Multifamily Offering. LUND POINTE APARTMENTS 3301 Valentine Lane SE - Port Orchard, WA Unit Apartment Complex. Offered At: $2,630,000

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1 Multifamily Offering LUND POINTE APARTMENTS 3301 Valentine Lane SE - Port Orchard, WA Unit Apartment Complex Offered At: $2,630,000 Corey Crain I I I

LUND POINTE APARTMENTS HIGHLIGHTS Located just down the street from the 209 Acre South Kitsap Regional Park Port Orchard is located 13 miles west of Seattle & 9 miles south

2 LUND POINTE APARTMENTS HIGHLIGHTS Located just down the street from the 209 Acre South Kitsap Regional Park Port Orchard is located 13 miles west of Seattle & 9 miles south of Bremerton- home to the Naval Base Kitsap Built & Placed into Service in 1995 Walmart, Starbucks, and Safeway are all located within a short walking distance of the property

LUND POINTE APARTMENTS PROPERTY DESCRIPTION Lund Pointe Apartments is a 25-unit affordable housing community located in Port Orchard, WA.

It is within walking distance to a number of shopping and dining venues, as well as public parks and provides easy access to Highway-16, Its convenient location allows tenants easy commutes to both

Lund Pointe Apartments has undergone many recent improvements from the past year including new flooring in 95% of the units (floors are all hard surface, no carpet), new cabinets in many of the

3 LUND POINTE APARTMENTS PROPERTY DESCRIPTION Lund Pointe Apartments is a 25-unit affordable housing community located in Port Orchard, WA. The property was built and placed into service in 1995 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. It is within walking distance to a number of shopping and dining venues, as well as public parks and provides easy access to Highway-16, Its convenient location allows tenants easy commutes to both Tacoma and Seattle, while also providing a quiet, peaceful setting. Lund Pointe Apartments has undergone many recent improvements from the past year including new flooring in 95% of the units (floors are all hard surface, no carpet), new cabinets in many of the units, new exterior paint, new gutter system, and new landscaping. Its convenient location allows tenants easy commutes to both Tacoma and Seattle, while also providing a quiet, peaceful setting that is easy to call home. There is an existing regulatory agreement in place which requires 24 units to be rented to income qualifying residents earning no more than 50% and 60% of Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. There is one unit rented at market rate and adjoined by 1,000 of office/maintenance space. The property is out of its initial tax credit compliance period. Please see the Property Summary page for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordability restrictions. Lund Pointe Apartment community offers two and three bedroom apartment homes featuring an open floor plan and full appliance package. Community amenities include well maintained grounds and a convenient location. COMMUNITY AMENITIES Convenient Location Well Maintained Grounds UNIT AMENITIES Open Floor Plan Full Appliance Package

LUND POINTE APARTMENTS Port Orchard is a picturesque community with a relaxed pace on the natural side of Puget Sound.

Isolated by water on all sides, the Kitsap Peninsula developed its own relaxed and authentic charm.

passenger only ferry from Bremerton, the adventure begins the moment you set out to visit Port Orchard Washington. The destination offers many attractions.

4 LUND POINTE APARTMENTS Port Orchard is a picturesque community with a relaxed pace on the natural side of Puget Sound. Compared to the more traveled Seattle-Tacoma side, the Kitsap Peninsula feels decidedly less hurried. Isolated by water on all sides, the Kitsap Peninsula developed its own relaxed and authentic charm. No matter how you get to Port Orchard, by driving the spectacular twin suspension bridges of the Tacoma Narrows, on a Washington State Ferry from Seattle through scenic Rich Passage, by historic passenger only ferry from Bremerton, the adventure begins the moment you set out to visit Port Orchard Washington. The destination offers many attractions. Waterfront parks abound, with attractive marine views: the impressive Puget Sound Naval Shipyard with imposing aircraft carriers, subs and destroyers. Manchester State Park offers camping and waterfront hikes along Rich Passage, with up-close sightings of lumbering jumbo ferries on their hourly route through the narrows of Rich Passage. The waterfront district downtown along Bay Street offers a pleasing selection of eateries, pubs, antique malls and collectible shops. A new feature is the Port Orchard Public Market, featuring a restaurant with locally crafted beer, an authentic Mexican taqueria, an ice cream and chocolatier artisan, a seafood and wine pairing shop, a butcher shop and fresh produce. The Sidney Museum tells an interesting story of Port Orchard, going back to the 1800 s when the town was first known as Sidney. The museum offers walk through historic exhibits, historic photo galleries and a quality collection of original works from local artists. The South Kitsap area has lots of family-friendly events throughout the year, like the annual Seagull Calling Contest, the Fathoms of Fun Festival and Parade, the Olalla Bluegrass Festival, and the Festival of Chimes and Lights. Port Orchard has a large, well-protected marina, should you choose to come by boat, with full services, and easy access by foot to downtown shops. Golfers take note: Port Orchard and South Kitsap are home to some of the finest golf courses in the region, including McCormick Woods, Gold Mountain and Horseshoe Lake. The larger community across the water, Bremerton, has a beautifully renovated waterfront, Naval Museum, fountain park and additional bigger city attractions within easy walking distance from the Port Orchard-Bremerton foot ferry which regularly crosses the bay. Port Orchard is also a great jumping off point to see world-class attractions in all directions: downtown Seattle, the Olympic Peninsula, Tacoma and Mt. Rainier. NEIGHBORHOOD AMENITIES LOCATION HIGHLIGHTS KITSAP COUNTY TOP EMPLOYERS (NO. EMPLOYEES) Walmart (0.3 miles) East Port Orchard Elementary School (0.5 miles) US Port Office (1.1 miles) South Kitsap High School (1.5 miles) Population: 13,607 Kitsap County is home to Naval Base Kitsap- Bremerton, WA Port Orchard is located 13 miles west of West Seattle Naval Base Kitsap- Non-Military Employees (16,392) Naval Base Kitsap- Military (14,953) Harrison Medical Center (2,442) Washington State Gov. (1,746) Central Kitsap School Dist. (1 Olympic College (1,206)

5 LUND POINTE APARTMENTS PROPERTY SUMMARY NAME & LOCATION Property Name Lund Pointe Apartments Property Address 3301 Valentine Lane SE Port Orchard, WA SECTION 42 LIHTC RESTRICTIONS Placed in Service 1995 End of Initial Compliance Period 12/31/2009 End of Extended Use 12/31/2031 SITE INFORMATION Assessor s Parcel Number Number of Units 25 Number of Buildings 4 Number of Stories 2 Rentable Square Feet 23,738 Year Built 1995 Lot Size 1.54 Acres Type of Ownership Fee Simple Density Units/Acre Landscaping Mature Trees, Shrubs & Grass Topography Relatively Flat UTILITIES Water City of Port Orchard Electric Puget Sound Energy Gas Cascade Natural Gas CONSTRUCTION Exterior Siding Roof Composite Shingle # OF UNITS RENTABLE SF YEAR BUILT LOT SIZE 25 23, acres

6 LUND POINTE APARTMENTS PROPERTY SUMMARY

LUND POINTE APARTMENTS - LOCAL MAP Lund Pointe Apartments A Starbucks, Walgreens, Staples, Walmart, Big Lots, Safeway, Taco Time, Wendy s, The UPS Store (0.3 miles) B South Kitsap Regional Park (0.

7 LUND POINTE APARTMENTS - LOCAL MAP Lund Pointe Apartments A Starbucks, Walgreens, Staples, Walmart, Big Lots, Safeway, Taco Time, Wendy s, The UPS Store (0.3 miles) B South Kitsap Regional Park (0.4 miles) C D East Port Orchard Elementary School (0.5 miles) US Post Office, High Point Shopping Center: Big 5 Sporting Goods, Dollar Tree, Family Pancake House (1.1 miles) D E F H I G L E South Kitsap High School (1.5 miles) J F G H Pizza Hut, A&W, Dickey s BBQ Pit (1.6 miles) Marcus Whitman Junior High School (1.6 miles) Albertson s, Payless Shoes, Papa John s, Burger King, Bank of America, Jack in the Box (1.6 miles) K A CC B I Regal Cinemas South Sound Cinema 10 (1.7 miles) J Orchard Heights Elementary School (1.9 miles) K Cedar Heights Middle School (1.9 miles) L Quality Food Center, McDonald s (2.4 miles)

8 LUND POINTE APARTMENTS - LOCAL MAP East Port Orchard Elementary School South Kitsap Regional Park Casey s Batting Range LUND POINTE APARTMENTS

9 LUND POINTE APARTMENTS - REGIONAL MAP Bremerton, WA (8.8 miles) Seattle, WA (21.3 miles) Tacoma, WA (28.1 miles) Olympia, WA (54 miles) PORT ORCHARD

10 LUND POINTE APARTMENTS - FINANCIAL ANALYSIS LIST PRICE PRICE/UNIT PRICE/SF ACTUAL NOI ACTUAL NOI/UNIT ACTUAL CAP RATE $2,630,000 $105,200 $ $184,001 $7,360 7%

11 LUND POINTE APARTMENTS Financial Summary PRICING FIGURES List Price $2,630,000 Price per Unit $105,200 Price per SF $ *NOTE: Leveraged IRR Analysis assumes a 6.5% Exit Cap and 5.0% Cost of Sale. ACTUAL- VITAL DATA CAP Rate 7% NOI $184,001 Debt Service $123,473 Net Cash Flow After Debt Service $59,011 Cash on Cash % 8.98% Financing PROPOSED NEW FINANCING Loan Amount $1,972,500 Down Payment $657,500 Interest Rate 4.75% Amortization Period 360 Loan Term 10 Years Annual Debt Service $123,473 Loan to Value % 75% Debt Coverage Ratio 1.48 Program CONVENTIONAL *Down Payment includes 1.0% Loan Origination Fee, 0.5% Acquisition Cost and $1,000 per unit up-front Capital Expense

12 LUND POINTE APARTMENTS Income & Expenses OPERATIONAL ANALYSIS ACTUAL PER UNIT Gross Actual Rent $295,020 $12,394 OTHER RENTAL INCOME Misc. Other Income $6,730 $269 Total Other Rental Income $6,730 $269 GROSS POTENTIAL INCOME $316,582 $12,663 ECONOMIC LOSS Vacancy Loss 2.00% ($6,197) ($496) Bad Debt 0.00% $0 $0 Concessions 0.00% $0 $0 Total Economic Loss 2.00% ($6,197) ($496) EFFECTIVE GROSS INCOME $310,385 $12,168 EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes 7% $23,697 $829 Total Property Insurance Expense 2% $7,032 $281 Total Property Utility Expense 13% $38,784 $1,593 TOTAL FIXED OPERATIONAL EXP 22% $69,513 $2,703 VARIABLE OPERATIONAL EXPENSE Total Repairs & Maintenance 4% $12,500 $500 Total Administrative Expenses 1% $3,100 $124 Total Payroll and Salary Expenses 5% $15,520 $884 Property Management Fee 6.00% $18,251 $730 TOTAL VARIABLE OPERATIONAL EXP 18% $49,371 $2,238 TOTAL FIXED & VARIABLE EXPENSES 41% $118,884 $4,942 Reserves & Replacements $7,500 $300 TOTAL OPERATING EXPENSES 43% $126,384 $5,242 NET OPERATING INCOME $184,001 $5,242

13 LUND POINTE APARTMENTS Rent Roll All Properties Owned By: Lund Pointe Properties LLC Units: Active Unit BD/BA Tenant Rent Lease From Lease To Lund Pointe Apartments Valentine Ln Port Orchard, WA A-101 3/2.00 1, /21/ /31/2018 B-101 3/2.00 1, /11/ /11/2018 B-102 2/ /18/2009 B-103 2/ /01/ /31/2018 B-104 3/2.00 1, /21/ /31/2018 B-201 3/2.00 1, /18/ /30/2018 B-202 2/ /28/ /29/2016 B-203 2/ /05/ /28/2018 B-204 3/2.00 1, /19/ /30/2018 C-101 3/2.00 1, /13/ /12/2018 C-102 2/ /01/ /31/2018 C-103 2/ /04/ /30/2018 C-104 3/2.00 1, TBD C-201 3/ /21/2007 C-202 2/ /07/ /29/2016 C-203 2/ /01/ /31/2018 C-204 3/ /05/ /29/2016 D-101 3/ /01/ /31/2015 D-102 2/ /11/2003 D-103 2/ /01/ /31/2017 D-104 3/ /14/ /30/2016 D-201 3/2.00 1, /05/ /04/2018 D-202 2/ /21/ /31/2018 D-203 2/ /10/2005 D-204 3/2.00 1, /29/ /01/ Units 24, Total 25 Units 24,585.00

Multifamily Offering

Multifamily Offering Bethel Valley Condominiums Bethel Valley Ln SE - Port Orchard, WA 19 Unit Portfolio Situated in a 32 Unit Duplex-style Community Offered At: $2,350,000 Corey Crain I 425-442-7931 I