37TH STREET. Street, San Diego, CA SALES COMPARABLESth MISSION VALLEY KENSINGTON MID-CITY. TALMAD Monroe A NORMAL UNIVERSITY HEIGHTS HEIGHTS

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1 A P A R 88 7 T M E N T S Street, San Diego, CA 96 SALES COMPARABLESth MAP Euclid Ave Av e y Hw 6 BANKERS HILL e ss t cr an Redwood St y St se NORTH PARK ndar c cifi Pa lv B itz N Harbor Dr Florida Dr Nim San Diego International Airport University Ave Upas St San Diego Zoo Balboa Park Orange Ave Bou LOMA PORTAL LIBERTY STATION Robinson Ave TALMAD Monroe A Fairmount Ave Ave University Ave r Juniper St 80 om HILLCREST MIDCITY H Washington St MISSION HILLS El Cajon Blvd th St DISTRICT ett Barn UNIVERSITY HEIGHTS 6 NORMAL HEIGHTS 0th St Sport M s Arena Blv id d wa y Dr MIDWAY Old Town San Diego State Historic Park 0th St vd a Bl A Madison Ave Texas St m W Point Lo KENSINGTON Adams Ave Curlew St 8 80 Florida St Sea World Dr 8 MISSION VALLEY D ne ldi Riverwalk Golf Club y Rd Valle d o Blv en M or ion Fash W st Ave Fiesta Island Park

2 We are pleased to offer 7th Street Apartments, a 9unit multifamily community ideally located at 88 7th Street in San Diego, California. The property presents investors with an opportunity to acquire a turnkey, pride of ownership asset which has recently received numerous capital improvements. The interior and exterior upgrades over the last months have transformed the units into luxury apartment homes and all units are currently leased at market rate. 7th Street Apartments is located in the neighborhood of Normal Heights, just blocks from Downtown San Diego and the thriving community of North Park. Normal Heights is known as one of the most charming areas in San Diego County with convenient access to many local shops, restaurants, arts, activities, nightlife and more! Offering Summary Purchase Price Price Per Unit Price Per Foot Current Cap Rate Current Year One Cap Rate Year One $,0,000 $8, $ %.80.9%.9

3 Property Details A P A R T M E N T S Property Summary Name Address 7th Street Apartments 88 7th Street San Diego, California 96 APN(s) Number of Units Number of Buildings Number of Stories Year Built Net Rentable SF Lot Size Type of Ownership Parking Parking Ratio 700 Nine Units One Building Utilities Water City of San Diego Sewer City of San Diego Trash Waste Management Electric SDGE Two Stories 969 (Renovated in 07) 6,7 Square Feet Construction Foundation Concrete Slab 0. Acres Framing Wood Frame Fee Simple Exterior Stucco Five Spaces, One Carport and Three Garages Parking Concrete One per Unit Roof Flat

4 Financial Summary PROPERTY WEST RESIDENTIAL 88 7th Street San Diego, CA 96 INVESTMENT ANALYSIS INVESTMENT SUMMARY Purchase Price $,0,000 FINANCING SUMMARY FIRST TRUST DEED Down Payment 0% $,00,000 Loan Type Proposed New Number of Units 9 Units Loan Amount $,0,000 Price Per Unit $8, Interest Rate.70% Current CAP Rate.00% Amortization 0 Years Current.80 Origination Date June 08 Pro Forma CAP Rate.9% Monthly Payments $7,0 Pro Forma.9 Annual Debt Service $8,08 Year Built 969 LOAN ANALYSIS Lot Size 0. Acres Current Debt Coverage Ratio. Net Rentable SF 6,7 SF Pro Forma Debt Coverage Ratio. Price Per Foot $06.7 Loan to Value 60% OPERATING DATA ACTUAL PRO FORMA EXPENSES % EGI PER UNIT ANNUAL Gross Potential Rent $7,60 $8,060 Economic Loss $8,6.00% $9,.00% Real Estate Taxes 8.% $,0 $9,877 Net Rental Income $6,67 $7,907 Property Insurance.% $9 $, Ancillary Income $,00 $,00 Utilities 6.69% $,6 $,0 Effective Gross Income $6,87 $7,07 Contract Services.6% $0 $,0 Expenses $6,78 $6, Repairs & Maintenance.7% $00 $,00 Net Operating Income $0,09 $,86 Management Fee.00% $96 $8, Debt Service $8,08 $8,08 Marketing & Promotion 0.8% $0 $,0 Net Cash Flow $7,60.7% $7,8.68% General & Administrative 0.8% $0 $,0 Principal Reduction $7,898 $7,898 Reserves & Replacements.09% $00 $,800 TOTAL RETURN $,99.6% $,6.% TOTAL EXPENSES 8.06% $6,97 $6,78 FLOOR PLAN AVG SF TOTAL SF CURRENT RENTS AVERAGE MONTHLY PRO FORMA MONTHLY x 6 60,900 $,9 $,9 $,9 $8,970 $,9 $9,70 x $,79 $,79 $,79 $,79 $,89 $,89 x. 800,600 $,79 $,79 $,79 $,90 $,89 $,790 TOTAL / AVG ,7 $,9 $, $,69 $,

5 Sales Comparables 88 7th Street San Diego, CA 96 To Be Determined Property West Residential YEAR BUILT 969 (Renovated in 07) 6 NO. OF UNITS 9 FLOOR PLAN SALE DATE On Market BD / BA SALES PRICE $,0,000 BD / BA PRICE PER UNIT $8, BD /. BA PRICE PER SF $06.7 CAP RATE.00%.80 HIDE Bancroft Street San Diego, CA 96 YEAR BUILT 967 NO. OF UNITS 8 FLOOR PLAN SALE DATE December 0, 07 BD / BA SALES PRICE $,00,000 BD / BA PRICE PER UNIT $87,00 PRICE PER SF $.9 CAP RATE.80% 6 Wilson Avenue San Diego, CA 96 YEAR BUILT 969 NO. OF UNITS 9 FLOOR PLAN SALE DATE February, 08 BD / BA SALES PRICE $,00,000 BD / BA PRICE PER UNIT $77,778 BD / BA PRICE PER SF $. CAP RATE.80%

6 Sales Comparables 6 Bancroft Street San Diego, CA 96 YEAR BUILT 97 NO. OF UNITS 8 FLOOR PLAN SALE DATE September 9, 07 BD / BA SALES PRICE $,0,000 BD / BA PRICE PER UNIT $88,70 PRICE PER SF $. CAP RATE.% 78 Hawley Boulevard San Diego, CA 96 YEAR BUILT 986 NO. OF UNITS 7 FLOOR PLAN SALE DATE April, 08 BD / BA SALES PRICE $,06,000 BD / BA PRICE PER UNIT $9,7 BD / BA PRICE PER SF $7.8 CAP RATE.90% 0 Felton Street San Diego, CA 90 9 YEAR BUILT 968 NO. OF UNITS 7 FLOOR PLAN SALE DATE December 8, 07 BD / BA SALES PRICE $7,80,000 BD / BA PRICE PER UNIT $90,7 BD / BA PRICE PER SF $.00 CAP RATE.68%

7 Sales Comparables 6.00% CAP RATE AVERAGE.0%.00%.06%.0% 0.00% $00,000 PRICE PER UNIT AVERAGE $9,00 $8,000 $87k $77,00 $70,000 $0.00 PRICE PER SF AVERAGE $0.00 $90.00 $98 $60.00 $0.00 $00.00