TILBURY FERGUSON INVESTMENT REAL ESTATE, INC. DOUGLAS SQUARE - 36 APARTMENT UNITS SE 87TH AVENUE, PORTLAND, OR

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1 DOUGLAS SQUARE - 36 APARTMENT UNITS SE 87TH AVENUE, PORTLAND, OR EXCLUSIVE MULTI-FAMILY OFFERING $4,650,000 EXCLUSIVELY LISTED BY: LIZ TILBURY, CCIM LIZ@TFN-IRE.COM BEN MURPHY BEN@TFN-IRE.COM 23 NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX:

2 DOUGLAS SQUARE APARTMENTS 36 APARTMENT UNITS PRICE: $4,650,000 LISTING BROKERS: INVESTMENT Liz Tilbury, CCIM Ben Murphy 36 Apartment Units SE 87th Avenue, Portland, OR. PROPERTY DETAILS Significant income upside. 8% variance in current vs. highest-achieved rents. Utility bill backs - Additional income upside as RUBs are fully implemented. Montavilla neighborhood poised for long-term rent growth. Enhanced curb appeal - new paint, windows, landscaping, signage, & parking lot. Near Portland Community College Southeast Campus which has more than doubled its site since 208 from 94,000 to 200,00 SF. Varying levels of interior upgrades have yielded a pay- back of just two years. PLEASE DO NOT DISTURB RESIDENTS 23 NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX:

3 DOUGLAS SQUARE APARTMENTS INVESTMENT SUMMARY (PROFORMA) RENOVATION SUMMARY ( ) Price $4,650,000 Price Per Unit $29,000 Price Per SF $206 Avg. Rent (Highest Achv d) $,67 EGI $504,000 Expenses (40%) $20,000 Expenses (per unit) $5,600 NOI $32,000 Cap Rate 6.7% PROPERTY HIGHLIGHTS No. Units 36 Year Built 974 Year Renovated 207 Net Rentable Area 22,577 SF Avg. Unit Size 627 SF No. Stories 2 Design Garden Court Zoning R-2 Lot Size.09 acres Framing Wood Exterior Finish Aluminum Roofing Comp. Asphalt Exterior: Paint Sign package & flags Landscaping Parking lot paving, seal coat, striping Exterior lighting Windows & sliding doors Interior: Kitchen cabinets (painting and/or replacement) Appliance packages Countertops Flooring Bathtub/shower surrounds Dry rot repair (as needed) Replacement of sub-floors (as needed) 20 Units Turned Since January 206: Varying levels of upgrades have yielded a pay of just two years. 23 NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX:

4 R DOUGLAS SQUARE APARTMENTS FINANCIAL ANALYSIS Current Rents: Highest Achieved Rents: Number Type Approx. SF Rent $/SF Rent %Increase 5 BD 460 $90 $.98 $,00 2% 4 BD 576 $859 $.49 % BD 653 $859 $.33 $869 0% 6 2 BD 795 $05 $.32 $,250 $9% $966 $.54 $,4 8% FINANCING SUMMARY SORTED RENT ROLL - /24/8 Type Current Rent Market Rent Count (a) x (a) x. Total $650 $670 $750 $779 $800 $925 $975 $,000 $,075 $,00 $90 $,00 $,00 $,00 $,00 $,00 $,00 $,00 $,00 $,00 $,00 $,00 $, (b) x. $750 $787 (b) x. Total $859 4 (c) x. $869 (c) x. Total $869 $775 $775 (d) 2x. $952 $955 $,00 $,200 $,250 $,250 (d) 2x. Total $,05 $,250 $,250 $,250 $,250 $,250 $,250 $, Averages/Total $966 $, NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX:

5 P DOUGLAS SQUARE APARTMENTS - EXTERIOR PHOTOS 23 NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX:

6 P DOUGLAS SQUARE APARTMENTS - INTERIOR PHOTOS 23 NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX:

7 R SALES COMPARABLES Name Address Built Units SF Price $/Unit Sale Date Pheasant Court 705 SE Lake Road, Milwaukie ,900 $3,050,000 $38,636 Under Contract Diplomat 0934 NE Wygant St. Portland ,500 $4,200,000 $55,556 Under Contract Venture Park 082 SE Stark St. Portland ,500 $2,850,000 $42,500 9/26/207 Anne Marie 77 NE Weidler St. Portland ,000 $4,00,000 $28,25 9/22/207 Brittany Arms 0503 E Burnside St. Portland ,990 $2,045,000 $27,83 7/0/207 Riverside Villa 8734 SE River Rd. Milwaukie ,900 $5,000,000 $35,35 6//207 Christine Court 2295 SE Courtney Rd. Milwaukie ,050 $4,000,000 $33,333 2/2/207 Totals/Averages $37,300 R RENT COMPARABLES Name & Location Year Built Douglas Square - Rent Survey (January 2, Total Bed / Bath 2 Bed / Bath Units S.F. Rent $/S.F. S.F. Rent $/S.F. W/D Parking RUBs Occ. % Ameni- The Astoria 2440 SE 87th Ave $,000 $ $,50 $.92 Street Parking $75-$85 98% Pool Fitness Center Tabor Pointe 0022 SE Division St $,245 $.36 Yes $ % Fitness Center Fireplace Lassam Terrace 260 SE 96th Ave $,020 $.07 Yes $ % A/C Tabor West 642 SE Division St $,053 $ $,237 $.37 $40-$90 96% None Tabor East 7298 SE Division St $,025 $ $,225 $.27 $ % None Garden Villa 8435 SE Insley St $,95 $ $,76 $.8 $73-$98 92% None Counnery Place 80 SE Mill St $,0 $ $,265 $.8 $30/ Metered 94% Pool, Clubhouse Averages Douglas Square 2440 SE 87th Ave $,077 $95 $84 $.77 $.99 $ $, $,054 $.42 $.33 $40 -$80 95% None 653 $869 $ NW HOYT STREET, SUITE 20 PORTLAND, OREGON OFFICE: FAX: