For a strong credit tenant, we are interested in a 10 year lease with 2 x 5 year options. 6 Months of Free Rent after lease execution. $20/sf TI credit to offset Tenant Improvements. 5% annual base rent increases with pass-through CAM expenses. $3.25/ sf NNN + $1.30/sf CAMs x 3,172 sf = $14,432.60 Gross per Month. Average household Income = $192,204 (Within 1 Mile) Daytime Employment Total = 16,490 employees Annual Expenditures: Food and Alcohol = $85,169,403 Annual Total Visits To 600 Block = 1,900,000 In addition to what you see around 633 Laurel today, this is the very prime block in all of San Carlos with the city planning to further enhance both the front of the building and even the back alley parking area. Further, the city has approved 3,000,000 square feet of Class A Office and Biotech development, mostly by the REIT Alexandria. This means approximately 3,000,000 sf / 250 sf = 12,000 new employees in San Carlos alone. Plus, Redwood City next door approved another 5,000,000 sf, and so on and so on. We’ve also approved about 2,800 new housing units. With 2.5 people per unit, that’s 7,000 additional residents. https://www.sancarlosdowntownplan.com/ ZONING MU-DC-100: Mixed-Use Downtown Core: Allowable uses: retail, restaurant, commercial, and office (front 2,500 sf) uses, as well as res. dev. of up to 100 units/acre. Family Child Care, Small & Large, Residential Care Facilities, Instructional Services/Classes*, Artist Studios*, Vehicle Sales/Leasing*, Banks*, Theaters*, Bars*, Restaurants*, Convenience Grocery Store*, Food Preparation, Bed & Breakfast, Hotels* (if redeveloped with upper floors), Garden Center*, Business and Professional*, Medical and Dental* (if redeveloped with upper floor), General Personal Services*. *See potential limitations or permit process, if any in City of San Carlos municipal code and from a conversation with a city planner. https://www.codepublishing.com/CA/SanCarlos/#!/SanCarlos18/SanCarlos1805.html#18.05