Bob Goldfinger Darron Kattan Kevin Kelleher Managing Director Managing Director Director

Transcription

1 Tampa, FL Oak Knoll Court Marketing Package Bob Goldfinger Darron Kattan Kevin Kelleher Managing Director Managing Director Director Franklin Street Real Estate Franklin Street Real Estate Franklin Street Real Estate

2 Confidentiality Agreement This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC., nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived. By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Memorandum in any manner. If, after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this memorandum to Franklin Street Real Estate Services, LLC. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS.

3 Table of Contents SECTION ONE. PROPERTY DESCRIPTION SECTION TWO PRICING & FINANCIAL ANALYSIS SECTION THREE. SALES COMPARABLES SECTION FOUR. RENT COMPARABLES SECTION FIVE. DEMOGRAPHICS Mission Statement Our goal is to leverage the vital real-time information earned through the efforts of each Franklin Street company, in order to deliver maximum value and superior advisory services to our clients.

4 Tampa, FL Oak Knoll Court PROPERTY DESCRIPTION

5 Investment Overview Investment Highlights -Investment Highlights Motivated Seller Concrete Block Construction Great Unit Mix of 1,2,3 Bed Units Gate Secured Community Waterfront Complex Located Near Many Major Highways Lush Tropical Landscaping Renovated in 1994, 2007 to Present -Description The Apartments of were built in 1974 and consist of 48-1 Bedroom / 1 Bath, 77-2 Bedroom / 1 Bath, 52-2 Bedroom / 2 Bath and 33-3 Bedroom / 2 Bath units. All units have central heat and air, electric stoves, individual hot water heaters, walk-in closets and private porch/balconies. Amenities on-site, include a clubhouse, pool, fitnees room, mail kiosk, maintenance storage, laundry facilities, tennis and basketball courts, children's playground and riverfront dock. has seen continued upgrades both inside and out. With over 200 of the 260 units remodeled with new white kitchen cabinets, above stove microwaves, tile and vinyl, new sliding closet doors, and many other upgrades to make one of the superior properties in this sub-market. From the moment you drive through the guard house this property suggests a feel for quality living. The club house and pool have been been remodeled to exude a high standard. Starting with the water front deck, Mexican tile, flat screen TV, new kitchen, fitness room and private offices. Prospective residents feel like they have come to a much newer community. At this time is being operated similar to a conventional property. At present it is not being annually reviewed by Florida Housing. A new owner can continue to operate in this fashion if they desire or at any time bring the property back into compliance with the state to meet its LURA. The Apartments of is a stable community, extremely well run, available today at a price significantly below replacement cost. We are ready to discuss the opportunity with you in greater detail as it is one of the nicest properties on the market today, considering it's income and condition. Property Description This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

6 Investment Overview Location Overview Description The Apartments of is a 260 unit apartment community located in Hillsborough County in Tampa, FL. is located on the Hillsborough River in the center of Tampa. It's central location provides residents easy access to I-4, 1-75 and I-275, making all areas of Tampa accessible. It is also located near many major attractions, such as Busch Gardens, Raymond James Stadium, Legends Field, and Tampa International Airport. Property Description This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

7 Salient Facts Location & Parcel ID Address 4102 Oak Knoll Court Site Description City, State, ZIP Tampa, FL County Parcel/Folio Hillsborough A ZZZ Number of Units 260 Number of Buildings 18 Number of Stories 2 Year Built 1974 Rentable SF 217,927 Lot Size Acres +/- Property Description Construction Framing Exterior Wall Parking Surface Roof Structure Roof Cover HVAC Fire Protection Concrete Block Masonry Stucco Asphalt Pitched Composite Shingles Central Locally Monitored This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

8 Aerial Property Description This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

9 Area Maps Property Description This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

10 Floor Plan Property Description This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

11 Additional Property Photos Property Description This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

12 Tampa, FL Oak Knoll Court PRICING & FINANCIAL ANALYSIS

13 Tenant Mix Current Pro Forma # Units Unit Type Sf Low High Avg. Rent $/ SF Monthly Rent $/ SF Monthly 98 1Bdr 1Bath 690 $550 $600 $575 $0.83 $56,350 $610 $0.88 $59, Bdr 1Bath 865 $650 $700 $675 $0.78 $51,975 $700 $0.81 $53, Bdr 2Bath 890 $700 $730 $715 $0.80 $37,180 $750 $0.84 $39, Bdr 2Bath 1,134 $855 $900 $878 $0.77 $28,958 $900 $0.79 $29,700 Pricing & Financial Analysis 260 Total/Averages 217,927 $671 $0.80 $174,463 $701 $0.84 $182,380 Pro Forma Rent Increase(Decrease) 4% *Select Units are still renting under Florida Hosuing Discount Rents 12.69% 20.00% 29.62% 37.69% 1Bdr 1Bath 2Bdr 1Bath 2Bdr 2Bath 3Bdr 2Bath This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate

14 Income and Expenses 1st Qtr 2011 Annualized Pro Forma INCOME % Per Unit Annual % Per Unit Annual Gross Potential Rent $8,052 $2,093,550 $8,418 $2,188,560 Gain (Loss) To Lease -2.80% -$225 ($58,533) -2.00% -$168 ($43,771) Forfitted Deposits 1.68% $135 $35, % $135 $35,122 Late Fee Income 0.85% $68 $17, % $68 $17,763 Laundry Income 0.54% $44 $11, % $44 $11,406 Cable Comm. 0.41% $33 $8, % $33 $8,580 Misc Income 0.22% $17 $4, % $17 $4,521 Gross Potential Income $8,125 $2,112,409 $8,547 $2,222,181 Less Vacancy 10.00% -$805 ($209,355) 8.00% -$673 ($175,085) Concessions 3.00% -$242 ($62,807) 3.00% -$253 ($65,657) Employee Apartment 1.00% -$81 ($20,936) 1.00% -$84 ($21,886) Total Economic Loss 14.00% -$1,127 ($293,097) 12.00% -$1,010 ($262,627) Effective Gross Income $6,997 $1,819,312 $7,537 $1,959,554 EXPENSES *Taxes 11.45% $347 $90, % $500 $130,000 Insurance 5.23% $159 $41, % $500 $130,000 Utilities 25.44% $771 $200, % $770 $200,200 Contract Services 11.65% $353 $91, % $365 $95,000 Pricing & Financial Analysis Repairs & Maintenance 12.83% $389 $101, % $400 $104,000 Management (3% of EGI) 0.00% $0 $0 5.69% $226 $58,787 Salaries & Wages 25.31% $767 $199, % $800 $208,000 General & Administrative 4.66% $141 $36, % $115 $30,000 Marketing & Leasing 3.43% $104 $27, % $100 $26,000 Reserves & Replacements 0.00% $0 $0 5.03% $200 $52,000 Total Expenses $3,030 $787,862 $3,977 $1,033,987 Net Operating Income $1,031,450 $925,567 Current Year Taxable Value $4,595,700 Current Year Millage Rate *Pro Forma Taxes are based on 80% of List Price x 2010 Mill Rate Note: Pro Forma Insurance expense was adjusted upward to a realistic rate. Note: A Management Fee & a Reserve Expense was added to Pro Forma Expenses This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

15 Pricing List Price $9,200,000 Down Payment 40% $3,680,000 First Trust/ Mortgage Interest Rate Amortization Months $5,520, % 360 1st Qtr 2011 Annualized Pro Forma NET OPERATING INCOME $1,031,450 $925,567 CASH FLOW ANALYSIS Debt Service ($418,682) ($418,682) Debt Coverage Ratio NCF After Debt Service $612,768 $506,885 Leveraged Return% 16.65% 13.77% Pricipal Reduction $61,698 $61,698 Total Return $674,466 $568,584 Total Return% 18.33% 15.45% VALUE INDICATORS Cap Rate 11.21% 10.06% Pricing & Financial Analysis Gross Rent Multiplier Price/ Unit $35,385 Price/ SF $42.22 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age

16 Tampa, FL Oak Knoll Court SALES COMPARABLES

17 SALES COMPARABLES Price Per Square Foot Price Per Unit Price Per Unit $90,000 $80,000 $70,000 Cap Rate $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Subject Price Per Square Foot $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 Subject This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

18 Sale Comparables Price Per Square Foot Price Per Unit Cap Rate # Property Name Subject 1 Arbor Walk 2 Hidden River 3 Gardens at Temple Terrace 4 Hickory Pointe 5 Johnson & Kenneth Court Apartments 6 Puritan Place 7 Doral Oaks This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

19 SALES COMPARABLES Property Price Total Square Cost Per GRM CAP Cost Per Exp Exp N.O.I. N.O.I. Units Footage Sq Ft Unit Per Unit Sq Ft Per Unit Sq Ft $9,200, ,927 $ % $35,385 $3,977 $4.74 $3,560 $ Oak Knoll Court Tampa, FL UNIT MIX: 98 1Bdr 1Bath 33 3Bdr 2Bath YEAR BUILT: Bdr 1Bath CLOSING DATE: On Market 52 2Bdr 2Bath Subject COMMENTS: Arbor Walk $19,170, ,715 $89.70 $83, East Busch Blvd Tampa, FL UNIT MIX: 96 1Bdr YEAR BUILT: Bdr CLOSING DATE: Dec-10 Comparable 1 COMMENTS: Hidden River $4,075, ,460 $20.74 $17, Hidden River Dr. Tampa, FL UNIT MIX: 108 1Bdr YEAR BUILT: Bdr CLOSING DATE: Dec Bdr Comparable 2 COMMENTS: Gardens at Temple Terrace $5,150, ,904 $20.44 $40, Terrace Court Tampa, FL UNIT MIX: 36 1Bdr YEAR BUILT: Bdr CLOSING DATE: On Market Comparable 3 COMMENTS: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

20 SALES COMPARABLES Property Price Total Square Cost Per GRM CAP Cost Per Exp Exp N.O.I. N.O.I. Units Footage Sq Ft Unit Per Unit Sq Ft Per Unit Sq Ft Hickory Pointe $3,200, ,608 $19.92 $20, E Sligh Avenue Tampa, FL UNIT MIX: YEAR BUILT: Bdr CLOSING DATE: Nov Bdr Comparable 4 COMMENTS: Johnson & Kenneth Court Apartments $8,800, ,900 $54.69 $44, Tray Court & 4205 Kenneth Court Tampa, FL UNIT MIX: 33 1Bdr YEAR BUILT: 1971 & Bdr CLOSING DATE: Jun Bdr Comparable 5 COMMENTS: Franklin Street Sale Puritan Place $5,000, ,577 $24.68 $21, A Holly Lea Court Tampa, FL UNIT MIX: 128 1Bdr YEAR BUILT: Bdr CLOSING DATE: On Market 24 3Bdr Comparable 6 COMMENTS: Franklin Street Listing Doral Oaks $16,000, ,560 $60.71 $63, Sunnyside Rd Tampa, FL UNIT MIX: 60 1Bdr YEAR BUILT: Bdr CLOSING DATE: On Market 12 3Bdr Comparable 7 COMMENTS: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

21 Tampa, FL Oak Knoll Court RENT COMPARABLES

22 Rent Comparables Summary Property Name Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Riverview 1Bdr 1Bath % $691 $650 $0.73 Hidden River 1Bdr 1Bath 58 24% $700 $625 $0.82 1Bdr 1Bath 98 38% $572 $572 $0.83 Rivertree Landing 1Bdr 1Bath 16 7% $595 $527 $0.66 Hidden River 1Bdr 1Bath 42 18% $594 $525 $0.79 Royal Parc 1Bdr 1Bath 11 3% $680 $505 $0.58 Courtyards on the River 1Bdr 1Bath 56 18% $500 $500 $0.73 Puritan Place 1Bdr 1Bath 86 37% $640 $499 $0.65 Royal Parc 1Bdr 1Bath 17 5% $670 $495 $0.59 Rivertree Landing 1Bdr 1Bath 99 43% $535 $486 $0.61 Royal Parc 1Bdr 1Bath % $660 $465 $0.69 Royal Parc 1Bdr 1Bath 12 4% $650 $455 $0.73 Puritan Place 1Bdr 1Bath 34 15% $625 $450 $0.68 Riverview 2Bdr 2Bath 24 8% $949 $887 $0.57 Cap Rate Courtyards on the River 2Bdr 2.5Bath 24 8% $850 $850 $0.65 Hidden River 2Bdr 2Bath 32 13% $885 $764 $0.73 Rivertree Landing 2Bdr 2Bath 60 26% $800 $724 $0.62 Courtyards on the River 2Bdr 2Bath 40 13% $715 $715 $0.69 2Bdr 2Bath 52 20% $713 $713 $0.80 Hidden River 2Bdr 1Bath 28 12% $760 $694 $0.81 Riverview 2Bdr 1Bath 40 14% $719 $676 $0.60 Puritan Place 2Bdr 1Bath 32 14% $765 $665 $0.74 Puritan Place 2Bdr 2Bath 32 14% $840 $665 $0.63 Rivertree Landing 2Bdr 1Bath 44 19% $725 $665 $0.62 2Bdr 1Bath 77 30% $662 $662 $0.77 Courtyards on the River 2Bdr 1Bath % $650 $650 $0.67 Royal Parc 2Bdr 2Bath 21 6% $850 $638 $0.66 Royal Parc 2Bdr 1Bath % $800 $598 $0.66 Rivertree Landing 3Bdr 2Bath 8 4% $950 $862 $0.61 3Bdr 2Bath 33 13% $835 $835 $0.74 Courtyards on the River 3Bdr 2 Bath 48 16% $825 $825 $0.62 Hidden River 3Bdr 2Bath 56 23% $985 $824 $0.72 Puritan Place 3Bdr 2Bath 24 10% $985 $799 $0.68 Riverview 3Bdr 3Bath 92 31% $759 $712 $0.52 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

23 RENT COMPARABLES Price Per Square Foot Price Per Unit Cap Rate # Property Name Subject 1 Puritan Place 2 Hidden River 3 Royal Parc 4 Rivertree Landing 5 Riverview 6 Courtyards on the River This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

24 Rent Comparable - Subject 4102 Oak Knoll Court Tampa, FL Number Of Units 260 Occupancy 88% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy 1Bdr 1Bath 98 38% ,620 $600 $550 $0.80 $53,900 2Bdr 1Bath 77 30% ,605 $700 $662 $0.77 $50,974 2Bdr 2Bath 52 20% ,280 $730 $713 $0.80 $37,076 3Bdr 2Bath 33 13% 1,134 37,422 $900 $835 $0.74 $27,555 Rent Comparables Totals/Averages % ,927 $694 $652 $0.78 $169,505 The current concession is reduced rental rates. Waster/Sewer is included in rent. There is a laundry facility on-site. There are Washer/Dryer connections in select units & the Washer/Dryer rents for $100 a month. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

25 Rent Comparable 1 Puritan Place 7903 Holly Lea Court Tampa, FL Number Of Units 232 Occupancy 87% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy Studio 8 3% 529 4,232 $520 $450 $0.85 $3,600 1Bdr 1Bath 34 15% ,508 $625 $450 $0.68 $15,300 1Bdr 1Bath 86 37% ,876 $640 $499 $0.65 $42,914 2Bdr 1Bath 32 14% ,832 $765 $665 $0.74 $21,280 2Bdr 2Bath 32 14% 1,050 33,600 $840 $665 $0.63 $21,280 2Bdr 2Bath TH 16 7% 1,196 19,136 $865 $499 $0.42 $7,984 3Bdr 2Bath 24 10% 1,169 28,056 $985 $799 $0.68 $19,176 Rent Comparables Totals/Averages % ,240 $670 $567 $0.65 $131,534 The current concession is $99 move in special and reduced rates as shown in the effective rent. There is a laundry facility on-site. Water/Sewer is included in rent. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

26 Rent Comparable 2 Hidden River 8024 Hidden River Dr. Tampa, FL Number Of Units 240 Occupancy 60% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy Efficiency 16 7% 530 8,480 $575 $500 $0.94 $8,000 Rent Comparables 1Bdr 1Bath 42 18% ,846 $594 $525 $0.79 $22,050 1Bdr 1Bath 58 24% ,370 $700 $625 $0.82 $36,250 2Bdr 1Bath 28 12% ,024 $760 $694 $0.81 $19,432 2Bdr 2Bath 32 13% 1,050 33,600 $885 $764 $0.73 $24,448 3Bdr 2Bath 56 23% 1,150 64,400 $985 $824 $0.72 $46,144 3Bdr 2.5Bath 8 3% 1,553 12,424 $985 $824 $0.53 $6,592 Totals/Averages % ,144 $748 $679 $0.76 $162,916 There is a $99 security deposit and reduced rates are shown as effective rents. Water/Sewer is included in rent. There are washer/dryer stacks in 2Bdr and 3Bdr units. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

27 Rent Comparable 3 Royal Parc 6919 Bonair Dr. Tampa, FL 3367 Number Of Units 324 Occupancy 87% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy 1Bdr 1Bath 12 4% 624 7,488 $650 $455 $0.73 $5,460 Rent Comparables 1Bdr 1Bath % ,716 $660 $465 $0.69 $56,730 1Bdr 1Bath 17 5% ,263 $670 $495 $0.59 $8,415 1Bdr 1Bath 11 3% 871 9,581 $680 $505 $0.58 $5,555 2Bdr 1Bath % ,746 $800 $598 $0.66 $84,318 2Bdr 2Bath 21 6% ,160 $850 $638 $0.66 $13,398 Totals/Averages % ,954 $734 $537 $0.66 $173,876 Concession includes $100 off 1st months rent. Water/Sewer is included in rent. There is a laundry facility onsite and select units have washer/dryer hookups. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

28 Rent Comparable 4 Rivertree Landing 6909 Indian River Dr. Tampa, FL Number Of Units 228 Occupancy 75% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy Efficiency 1 0% $350 $321 $0.92 $321 Rent Comparables 1Bdr 1Bath 99 43% ,200 $535 $486 $0.61 $48,114 1Bdr 1Bath 16 7% ,800 $595 $527 $0.66 $8,432 2Bdr 1Bath 44 19% 1,065 46,860 $725 $665 $0.62 $29,260 2Bdr 2Bath 60 26% 1,165 69,900 $800 $724 $0.62 $43,440 3Bdr 2Bath 8 4% 1,405 11,240 $950 $862 $0.61 $6,896 Totals/Averages % ,350 $659 $599 $0.62 $136,463 The current concession is reduced rents and 1 month free on a 12 month lease. Water/Sewer is paid by the tenant. There is a laundry facility on-site and connection in the 3 Bdr units. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

29 Rent Comparable 5 Riverview 5659 Del Prado Dr. Tampa, Fl Number Of Units 296 Occupancy 93% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy 1Bdr 1Bath % ,160 $691 $650 $0.73 $91,000 Rent Comparables 2Bdr 1Bath 40 14% 1,132 45,280 $719 $676 $0.60 $27,040 3Bdr 3Bath 92 31% 1, ,580 $759 $712 $0.52 $65,504 2Bdr 2Bath 24 8% 1,565 37,560 $949 $887 $0.57 $21,288 Totals/Averages % 1, ,580 $737 $692 $0.61 $204,832 The current concession is $199 move in special. Water/Sewer is paid by tenant. There are two laundry facilities on-site and washer/dryer stacks are included in 3Bdr units. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

30 Rent Comparable 6 Courtyards on the River 8412 Rio Bravo Ct. Tampa, FL Number Of Units 304 Occupancy 83% Unit Type Unit Mix % of Total Avf SF Total Sf Market Rent Eff Rent Eff Per SF Eff. Monthy 1Bdr 1Bath 56 18% ,528 $500 $500 $0.73 $28,000 2Bdr 1Bath % ,968 $650 $650 $0.67 $88,400 2Bdr 2Bath 40 13% 1,030 41,200 $715 $715 $0.69 $28,600 3Bdr 2 Bath 48 16% 1,340 64,320 $825 $825 $0.62 $39,600 2Bdr 2.5Bath 24 8% 1,312 31,488 $850 $850 $0.65 $20,400 Rent Comparables Totals/Averages % 1, ,504 $674 $674 $0.67 $205,000 The current concession are reduced rates. Water/Sewer is an additional fee paid by tenant, $35, $30, $45, $50 & $55 respectively. There is a laundry facility on-site and for $100 extra, select units have W/D. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

31 Tampa, FL Oak Knoll Court DEMOGRAPHICS

32 Demographics 1 Mile 3 Mile 5 Mile Population 2009 Total Daytime Population 10, , , Total Daytime Work Population 4,010 46, , Median Age Total Population Median Age Adult Population Male Population 6,679 49, , Female Population 7,795 54, ,517 % 2009 Male Population 46.14% 47.70% 48.68% % 2009 Female Population 53.86% 52.30% 51.32% 2009 Total Adult Population 9,882 73, ,255 Population Change Total Employees n/a n/a n/a Total Establishments n/a n/a n/a 2009 Total Population 14, , , Total Households 5,716 41, ,429 Population Change ,358 9,052 30,568 Household Change ,442 14,148 % Population Change % 9.46% 13.31% % Household Change % 12.07% 15.50% Population Change ,544 6,563 15,801 Household Change ,940 9,281 % Population Change % 6.68% 6.47% % Households Change % 10.56% 9.65% Demographic Analysis Housing 2000 Total Housing Units 5,452 41, , Occupied Housing Units 4,959 37,404 96, Owner Occupied Housing Units 2,817 21,050 47, Renter Occupied Housing Units 2,141 16,355 48, Vacant Housing Units 494 3,838 9,311 % 2000 Occupied Housing Units 90.96% 90.69% 91.17% % 2000 Owner Occupied Housing Units 51.67% 51.04% 44.92% % 2000 Renter Occupied Housing Units 39.27% 39.66% 46.25% % 2000 Vacant Housing Units 9.06% 9.31% 8.83% Income 2009 Median Household Income $30,759 $33,358 $33, Per Capita Income $16,876 $18,799 $20, Average Household Income $42,734 $47,757 $51,034 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

33 Demographics 1 Mile 3 Mile 5 Mile Retail Sales Volume 2009 Children/Infants Clothing Stores $1,437,570 $11,760,104 $32,425, Jewelry Stores $1,072,095 $8,818,992 $24,226, Mens Clothing Stores $2,429,208 $18,956,955 $52,213, Shoe Stores $2,192,259 $17,316,868 $47,826, Womens Clothing Stores $4,690,522 $35,860,456 $98,738, Automobile Dealers $25,890,795 $226,146,713 $621,353, Automotive Parts/Acc/Repair Stores $3,391,767 $27,895,283 $76,737, Other Motor Vehicle Dealers $1,069,713 $8,489,574 $23,416, Tire Dealers $878,512 $7,313,975 $20,085, Hardware Stores $317,503 $3,059,920 $8,765, Home Centers $3,090,235 $25,765,753 $71,287, Nursery/Garden Centers $869,828 $7,474,390 $20,509, Outdoor Power Equipment Stores $289,754 $2,931,862 $8,020, Paint/Wallpaper Stores $117,262 $1,007,034 $2,770, Appliance/TV/Other Electronics Stores $2,670,177 $20,988,841 $57,805, Camera/Photographic Supplies Stores $439,988 $3,590,291 $9,895, Computer/Software Stores $1,419,544 $11,432,887 $31,479, Beer/Wine/Liquor Stores $1,599,103 $12,937,785 $35,699, Convenience/Specialty Food Stores $3,028,265 $23,644,556 $67,044, Restaurant Expenditures $12,745,480 $103,273,766 $295,957, Supermarkets/Other Grocery excl Conv $19,224,835 $157,314,084 $433,568, Furniture Stores $2,705,308 $22,097,409 $60,817, Home Furnishings Stores $1,710,784 $13,493,925 $37,256, Gen Merch/Appliance/Furniture Stores $24,710,302 $198,531,952 $546,784, Gasoline Stations w/ Convenience Stores $17,021,030 $128,542,445 $356,407, Other Gasoline Stations $13,992,764 $104,897,892 $289,362, Department Stores excl Leased Depts $27,380,478 $219,520,799 $604,589, General Merchandise Stores $22,004,994 $176,434,549 $485,967, Other Health/Personal Care Stores $1,749,396 $14,933,001 $41,042, Pharmacies/Drug Stores $9,310,997 $76,287,662 $210,090, Pet/Pet Supplies Stores $1,431,407 $11,412,662 $31,483, Book/Periodical/Music Stores $828,850 $5,076,801 $13,964, Hobby/Toy/Game Stores $558,429 $5,730,818 $15,685, Musical Instrument/Supplies Stores $237,178 $1,997,997 $5,493, Sewing/Needlework/Piece Goods Stores $118,945 $816,537 $2,255, Sporting Goods Stores $1,329,149 $9,188,050 $25,610, Video Tape Stores - Retail $217,553 $1,769,772 $4,872,165 Demographic Analysis This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verfiy the information and bears all risk for any inaccuracies. Franklin Street Real Estate Services, LLC

34 Tampa, FL Oak Knoll Court Exclusively Listed By: Franklin Street Real Estate Services, LLC 500 N. Westshore Blvd. Suite 750 Tampa, FL Main: Bob Goldfinger Managing Director Franklin Street Real Estate Darron Kattan Managing Director Franklin Street Real Estate Kevin Kelleher Director Franklin Street Real Estate