FOR SALE Kinman Avenue Apartments in Goleta

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1 FOR SLE Kinman venue partments in Goleta Price: $4,875,000 GRM: GRM on current rents GRM on proforma rents Cap Rate: 5.20% on current rents 5.45% on proforma rents Price/Unit: $128,289 PN: Mix: 37 - studios 1-1/1 rea: Building: 13,112 SF Land:.618 acre Zoning: Kinman venue, Goleta, C The 38 unit Kinman venue partments feature a great Goleta location in a newly developed portion of the downtown corridor. The property features a freshly painted exterior and newer main electrical panels, resurfaced parking lot, a central laundry room and proximity to public transportation routes, shops, restaurants, businesses and UCSB. The property consists of 37 studios and one one-bedroom unit. Note the very competitive price per unit and GRM! Parking: Year Built: 1971 CO-LIED BY: Lot - 37 spaces Brian Bailey Central Coast Investments, 3700 State Street, Suite 230, Santa Barbara, C The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt the accuracy, but we do not guarantee it. Steve Golis

2 Kinman venue partments Central Coast Investments 3700 State Street, Suite 230 Santa Barbara, C tel fax

3 Investment Property nalysis 175 Kinman venue Financing mount Term Interest Mo. Pmt. Yr. Pmt. Int. Est. Loan Type $2,925, Yrs. 6.07% $17,669 $212,024 $177,548 ML Income Unit # Bdrms. Baths Current Proforma 37 Studio 1 $845-$925 $33,125 $925 $34, $1,100 $1,200 $1,200 Monthly Income: $34,225 $35,425 dditional Income: Laundry $188 $188 Total Monthly Income: $34,413 $35,613 Gross nnual s $410,700 $425,100 Effective nnual Income $412,956 $427,356 Less: Vacancy Est. 3% $12,321 $12,753 Gross Operating Income $400,635 $414,603 Item Current % GOI Proforma % GOI Expenses R.E. Tax 1.00% Est. $48, % $48, % Sewer+Other Current tax bill $8, % $8, % Licenses Est. $ % $ % Insurance Current $9, % $9, % Utilities * Elec. (Master) $11,063 $29, % $29, % Gas (Master) $9,433 Water $4,745 Executive Summary Refuse $3,879 dvertising Est $ % $ % Purchase Price $4,875,000 Maintenance $350/Unit Est. $13, % $13, % Downpayment $1,950,000 40% Grounds $250 /Mo. Est. $3, % $3, % New Loan $2,925,000 60% Off-Site Mgt. 3.5% Est. $13, % $14, % Resident Mgr. Est. $10, % $11, % Current Proforma Pest Control Est. $ % $ % GRM dmin. Est. $ % $ % Cap. Rate 5.20% 5.45% Reserves $250/Unit Est. $9, % $9, % Number of Units 38 Total $147, % $149, % Price Per Unit $128,289 * Info. provided by owner from 2006 year-end statement Building SF 13,112 Price Per SF $372 fter Tax Cost Recovery % Est. mount Type Totals Proforma Expense Per Unit $3,870 $3,922 Land 30.00% $1,462,500 N/ N/ Improvements 70.00% $3,412, Yr. SL $124,091 Current Proforma Personal Property 0.00% $0 $0 Gross Income $412,956 $427,356 Total Value 100% $4,875,000 $124,091 Gross Operating Income $400,635 $414,603 Taxable Income From This Property (NOI - Int. & Cost Recovery) ($48,082) ($36,053) Expenses $147, % $149, % Tax Impact of This Property (x 40% tax rate est.) $19,233 $14,421 Net Operating Income $253,557 $265,586 Plus Before Tax Cash Flow $41,532 $53,561 Loan Payments $212,024 $212,024 fter Tax Cash Flow $60,765 $67,982 Return 3.1% 3.5% Cash Flow - Before Tax $41, % $53, % Equity Buildup $34,477 $34,477 Cash Flow - fter Tax $60, % $67, % Equity Income $95,242 $102,459 Overall Return $95, % $102, % Overall Return 4.9% 5.3% Central Coast Investments 3700 State Street, Suite 230 Santa Barbara, C tel fax

4 Roll 175 Kinman venue Unit Bdrms. / Baths Current Nov Proforma Unit Bdrms. / Baths Current Nov Proforma Manager 1 1&1 $1,100 $1,100 $1, Studio $845 $895 $925 2 Studio $925 $925 $ " $925 $925 $925 3 " $925 $925 $ " $925 $925 $925 4 " $925 $925 $ " $925 $925 $925 5 " $895 $895 $ " $895 $925 $925 6 " $925 $925 $ " $895 $925 $925 7 " $895 $925 $ " $895 $925 $925 8 " $895 $925 $ " $895 $925 $925 9 " $895 $925 $ " $925 $925 $ " $845 $895 $ " $925 $925 $ " $895 $925 $ " $895 $925 $ " $925 $925 $ " $895 $895 $ " $895 $925 $ " $845 $845 $ " $895 $925 $ " $895 $925 $ " $895 $925 $ " $895 $925 $ " $925 $925 $ " $845 $895 $ " $925 $925 $ " $845 $895 $ " $895 $895 $ " $845 $895 $ " $845 $895 $ " $895 $925 $925 Current Nov Proforma Totals $34,225 $34,975 $35,425 Central Coast Investments 3700 State Street, Suite 230 Santa Barbara, C tel fax

5 KEL vailable Reports: Kinman venue partments The following reports are available on request: ll documents mandated by C Civil Code Preliminary Title Report from First merican Title Natural Hazards Disclosure Report from Property I.D. Pest Inspection Report from Hydrex Co. Requested Format For Offers: The following format for offers is suggested: Typed offer on CR or IR forms. Submit offer with evidence of down payment funds and lender qualification letter Deposit of $150,000 or more 45 day escrow s-is purchase Brian Bailey State St., Suite 230 Santa Barbara, C Steve Golis E. Carrillo St., Suite 100 Santa Barbara, C N F IRV I EW FIR 5900 ORNGE ORNGE LE REL CLLE REL CENTER MNDRIN MGNOLI GIOT CRSON LON GUIL H LLIE MLLRD O R DWSON GTO HERFORD N E CREEK JOS CRDINL R M I KI KINMN RD DEPOT KELLOGG TOS 175 inman WY 100 KELLOGG 300 D CC UP RR RMITOS DERBORN PL SINT