Section 01
Owner's Overview
Executive summary, contact information, and loan details
Property Management
Owner
1860 El Camino Real, LLC.
Management
Chavez Management Group, Inc.
Director of Operations
Andrea Wolff
Property Manager
Andrea Wolff
Accounting Contact
Lily Loke
Address
1860 El Camino Real, Suite 500
Burlingame, CA 94010
Burlingame, CA 94010
Loan & Ownership
Lender
Chase Commercial
Policy #
02-1141171-0
Outstanding Principal
$8,983,791.94
Maturity Date
06/01/2031
Marco Chavez
50% Ownership
George Chavez
50% Ownership
📈 April 2026 Performance Highlights
Strong month with NOI of $81,552.47 (55.7% of total income) significantly exceeding budget. Suite #420 lease commission of $11,344 paid to Cushman & Wakefield, indicating new lease activity in progress. Effective vacancy improved to 9.90% — first year-over-year improvement since 2023.
YTD Performance Trend
Section 02
Occupancy & Vacancy History
Current occupancy status and historical vacancy trends
Occupied Units
25 / 31
40,709 sq ft leased
Monthly Rent
$169,981
Annual: $2,027,776.32
Total Building
48,326 sf
31 total units
Vacancy Trend (4-Year)
Occupancy Mix
| Year | Occupied | Vacant | Total Units | Vacant Area | Vacancy % | Trend |
|---|---|---|---|---|---|---|
| 2023 | 30 | 2 | 32 | 1,130 | 2.31% | Baseline |
| 2024 | 29 | 3 | 32 | 2,078 | 4.27% | ▼ Worsening |
| 2025 | 27 | 4 | 31 | 6,442 | 13.32% | ▼ Worsening |
| 2026 | 26 | 5 | 31 | 4,785 | 9.90% | ▲ Improving |
Comments & Analysis
- Vacancy history restated to reflect signed pending leases in each year — providing a more accurate view of effective occupancy.
- 2023 baseline: 30 of 32 units occupied (2.31% vacancy) after applying pending leases for Suites 050, 232, and 428.
- 2024: Effective vacancy edged up to 4.27% once Suite 428 moved from pending to current — Suites 303, 315, and 400 remained vacant.
- 2025: Largest single-year deterioration with vacancy expanding to 13.32% as four suites turned over without backfill activity.
- 2026 — Trend reversing: With Suite #420 (2,836 sq ft) now in pending lease status, effective vacancy improves to 9.90% — first year-over-year improvement since 2023.
- Active leasing pipeline expected to continue reducing vacancy through year-end; remaining 5 vacant suites total 4,785 sq ft on the 2nd, 3rd, and 4th floors.
Section 03
Property Operations
Maintenance accomplishments and capital improvements
Operations & Maintenance
- Janitorial services performed across all floors by Deal Cleaning Services Inc. ($5,752.56)
- Elevator service and repair completed by Specialized Elevator Corp ($1,385.00 across two visits)
- HVAC repair and maintenance for Suite #321 — Johnstone Supply parts ($191.05) and labor ($900.00)
- Window filming work completed at Suite #160 by South Bay Window Filming ($350.00)
- Plumbing service ($518.65) and general repairs/maintenance ($821.47) addressed
- Janitorial supplies restocked via Mission Peak Supply ($1,118.60)
- Paint supplies and maintenance work completed ($1,250.52)
- Landscaping and exterior cleaning maintained ($270.00 combined)
Capital Improvements
- Suite #420 lease commission paid to Cushman & Wakefield: $11,344.00
- TI 60EC tenant improvement allocation: $91.57
- No major capital improvement projects undertaken in April 2026
Operational Issues
Routine maintenance only — elevator service (2 visits), HVAC repair at Suite #321, plumbing service, and general repairs completed. No outstanding physical issues to report.
Inter-Property Transfers
$100,000 transferred to CMGI; $30,000 to 28PP. April loan payment of $47,970.60 ($28,285.15 interest, $15,461.81 principal, $4,223.64 to property tax escrow).
Operating Expenses Breakdown
Section 04
Income Statement
Profit & loss summary for April 2026
| Category | Month to Date | Year to Date |
|---|---|---|
| Total Income | $146,385.94 | $725,763.59 |
| Total Operating Expenses | $64,669.03 | $195,684.69 |
| Total Non-Recoverable Expenses | $0.00 | $2,656.83 |
| Net Operating Income | $81,552.47 | $526,872.65 |
| Net Income | $53,175.75 | $379,565.21 |
NOI Margin (MTD)
55.7%
Strong operating performance
NOI Margin (YTD)
72.6%
Healthy YTD performance
Mortgage Interest (MTD)
$28,285
Below-NOI item
Income vs. Expenses (YTD)
Section 05
Budget Comparison
Period-to-Date actual vs. budget analysis
| Category | PTD Actual | PTD Budget | Variance | % Var |
|---|---|---|---|---|
| Total Income | $146,385.94 | $0.00 | +$146,385.94 | N/A |
| Total Operating Expenses | $64,669.03 | $40,412.00 | -$24,257.03 | -60.02% |
| Non-Recoverable Expenses | $0.00 | $0.00 | $0.00 | N/A |
| Net Operating Income | $81,552.47 | -$40,412.00 | +$121,964.47 | +301.80% |
| Net Income | $53,175.75 | -$40,412.00 | +$93,587.75 | +231.58% |
Budget Variance Visualization
Operating Expense Variances
- Building (+$707.63): HVAC, Janitorial, and Paint all under budget
- Elevator (-$1,053): Higher than $332 budget due to two service visits
- General (+$1,684.46): Electrical, Misc, Plumbing all under budget
- Utilities (-$175.82): Slightly over budget
- Property Taxes (-$26,198.54): No PTD budget loaded for this category
- Administrative (-$434.76): Management fee slightly above budget
Section 06
Leasing Activity
Vacant units, lease pipeline, and upcoming expirations
Loading vacancies…
Connecting to Firestore.
Upcoming Lease Expirations
| Suite | Tenant | Expiration Date | Days Until Expiration |
|---|---|---|---|
| 310 | Rashmi Jain MD | 9/30/2026 | 147 days |
| 238/250 | Mindful Health Solutions | 8/31/2026 | 117 days |
| 108 | Monazza Navid Chaudhry | 1/31/2027 | 270 days |
| 201 | Physiotherapy Associates | 3/31/2027 | 329 days |
| 305 | Nest Dental | 5/31/2027 | 390 days |
| 221 | Munir Shahin (SB Financials) | 7/31/2027 | 451 days |
Section 07
Floor Plans
Floor plan PDFs for every vacant suite — auto-populated from Leasing
Loading…Fetching vacancy floor plans.
Section 08
Balance Sheet
Assets, liabilities, and capital as of April 2026
Cash & Current Assets
Cash - FRSC Sweep$2,700,000.00
Cash - T-Bills$1,750,000.00
Cash - First Republic$318,260.73
Property Tax Escrow$31,854.94
Total Cash$4,800,115.67
Liabilities & Equity
Loan - 1st Mortgage$8,983,791.94
Security Deposits$136,463.51
Total Liabilities$9,120,255.45
Total Capital-$899,391.61
Total Liab. & Capital$8,220,863.84
Inter-Property Receivables
Due from 10GC$30,000
Due from 105LF$771,686
Due from 13SCO$105,000
Due from 1440-1470ML$500,000
Due from 20ec$250,000
Due from 25N14$25,000
Due from 28PP$130,000
Due from 55np$30,000
Due from 57LL$50,000
Due from CMGI$478,700
Section 09
Tenant Aging Detail
Outstanding balances as of 4/30/2026
Overall Position
Grand total outstanding: $164.67 — minimal exposure, all current and being followed up. Most tenants prepaid for April.
| Tenant | Suite | Current Owed | 0-30 Owed | Status |
|---|---|---|---|---|
| Munir Shahin dba Sha & Co. | 221 | $13.48 | $13.48 | Minor |
| Nest Dental | 305 | $181.72 | $181.72 | Minor |
| Physiotherapy Associates | 201 | $92.33 | $92.33 | Minor |
| Mindful Health Solutions | 238/250 | -$122.86 | $0.00 | Credit |
| Grand Total | $164.67 | $287.53 | — | |
Section 10
Work Orders
Recent work orders and maintenance activity
Total Orders
13
Completed
3
In Progress
3
| WO # | Suite | Description | Category | Priority | Vendor | Status | Notes |
|---|---|---|---|---|---|---|---|
| 16321 | 439 | Temperature Control panel dead battery | 4/30/26 | Simon Basques | In Progress | ||
| 16293 | 500 | Office Pictures | 4/29/26 | Simon Basques | In Progress | ||
| 16288 | 250 | Carpet cleaning | 4/29/26 | — | Canceled | ||
| 16279 | 305 | FYI | 4/29/26 | — | Canceled | ||
| 16273 | 500 | Remove Paint off Glass | 4/28/26 | Simon Basques | Completed | ||
| 16272 | 500 | Wall Post | 4/28/26 | Simon Basques | In Progress | ||
| 16271 | — | Blank Outlet Covers | 4/28/26 | Simon Basques | Completed | ||
| 16270 | 500 | Lily & Jaimes Desk Cords | 4/28/26 | Ron McCrary | Call | ||
| 16267 | 500 | Leak in kitchen | 4/28/26 | Ron McCrary | Call | ||
| 16266 | 500 | Wall Panels & TV Mount | 4/28/26 | Ron McCrary, Simon Basques | Completed | ||
| 16257 | 315 | 315 Misc. items | 4/28/26 | Ron McCrary | Call | ||
| 16256 | — | Door Closer | 4/28/26 | Ron McCrary | Call | ||
| 16255 | — | Window Washing / Dewebb | 4/28/26 | Ron McCrary | Call |
Section 11
Multi-Month Comparison
Compare key metrics across reporting periods
VS
Quarterly Trend