Desert Terrace Apartments N. Beverly Avenue Tucson, AZ 85712

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1 MULTI-FAMILY Property Highlights Price $1,375,000 Number of Units 24 Price/ Unit $57,292 Year Built/ Renovated 1979/ 2017 Net Rentable SF 19,560 Price per SF $70.30 Weighted Average SF 815 CAP Rate 6.79% Features Community amenities include BBQ Grill, Pool with Fencing, Basketball Court, Vending Machine, and Laundry Room Facility 34 Open Parking Spaces (Newly Recoated Asphalt) Extensive Interior Renovation's in 2017 to 12 Units Pride of Ownership Community with Over 10 Years of Consecutive Ownership Located Just South of TMC All Large, Two Bedroom Layouts Allan Mendelsberg, Principal Multifamily & Investment Sales Daniel Leibsohn Multifamily & Investment Sales PICOR Commercial Real Estate Services 5151 E. Broadway Blvd, Suite 115 Tucson, Arizona phone: picor.com same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

2 Property Overview MULTI-FAMILY PROPERTY CONSTRUCTION & MECHANICAL Number of Buildings 2 Buildings/1 Laundry Room Foundation Concrete Number of Stories One, Two Framing Wood Frame Laundry On-Site Facility Exterior Stucco Number of Machines 8 Machines, Leased by CSC Roof Pitched, Composite Shingle Parking 34 Open Spaces Parking Surface Asphalt Parking/ Unit 1.42 Landscaping Desert Zoning R-3 Topography Level Number of Parcels 1 HVAC Roof Mounted HVAC Units Parcel Size 0.83 acres Electricity Individually Metered/Tenant Paid Parcel # Water/Sewer Master Metered/Owner Paid Density unit/ acre PERSONNEL 2017 Assessed Property Tax $7,050 One On-Site Maintenance Man Renovation Completion 50% UTILITIES Submarket North Central Tucson Electricity Tucson Electric Power Submarket Vacancy (3rd Quarter) Source: Apartment Insight 6.70% Water City of Tucson Sewer Trash Phone Cable Internet City of Tucson City of Tucson Cox Communications or CenturyLink Cox Communications or CenturyLink Cox Communications or CenturyLink COMMUNITY AMENITIES INTERIOR AMENITIES CAPITAL IMPROVEMENTS MADE IN 2017 One BBQ Grill Large, Spacious Two Bedrooms Two Tone Paint and Stucco Repair (est.) $12,000 Pool with Fencing Wood-Vinyl Flooring or New Plush Carpet Recoating Asphalt for Parking Lot (est.) $7,000 Outside Seating Area Fully Equipped Kitchens Interior Renovation (12 units) (est.) $96,000 Basketball Court Ceiling Fans with Light Kits Community Mailbox Laundry Room Facility Vending Machine Spacious Closets with Shelving Closet in Living Room Wood Grain Cabinets

3 ProForma MULTI-FAMILY TYPE # OF UNITS SQ. FT. TOTAL S.F. RENT PER S.F. TOTAL MONTHLY RENT STABILIZED RENT 2 BD/1 BA ,780 $0.74 $7,200 $600 2 BD/1 BA (Renovated) ,780 $0.80 $7,800 $650 TOTAL/AVG ,560 $0.77 $15,000 $625 INCOME STATEMENT MARKETING PROFORMA PROFORMA PER UNIT PROFORMA PSF RENTAL INCOME Gross Market Rent $180,000 $9.20 Vacancy Loss ($12,600) -7.00% ($0.64) Gross Rent $167,400 $8.56 Concessions & Bad Debt ($2,511) -1.50% ($0.13) Net Rental Income $164,889 $8.43 Other Income (Laundry, etc.) $2,000 $0.10 EFFECTIVE GROSS INCOME $166,889 $6,954 $8.53 STABILIZED MARKET VALUATION Value $1,375,000 Per Unit $57,292 Per Sq. Ft. $70.30 Cap Rate Mktg Proforma 6.79% OPERATING EXPENSES Repairs, Maintenance & Supplies $12,000 $500 $0.67 Contract Services $3,000 $125 $0.15 General & Admin $1,200 $50 $0.06 Utilities (Common area Electric) $9,350 $390 $0.48 Utilities (Water & Sewer) $15,950 $665 $0.82 Other Utilities $5,300 $221 $0.27 TOTAL VARIABLE $46,800 $1,950 $2.45 Property Taxes $7,050 $294 $0.36 Property Insurance $2,300 $96 $0.12 Management Fee $12, % $0.68 Reserves $4,800 $200 $0.31 TOTAL EXPENSES $76,701 $3,061 $3.92 % of EGI 45.96% NET OPERATING INCOME $90,188

4 Exterior Photos

5 Interior Photos

6 Sales Comps S N. Beverly Avenue Units 24 Year Built 1979 Sale Date TBD 815 SF Price $1,375,000 Price per Unit $57,292 Price per SF $ Bed 1 Bath (Classic) 12 2 Bed 1 Bath 12 Total 24 1 Villa Delano Apartments 123 W. Delano Street Units 33 Year Built 1980 Sale Date 10/31/ SF Price $1,850,000 Price per Unit $57,813 Price per SF $ Bed 2 Bath 33 Total 33 2 Fairmount Street Apartments 3736 E. Fairmount Street Units 12 Year Built 1963 Sale Date 7/18/ SF Price $615,000 Price per Unit $51,250 Price per SF $ Bed 1.5 Bath 12 Total 12 3 El Dorado Terrace Apartments E. Fairmount Street Units 20 Year Built 1978 Sale Date 4/15/ SF Price $1,134,400 Price per Unit $56,720 Price per SF $ Bed 1 Bath 20 Total 20 4 Flower Street Apartments 3525 E. Flower Street Units 12 Year Built 1986 Sale Date 8/29/ SF Price $707,000 Price per Unit $58,917 Price per SF $ Bed 1 Bath 12 Total 12 5 Geronimo Apartments 3022 N. Geronimo Avenue Units 10 Year Built 2007 Sale Date 12/27/ SF Price $560,000 Price per Unit $56,000 Price per SF $ Bed 2 Bath 8 3 Bed 2 Bath 2 Total 10

7 Sales Comps Maps MULTI-FAMILY S 2 3 Location and Property Description Desert Terrace is a two story, wood frame, 24 unit, garden style apartment building located in the heart of North Central Tucson just south of the major arterial road, Pima Street, and nestled on the quiet north-south neighborhood road of Beverly Avenue. Desert Terrace has been owned for over ten consecutive years by a very hands on and pride of ownership owner. Desert Terrace has undergone substantial capital improvements in the past year. Approximately, eight thousand dollars has been spent on improving twelve of the upstairs interior units. New wood grain cabinets, granite countertops, faux wood flooring or plush new carpet, enhanced lighting fixtures, and new two tone paint has been added to the complex. The exterior of the complex has a parking lot that has recoated asphalt with newly painted parking spaces, a two tone attractive paint scheme, a roof that has been replaced in the past three years, and several roof mounted A/C s that has been replaced. The community features a on-site laundry room, a BBQ, a vending machine, a pool, and a basketball court. The first floor units have a large private patios.

8 Rosemont Blvd Beverly Ave Swan Rd Handmaker Retirement Community Craycroft Rd 32,938 vpd FOR SALE The Forum Retirement Community Grant Rd 42,937 vpd Grant Rd TMC Medical Park Fountain Plaza Apartments Pima Medical Campus Redevelopment (19.55 Acres) Pima St Desert Terrace Allan Mendelsberg, Principal Multifamily & Investment Sales Daniel Leibsohn Multifamily & Investment Sales PICOR Commercial Real Estate Services 5151 E. Broadway Blvd, Suite 115 Tucson, Arizona phone: picor.com