expense (annualized)(3) CAM is per the Jan-Oct 2017 Statement of Income and Expense (annualized) (4) Management Fee is 3% of EGR

$1,016 $1.55 $1.24$124 $0.36 $0.36

$6,565 $8.27 $8.08

$4,845 $5.87 $5.87$581 $0.70 $0.82


TRANSACTION SUMMARY (PROFORMA APARTMENT CONVERSION)

AREA OVERVIEW

MAMMOTH MOUNTAIN SKI AREAPerhaps the town’s #1 asset is the Mammoth Mountain Ski Area, considered by many to be one of the finest ski resorts in the Western United States. Mammoth Resorts, the parent company, has controlling interest over the nearby June Mountain Ski Area, a smaller resort with more family-oriented terrain, as well as the Mammoth Lodging Collection, a group of high end, resort style alpine lodges. The ski area regularly hosts professional alpine sports competitions and concerts, drawing fans from all over the country. The company also operates Bear Mountain and Snow Summit areas.

In the Spring of 2017, a Colorado-based patnership comprised of Aspen Skiing Co. and KSL Capital Partners came to an agreement to purchase Mammoth Resorts in its entirety. The partnership will now operate 12 resorts that host around 7 million skiiers per year. The purchase is likely to result in significant development of lodges and other resort amenities in Mammoth Lakes.

EASE OF ACCESSMammoth Lakes sits in a secluded but easily accessible part of Inyo National Forest. The town is just 32 miles from the entrance to Yosemite National Park and only 100 miles from the Valley floor.

A TOURISM HOT SPOTMammoth Lakes is widely known as one of the premier vacation spots in the state of California. Millions of individuals wishing to escape to the mountains flock to Mammoth Lakes every year for its world class skiing, snowboarding, fly fishing, mountain biking, and hiking. With easy access from the coastal California areas, Mammoth has become a mecca for busy and affluent families seeking respite from the noise of the urban areas. The town’s economy relies a great deal on tourism and the Transient Occupancy Tax (TOT) that is generated because of it. The 13% tax is applied to the rental of any lodging for stays of less than a month.

UNBRIDLED GROWTH

The town of Mammoth Lakes has seen unprecedented growth over the past few years, thanks in large part to the growth in popularity of the Mammoth Mountain Ski Area. Many workers who were once seasonal have now settled in the town and wealthy retirees are relocating to the area in droves. These factors and others can account for the 20%+ population growth in last 17 years alone.

POPULATION GROWTH SINCE 2000

20.10%

EMPLOYEES IN THE AREA8,200+

AVERAGE SIZE OF VISITING PARTY

4.75

AVERAGE HOUSEHOLD INCOME

$76,880

VISITORS PER YEAR5 Million+

AVERAGE NIGHTS PER VISIT BY TOURISTS

4.5

ABOVE SEA LEVEL

7,800 ft


MAMMOTH LAKES FAST FACTS

Development of residential, commercial, and mixed-use projects in Mammoth Lakes are carefully regulated by the town’s strict Urban Growth Boundary and Transient Rental Restrictions. There are several areas in the town where transient rentals (lodging rentals of 30 days or fewer) are prohibited. For all areas where transient lodging is permitted, a 13% transient occupancy tax (TOT) is added to the cost of each stay. Mammoth Lakes relies heavily upon the proceeds from the TOT, which make up around 60% of the town’s General Fund. Mammoth Mall is positioned is one of the least restrictive zones in town, providing the investor all kinds of potential redevelopment options.

Zoning Districts Where TransientRentals are Permitted

August 31, 2015

Urban Growth Boundary

Residential Multi-Family 2

Downtown

Old Mammoth Road

Mixed Lodging / Residential

Clearwater Specific Plan

North Village Specific Plan

Resort

R zones where transientrentals are not permitted

R zones where transientrentals require a use permit

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TOWN OF MAMMOTH LAKES DEVELOPMENT

The Town of Mammoth Lakes is a four-season resort community located in the Eastern Sierras near the base of the Mammoth Mountain Ski Area and is surrounded by beautiful meadows, creeks, and mountain vistas. As a resort community, Mammoth’s success depends on the quality of its residents’ and visitors’ experiences in and around the community. While much of the motivation for visiting Mammoth is based upon the natural amenities surrounding the Town, the nature of the development in the community affects our residents’ and guests’ experiences to a great degree. As the ski area and town contunue to gain populatirty and expand, the demand for high quality retail and office space grows, as does the need for a wide variety of residential options. Over the past few years, numerous projects, both residential and commercial, have been approved by the Planning and Economic Development Commission (PEDC) and the Town Council (TC) and are in various stages of completion ranging from entitled, but not built to completed and occupied. Below are descriptions of some of these projects. (Source: Development Highlights Aug. 2017, townofmammothlakes.ca.gov)

COMMERCIAL PROJECTS:

Old Mammoth Place: 164, 202 & 248 Old Mammoth Rd, Mammoth Lakes, CA

The Old Mammoth Place project is a mixed-use condo-hotel project located within the Clearwater Specific Plan area and next door to Mammoth Mall. The project consists of a six-story condo-hotel with up to 343 residential-condo hotel units containing a maximum of 488 bedrooms. In addition to the condo-hotel, the project will have multiple retail spaces, conference and banquet facilities, a spa and wellness center, a variety of public open space areas, and underground parking for approximately 600 vehicles. The project is entitled through Sept. 2018

Grocery Outlet: 37 & 77 Old Mammoth Rd, Mammoth Lakes, CA

The Grocery Outlet project is a new approximately 18,000 SF supermarket that will be constructed on 1.37 acres of vacant land in the Downtown (D) zoning district. This property will be directly adjacent to Mammoth Mall. Grading is expected to begin Summer or Fall of 2017.


TOWN OF MAMMOTH LAKES DEVELOPMENT (CONT.)

Inn at the Village: 50 Canyon Blvd, Mammoth Lakes, CA

The Inn at the Village project consists of a seven-story boutique hotel with up to 67 rooms in the North Village Specific Plan area. The project also includes food and beverage facilities, pool and jacuzzi, and pedestrian improvements along Minaret Rd. Entitled through January 2023

The South Hotel: North Village, East of Minaret Rd., Mammoth Lakes, CA

The South Hotel project consists of a 251-unit condo hotel located in the north Village Specific Plan area. In addition to the hotel, the project will include around 13,000 SF of commercial space that will be divided into units for restaurants/bars, retail spaces, and conference facilities. The project is entitled through 2019.



Hillside Highlands: 100 Canyon Blvd, Mammoth Lakes, CA

The Hillside Highlands project consists of three triplex structures on three adjacent parcels. Each unit will have approx. 3,000 SF and 3-4 Bedrooms. Site grading started Summer 2017.

RESIDENTIAL PROJECTS:

Gray Bear I,II, & III: Sierra Star Golf Course, Mammoth Lakes, CA

The Gray Bear subdivision includes 45 single-family residential lots located adjacent to the Sierra Star Golf Course. The homes are permitted for nightly rentals. All homes are either recently completed or under construction as of Aug. 2017.

Mammoth Lakes Police Station: 280 Thompsons, Mammoth Lakes, CA

The Police Station project is a new public safety facility located on the 4.5 acre town owned parcel near the entrance to Mammoth Lakes. The proposed building will be a single-level building with 5,380 square feet of habitable area. Expected completion date: Fall 2017.

Mammoth Lakes Multi Use Facility: 686 Old Mammoth Rd, Mammoth Lakes, CA

The proposed multi-use facility includes a large ice rink/event space covered by aprox. 30,000 SF of roof area. The project also proposes a 13,000 SF community center. Site grading is expected to begin in the late Fall 2017. Positioned just moments from Mammoth Mall.

OTHER NEARBY DEVELOPMENTS:



In the Fall of 2016, the Town of Mammoth Lakes retained Dinsmore Sierra LLC to

facilitate a community and stakeholder driven process to develop a Downtown

Revitalization Action Plan. This plan identifies a number of realistic place based

economic strategies and implementable actions to kick start downtown

investment. These actions will involve both the public sector and private

sector working together to help revitalize the downtown.

The top priorities for downtown (as identified through the public process) include:

• Promote Downtown Revitalization

• Support Jobs/Economic Development

• Create a walkable “feet first” community

• Focus Investment on Catalyst (mixed-use) sites

• Provide improved Affordable Housing choices

• Create a connected Community

In order to achieve these goals, Dinsmore Sierra has provided the following recommendations to the Council:

• Provide critical infrastructure that can support the accelerating development

• Development programs for town-owned or town-partnered sites

• Create several vibrant districts in the commercial zones

• Establish a parking district in commercial zones

• Build welcome/gateway signs to identify town and its districts

• Finance and display public art throughout commercial zones

• Promote alternative building standards and materials

• Promote and build low cost affordable housing

• Promote and build flexible workforce housing

• Partner with Private Sector to develop 2-4 Downtown Mixed-Use Buildings

• Build Moveable streetscape architectural elements

SOURCE - MAMMOTH LAKES DOWNTOWN REVITILIZATION PLAN (TOWNOFMAMMOTHLAKES.CA.GOV)

EXAMPLE - VIBRANT COMMERCIAL DISTRICTS

AFFORDABLE HOUSING CONCEPTS


DOWNTOWN REVITALIZATION ACTION PLAN

DESCRIPTION (WWW.ROL3.SITESUSA.COM) 5 MILE3 MILE1 MILE

2017 Estimated Population 5,033 7,826 7,834

2022 Projected Population 4,973 7,885 7,893

2010 Census Population 5,341 8,232 8,240

2000 Census Population 4,106 6,868 7,096

Projected Annual Growth 2017 to 2022 -0.2% 0.1% 0.1%

Historical Annual Growth 2000 to 2017 1.3% 0.8% 0.6%

2017 Median Age 32.7 35.6 35.6

2017 Estimated Households 2,011 3,306 3,310

2022 Projected Households 2,155 3,615 3,619

2010 Census Households 1,986 3,227 3,231

2000 Census Households 1,615 2,729 2,815

Projected Annual Growth 2017 to 2022 1.4% 1.9% 1.9%Historical Annual Growth 2000 to 2017 1.4% 1.2% 1.0%

2017 Estimated White 74.6% 78.7% 78.7%

2017 Estimated Black or African American 0.8% 0.9% 0.9%

2017 Estimated Asian or Pacific Islander 2.1% 2.2% 2.2%

2017 Estimated American Indian or Native Alaskan 0.6% 0.6% 0.6%

2017 Estimated Other Races 21.9% 17.6% 17.6%

2017 Estimated Hispanic 42.5% 35.3% 35.4%

2017 Estimated Average Household Income $65,135 $76,889 $76,880

2017 Estimated Median Household Income $64,216 $65,107 $65,110

2017 Estimated Per Capita Income $26,282 $32,714 $32,716

2017 Estimated Total Businesses 431 530 543

2017 Estimated Total Employees 4,022 5,071 8,219

2017 Estimated Employee Population per Business 9.3 9.6 15.1

2017 Estimated Residential Population per Business 11.7 14.8 14.4

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©2017, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography


DEMOGRAPHICS

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Documents

MAMMOTH MALL - LoopNet...Mammoth Mall at 126 Old Mammoth Road, Mammoth Lakes, CA 93546. Prospective purchasers are advised that as part of the solicitation process, Seller will be