M Ave Memorandum

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Pacific Sotheby’s International Realty and should not be made available to any other person or entity without the written consent of Pacific Sotheby’s International Realty. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Pacific Sotheby’s International Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Pacific Sotheby’s International Realty has not verified, and will not verify, any of the information contained herein, nor has Pacific Sotheby’s International Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

16th Street & M Ave

1.71 acres of prime land in the heart of National City with approved tentative map with entitlements for 29 townhomes! This land is located in an OPPORTUNITY ZONE with very favorable tax treatment. Calling all investors & builders. Opportunity to create a true cash flowing community. All proposed townhomes are 3 bed/2 bath, approx 1,420 square feet & offer garage parking, private balcony/patio + lovely community landscape & walking trails. Minutes from shops, restaurants, parks, schools & more; this opportunity cannot be missed! APNs 557-351-17 to 25 included. This land is fully entitled only with no applications for building permits.

PROPERTY DESCRIPTION

COMPARABLES

OF COMPLETED PROJECTS

With a shortage of new construction townhomes in National City, these 3bed/2.5 bath townhomes are projected to sell for $650,000+ based on recent comps below yielding an estimated copleted project value of almost $19,000,000.

COMPAREABLES

1143 Harding Ave, National City

1,375 square feet, 5 beds, 2 baths, built in 2022

Sold for $865,000 ($629/SF) March 2022

2563 Grove Street, National City

1,173 square feet, 3 beds, 2 baths, built in 2021

Sold for $640,000 ($546/SF) September 2021

1140-42 Hoover Ave, National City

1,350 square feet, 3 beds, 2 baths, built in 2020

Sold for $725,000 ($537/SF) August 2021

UNIT MIX

ARCHITECTURE

ARCHITECTURE | ARTIST RENDERING

ARCHITECTURE | SITE PLAN & ELEVATIONS

ARCHITECTURE | TENTATIVE MAP

ARCHITECTURE | SITE SECTIONS

ARCHITECTURE | SITE PHOTO PLAN

PRODUCT MATRIX

PROJECT OVERVIEW

OFFERING SUMMARY

Pacific Sotheby’s International Realty is pleased to present a proposed 23 Unit development for open designation. This complex will set a new standard and raise the bar for future developments in the celebrated and transformed “City of Industry”, National City, San Diego, California.

LOCATION

Northwest corner of 16th Street & M Avenue, National City, CA 91950

APN’S 557-351-17 to 25

ACREAGE 1.71 acres

MUNICIPALITY City of Naitonal City

ZONING RM-1

Pacific Sotheby’s International Realty is pleased to present “The Highlander”. Several optional development considerations that one might consider are a) Luxury Apartment Complex, b) Senior-living/assisted-living facility, c) Live-work units or any other designation subject to building and zoning authority approval. The configuration proposed will be a low-rise 2 story building on the front of the lot, and up to a 5 story secondary wing on the rear of the lot int an “L” shaped configuration.

The site presently consists of a single story 5 BR rental property that is turn-key and able to generate cash flow until construction is ready to commence on the final project. It is located approximately 5 miles from the Coronado Bridge, 6 miles from Petco Park/Downtown San Diego, and 7 miles from Imperial Beach. It’s extremely close to Sweetwater Union High School, National City MIddle School, and Olivewood Elementary

PROJECT/PROPERTY 29 unit attached project (27 Townhomes & 2 DESCRIPTION Flats)

CURRENT Approved Tentative Map - February 6, 2019 ENTITLEMENTS

PROJECT SITE STATUS

ENVIRONMENTAL Required to transplant approximately 10 SF of Ambrosia. No other environmental permits required.

ESTIMATED $18,010 per unit (see page 24)

DEVELOPMENT IMPACT FEES

Preliminary approvals granted for 23 unit development subject to final designation of lot utilization and zoning approval. Specifically designed plans will be subject to final approval. Construction has not yet begun thus the property may be purchased in its present state.

Optimally situated to six restaurants and three food shopping outlets no more than 0.3 miles away.

This land is located in an OPPORTUNITY ZONE with very favorable tax treatment.

OFFERING HIGHLIGHTS FEE SCHEDULE

16th Street & M Avenue Location

APPROVALS

ACTIVE PERMITS

FEE

ZONING

HIGH DEMAND LEASE AREA

City of National City

Product sq ft (avg) 1,424 SF

Preliminary Conceptual approval - 23 unit preliminary approval

None in place at this time

Transportation Dev Impact Fee (TDIF)

PREMIUM RENT CAPTURE

National City Sewer Capacity Fee

WALK SCORE

SDCWA 3/4” Meter

CLOSE PROXIMITY TO KEY RETAIL

Need for new/updated housing

Luxury Upgrades / Water Views

Rating 84

17 retail shops no more than 0.7 miles away

National City Elementary School ($1.41/sf)

RESTAURANT MAP

HIGWAY ACCESS

Sweetwater High School ($2.12/sf)

TRANSPORTATION EASE

Adjacent to Rt. I-805, I-5 & 1-54.

Bus Line #929 on Highland Ave

Sweetwater Authority Water Capacity (Multi-Family 56% of EDU)

LOCAL AMENITIES

MAJOR EMPLOYERS SCHOOLS

32nd Street Naval Complex = approx. 40,000 personnel

**Buyer to verify all fees.

RANKED #1 AT PACIFIC SOTHEBY’S INTERNATIONAL REALTY