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1 rd St, CA Sale on 5/7/2015 for $1,050,000 ($239.29/SF; $210,000/Unit) Research Complete 5 Unit, 4,388 SF Class C Building SOLD Transaction Details ID: Sale Date: Escrow Length: 05/07/2015 Sale Price: $1,050,000Confirmed Asking Price: Price/SF: $ Price/AC Land Gross: $9,146, Sale Type: Year Built/Age: RBA: Investment 4,388 SF 0.11 AC (5,001 SF) Percent Leased: GRM/GIM: / Financing: Down payment of $450, (42.9%) $600, from JP Morgan Chase Bank NA Parcel No: Document No: # Units: 5 Avg Unit Size: 800 SF SF of all Units: 4,000 Price/Unit: UNIT MIX AT TIME OF SALE $210,000 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ Income Expense Data Expenses Taxes Operating Expenses Total Expenses $3,602 $3,602 Copyrighted report licensed to ACI Commercial /14/2016 Page 1

2 rd St SOLD 5 Unit, 4,388 SF Class C Building (con't) Current Building Information ID: # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Trust Zoning: 0.11 AC Bldg Status: Existing Bldg Size: Stories: 4,388 SF 2 Typical Floor Size: 1,969 SF Rent/SF/Yr: Elevators: 0 Expenses: Metro Market: Submarket: County: CBSA: DMA: 2015 $720.50/Unit Location Information CloseIn Neighborhoods MF/Golden Hill MF Carlsbad, CA, CA Copyrighted report licensed to ACI Commercial /14/2016 Page 2

3 A St Fairway Palms, CA Sale on 9/18/2015 for $3,367,000 ($166.09/SF; $140,292/Unit) Research Complete 24 Unit, 20,272 SF Class C Building Built in 1987 SOLD Transaction Details ID: Sale Date: Escrow Length: 09/18/ days Sale Price: $3,367,000Confirmed Asking Price: Price/SF: $ Price/AC Land Gross: $9,620, Sale Type: Year Built/Age: RBA: Investment Built in 1987 Age: 28 20,272 SF 0.35 AC (15,246 SF) Percent Leased: GRM/GIM: / Sale Conditions: Deferred Maintenance Transfer Tax: $3, No. of Tenants: 1 Tenants at time of sale: Sunrise Management Fairway Palms Financing: $3,570, from First Republic Bk Percent Improved: 65.1% Total Value Assessed: Improved Value Assessed Land Value Assessed: $2,093,877 in 2015 $1,363,135 $730,742 Land Assessed/AC: $2,087,834 Legal Desc: W 10 FT LOT 12 & LOTS 13 & 14 BLK 62 TR 547 LOTS 15 & 16 BLK 62 TR 547 Parcel No: , Document No: Sale History: Sold for $3,367,000 ($166.09/SF; $140,292/Unit) on 9/18/2015 Sold on 8/26/2014 NonArms Length # Units: 24 Price/Unit: Avg Unit Size: 575 SF SF of all Units: 2,300 $140,292 Copyrighted report licensed to ACI Commercial /14/2016 Page 3

4 2827 A St Fairway Palms SOLD 24 Unit, 20,272 SF Class C Building Built in 1987 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % Studio/ / / / Transaction Notes On August 18th, 2015, the 24 unit multifamily building at 2827 A A St was sold for $3,367,000. The property transferred from the Sutton Family Trust to 2827 A St LLC. The property was not listed on the market and was in the escrow period for 45 days. The seller sold the building to the contractor that maintained the property for her. She was motivated to divest the property since her husband passed and not longer wanted to maintain the asset. The buyer was motivated to purchase the property since he was familiar with the asset and its condition. The details were confirmed by the seller and public record. The buyer was contacted multiple times, but was unavailable to comment on the deal. Income Expense Data Expenses Taxes Operating Expenses Total Expenses $24,772 $24,772 Current Building Information ID: # Units: Avg Unit Size: Bldg Vacant: Owner Type: Zoning: SF 0 SF Individual C/R AC Bldg Status: Built in 1987 Bldg Size: Stories: 20,272 SF 3 Typical Floor Size: 10,010 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: DMA: Free Covered Spaces; 24 free Surface Spaces are available; Ratio of 1.05/1,000 SF; 1.00/Unit 2015 $ /Unit Air Conditioning, Balcony, Courtyard, Eatin Kitchen, Gated, Grill, Heating, Laundry Facilities, Property Manager on Site, Security System Location Information CloseIn Neighborhoods MF/Golden Hill MF Carlsbad, CA, CA Copyrighted report licensed to ACI Commercial /14/2016 Page 4

5 A St Casa Loma, CA Sale on 8/17/2015 for $6,225,000 ($486.33/SF; $207,500/Unit) Research Complete 30 Unit, 12,800 SF Class C Building Built in 1959 SOLD Transaction Details ID: Sale Date: Escrow Length: 08/17/2015 (76 days on market) 90 days Sale Price: $6,225,000Confirmed Asking Price: $6,300,000 Price/SF: $ Price/AC Land Gross: $19,368, Sale Type: Year Built/Age: RBA: Investment Built in 1959 Age: 56 12,800 SF 0.32 AC (14,000 SF) Percent Leased: GRM/GIM: 13.42/ Percent Improved: 51.3% Actual Cap Rate: 4.60% Total Value Assessed: $3,391,000 in 2015 Transfer Tax: $6, Improved Value Assessed $1,741,000 Land Value Assessed: $1,650,000 Land Assessed/AC: $5,133,789 No. of Tenants: 1 Tenants at time of sale: Hoban Management Casa Loma Financing: Down payment of $2,007, (32.2%) $4,218, from Financial Partners Credit Union Legal Desc: Lot 14 Blk 62 of E.W. Morse's Subdiv of Pueblo Lot 1150, CA. Parcel No: Document No: Sale History: Sold for $6,225,000 ($486.33/SF; $207,500/Unit) on 8/17/2015 Sold for $3,400,000 ($265.63/SF; $113,333/Unit) on 8/15/2014 Sold on 8/6/2014 NonArms Length # Units: 30 Price/Unit: $207,500 Avg Unit Size: 413 SF SF of all Units: 12,400 Copyrighted report licensed to ACI Commercial /14/2016 Page 5

6 2875 A St Casa Loma SOLD 30 Unit, 12,800 SF Class C Building Built in 1959 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % Studio/ / Transaction Notes This property sold on August 17, 2015 for $6,225,000. The property consists of 22 Studios and 8 (1+1) units. This property was 100% leased at the time of sale. Expenses Income Expense Data Taxes Operating Expenses Total Expenses $39,987 $39,987 Current Building Information ID: # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Zoning: GHPDGH AC Bldg Status: Built in 1959 Bldg Size: Stories: 12,800 SF 2 Typical Floor Size: 6,400 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: DMA: 20 Surface Spaces are available; Ratio of 1.53/1,000 SF; 0.67/Unit 2015 $ /Unit; 2014 $ /Unit Courtyard, Gated, Heating, Kitchen, Laundry Facilities, Recycling Location Information CloseIn Neighborhoods MF/Golden Hill MF Carlsbad, CA, CA Copyrighted report licensed to ACI Commercial /14/2016 Page 6

7 2875 A St Casa Loma SOLD 30 Unit, 12,800 SF Class C Building Built in 1959 (con't) Parcel Number: Legal Description: County: Plat Map: 2875 A St Copyrighted report licensed to ACI Commercial /14/2016 Page 7

8 B St, CA Sale on 11/4/2015 for $1,800,000 ($302.32/SF; $180,000/Unit) Research Complete 10 Unit, 5,954 SF Class C Building Built in 1930 SOLD Transaction Details ID: Sale Date: 11/04/2015 (8 days on market) Escrow Length: 45 days Sale Price: $1,800,000Confirmed Asking Price: $1,949,000 Price/SF: $ Price/AC Land Gross: $11,200, Sale Type: Year Built/Age: RBA: Investment Built in 1930 Age: 85 5,954 SF 0.16 AC (7,000 SF) Percent Leased: GRM/GIM: 14.33/ Pro Forma Cap Rate: 4.51% Actual Cap Rate: 4.16% Sale Conditions: 1031 Exchange Parcel No: Document No: # Units: 10 Avg Unit Size: 604 SF SF of all Units: 6,048 Percent Improved: 47.9% Total Value Assessed: Improved Value Assessed Land Value Assessed: $1,375,000 in 2015 $658,000 $717,000 Land Assessed/AC: $4,461,729 Price/Unit: Avg Rent/Unit/Mo: Avg Rent/SF/Mo: UNIT MIX AT TIME OF SALE $180,000 $1,082 $1.79 Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % Studio/ $715 $715 $2.21 $2.21 1/ $815 $1,235 $1.55 $2.35 2/ $1,120 $1,120 $1.42 $1.42 3/ ,000 $1,715 $1,715 $1.72 $1.72 Copyrighted report licensed to ACI Commercial /14/2016 Page 8

9 3036 B St SOLD 10 Unit, 5,954 SF Class C Building Built in 1930 (con't) Transaction Notes This property was part of a 1031 Exchange. Escrow was approximately 45 Days. Income Expense Data Income Expenses Net Income Gross Scheduled Income + Other Income Vacancy Allowance Effective Gross Income Taxes Operating Expenses Total Expenses Net Operating Income Debt Service Capital Expenditure Cash Flow Current Building Information $138,480 $425 ($4,154) $134,751 $16,233 $30,454 $46,687 $88,064 $88,064 ID: # Units: Avg Unit Size: SF Bldg Vacant: 0 SF Owner Type: Zoning: GHPDGH AC Bldg Status: Built in 1930 Bldg Size: Stories: 5,954 SF 2 Typical Floor Size: 2,815 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Metro Market: Submarket: County: CBSA: DMA: 5 free Surface Spaces are available; Ratio of 0.50/Unit 2015 $ /Unit; 2015 $ /Unit Location Information CloseIn Neighborhoods MF/Golden Hill MF Carlsbad, CA, CA Copyrighted report licensed to ACI Commercial /14/2016 Page 9

10 C St Charming Golden Hill, CA Sale on 5/22/2015 for $2,000,000 ($305.06/SF; $200,000/Unit) Research Complete 10 Unit, 6,556 SF Class C Building Built in 1987 SOLD Transaction Details ID: Sale Date: Escrow Length: 05/22/ days Sale Price: $2,000,000Confirmed Asking Price: Price/SF: $ Price/AC Land Gross: $12,422, Sale Type: Year Built/Age: RBA: Investment Built in 1987 Age: 28 6,556 SF 0.16 AC (7,013 SF) Percent Leased: GRM/GIM: / Financing: Down payment of $850, (42.5%) JP Morgan Chase Bank Percent Improved: 69.6% Total Value Assessed: Improved Value Assessed Land Value Assessed: $1,300,000 in 2014 $905,000 $395,000 Land Assessed/AC: $2,453,416 Legal Desc: LOTS 13 & 14 BLK 94 TR 547 Parcel No: Document No: Sale History: Sold for $2,000,000 ($305.06/SF; $200,000/Unit) on 5/22/2015 Sold for $0 ($0/Unit) on 4/18/2007 NonArms Length Sold for $1,197,500 ($182.66/SF; $119,750/Unit) on 4/17/2003 Sold for $865,000 ($131.94/SF; $86,500/Unit) on 4/16/2002 Sold for $398,000 ($60.71/SF; $39,800/Unit) on 8/10/1999 Sold for $210,000 ($32.03/SF; $21,000/Unit) on 11/1/1995 # Units: 10 Price/Unit: Avg Unit Size: 615 SF SF of all Units: 6,150 $200,000 Copyrighted report licensed to ACI Commercial /14/2016 Page 10

11 3041 C St Charming Golden Hill SOLD 10 Unit, 6,556 SF Class C Building Built in 1987 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / / Transaction Notes This property was never on the market actively for sale. Property was 100% occupied at time of sale. Escrow length was approximately 30 days. Expenses Income Expense Data Taxes Operating Expenses Total Expenses $16,527 $16,527 Current Building Information ID: # Units: # of Bldgs: 10 1 Avg Unit Size: 615 SF Units per AC: 62 Bldg Vacant: 0 SF Owner Type: Trust Zoning: GH100, 0.16 AC Bldg Status: Built in 1987 Bldg Size: Stories: 6,556 SF 2 Typical Floor Size: 3,278 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: 6 free Surface Spaces are available; 2 Covered Tandem Spaces are available; Ratio of 0.90/1,000 SF; 0.80/Unit 2015 $ /Unit Air Conditioning, Balcony, Carpet, Ceiling Fans, Dishwasher, Heating, Laundry Facilities, Range, Refrigerator, WalkIn Closets Location Information Metro Market: Submarket: CloseIn Neighborhoods MF/Golden Hill MF County: CBSA: Carlsbad, CA DMA:, CA Map(Page): Thomas Bros. Guide 1289G3 Property Description: Multi Family 10 Units Property Notes Copyrighted report licensed to ACI Commercial /14/2016 Page 11

12 3041 C St Charming Golden Hill SOLD 10 Unit, 6,556 SF Class C Building Built in 1987 (con't) Parcel Number: Legal Description: Lots 13 & 14 blk 94 E.W. Morses Subdiv of Pueblo lot 1150 map 547 County: Plat Map: 3041 C St Copyrighted report licensed to ACI Commercial /14/2016 Page 12

13 E St Golden View, CA Sale on 10/20/2015 for $5,125,000 ($269.55/SF; $301,471/Unit) Research Complete 17 Unit, 19,013 SF Class C Building Built in 1926 SOLD Transaction Details ID: Sale Date: Escrow Length: 10/20/2015 (88 days on market) Sale Price: $5,125,000Confirmed Asking Price: $5,950,000 Price/SF: $ Price/AC Land Gross: $29,761, Sale Type: Year Built/Age: RBA: Investment Built in 1926 Age: 89 19,013 SF 0.17 AC (7,501 SF) Percent Leased: GRM/GIM: 19.00/ Transfer Tax: $5, Financing: Down payment of $1,771, (34.6%) $3,354, from Evertrust Bank Percent Improved: 82.7% Total Value Assessed: Improved Value Assessed Land Value Assessed: $1,153,362 in 2015 $953,480 $199,882 Land Assessed/AC: $1,160,754 Legal Desc: Fractional Lot 1 in fractional Block F of Culverwell and Taggart's Addition Parcel No: , Document No: # Units: 17 Price/Unit: $301,471 Avg Unit Size: 1,118 SF UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ / Copyrighted report licensed to ACI Commercial /14/2016 Page 13

14 2331 E St Golden View SOLD 17 Unit, 19,013 SF Class C Building Built in 1926 (con't) Transaction Notes Subject property is a 17unit multifamily located at 2331 E Street and is known as Golden View. Property is comprised of 16 units that are all 1 bedroom/1 bath and 1 penthouse unit at 2,600 SF that is 2 bedroom/2 bath. The property is six stories, sits on a 7,500 SF lot and was built in Income Expense Data Expenses Taxes Operating Expenses Total Expenses $7,045 $7,045 Current Building Information ID: # Units: Avg Unit Size: 17 1,118 SF Bldg Vacant: 0 SF Owner Type: Individual Zoning: 0.17 AC Bldg Status: Built in 1926 Bldg Size: Stories: 19,013 SF 6 Typical Floor Size: 3,604 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: DMA: 34 free Surface Spaces are available; Ratio of 2.00/Unit 2015 $408.35/Unit; 2015 $ /Unit Dishwasher, Elevator, Heating, Kitchen, Laundry Facilities, Stainless Steel Appliances Location Information CloseIn Neighborhoods MF/Golden Hill MF Carlsbad, CA, CA Copyrighted report licensed to ACI Commercial /14/2016 Page 14

15 E St Golden Hill, CA Sale on 1/7/2016 for $1,360,000 ($279.26/SF; $151,111/Unit) Research Complete 9 Unit, 4,870 SF Class C Building Built in 1959 SOLD Transaction Details ID: Sale Date: Escrow Length: 01/07/2016 (197 days on market) 60 days Sale Price: $1,360,000Confirmed Asking Price: $1,425,000 Price/SF: $ Price/AC Land Gross: $5,704, Sale Type: Year Built/Age: RBA: Investment Built in 1959 Age: 57 4,870 SF 0.24 AC (10,385 SF) Percent Leased: GRM/GIM: 12.60/ Actual Cap Rate: 4.80% Transfer Tax: $1,496 Financing: Down payment of $425, (31.3%) $935, from Malaga Bk Fsb Percent Improved: 54.3% Total Value Assessed: Improved Value Assessed Land Value Assessed: $1,035,123 in 2015 $561,924 $473,199 Land Assessed/AC: $1,984,895 Legal Desc: Lots 16 and 17 in Block 1 of Karrle Addition Parcel No: Document No: Sale History: Sold for $1,360,000 ($279.26/SF; $151,111/Unit) on 1/7/2016 Sold for $875,000 ($179.67/SF; $97,222/Unit) on 6/2/2004 Sold for $460,000 ($94.46/SF; $51,111/Unit) on 9/17/2001 # Units: 9 Price/Unit: Avg Unit Size: 1,007 SF SF of all Units: 9,067 $151,111 Copyrighted report licensed to ACI Commercial /14/2016 Page 15

16 2790 E St Golden Hill SOLD 9 Unit, 4,870 SF Class C Building Built in 1959 (con't) UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % Studio/ ,068 2/ Transaction Notes Subject property is a 9unit multifamily located at 2790 E Street in. Unit mix is comprised of 8 units that are Studio/Junior 1 bedrooms and 1 unit that is 2 bedroom/1 bath. It is currently known as Golden Hill. The site is bordered by downtown and Balboa Park. Sale price $1,360,000 was confirmed with the listing broker and the buyer broker. Current Building Information ID: # Units: # of Bldgs: 9 1 Avg Unit Size: 1,007 SF Bldg Vacant: 0 SF Owner Type: Individual Zoning: R4, 0.24 AC Bldg Status: Built in 1959 Bldg Size: Stories: 4,870 SF 2 Typical Floor Size: 2,435 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Site Amenities: Metro Market: Submarket: County: CBSA: DMA: 9 Surface Spaces are available; Ratio of 1.00/1,000 SF; 1.00/Unit 2015 $ /Unit; 2015 $ /Unit Laundry Facilities Location Information CloseIn Neighborhoods MF/Golden Hill MF Carlsbad, CA, CA Property Notes 09/04: 2790 E Street, LLC purchased the building. BRE Commercial, represented the seller, Ian S Spector. Please refer to COMPS #SDA for more information. Copyrighted report licensed to ACI Commercial /14/2016 Page 16

17 2790 E St Golden Hill SOLD 9 Unit, 4,870 SF Class C Building Built in 1959 (con't) Parcel Number: Legal Description: Lots 16 & 17 blk 1 Karrie Add map 1614 County: Plat Map: 2790 E St Copyrighted report licensed to ACI Commercial /14/2016 Page 17

18 Hawthorn St, CA Sale on 9/15/2015 for $1,250,500 ($155.30/SF; $208,417/Unit) Research Complete 6 Unit, 8,052 SF Class C Building SOLD Transaction Details ID: Sale Date: Escrow Length: 09/15/ days Sale Price: $1,250,500Confirmed Asking Price: Price/SF: $ Price/AC Land Gross: $3,890, Sale Type: Year Built/Age: RBA: Investment 8,052 SF 0.32 AC (14,000 SF) Percent Leased: GRM/GIM: / Transfer Tax: $1, Financing: Down payment of $1,250, (100.0%) Percent Improved: 71.2% Total Value Assessed: Improved Value Assessed Land Value Assessed: $145,288 in 2015 $103,405 $41,883 Land Assessed/AC: $130,314 Legal Desc: Lots 1112 Blk 3 Watkins and Biddles Subdiv,, CA. Parcel No: Document No: Sale History: Sold for $1,250,500 ($155.30/SF; $208,417/Unit) on 9/15/2015 Sold on 4/17/2014 # Units: 6 Price/Unit: $208,417 Avg Unit Size: 1,342 SF Transaction Notes This transaction involved the sale of the 6 unit multifamily building located at Hawthorn Street. The property sold for $1,250,500 on 9/15/2015. The transaction was in escrow for 25 days. Seller was unwilling to verify any details of the transaction. Copyrighted report licensed to ACI Commercial /14/2016 Page 18

19 Hawthorn St SOLD 6 Unit, 8,052 SF Class C Building (con't) Income Expense Data Expenses Taxes Operating Expenses Total Expenses $1,743 $1,743 Current Building Information ID: # Units: Avg Unit Size: Bldg Vacant: Owner Type: Zoning: 6 1,342 SF 0 SF REIT GHPDGH AC Bldg Status: Existing Bldg Size: Stories: 8,052 SF 2 Typical Floor Size: 4,026 SF Rent/SF/Yr: Elevators: 0 Parking: Expenses: Metro Market: Submarket: County: CBSA: DMA: 6 free Surface Spaces are available; Ratio of 1.00/Unit 2015 $290.50/Unit Location Information CloseIn Neighborhoods MF/South Park MF Carlsbad, CA, CA Copyrighted report licensed to ACI Commercial /14/2016 Page 19