Steeplechase Plaza

• Excellent for Owner-User: 17,074 square feet of the property are vacant plus 1,330 square feet may be re-captured from a month-to-month tenant to accommodate a user’s space needs.

• Significantly Below-Replacement Cost: Property priced at only $98 per square foot to the building and $16.70 per square foot to the land.

• Upside Through Leasing: Current ownership has been hands-off with leasing. A Buyer may increase the Net Operating Income and property value by leasing vacant units that are not going to be occupied by the buyer.

• Upside Through Increasing Below-Market Rents: Blue Harbor Seafood & Mariscos is obligated to pay $13.00/SF ($42,696) per year. Tenant has paid an average of $29,000 per year. Buyer may evict tenant and replace end-cap second-generation restaurant with a tenant that pays its market rent of $16-19/SF. Market rents for other vacant units at the property range from $13-16/SF.

• Developable Pad Site Included in Offering: The Property includes an approximately half-acre pad site that is currently undeveloped. A Buyer may develop, ground lease, or sell this pad site for further value creation.

• Highly-Populated Submarket: Population of approximately 120,000 people and an average household income of $89,816 within a three-mile radius.