EXCLUSIVE MULTIFAMILY OFFERING Dayton Drive Lemon Grove, CA Units Built: 1979 $2,795,000 PRICE REDUCED FOR YEAR-END SALE!

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1 EXCLUSIVE MULTIFAMILY OFFERING 1790 Dayton Drive Lemon Grove, CA Units Built: 1979 $2,795,000 Complete Interior & Exterior Renovation 15 Minutes from Downtown San Diego New Roof with 10-Year Warranty Close to Freeways & Public Transportation PRICE REDUCED FOR YEAR-END SALE! limoncello.berkadiarea.com STEVE HUFFMAN a Berkshire Hathaway and Leucadia National company

2 THE OPPORTUNITY The Limoncello Apartments have just undergone a complete interior and exterior remodel of the property in July of Within three weeks of completion, 15 units were rented out and occupied at intentionally lower rental rates so full occupancy could be achieved by September. All appropriate city permits were obtained and the property was taken down to the studs during the remodel process. A new owner should not have any significant capital expenses for years to come as these apartments are literally brand new from the inside out. New interior and exterior improvements include: Title 24 roof with 10-year warranty New insulation, drywall, and interior walls New exterior windows, stucco, doors, and paint Brand new laundry room with two, water saver washer and dryer combinations leased by WASH Brand new interiors with new blinds, wall air conditioners with heat pumps, energy saving light fixtures Brand new kitchens with new cabinets, counters, sinks and faucets New Energy Star appliances New electrical throughout with new meters, sub-panels, and outlets throughout New copper plumbing throughout New landscaping New parking lot Community garden with raised beds, restful grassy areas, and picnic benches PROPERTY DESCRIPTION Limoncello is a beautiful, quaint, and completely renovated community located in residential Lemon Grove. The property is located on Dayton Drive, just minutes to the SR-94 freeway providing convenient access to downtown San Diego and the major job centers of the South Bay and Mission Valley. Limoncello offers studio and one-bedroom apartment homes with completely upgraded interiors. Amenities include air conditioning and heating, new appliances, new wood cabinetry, wood laminate flooring, and granite countertops. Community amenities include fresh landscaping, picnic areas, on-site laundry facility, community garden with raised beds, and ample open parking spaces. LIMONCELLO - 24 Units

3 LOCATION DESCRIPTION Lemon Grove, in San Diego County, is just one mile south of La Mesa and seven miles east of Downtown San Diego. The city is conveniently located inside the San Diego metropolitan area just off the SR-94 freeway, providing convenient access to San Diego's East County and beyond. Lemon Grove offers an easy drive to the major job centers of Downtown San Diego, 32nd Street Naval Station, and Mission Valley. The SR-94 freeway connects to the new SR-125, the rarely-congested, 10-mile South Bay Expressway that provides easy access from Spring Valley to Downtown, Sorrento Valley, Santee, I-8, and I-15, as well as Otay Mesa, Mexico, and more. Lemon Grove was initially an agricultural community, primarily dealing with sheep and poultry ranching and cultivation of vegetable crops. The name, Lemon Grove, was given to this area after the plantation and subsequent shipping of lemon and orange plants became the area's major industry. However, these groves disappeared soon, and Lemon Grove was incorporated as a general law city in the year Today, the city boasts many attractions including the newly-designed Lemon Grove Branch Library of San Diego County which houses the historic bell from Lemon Grove's first schoolhouse and the Lemon Grove Chamber of Commerce. The numerous parks in the neighborhood including the Berry City Park and the Monterey Heights County Park, offer recreation facilities for both adults and children, and can be the ideal spot for a fun-filled day. limoncello.berkadiarea.com

4 UNIT AMENITIES New Energy Star Appliance Package New Wood Cabinetry Throughout Granite Countertops Wood Laminate Flooring Window Coverings Wall-Mounted Air Conditioning & Heating COMMON AREA AMENITIES On-Site Laundry Facility with New Machines Community Garden with Raised Beds Freshly-Landscaped Picnic Areas Ample Open Parking Spaces Close to Freeways & Public Transportation

5 PROPERTY SUMMARY Units 24 Built 1979 Parking Open Spaces Total SF 8,324 Site Acreage 0.23 Parcel Number Type of Buildings One-Story / Garden-Style Roofs Flat Exterior Wood Frame / Stucco INVESTMENT SUMMARY Price $2,795,000 Price / Unit $116,458 Pro Forma CAP Rate 6.26% Pro Forma GRM Proposed Loan Amount $1,817,000 Loan Payment $8,159 Down Payment $996,170 Interest Rate 3.50% Amortization 30-Year UNIT MIX & RENT SCHEDULE Units Type Unit SF Total SF Market Rent Actual Rent Monthly Mkt. Rent Market Rent/SF 7 Studio 260 1,820 $825 $750 $5,775 $ Studio* 310 1,550 $850 $800 $4,250 $ Studio* 350 1,050 $875 $850 $2,625 $ Bed / 1 Bath* $975 $850 $975 $ Bed / 1 Bath 440 3,520 $1,050 $950 $8,400 $ *Includes galley kitchen 347 8,324 $918 $844 $22,025 $2.65 Income Berkadia Pro Forma Actual In Place Scheduled Market Rent $264,300 $243,000 Plus: Laundry $2,000 $2,000 Gross Scheduled Income $266,300 $245,000 Less: Vacancy 3.00% ($7,989) ($7,350) Total Operating Income (EGI) $258,311 $237,650 Expenses* Per Unit Administrative $12 $300 $300 Payroll $417 $10,000 $10,000 Repairs & Maintenance $250 $6,000 $6,000 Management Fee 4.00% $431 $10,332 $9,506 Utilities $500 $12,000 $12,000 Contracted Services (Trash/Land/Pest) $250 $6,000 $6,000 Real Estate Taxes % $1,392 $33,401 $33,401 Insurance $227 $5,440 $5,440 Total Expenses $83,474 $82,647 Per Unit: $3,478 $3,444 Per SF: $10.03 $9.93 % of Income 31.3% 33.7% Net Operating Income $174,837 $155,003 Less: Debt Service ($97,910) ($97,910) Projected Net Cash Flow $76,928 $57,093 Cash on Cash Return (Based on Ask Price) 7.72% 5.73% *Expenses are based on estimates due to lack of financial history because of rehabilitation and constuction project.

6 CONTACT INFORMATION INVESTMENT SALES STEVE HUFFMAN CA DRE License # FINANCING CHARLIE WILLIAMS SVP - Mortgage Banker (602) charlie.williams@berkadia.com limoncello.berkadiarea.com San Diego Office 8910 University Center Lane, Suite 425 San Diego, California Phone: Fax: BerkadiaREA.com ApartmentUpdate.com Berkadia Real Estate Advisors is one of the largest real estate multifamily services firms in the country. The company serves apartment owners and investors with experienced investment sales advisors and mortgage bankers working from over 60 office locations coast to coast. Berkadia Real Estate Advisors research group is nationally renowned for their comprehensive market reports, which provide investors, lenders, owners, and real estate editors with accurate and timely multifamily market information. If you would like to receive these free reports or for more information, please visit ApartmentUpdate.com. Berkadia Real Estate Advisors makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The presence of molds may adversely affect the property and the health of some. If you have questions or concerns regarding this issue conduct further inspections by a qualified professional.