| Value-Add Opportunity – Refresh ±250 SF motel units into modern micro-studios with private bath, closet, kitchenette, and bed. |
| Tenant Demand Drivers – Strong rental demand from NAWS China Lake contractors, single tenants, and seniors seeking affordable housing. |
| Proven Upside – Higher achievable rents versus non-kitchen units; flexible leasing potential (extended stay or annual). |
| Zoning Advantage – R-4 multifamily zoning with City confirmation of motel-to-residential conversion as a permitted use. |
| Immediate Income – Four units already include full kitchens and require no upgrades. |
| Additional Potential – Garage conversion opportunity offers further value-add upside. |
