Newest LichtensteinRE Exclusive Property for Sale Van Cortlandt Park Avenue, Yonkers, NY 10701

Transcription

1 Newest Exclusive Property for Sale Van Cortlandt Park Avenue, Yonkers, NY of 58

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3 Property Introduction is Proud to Introduce its Newest Exclusive Property for Sale Van Cortlandt Park Avenue, Nodille Hills, Yonkers, NY of 58

4 analysis FINANCIAL ANALYSIS 4 of 58

5 Beautiful Extensively Renovated 7 UNIT Multifamily Building Westchester County!! VALUE: Submit all offers! $1,767, % Cap Rate FOR SALE: ASKING PRICE Seller Requires $1,325, % Cap Rate 8.0% A) Actual Cap Rate from seller at closing: Return On Investment! C) Cap Rate All Cash Purchase, Renovation; Cash On Cash Return On Investment to Self Managed Owner (Projected 8.3% Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) D) Initial Cash On Cash Return on Equity Investment:(Cash Flow Divided by Equity) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc. Subject to Change & Error) 11.8% 20.7% 111.3% Property Address: Van Cortlandt Park Avenue $150PSF Buildable City, State, Zip: Yonkers, New York % of Replacement Value Westchester County Location: D1) True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction PLUS Depreciation Tax Deduction Benefits: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error) B) Projected Cash On Cash Return on Equity Investment:(Projected Resale Profit Divided by Cash Equity Required Over Proposed Financing Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) (Between Thurman Street and Spruce Street) Block: Lot:5240 Year Built Gut renovated DESCRIPTION: A Three-story walk-up apartment building with Six (4) Bedroom and One (2) Bedroom Residential Apartments plus large 700 square foot basement for a Gross total floor area of 6,240 Square foot. Building Class: Apartments Zoning District: Apartment Houses, Medium Density (M) Land Size: 35.33' Wide x 104' Deep 3,674 Square Feet Building Dimensions: 29' x 66' 1,914 Square Feet Base of Building Dimensions Lot Size Land Acreage: 0.08 TOTAL BUILDING Square Footage: 6,240 # of Each APARTMENT LAYOUTS: 4 Bedroom Apartment with 1 Bathroom Each Plus Unheated Enclosed Rear Porch convertible 5th Summer Bedroom. Value Each Apartment Layout Comparable Quality Section 8 Rental Apartments Rooms Baths $2,500 Total # of Rooms Total Monthly Market Value Of Each Apartment Unit Layout $15, Bedroom 1 Bathroom Apartment Rear of Building $1, $1,500 7 TOTAL Apartments On Owner's Rent Roll Listed As Rented With # of Rooms 40 $16,500 7 TOTAL NUMBER OF Apartments As provided by owner/seller Annually $198, TOTAL NUMBER OF ROOMS Market Rate Average Apt. Rent/Month $2,357 Layout Summary: 6 (4 Bedroom) and 1 (2 Bedroom) Apartments. 40 Rooms Total. 5 of 58

6 Financial Overview A B PROJECTED INCOME FULLY RENTED # of Apartments RESIDENTIAL INCOME: Square Feet +/- Long Term Future PROFORMA Projected Potential Gross Annual Income Assuming Upgrading Existing Apartments to Similar Quality Comparable Rentals at Market Value 7 Residential Apartments Apartments 6,240 $148,800 $198,000 Average Rent Per Month $1,771 $2,357 Residential Rent Per Square Foot Per Year $23.85 $31.73 TOTAL GROSS ANNUAL RENTAL INCOME ACTUAL & PROJECTED ALL SOURCES: Square Feet $148,800 $198,000 ORDINARY OPERATING EXPENSES: (Estimated) Expenses: (As provided by owner) (Ordinary Operating Excluding Capital Expenses & Improvements) * Real Estate Taxes 2016/2017 (County-$1,462, City-$3,107, School District- $6,659) $15,000 $15,000 Water & Sewer: as per Seller $4,000 $4,000 Insurance : as per Seller $3,900 $3,900 Heating Fuel: as per Seller $8,000 $8,000 Janitorial:as per Seller $2,400 $2,400 Repair & Maintenance: $3,500 $3,500 Electric: as per Seller $1,500 $1,500 Management Fee- Proposed 3% $4,464 $5,940 TOTAL ORDINARY OPERATING EXPENSES: (Estimated) $42,764 $44,240 Expenses Per Unit Per Year ($6,109) ($6,320) Expenses Per Square Foot Per Year ($6.85) ($7.09) Expenses As Percentage of EGI 29% 22% NET Ordinary Operating INCOME Projected Annually Available For Debt Service: NABDS (Based On The Above Information Before Vacancy, Collection Loss, Capital Improvements, Replacement Reserves, TILC, etc.) $106,036 $153,760 6 of 58

7 A) PRICING METRICS: POTENTIAL VALUE AFTER RENOVATION TO BRING PROPERTY TO 100% RENTAL: PRICE Seller will Accept All Cash Acquisition Cost 6,240 Sq. Ft. $1,325,000 $1,325,000 GRM = Gross Rent Multiplier BARGAIN Price Per Unit $189,286 $189,286 Price Per Square Foot $212 $212 Cap Rate HUGE RETURNS!!!! 8.00% 11.60% B) PROJECTED POSSIBLE POTENTIAL FUTURE RESALE PROFITABILITY: Projected Resale Value of Property: Cap Rate: 6.00% $1,767,267 $2,562,667 Projected Resale Profit: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) $442,267 $1,237,667 Projected Resale Profit Markup: (Projected Estimate Based On Above Information Before HUGE Closing RETURNS!!!! Cost 33% 93% 111% 311% C) True Value To Efficient Hands On Self Managed Buyers, but All Lenders, Appraisers will not value it based on the following: Add Back Vacancy, Collection, TILC, Replacement Reserves & Management Fee $4,464 $5,940 C1) ROE Projected Cash On Cash Return on Equity Investment:(Projected Resale Profit Divided by Cash Equity Required Over Proposed Financing Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) NET INCOME CURRENT PROJECTED (Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) Cap Rate All Cash Purchase; Cash On Cash Return On Investment (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.) $110,500 $159, % 12.1% $35,333 $35,333 Total Initial Return NOIADS Plus Depreciation Tax Deductions $114,964 $165,640 Depreciation Annual Tax Deduction Benefit As An Add Back to Determine Total Return Benefits Straight Line 30 Years After Deducting 20% of Purchase Price For Land Value True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction PLUS Depreciation Tax Deduction Benefits: (NOIADS w/deprec: Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before 8.68% 12.50% Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error) 7 of 58

8 D) POSSIBLE? PROPOSED PERMANENT FINANCING (Subject to lender approval & closing.) D1) ROE Optional Possible PRE-APPROVED FINANCING offered via 1% MORTGAGE BROKER FEE to ANDREW LICHTENSTEIN, INC. at closing. 5 Year FHLBNY Index Yield 2.88% As of Date: 1/11/2018 subject to change until rate locked. Spread 2.05% FIXED INTEREST RATE: 4.93% Amortization Schedule in Years 30 A B NET Ordinary Operating INCOME Projected Annually Available For Debt Service: NABDS (Based On The Above Information Before Vacancy, Collection Loss, Capital Improvements, Replacement Reserves, TILC, etc.) First Mortgage Offer Proposed by Lender of Mortgage Broker Andrew Lichtenstein, Inc. $106,036 $153,760 $927,500 $927,500 Loan to Purchase Price 70% 70% Annual Debt Service Principal & Interest Payments: (Projected Estimate Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error) ($59,273) ($59,273) Rate Constant: [Formula: Annual Debt Service P & I Divided By Mortgage Amount Borrowed] 6.39% 6.39% DSCR = Debt Service Coverage Ratio [Formula: NABDS/Annual Debt Service] (1.79) (2.59) Debt Yield: [Formula: NABDS/Lender's Proposed First Mortgage] 11.43% 16.58% LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 52% 36% CASH FLOW NET INCOME AVAILABLE AFTER DEBT SERVICE: NAADS (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error) Cash Equity Required to Remain Invested Above The Projected Cost Basis Above the Proposed Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc. Subject to Change & Error) Initial Cash On Cash Return on Equity Investment:(Cash Flow Divided by Equity) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc. Subject to Change & Error) $46,763 $94,487 $397,500 $397,500 12% 24% $35,333 $35,333 Total Initial Return NOIADS Plus Depreciation Tax Deductions $82,096 $129,820 Depreciation Annual Tax Deduction Benefit As An Add Back to Determine Total Return Benefits Straight Line 30 Years After Deducting 20% of Purchase Price For Land Value True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction PLUS Depreciation Tax Deduction Benefits: (NOIADS w/deprec: Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before 20.65% 32.66% Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error) FIXED FOR 5 YEARS Plus rollover terms with 30 YEAR AMORTIZATION SCHEDULE. Each resets at 225bps over 5 year FHLB at the start of each term. 8 of 58

9 Highlights, Notes, Remarks, Comments, Conditions: Notes, Remarks, Comments: Views of the Hudson River & the Palisades Brand New Appliances and Fixtures in some Units Close to Westchester Bee-Line Buses. Easy Transfer to MTA #9 Bus & #1 Subway. 1 Mile from Downtown Yonkers, Metro North Railroad Buyer must Submit Buyer Bid Offer Form to obtain and schedule inspection. Conditions of Sale: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer s due diligence with 10% non-refundable deposit closing in As Is condition, subject to any and all violations, without any contingencies except good marketable insured title at closing. Buyer Cobrokers shall receive 25% of the Exclusive Seller's Brokerage Fee when Broker is paid at closing. Contact Seller's Exclusive Broker ONLY: Andrew Lichtenstein (800) Do Not circumvent Broker. No site access without Broker appointment. This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis regarding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal counsel and independent professionals before any decision is made regarding this. References to square footage or age are approximate, or estimated. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confidential Private Placement Memorandum. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the 'safe harbor' provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person's use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given in this message is indicative only and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. To be removed from this list just call , fax or REMOVE and tell us the fax number or address this was sent to, or Click Here 9 of 58

10 MULTIFAMILY RENT ROLL Property Address Being Sold: 69 Van Cortlandt Park Avenue City, State, Zip: Yonkers NY /17/2018 # of Residential Units 7 # of Commercial Units 0 + Total # of Units: 7 = # of Vacant Units: 0.00% Vacancy Rate # of Occupied Units: 0.00% Occupancy Rate # # UNIT # TENANT NAME Residential CURRENT Monthly Rent NOW Projected Rent at Market Value Square Footage B E D R O O M S B A T H S # of ROOMS Status (Rent Registration with DHCR) (RC, RS, FM Decontrolled Destabilized Free Market) Section 8 or Other Rent Assistance, Agency or Subsidy Program? (N, or Y) If Yes specify which program 1R $2,300/Month Possible Rent if New Buyer Buys Tenant Out $ $2, RS 1L $1, $2, RS 2R $2, $2, RS 2L $2, $2, RS 3R $2, $2, RS 3L $2, $2, RS Apt7 $1, $1, RS 7 Total $12, $16, , Plus 5th unheated porch summer bedroom Plus 5th unheated porch summer bedroom Plus 5th unheated porch summer bedroom Plus 5th unheated porch summer bedroom Plus 5th unheated porch summer bedroom Plus 5th unheated porch summer bedroom Monthly Residential Scheduled Rent $12, $16, % 7 TOTAL GROSS MONTHLY INCOME ALL SOURCES: TOTAL ANNUAL INCOME: # of Apartments of Each Layout Bed- Total # of Rooms Baths Rooms Rooms # of Rent Stabilized Apartments $12, $16, $148, $198, Studio 1 Bathroom APARTMENT LAYOUTS: Certified True and Correct to the best of my knowledge Bedroom 1 Bathroom Bedroom 1 Bathroom Owner/Seller rr12.wk4 (Signature of Owner/Seller) TOTAL ROOMS 10 of Bedroom & 2 Baths

11 APPRAISAL BOV Subject PROPERTY #1 Comparable Building Sold #2 Comparable Building Sold #3 Comparable Building Sold 3 Addresses of Subject Property and Comparable Building Sales For Appraisal Van Cortlandt Park Avenue 189 Buena Vista Avenue Kathy Lane 70 Ash Street Borough Westchester Westchester Westchester Westchester Neighborhood Yonkers Yonkers Yonkers Nodine Hill Yonkers Zipcode TOTAL of ALL These SOLD BUILDING Comparables AVERAGE of ALL These SOLD BUILDING Comparables Block & Lot # Block: Lot:5240 Block: Lot:3101 Block 430 Lot 40 & 42 Block 456 Lot 4 Building Class Multi-Family Multi-Family Multi-Family Multi-Family Date Closed FOR SALE NOW 7/22/2015 2/22/2013 8/30/2017 Distance Miles to Subject Property Gross ACTUAL BUILT USABLE Square Footage 6,240 6,393 10,100 4,278 20,771 6,924 Price Sold $/PSF FOR SALE NOW $152 $207 $335 $217 $ Land PSF=Price Sold/Land SF FOR SALE NOW $223 $86 $412 $240 PRICE SOLD FOR SALE NOW $970,000 $2,095,000 $1,435,000 $4,500,000 $1,500,000 Seller Buyer FOR SALE NOW Seller of Exclusive Broker Andrew Lichtenstein Inc. Jms & Son's Realty Corp Ash St LLC Buyer of Exclusive Broker Andrew Star M Properties LLC Ash St Realty LLC Lichtenstein Inc. Time Held Transfer Type Year Built 11yrs 9mo 11yrs 9mo n/a n/a Normal Normal Normal Normal of

12 # of Commercial or Retail Units # of Residential Units Stories Plus Finished Basement with 2 Apartments 3 Stories Plus Finished Basement with 2 Apartments # of Stories High Total 8 Apartments on Certificate Total 8 Apartments on Certificate of Occupancy of Occupancy 4 3 Lot Size Land Area Square Footage 3,485 4,356 24,437 3,485 32,278 10,759 NYC's Assessed Value $13,000 $15,900 $58,500 $7,200 Photos Total # of Units GRM Gross Rent Multiplier FOR SALE NOW 8.58 ACTUAL Cap Rate Sold FOR SALE NOW 8.56% Gross Income $148,800 $113,000 $229, % 7.78% Net Income $106,036 $83,000 $146,650 Property Shark Source: Public Records, CoStar, PropertyShark, Loopnet, etc. Notice: This is NOT an appraisal. Broker is not a licensed appraiser. This is a BOV Broker Opinion of Value using comparable sales research and appraisal methodologies to determine the broker's conclusion of what the maximum possible sales value might be in an ideal market if owner signs broker's exclusive sales agreement for broker to professionally market the property for sale. Subject to error. 12 of 58

13 5 VALUATION METHODOLOGIES: Median Price Sold Gross ACTUAL BUILT USABLE Square Footage: 6,240 Gross Income Subject Property: $148,800 Net Income Per Offering Memorandum Comparable Market Value Indexes: A:$ Per Existing Sq.Ft.; B:$ Per Unit; C:$Per Max Buildable SF; D:$PerLandSF; E:GRM Gross Rent Multiplier; F:Cap Rate Underwritten NOI; G:Cap Rate NOI WITHOUT Vacancy,Collection,Management, TILC, Reserves. Subject Property Appraisal BOV Valuations: Average Price Yonkers Similar Properties Sold This Report A1 E F F1 = = = $PSF Valuation of Subject Property: Price Per Existing Usable Square Foot Built Now Based on Actual Recent Comparable Buildings SOLD Data In This Report: Value of Subject Property Based On GRM Gross Rent Multiplier of Comparable Recent Buildings Sold from Data Researched Herein: Value of Subject Property Based On CAP RATE Cushman Wakefield 2017 US Cap Rate Market Survey Class C Multifamily Real Estate Sold Report: Value of Subject Property Based On CAP RATE of these Comparable Buildings Sold In this Report: $106,036 $106,036 $ % 7.78% CONCLUSION: Value of Subject Property Based On Average of the All These Valuation Methodologies Value Based On 6% Cap Rate SELLER'S MINIMUM REQUIRED PRICE: Van Cortlandt Park Avenue Yonkers, NY Westchester County $1,500,000 $1,351,885 $1,317,375 $1,606,606 $1,363,220 $1,427,817 $1,767,267 $1,325,000 Underwritten CAP RATE at Valuation Conclusion: 7.43% 6.00% 8.00% GRM Gross Rent Multiplier at Valuation Conclusion: Price Per Square Foot at Valuation Conclusion: $229 $283 $212 Source: Public Records, CoStar, PropertyShark, Loopnet, etc. Notice: This is NOT an appraisal. Broker is not a licensed appraiser. This is a BOV Broker Opinion of Value using comparable sales research and appraisal methodologies to determine the broker's conclusion of what the maximum possible sales value might be in an ideal market if owner signs broker's exclusive sales agreement for broker to professionally market the property for sale. Subject to error. 13 of 58

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16 location PROPERTY NEIGHBORHOOD The Property is located in Yonkers, Weschester County. 16 of 58

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18 Property Location The Property is located in Yonkers, Westchester County, New York. 18 of 58

19 Property Location Downtown Yonkers Revival. 19 of 58

20 Property Location Yonkers is becoming the next hip town to live in New York. New downtown and waterfront buildings, attract young professionals looking for beautiful views and easy commute. There are 5 active upscale residential construction projects within a five-block radius in the city s downtown area. It has been described by an expert as the emergence of urban-suburban revival in historically small, but prominent cities in the region surrounding Manhattan. 20 of 58

21 Property Location The Property is only one mile from Yonkers Metro North Station Yonkers is just 25 minutes to Midtown Manhattan s Grand Central Terminal 21 of 58

22 Property Location Beautiful Mansions only blocks away from the property 22 of 58

23 Property Location The Proprety is located on Van Cortlandt Park Avenue, in the Nodine Hills Section of Yonkers. 23 of 58

24 Property Location On a very nice street. 24 of 58

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26 Property Location With Hudson River views. 26 of 58

27 Property Location View of the Palisades and Hudson River from the apartments 27 of 58

28 Property Location Across the street from a Public School 28 of 58

29 Property Location Right near stores. 29 of 58

30 Property Location New building half a block from the property. 30 of 58

31 description PROPERTY DESCRIPTION 31 of 58

32 Property Description Van Cortlandt Park Ave, Yonkers, NY Property Overview Section, Block & Lot Acreage 0.08 Building SF 6,240 Zoning Apartment Houses, Medium Density (M) Building Class Apartments (411) Year Built 1959 Stories 3 Residential Units 7 Property Tax $11, of 58

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34 Property Description This property was rebuilt in it was just improved with most apartments entirely gut renovated beautifully. 34 of 58

35 Property Description This is a three story high apartment building containing 7 residential apartments. All units contain - Six Four (4) bedrooms and one bathroom Apartment. - One (2) Two Bedroom in the rear. 35 of 58

36 Property Description Intercom for the 6 upstairs 4 Bedroom Apartments. 7th apartment accessed from rear. 36 of 58

37 Property Description Sides and walking paths of the Building. 37 of 58

38 Property Description Back of the Building. 38 of 58

39 Property Description Rear apartment. 39 of 58

40 Property Description Backyard patio. 40 of 58

41 Property Description - Inside Apartment Entrance door to one of the apartments. 41 of 58

42 Property Description - Inside Apartment Intercom inside the apartment. 42 of 58

43 Property Description - Inside Apartment Very large front bedroom overlooking Van Cortlandt Park Avenue. 43 of 58

44 Property Description - Inside Apartment Front bedroom. 44 of 58

45 Property Description - Inside Apartment All Bedrooms have closets. 45 of 58

46 Property Description - Inside Apartment Wood floors. 46 of 58

47 Property Description - Inside Apartment Another bedroom with its Closet. 47 of 58

48 Property Description - Inside Apartment Living room. 48 of 58

49 Property Description - Inside Apartment Hallway from the living room to the kitchen. 49 of 58

50 Property Description - Inside Apartment Brand New, just installed beautiful kitchen 50 of 58

51 Property Description - Inside Apartment Kitchen brand new. All new appliances 51 of 58

52 Property Description - Inside Apartment Granit counter top and backplash with modern glass tiles 52 of 58

53 Property Description - Inside Apartment Floor tiles 53 of 58

54 Property Description - Inside Apartment Just installed Brand New Modern Lovely Bathroom tiled top to bottom. 54 of 58

55 Property Description - Inside Apartment 55 of 58

56 Property Description - Inside Apartment All 6 Four Bedroom Apartments have an unheated porch or Summertime 5th Bedroom 56 of 58

57 Disclaimer Seller s Required Terms and Conditions of Sale: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer s due diligence with 5% to 10% non-refundable deposit closing in As Is condition, subject to any and all violations, without any contingencies except good marketable insured title at closing. Buyer must sign Broker ALI s Buyer Registration NCCFA Non-Circumvention and Conditional Optional Andrew Lichtenstein, Inc. 1% Financing brokerage Agreement. Contact Seller s Exclusive Broker ONLY: Andrew Lichtenstein (800) Do Not circumvent Broker. No site access without Broker appointment. 57 of 58

58 Disclaimer This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis regarding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal counsel and independent professionals before any decision is made regarding this. References to Size, square footage, or age are approximate, or estimated, zoning, calculations, and projections are made on best efforts basis and should not be relied upon and must be verified independently. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confidential Private Placement Memorandum. To the extent that any information is deemed to be a forward looking statement as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the safe harbor provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as expect, estimate, project, budget, forecast, anticipate, intend, plan, may, will, could, should, believes, predicts, potential, continue, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person s use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given in this message is indicative only and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. This message cannot be considered spam as long as we include the way to be removed, Paragraph (a)(c) of S To be removed from receiving further communication just call toll free 24 hours a day , or fax to our 24 hour fax line reply REMOVE with your fax number, or reply Unsubscribe REMOVE in the subject line and tell us the fax number or address this was sent to. This message is sent in compliance of the new bill section 301. Under Bill S TITLE III passed by the 105th US Congress. 58 of 58