The property located at 3050 Pio Pico is
approximately 6,200 retail space on a 35,719 square foot lot located in the community of Carlsbad California. It is being currently operated as two restaurants on triple net (NNN) leases. The Lotus Thai Bistro has been at the
same location for over 15 years. They have just signed an extension to lease the approximately 2,000 square foot space that is set to expire on 4/30/2021. The rent is flat at $6,600 for the next 3 years & then has 2% rental increases every year after starting 2016. The restaurant has an
additional option for 5 years after the 2021 term expires. The Nozomi restaurant occupies 4,000 approximate square feet & has a lease in place
until December 2016 renting for $6,480 per month. Nozomi just signed a new five year lease with 2% rental increases annually. At the end of the 5 year term there is a 5 year option (extending to 2021). If exercised there is a 3% increase at year 6 & then 2% increase every year after. Property
also generates $105 per month from neighbor using portion of parking lot during the day only. The current NOI is $158,220. Owner will split the electric, gas, & water meters prior to closing.