EXCLUSIVE OFFERING. Village at Papillion Apartments. 49 Units 1603 Barrington Parkway Papillion, NE $2,500,000

Transcription

1 EXCLUSIVE OFFERING Village at Papillion Apartments 49 Units 1603 Barrington Parkway Papillion, NE $2,500,000

2 2 CONFIDENTIALITY & DISCLAIMER The information contained in this package is confidential and is intended for review solely by the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no guarantee, warranty, or representation about it. It is the sole responsibility of any interested parties to independently confirm the accuracy and completeness of the information provided herein. All prospective clients must conduct their own due diligence and take appropriate measures to verify all information. FOR MORE INFORMATION, PLEASE CONTACT: LIHTC Advisors W. Explorer Drive, Suite 200 Boise, ID John Nicolas (phone) (direct) (fax) Jeff Irish (phone) (direct) (fax) In Cooperation with: Mike Elliot ENERGY REAL ESTATE SOLUTIONS, INC

3 3 Table of Contents PROPERTY OVERVIEW Description Area Highlights Summary Features Photos Area Maps FINANCIAL ANALYSIS Financial Summary/ Financing Income & Expenses Cash Flow Summary Unit Mix Tax Credit Property Income & Rent Limits Historical AMI, MAX Rent, & FMR COMPARABLE PROPERTIES Rent Comparables Map Rental & Occupancy Statistics Rent Comparable Details DEMOGRAPHIC ANALYSIS Demographic Analysis Demographic Report

4 4 Property Description HIGHLIGHTS Located Close to Schools, Restaurants, and Retail Built & Placed into Service in 2005 Village at Papillion Apartments is a 49-unit affordable housing community located in Papillion, NE. The property was built and placed into service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. Village at Papillion is conveniently located near public schools, parks, shopping, and restaurants. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Medium Income (AMI) limits, which are provided by the Nebraska Investment Finance Authority. The property is still within the initial tax credit compliance period. Please see the Tax Credit Property Income and Rent Limits page in the Financial Analysis section for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement. PROPERTY OVERVIEW 1.4 Miles to CHI Health Midlands Attractive Area with Low Unemployment Village at Papillion offers two, three, and four bedroom floorplans featuring a fully equipped kitchen, plentiful storage, patios, w/d hook-ups, playground, and fitness facility.

5 5 Area Highlights Papillion is a city in and the county seat of Sarpy County, Nebraska and has a population of 19,618. Papillion is a vibrant community south of Omaha, 20 minutes from Interstate 80 and I-29, and is a short 25-minute trip to Omaha s Eppley Airport. Papillion is an 1870 s railroad town that is part of the larger five-county metro area of neighboring Omaha. This metropolitan area includes Omaha, Nebraska s largest city, and Council Bluffs, a more industrial city on the Iowa bank of the Missouri River. As a gateway to the Great Plains, Omaha is historically a worldclass livestock, meat packing, and grain-shipping city. The city has always been a gateway and transportation center, starting with the Lewis and Clark expedition and later as the eastern terminus of the transcontinental Union Pacific Railroad. Today the city s diverse economy includes food production and insurance- Mutual of Omaha, ConAgra, and Warren Buffett s Berkshire Hathaway Company have headquarters here. Led by Mr. Buffett, Omaha reportedly has more millionaires per capita than any other U.S. city. PROPERTY OVERVIEW The Strategic Air Command headquarters and nearby Offutt Air Force Base provide a sizable military presence, and Creighton University brings a college-town element. Omaha is situated on the west bank of the Missouri River. The narrow river valley gives way to hills and ridges rising about 350 feet above the valley. Lush deciduous trees cover the hills, especially to the north, while the land to the west and south is more level and open as prairie and farmland. Sarpy County and the Greater Omaha community have what businesses are looking for to succeed in today s economy. The area s central location, outstanding workforce, and quality of life all come together to make Sarpy County an economically attractive choice for businesses. Typically Midwestern, the city of Papillion, is well-kept and not flashy. The Downtown is clean and modern, with attractive redevelopment in former rail yards along the Missouri River waterfront. There are attractive new high-rise residential developments along the waterfront and a nice historic district. Shaded streets and older suburbs cover the hills north and immediately west of town, while newer development lies in the flatter areas to the west along I-80 and I-680. Attractive, well-spaced suburbs lead into the country through Boys Town (named after the major facility of that name), Papillion to the south, Elkhorn to the west in the North Platte Valley, all the way to Wahoo. The latter is a small Scandinavian farming community starting to grow as a nice rural alternative with access to Lincoln to the south.

6 6 Area Highlights QUICK FACTS ECONOMY The unemployment rate in Papillion is 3.50%. Recent job growth is positive. Papillion jobs have increased by 0.89 percent. COST OF LIVING Compared to the rest of the country, Papillion s cost of living is 0.80% lower than the U.S. average. PROPERTY OVERVIEW POPULATION TRANSPORTATION Papillion s population is 19,618 people. Since 2000, it has had a population growth of 19.61%. Average commute time is 21 minutes. REAL ESTATE SCHOOLS The median home value in Papillion is $200,500. Papillion home values have gone up 1.3% over the past year and is predicted to rise 3.1% within the next year. Papillion public schools spend $10,114 per student. The average school expenditure in the U.S. is $12,435. There are about 15.4 students per teacher in Papillion.

7 Property Summary NAME & LOCATION Property Name Village at Papillion Apartments Property Address 1603 Barrington Parkway Papillion, NE SECTION 42 LIHTC RESTRICTIONS Placed in Service 2005 End of Initial Compliance Period 12/31/2019 End of Tax Credit Compliance Period 12/31/2034 End of Extended Use 12/31/2049 SITE INFORMATION Assessor s Parcel Number Number of Units 49 Number of Buildings 7 Number of Stories 2 Rentable Square Feet 58,512 Year Built 2005 Type of Ownership Fee Simple Landscaping Mature Trees, Shrubs, & Grass Topography Relatively Flat UTILITIES Water City of Papillion Electric Nebraska Public Power District Gas Northwestern Energy CONSTRUCTION Foundation Concrete Pad Exterior Vinyl Siding / Brick Parking Surface Asphalt Roof Composite Shingle 7 PROPERTY OVERVIEW

8 8 Property Features AMENITIES Playground Fitness Facility Community Center PROPERTY OVERVIEW W/D Hook-Ups Patios Full Appliance Package

9 9 Property Photos PROPERTY OVERVIEW

10 10 Property Photos PROPERTY OVERVIEW

11 11 Property Photos PROPERTY OVERVIEW

12 12 Aerial Neighborhood Map PROPERTY OVERVIEW

13 Local Map 13 PROPERTY OVERVIEW VILLAGE AT PAPILLION APARTMENTS CHI Health Midlands Restaurants Shadow Lake Towne Center Shopping & Restaurants

14 14 Regional Map PROPERTY OVERVIEW OMAHA PAPILLION LINCOLN

15 15 Financial Summary Financing PRICING FIGURES Broker's Opinion of Value $2,500,000 Price per Unit $51,020 Price per SF $42.73 PROFORMA 10-Year Leveraged IRR%* 16.19% NOTES* Leveraged IRR Analysis assumes a 7.75% Exit Cap, 2.0% Acquisition Cost, $1,000 per unit Capital Expense, and 4.0% Cost of Sale. PROFORMA- VITAL DATA CAP Rate 7.23% NOI $180,853 Debt Service $114,674 Net Cash Flow After Debt Service $66,179 Cash on Cash % 10.59% PROPOSED NEW FINANCING Loan Amount $1,875,000 Down Payment $625,000 Interest Rate 4.55% Amortization Period 360 Loan Term 10 Years Annual Debt Service $114,674 Loan to Value % 75% PROFORMA Debt Coverage Ratio 1.58 Program CONVENTIONAL FINANCIAL ANALYSIS

16 16 Income & Expenses OPERATIONAL ANALYSIS PROFORMA PER UNIT INCOME Gross Potential Rent $467,148 $9,534 Loss to Lease 1.00% ($4,671) ($95) POTENTIAL RENTAL INCOME $462,477 $9,438 Other Rental Income Pet Rent $4,840 $99 Late Fees $3,733 $76 Misc. Other Income $5,764 $118 Total Other Rental Income $14,337 $293 GROSS POTENTIAL INCOME $476,813 $9,731 Economic Loss Vacancy Loss 6.00% ($27,749) ($566) Bad Debt 0.00% $0 $0 Concessions 0.00% $0 $0 Total Economic Loss 6.00% ($27,749) ($566) EFFECTIVE GROSS INCOME $449,065 $9,165 EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes 14% $61,047 $1,246 (1) Total Property Insurance Expense 3% $14,217 $290 Total Property Utility Expense 12% $52,769 $1,077 TOTAL FIXED OPERATIONAL EXP 29% $128,033 $2,613 VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services 4% $15,925 $325 (2) Total Repairs & Maintenance 4% $18,792 $384 Total Administrative Expenses 4% $18,771 $383 (3) Total Leasing & Marketing 0% $561 $11 FINANCIAL ANALYSIS Total Payroll and Salary Expenses 11% $51,223 $1,045 Property Management Fee 4.50% $20,208 $412 (4) TOTAL VARIABLE OPERATIONAL EXP 28% $125,479 $2,561 TOTAL FIXED & VARIABLE EXPENSES 56% $253,512 $5,174 Reserves & Replacements $14,700 $300 TOTAL OPERATING EXPENSES 60% $268,212 $5,474 NET OPERATING INCOME $180,853 $3,691 *NOTE: - Financials did not fully include the NIFA Compliance Fees under the Accounting Services Expense. Therefore, analysis included the remaining amount and categorized it under Administrative Expense.

17 17 Comments to Income & Expenses (1) Property Tax Expense: Analysis assumes actual 2016 Taxes increased by 2%. All information collected from Sarpy County Total Value $2,200,000 $2,200,000 Taxes Due $60, $59, (2) (3) (4) Contract Services Expense: Analysis assumes a reduction to $325 per unit based on expenses observed at comparable LIHTC properties. Administrative Expense: Analysis assumes the removal of $9,307 of Audit Expense since it will not be required of new ownership. Property Management Fee: Analysis assumes reduction based on expenses observed at comparable LIHTC properties. FINANCIAL ANALYSIS

18 18 VILLAGE AT PAPILLION APARTMENTS Cash Flow Summary PROPERTY CASH FLOW ANALYSIS Utilize YE, YTD or PROFORMA OPERATIONS Proforma Vac %: 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Assumed Annual Income Growth Rate % 2.00% Bad Debt: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Assumed Annual Expense Growth Rate % 2.00% Concess: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CASH FLOW SUMMARY Year #: INCOME POTENTIAL RENTAL INCOME $462,477 $471,726 $481,161 $490,784 $500,599 $510,611 $520,824 $531,240 $541,865 $552,702 Total Other Rental Income $14,337 $14,624 $14,916 $15,214 $15,519 $15,829 $16,146 $16,469 $16,798 $17,134 GROSS POTENTIAL INCOME $476,813 $486,350 $496,077 $505,998 $516,118 $526,441 $536,969 $547,709 $558,663 $569,836 Economic Operational Loss Vacancy Loss 6.00% ($27,749) ($28,304) ($28,870) ($29,447) ($30,036) ($30,637) ($31,249) ($31,874) ($32,512) ($33,162) Bad Debt 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Concessions 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Operational Loss 6.00% ($27,749) ($28,304) ($28,870) ($29,447) ($30,036) ($30,637) ($31,249) ($31,874) ($32,512) ($33,162) EFFECTIVE GROSS INCOME $449,065 $458,046 $467,207 $476,551 $486,082 $495,804 $505,720 $515,834 $526,151 $536,674 OPERATIONAL EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes $61,047 $62,268 $63,513 $64,783 $66,079 $67,401 $68,749 $70,124 $71,526 $72,957 Total Property Insurance Expense $14,217 $14,501 $14,791 $15,087 $15,389 $15,697 $16,011 $16,331 $16,657 $16,990 Total Property Utility Expense $52,769 $53,824 $54,901 $55,999 $57,119 $58,261 $59,426 $60,615 $61,827 $63,064 TOTAL FIXED OPERATIONAL EXP $128,033 $130,593 $133,205 $135,869 $138,587 $141,359 $144,186 $147,069 $150,011 $153,011 VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services $15,925 $16,244 $16,568 $16,900 $17,238 $17,582 $17,934 $18,293 $18,659 $19,032 Total Repairs & Maintenance $18,792 $19,167 $19,551 $19,942 $20,341 $20,747 $21,162 $21,586 $22,017 $22,458 Total Administrative Expenses $18,771 $19,017 $19,267 $14,132 (1) $14,395 $14,664 $14,937 $15,216 $15,501 $15,792 Total Leasing & Marketing $561 $572 $583 $595 $607 $619 $631 $644 $657 $670 Total Payroll and Salary Expenses $51,223 $52,247 $53,292 $54,358 $55,445 $56,554 $57,685 $58,839 $60,016 $61,216 Property Management Fee 4.50% $20,208 $20,612 $21,024 $21,445 $21,874 $22,311 $22,757 $23,213 $23,677 $24,150 TOTAL VARIABLE OPERATIONAL EXP $125,479 $127,859 $130,286 $127,372 $129,900 $132,478 $135,108 $137,791 $140,527 $143,318 TOTAL FIXED & VARIABLE EXPENSE $253,512 $258,452 $263,491 $263,241 $268,486 $273,837 $279,294 $284,860 $290,538 $296,329 Replacement & Reserve Deposits $300/Unit $14,700 $14,700 $14,700 $14,700 $14,700 $14,700 $14,700 $14,700 $14,700 $14,700 TOTAL OPERATING EXPENSES $268,212 $273,152 $278,191 $277,941 $283,186 $288,537 $293,994 $299,560 $305,238 $311,029 PROPERTY NET OPERATING INCOME $180,853 $184,894 $189,016 $198,610 $202,896 $207,267 $211,726 $216,274 $220,913 $225,645 TOTAL 1ST MTG DEBT SERVICE $114,674 $114,674 $114,674 $114,674 $114,674 $114,674 $114,674 $114,674 $114,674 $114,674 DEBT SERVICE COVERAGE RATIO INDICATED CAPITALIZATION RATE 7.23% 7.40% 7.56% 7.94% 8.12% 8.29% 8.47% 8.65% 8.84% 9.03% CASH FLOW AFTER DEBT SERVICE $66,179 $70,220 $74,342 $83,936 $88,222 $92,594 $97,053 $101,601 $106,240 $110,972 (1) Administrative Expense: After Year 15, the NIFA compliance fees are reduced from 2% of the Allocation of Low-Income Tax Credit Dollars to $20 per unit per year. representations or warranties, expressed or implied, as to the accuracy of the information. The value of this transaction depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and all related parties should conduct a careful, independent investigation on the FINANCIAL ANALYSIS

19 19 Unit Mix UNIT TYPE (SET-ASIDE) NUMBER OF UNITS UNIT SIZE (RSF) ASKING RENT RENT PER RSF MAX RENT CURRENT UA MAX NET TC RENT 2 BD 1 BTH- 60% 20 1,060 $723 $0.68 $985 $122 $863 2 BD 1 BTH UNIT TOTAL 20 21,200 $14,460 $19,700 $17,260 2 BD 1 BTH UNIT AVERAGE 1,060 $723 $0.68 $985 $863 3 BD 2 BTH- 60% 21 1,256 $827 $0.66 $1,139 $148 $991 3 BD 2 BTH- 60% 1 1,259 $827 $0.66 $1,139 $148 $991 3 BD 2 BTH- 60% 1 1,337 $827 $0.62 $1,139 $148 $991 3 BD 2 BTH UNIT TOTAL 23 28,972 $19,021 $26,197 $22,793 3 BD 2 BTH UNIT AVERAGE 1,260 $827 $0.66 $1,139 $991 4 BD 2 BTH- 60% 6 1,390 $908 $0.65 $1,270 $180 $1,090 4 BD 2 BTH UNIT TOTAL 6 8,340 $5,448 $7,620 $6,540 4 BD 2 BTH UNIT AVERAGE 1,390 $908 $0.65 $1,270 $1,090 FINANCIAL ANALYSIS TOTAL POTENTIAL 49 58,512 $38,929 $53,517 $46,593 AVERAGE 1,194 $794 $0.67 $1,092 $951 *NOTE: Per the LURA, the average tenant paid portion of rent (not including subsides, pet rent, etc.) plus the utility allowance has to be at or below 47.09% of the applicable area median income. As of 10/31/2016 rent roll, the current paid portion plus the utility allowances of the occupied units are at 36.0% of the AMI. CURRENT RENTS VS. AVG MAX NET TC RENTS 41% 2 Bed, 1 Bath- 60% $1,200 $1,090 47% 12% 3 Bed, 2 Bath- 60% 4 Bed, 2 Bath- 60% $1,000 $800 $723 $863 $827 $991 $908 $600 $400 $200 $0 2 BD 3 BD 4 BD Asking Rents Max Net Rents

20 20 Tax Credit Property Income & Rent Limits Village at Papillion Apartments is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 60% of the local Area Median Income (AMI) for the Nebraska Investment Finance Authority. Sarpy County Effective Year: 2016 Four Person Area Median Income: $72,100 INCOME LIMITS 60% 1 Person $30,660 2 Person $35,040 3 Person $39,420 4 Person $43,800 5 Person $47,340 6 Person $50,820 7 Person $54,360 8 Person $57,840 FINANCIAL ANALYSIS Tax Credit Maximum Allowable Rents Set Aside 60% Unit Type 2 BD 3 BD 4 BD # of Units Maximum $985 $1,139 $1,270 UA $122 $148 $180 Net Rent $863 $991 $1,090

21 21 Historical AMI & MAX Rent AMI Growth Rate Year AMI % Change 2011 $70, $71, % 2013 $72, % 2014 $73, % 2015 $72,800 (0.27%) 2016 $72,100 (0.96%) 3 Yr Avg (0.27%) 5 Yr Avg 0.43% $73,500 $73,000 $72,500 $72,000 $71,500 $71,000 $70,500 $70,000 $69,500 $69, FINANCIAL ANALYSIS Max Allowable LIHTC Rent Growth- 2BD/ 60% Year Rent % Change 2011 $954 - $990 $985 $980 $ $ % $ $ % 2014 $ % 2015 $ % 2016 $ % $965 $960 $955 $950 $945 3 Yr Avg 0.10% 5 Yr Avg 0.64% $940 $ Source: Novoco.com

22 22 Historical FMR Fair Market Rent- Averages $1,100 Year FMR Avg % Change 2011 $923 - $1, $ % 2013 $1, % $1, $1, % $ $1, % 2016 $1, % 3 Yr Avg 0.32% 5 Yr Avg 3.07% $900 $ FINANCIAL ANALYSIS Fair Market Rents Year 2 BD 3 BD 4 BD 2011 $747 $997 $1, $751 $1,003 $1, $828 $1,110 $1, $790 $1,059 $1, $807 $1,082 $1, $836 $1,127 $1,233 Source: Novoco.com

23 23 Rent Comparables Map RENT COMPARABLES Village at Papillion Apts. 3 Shadow Lake Square Apts. 1 Papillion Heights Apts. 4 Meridian Club Apts. 2 Huntington Park Apts. 5 Tuscany Apts.

24 24 Occupancy & Average Rent per SF OCCUPANCY 100% 96% Average Village at Papillion Apts. 99% 98% 1 Papillion Heights Apts. 97% 96% 2 Huntington Park Apts. 95% 3 Shadow Lake Square Apts. 94% 93% 4 Meridian Club Apts. 92% 91% Tuscany Apts. RENT PER SF $1.00 $0.94 Average RENT COMPARABLES $0.80 $0.60 $0.40 $0.20 $

25 25 Rent Comparable Details VILLAGE AT PAPILLION APARTMENTS 1603 Barrington Parkway Papillion, NE # OF UNITS: Occupancy: Year Built: 49 94% 2005 UNIT TYPE # OF UNITS RENT SF RENT PER SF 2BD 1BTH- 60% 20 $723 1,060 $0.68 3BD 2BTH- 60% 21 $827 1,256 $0.66 3BD 2BTH- 60% 1 $827 1,259 $0.66 3BD 2BTH- 60% 1 $827 1,337 $0.62 4BD 2BTH- 60% 6 $908 1,390 $0.65 TOTALS/AVG. 49 $794 1,194 $ PAPILLION HEIGHTS APARTMENTS 105 Gold Coast Road Papillion, NE # OF UNITS: Occupancy: Year Built: Distance to Subject: 48 98% miles UNIT TYPE # OF UNITS RENT SF RENT PER SF 1BD 1BTH 2 $ $0.72 2BD 1BTH 46 $ $0.72 TOTALS/AVG. 48 $ $0.72 Comments: LIHTC Property. RENT COMPARABLES 2 HUNTINGTON PARK APARTMENTS 623 Fenwick Drive Papillion, NE UNIT TYPE # OF UNITS RENT SF RENT PER SF 1BD 1BTH 72 $ $1.13 2BD 2BTH 72 $ $0.91 TOTALS/AVG. 144 $ $1.00 # OF UNITS: Occupancy: Year Built/Rehabbed: Distance to Subject: % 1988/ miles

26 26 Rent Comparable Details 3 SHADOW LAKE SQUARE APARTMENTS 7451 Shadow Lake Plaza Papillion, NE # OF UNITS: Occupancy: Year Built: Distance to Subject: % miles UNIT TYPE # OF UNITS RENT SF RENT PER SF STUDIO 25 $ $1.08 1BD 1BTH 60 $ $1.19 2BD 2BTH 50 $1,250 1,246 $1.00 TOTALS/AVG. 135 $1, $ MERIDIAN CLUB APARTMENTS 1214 Applewood Drive Papillion, NE # OF UNITS: Occupancy: Year Built: Distance to Subject: % miles UNIT TYPE # OF UNITS RENT SF RENT PER SF 1BD 1BTH 64 $ $0.91 2BD 2BTH 124 $ $0.77 3BD 2BTH 24 $935 1,130 $0.83 TOTALS/AVG. 212 $ $0.82 Comments: LIHTC Property. RENT COMPARABLES 5 TUSCANY APARTMENTS 6705 Giles Road Papillion, NE UNIT TYPE # OF UNITS RENT SF RENT PER SF 1BD 1BTH 67 $ $1.06 2BD 2BTH 145 $1,235 1,153 $1.07 3BD 2BTH 8 $1,575 1,431 $1.10 # OF UNITS: Occupancy: Year Built: Distance to Subject: % miles TOTALS/AVG. 220 $1,157 1,083 $1.07

27 27 Demographic Analysis HOUSING The median home value in Papillion is $200,500. Papillion home values have gone up 1.3% over the past year and is predicted to rise 3.1% within the next year. EMPLOYMENT The median household income is $73,988. The unemployment rate in Papillion, Nebraska, is 3.50%, with job growth of 0.89%. Future job growth over the next ten years is predicted to be 38.30%. Sarpy County is home to many large employers, including: Offutt Air Force Base, PayPal, Inc, Papillion-La Vista Public Schools, and Bellevue Public School District. HOUSEHOLD INCOME LEVELS 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Under $25,000 $25,000- $50,000 $50,000- $75,000 $75,000- $100,000 $100,000- $125,000 $125,000- $150,000 $150,000- $200,000 $200,000+ OWNER & RENTER OCCUPIED HOUSING RENTAL OCCUPANCY RATES DEMOGRAPHIC ANALYSIS RENTER 35% OWNER 65% VACANT 5% OCCUPIED 95% Source: CoStar

28 28 Demographic Report POPULATION 1 Mile 3 Miles 5 Miles 2015 Total Population 10,938 35,998 99,945 Population Change ,183 5,100 Population Change ,268 12,511 19, Male Population 5,378 17,704 49, Female Population 5,560 18,294 50,385 HOUSEHOLDS 1 Mile 3 Miles 5 Miles 2015 Households 3,716 12,337 37,264 Household Change Household Change ,961 4,377 7,704 INCOME 1 Mile 3 Miles 5 Miles 2015 Household Income: Median $74,251 $79,711 $66, Household Income: Average $80,826 $89,050 $77, Per Capita Income $28,122 $30,962 $29, Household income: Less than $10, Household income: $10,000 to $14, Household income: $15,000 to $19, , Household income: $20,000 to $24, , Household income: $25,000 to $29, , Household income: $30,000 to $34, , Household income: $35,000 to $39, , Household income: $40,000 to $44, , Household income: $45,000 to $49, , Household income: $50,000 to $59, , Household income: $60,000 to $74, ,447 4, Household income: $75,000 to $99, ,337 6, Household income: $100,000 to $124, ,604 3, Household income: $125,000 to $149, ,142 2, Household income: $150,000 to $199, , Household income: $200,000 or more ,333 DEMOGRAPHIC ANALYSIS Source: LoopNet.com

29 Contact Information FOR MORE INFORMATION, PLEASE CONTACT: LIHTC Advisors W. Explorer Drive, Suite 200 Boise, ID John Nicolas (phone) (direct) (fax) Jeff Irish (phone) (direct) (fax) In Cooperation with: Mike Elliot ENERGY REAL ESTATE SOLUTIONS, INC