WILLAMETTE PARK APARTMENTS

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1 7-Unit Multi-Family Investment 6533 SW Virginia Avenue, Portland, Oregon MULTI-FAMILY INVESTMENT PROPERTY 136 NE 28 th Avenue Portland, Oregon Office Fax

2 Subject Property Exterior Photos

3 Subject Property Interior Photos Apt B

4 Subject Property Interior Photos Apt C

5 Subject Property Interior Photos Apt D

6 Subject Property Interior Photos Apt F

7 Subject Property Common Area / Basement Photos

8 Subject Property Common Outdoor Space Photos

9 Attributes of the Property The Willamette Park Apartments were built in This attractive, turn-key investment property sits above the street and features many recent upgrades including a new roof and new energy efficient windows. The interiors of the apartments have been nicely updated, and there are stacked washer/dryers in four of the units, as well as onsite coin operated laundry and individual lockable storage units in the basement. Current rents are strong and still present a bit of upside, as the owners intend to implement some rent increases which will take effect in February, Attributes of the Location The Willamette Park Apartments are located in the highly sought after John's Landing area, one block from Macadam Avenue. This quiet residential neighborhood includes restaurants such as Elephant's Deli and the upscale grocery store Zupan's Market, all within walking distance. Willamette Park is just three blocks away with paved walking/bike paths, picnic areas, tennis courts, boating, and other water sports on the Willamette River. It's about a five-minute drive from downtown with easy freeway access and near bus lines, making it very close to PSU, OHSU, and Lewis and Clark.

10 RENT ROLL Apt. # Unit Type SQ. FT. RENT (includes RUBS) New Rent Feb 1, 2018 Move-in Date A Studio 350 $950 $950 5/1/10 B 1BR/1BA 500 $1,220 $1,270 4/1/17 C 1BR/1BA 500 $1,425 $1,475 8/1/17 D 1BR/1BA 500 $1,100 $1,100 8/1/18 E 1BR/1BA 500 $1,225 $1,275 4/1/13 F 1BR/1BA 500 $1,170 $1,220 12/15/17 G 1BR/1BA 600 $1,225 $1,275 12/1/10 TOTAL $8,315 $8,565

11 INVESTMENT SUMMARY Summary Price: $1,400,000 Down Payment: 45% $630,000 Number of Units: 7 Location 6533 SW Virginia Ave Portland, Oregon Financing Summary New Multi-Family Loan in the amount of Price/Unit: $200,000 $770,000 Building/SF: 4,944 at 5.25% Principal and Interest Amortized over 30 Years Price/SF $283 Current Cap: 4.88% Market Cap: 5.60% Parcel ID Current GIM 14.0 Lot Size Market GIM 12.6 Utilities paid by Tenant Additional Information R Acre (10,000 SF) Electricity Year Built: 1924 INCOME Annualized Operating Data Annualized Expenses Current Market 2018 Estimate % EGI Per Unit EXPENSES Scheduled Rent Income $102,780 $114,600 Taxes $10,830 - $1,547 Laundry $350 $350 Insurance $2,179 - $311 Scheduled Gross Income $103,130 $114,950 Utilities $4,929 - $704 Less: Vacancy (3%) ($3,094) ($3,449) Management $7, % $1,000 Effective Gross Income $100,036 $111,502 Maintenance & Repairs & Landscaping $3, % $429 Less: Expenses ($31,692) ($33,068) Turnover & Cleaning $2, % $286 Net Operating Income $68,344 $78,434 Reserves $1,750 - $250 Year 1 Debt Service ($51,024) ($51,024) Pre-Tax Cash Flow $17,321 $27,410 Total Expenses $31, % $4,527 Principal Reduction $10,857 $10,857 Total Return 4.5% $28, % $38,268 Cash Yield 2.7% $17, % $27,410 Scheduled Income Current Market Total Units Unit Type Approximate SF/Unit Rent Rent/PSF Rent Rent PSF 1 1BR-1BA 600 SF $1,275 $2.13 $1,425 $ BR-1BA 500 SF $1,100 - $1,475 $ $2.95 $1,425 $ Studio 350 SF $950 $2.71 $1,000 $ $8,565 $9,550

12 AERIAL PHOTOS expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and

13 RENT SURVEY PROPERTY LOCATION Willamette Park Apts 6533 SW Virginia Ave Portland, OR YEAR BUILT TOTAL # OF UNITS UNIT TYPE BR/1BA 5 1BR/1BA 1 Studio UNIT SF CURRENT RENT RENT/PSF SOURCE PHOTO $1275 $2.13 Owner $ $1475 $ $2.95 $950 $2.71 *Subject Property * rents as of 2/1/18 & include utility bill backs The Macadam 5885 SW Macadam Portland, OR BR/1BA 615 $1295 $2.11 Craigslist 8/31/ SW Corbett Ave Portland, OR BR/1BA 400 $1155 $2.89 Craigslist 7/12/18 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and

14 RECENT SALES COMPARABLES PROPERTY LOCATION Willamette Park Apts 6533 SW Virginia Ave Portland, OR YEAR BUILT # UNITS UNIT MIX / COMMENTS BR/1BA 1 Studio PRICE / PRICE / PRICE UNIT SF CAP RATE SOLD PHOTO $1,400,000 $200,000 $ % TBD *Subject Property Marcella Apts 2151 NW Johnson St Portland, OR BR/1BA 36 - Studio $7,500,000 $163,043 $ % Oct 2018 Water Meade 0103 SW Meade St Portland, OR BR/1BA 12 1BR/1BA 15 - Studio $5,500,000 $189,655 $ % Sept 2018 Elephant Court 1946 NW Lovejoy St Portland, OR NA $2,192,300 $199,300 $ % April 2018 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and

15 PROPERTY LOCATION Marquam Hill Apts 3233 SW 10th Ave Portland, OR YEAR BUILT # UNITS UNIT MIX / COMMENTS BR/1BA 1 1BR/1BA 5 - Studio PRICE / PRICE / PRICE UNIT SF CAP RATE SOLD PHOTO $1,200,000 $171,428 $ % March SW 10 th Ave Portland, OR SOLD by BR/1BA 3-1BR/1BA 1 - Studio $890,000 $178,000 $ % Sept 2016 Redwood Court Apts 3717 SW Corbett Ave Portland, OR BR/1BA 9 1BR/1BA 6 - Studio $5,900,000 $163,889 $254 NA March 2016 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and