8 Units in Salinas. 539 Terrace Dr Salinas, CA List Price: $750,000

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1 For more information contact: Apartment / Investment Broker michael@svmultifamily.com BRE List Price: $750,000 Property Refurbished in 2006 with Numerous Upgrades: Roof, plumbing, kitchens, bathrooms, Flash Heaters Current Cap Rate: 7.43%, GRM 9.77, Price Per Unit: $93,750 (8) 1 BR / 1 BA units with 2 parking spaces per unit Upside Rent Potential! Numerous Upgrades, Very Low Operating Expenses Phone: Fax: Alberto Way, Suite 3 Los Gatos, CA

2 Table of Contents SECTION 1 - PROPERTY OVERVIEW SECTION 2 - FINANCIAL ANALYSIS SECTION 3 - COMPARABLES SECTION 4 - DEMOGRAPHICS

3 Property Overview

4 Real Estate Investment Details ANALYSIS Analysis Date December 2015 PROPERTY Property Property Address Year Built Units in Salinas PURCHASE INFORMATION Property Type MultiFamily Purchase Price $750,000 Fair Market Value $750,000 Units 8 Total Rentable Sq. Ft. 3,513 Resale Valuation 3.0% (annual appreciation) Resale Expenses 5.0% FINANCIAL INFORMATION Down Payment $253,500 Closing Costs $5,000 LT Capital Gain 20.00% Federal Tax Rate 33.0% State Tax Rate 9.4% Discount Rate 3.00% LOANS Debt Term Amortization Rate Payment LO Costs Fixed $591, years 30 years 4.0% $2,824 $5,915 INCOME & EXPENSES Gross Operating Income $74,496 Monthly GOI $6,208 Total Annual Expenses ($18,746) Monthly Expenses ($1,562) CONTACT INFORMATION michael@svmultifamily.com BRE The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions. page 4 of 24

5 Executive Summary ACQUISITION COSTS Purchase Price, Points and Closing Costs $760,915 Investment - Cash $264,415 First Loan $591,500 INVESTMENT INFORMATION Purchase Price $750,000 Price per Unit $93,750 Price per Sq. Ft. $ Income per Unit $9,600 Expenses per Unit ($2,343) INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $76,800 Total Vacancy and Credits ($2,304) Operating Expenses ($18,746) Net Operating Income $55,750 Debt Service ($33,887) Cash Flow Before Taxes $21,863 Total Interest (Debt Service) ($23,470) Depreciation and Amortization ($13,875) Taxable Income (Loss) $18,404 Tax Savings (Costs) ($7,803) Cash Flow After Taxes $14,060 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 8.27% Optimal Internal Rate of Return (yr 5) 5.98% Debt Coverage Ratio 1.65 Capitalization Rate 7.43% Gross Rent Multiplier 9.77 Gross Income / Square Feet $21.86 Gross Expenses / Square Feet ($5.34) Operating Expense Ratio 25.16% page 5 of 24

6 Property Description 8 Unit, Completely Refurbished Building (8) 1 bed / 1 bath Units This eight unit multifamily property was completely refurbished in Refurbishments include all interior units (kitchens, bathrooms, copper plumbing, electrical, laminate flooring, fixtures, appliances, heaters, paint, etc.) and the exterior: Roof, double-pane windows, landscaping, fencing and paint. These refurbished units have resulted in in very low maintenance, additional repairs and overall operating expenses. The units are in fair to good condition today. There are eight (8), one bedroom, one bath units all of which are currently rented at $800 per month. The average unit size is approximately 400 SF, although the units vary in size. There is upside potential in the rents as market rents are at least $850 per month for similar units in the area. Each unit is individually metered for gas & electric. Expenses to tenants & landlord are very low due individual metering and "flash" hot water heaters. There is ample parking of two spaces per unit. The property was constructed with a post and pier foundation, and is stucco over wood frame, composition shingle roof (replaced in 2006), and concrete driveway. Some additional work on the structure is required. The property is located in a strong blue collar rental market area Just east of 101. Easy access to employment, shopping, and major commuter routes. page 6 of 24

7 Unit Mix Report UNIT MIXES Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly 8 1 BR / 1 BA 400 $800 $6,400 $850 $6, ,200 $6,400 $6,800 UNIT MIX UNIT MIX SQUARE FEET 1 BR / 1 BA 1 BR / 1 BA UNIT MIX INCOME UNIT MIX MARKET INCOME 1 BR / 1 BA 1 BR / 1 BA page 7 of 24

8 8 Units in Salinas Property Photos Property Photos page 8 of 24

9 Maps and Aerials Geographic Location Neighborhood Map City Map page 9 of 24

10 8 Units in Salinas Maps and Aerials Aerial & Parcel Maps Aerial View Parcel Map page 10 of 24

11 Financial Analysis

12 Annual Property Operating Data Description Year 1 Year 2 Year 3 Year 4 Year 5 Rental Income $76,800 $79,104 $81,477 $83,921 $86,439 GROSS SCHEDULED INCOME $76,800 $79,104 $81,477 $83,921 $86,439 Turnover Vacancy ($2,304) ($2,373) ($2,444) ($2,518) ($2,593) GROSS OPERATING INCOME $74,496 $76,731 $79,033 $81,404 $83,846 Expenses Property Tax ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) Insurance ($1,456) ($1,456) ($1,456) ($1,456) ($1,456) Utilities ($4,488) ($4,488) ($4,488) ($4,488) ($4,488) Maintenance & Repairs (est) ($3,200) ($3,200) ($3,200) ($3,200) ($3,200) Cleaning ($720) ($720) ($720) ($720) ($720) Misc ($182) ($182) ($182) ($182) ($182) TOTAL OPERATING EXPENSES ($18,746) ($18,746) ($18,746) ($18,746) ($18,746) NET OPERATING INCOME $55,750 $57,985 $60,287 $62,658 $65,100 page 12 of 24

13 Cash Flow Analysis Description Year 1 Year 2 Year 3 Year 4 Year 5 GROSS SCHEDULED INCOME $76,800 $79,104 $81,477 $83,921 $86,439 Turnover Vacancy ($2,304) ($2,373) ($2,444) ($2,518) ($2,593) Total Operating Expenses ($18,746) ($18,746) ($18,746) ($18,746) ($18,746) NET OPERATING INCOME $55,750 $57,985 $60,287 $62,658 $65,100 Loan Payment ($33,887) ($33,887) ($33,887) ($33,887) ($33,887) NET CASH FLOW (b/t) $21,863 $24,098 $26,400 $28,771 $31,213 Cash On Cash Return b/t 8.27% 9.11% 9.98% 10.88% 11.80% NET OPERATING INCOME $55,750 $57,985 $60,287 $62,658 $65,100 Depreciation ($13,678) ($14,275) ($14,275) ($14,275) ($13,682) Amortization ($197) ($197) ($197) ($197) ($197) Loan Interest ($23,470) ($23,046) ($22,604) ($22,145) ($21,666) TAXABLE INCOME (LOSS) $18,404 $20,467 $23,210 $26,041 $29,554 Income Taxes ($7,803) ($8,678) ($9,841) ($11,041) ($12,531) CASH FLOW (a/t) $14,060 $15,420 $16,559 $17,729 $18,682 Cash On Cash Return a/t 5.32% 5.83% 6.26% 6.71% 7.07% Footnotes: b/t = before taxes;a/t = after taxes page 13 of 24

14 Pro Forma Summary UNIT MIX & ANNUAL SCHEDULED INCOME Type Units Actual Total Market Total 1 BR / 1 BA 8 $9,600 $76,800 $10,200 $81,600 TOTALS 8 $76,800 $81,600 INVESTMENT SUMMARY Price: $750,000 Year Built: 1948 Units: 8 Price/Unit: $93,750 RSF: 3,513 ANNUALIZED INCOME Actual Market Gross Potential Rent $76,800 $81,600 Less: Vacancy ($2,304) ($2,448) Effective Gross Income $74,496 $79,152 Less: Expenses ($18,746) ($19,848) Net Operating Income $55,750 $59,304 Debt Service ($33,887) ($33,887) Net Cash Flow after Debt Service $21,863 $25,417 Principal Reduction $10,417 $10,417 Total Return $32,280 $35,834 Price/RSF: $ Lot Size: 0.28 acres Floors: 1 Parking Spaces: 2/unit APN: Cap Rate: 7.43% Market Cap Rate: 7.91% GRM: 9.77 Market GRM: 9.19 FINANCING SUMMARY Loan Amount: $591,500 ANNUALIZED EXPENSES Actual Market Property Tax $8,700 $9,802 Insurance $1,456 $1,456 Utilities $4,488 $4,488 Maintenance & Repairs (est) $3,200 $3,200 Cleaning $720 $720 Misc $182 $182 Total Expenses $18,746 $19,848 Expenses Per RSF $5.34 $5.65 Expenses Per Unit $2,343 $2,481 Down Payment: $253,500 Loan Type: Fixed Interest Rate: 4% Term: 30 years Monthly Payment: $2,824 DCR: 1.65 page 14 of 24

15 Comparables

16 Sales Comparables 8% Cap Rate 16.0 Gross Rent Multiplier 7% % 5% Avg Avg % 8.0 3% 6.0 2% 4.0 1% 2.0 Subject Subject $192,000 Price per Unit $296 Price per Sq. Ft. $168,000 $259 $144,000 $222 $120,000 $96,000 Avg. $117,763 $185 $148 Avg. $ $72,000 $111 $48,000 $74 $24,000 $37 Subject Subject page 16 of 24

17 Sales Comparables S 8 Units in Salinas Sale Price $750,000 Units 8 Price/Unit $93,750 Price/SqFt $ Cap Rate 7.43% Year Built 1948 GRM 9.77 # Units Unit Type 8 1 BR / 1 BA San Juan Grade Rd Salinas, CA Sale Date 9/2/2014 Sale Price $1,600,000 Units 12 Price/Unit $133,333 Price/SqFt $ Cap Rate 5.35% Year Built 1978 GRM 11.0 # Units Unit Type 12 Two Bedroom One Bath NOTES Twelve, Large (1,000+ sf), 2 Bed / 1.5 Bath Townhouse Units. Each with a Patio, Balcony, dishwasher, and 1.5 parking spaces. On-site laundry Construction w/copper Plumbing, Individual Electric Hot Water Heaters units on Griffin 203 Griffin St Salinas, CA Sale Date 9/12/2014 Sale Price $1,075,000 Units 11 Price/Unit $97,727 Price/SqFt $42.21 Cap Rate 7.4% Year Built 1950 GRM 10.1 NOTES 8 apartments, one studio, and two houses. Numerous upgrades, onsite workshop. # Units Unit Type 8 One Bedroom One Bath 1 Studio/Efficiency 2 Two Bedroom One Bath page 17 of 24

18 Sales Comparables California St Salinas, CA Sale Date 6/17/2014 Sale Price $1,660,000 Units 17 Price/Unit $97,647 Price/SqFt $ Cap Rate 5.66% Year Built 1976 GRM 9.8 # Units Unit Type 7 Two Bedroom One Bath 9 One Bedroom One Bath 1 Studio/Efficiency NOTES On 6/17/2014, the 17 unit multi-family building at 426 California St was sold for $1,660,000. This 12,549 SF apartment building has 1 studio, 9 one bed one bath, 5 two bed one bath, and 2 two bed two bath units. 4 Sale Date 7/30/2015 NOTES 6 2/1 units; 1 1/1 unit 7 Units on Cross 231 Cross Ave Sale Price $775,000 Units 7 Price/Unit $110,714 Price/SqFt $ Cap Rate 6.4% Year Built N/A GRM 10.2 # Units Unit Type 6 Two Bedroom One Bath 1 One Bedroom One Bath 5 8 Units on Mayfair 12 Mayfair Dr Sale Date 12/1/2014 Sale Price $786,000 Units 8 Price/Unit $98,250 Price/SqFt $ Cap Rate 6.45% Year Built 1949 GRM 10.0 NOTES 8 units: 4 units of 2bedrooms 1bath and 4 units are 1 bedroom 1 bath. There 4 /1 car garages, has 1 parking space per unit. # Units Unit Type 4 Two Bedroom One Bath 4 One Bedroom One Bath page 18 of 24

19 Sales Comparables 6 Sale Date 7/21/2015 NOTES upgrades include roof, windows & siding 6 Units on Towt 332 Towt St Sale Price $610,000 Units 6 Price/Unit $101,667 Price/SqFt $ Cap Rate 6.9% Year Built 1977 GRM 9.5 # Units Unit Type 6 Two Bedroom One Bath 7 Sale Date 7/10/ Units on Clay 235 Clay St Salinas, CA Sale Price $1,295,000 Units 7 Price/Unit $185,000 Price/SqFt $ Cap Rate 5.2% Year Built N/A GRM 14.0 # Units Unit Type 6 One Bedroom One Bath 1 Two Bedroom One Bath page 19 of 24

20 Demographics

21 Population Executive Summary 539 Terrace St, Salinas, California, Prepared by Esri Rings: 0.5, 1, 2 mile radii Latitude: Longitude: miles 1 mile 2 miles 2000 Population 8,590 26,439 97, Population 8,050 24,477 97, Population 8,197 25,242 99, Population 8,475 26, , Annual Rate -0.65% -0.77% 0.02% Annual Rate 0.35% 0.59% 0.37% Annual Rate 0.67% 0.83% 0.67% 2015 Male Population 52.3% 51.9% 51.4% 2015 Female Population 47.7% 48.1% 48.6% 2015 Median Age In the identified area, the current year population is 99,242. In 2010, the Census count in the area was 97,346. The rate of change since 2010 was 0.37% annually. The five-year projection for the population in the area is 102,592 representing a change of 0.67% annually from 2015 to Currently, the population is 51.4% male and 48.6% female. Median Age The median age in this area is 26.8, compared to U.S. median age of Race and Ethnicity 2015 White Alone 40.7% 42.2% 44.8% 2015 Black Alone 0.6% 1.2% 1.6% 2015 American Indian/Alaska Native Alone 1.2% 1.5% 1.3% 2015 Asian Alone 1.3% 1.8% 4.1% 2015 Pacific Islander Alone 0.4% 0.2% 0.3% 2015 Other Race 52.2% 49.2% 43.2% 2015 Two or More Races 3.7% 4.0% 4.7% 2015 Hispanic Origin (Any Race) 93.4% 90.9% 81.8% Persons of Hispanic origin represent 81.8% of the population in the identified area compared to 17.6% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 85.7 in the identified area, compared to 63.0 for the U.S. as a whole. Households 2000 Households 1,896 5,729 24, Households 1,851 5,554 24, Total Households 1,888 5,718 25, Total Households 1,959 5,972 26, Annual Rate -0.24% -0.31% 0.18% Annual Rate 0.38% 0.56% 0.24% Annual Rate 0.74% 0.87% 0.65% 2015 Average Household Size The household count in this area has changed from 24,889 in 2010 to 25,204 in the current year, a change of 0.24% annually. The fiveyear projection of households is 26,028, a change of 0.65% annually from the current year total. Average household size is currently 3.85, compared to 3.82 in the year The number of families in the current year is 19,816 in the specified area. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and Esri converted Census 2000 data into 2010 geography. September 14, Esri Page 1 of 2

22 Median Household Income Executive Summary 539 Terrace St, Salinas, California, Prepared by Esri Rings: 0.5, 1, 2 mile radii Latitude: Longitude: miles 1 mile 2 miles 2015 Median Household Income $32,559 $34,333 $45, Median Household Income $36,718 $38,603 $51, Annual Rate 2.43% 2.37% 2.88% Average Household Income 2015 Average Household Income $43,766 $45,847 $60, Average Household Income $50,116 $51,923 $68, Annual Rate 2.75% 2.52% 2.50% Per Capita Income 2015 Per Capita Income $9,958 $11,065 $15, Per Capita Income $11,419 $12,501 $17, Annual Rate 2.78% 2.47% 2.40% Households by Income Current median household income is $45,094 in the area, compared to $53,217 for all U.S. households. Median household income is projected to be $51,977 in five years, compared to $60,683 for all U.S. households Current average household income is $60,273 in this area, compared to $74,699 for all U.S. households. Average household income is projected to be $68,191 in five years, compared to $84,910 for all U.S. households Current per capita income is $15,792 in the area, compared to the U.S. per capita income of $28,597. The per capita income is projected to be $17,776 in five years, compared to $32,501 for all U.S. households Housing 2000 Total Housing Units 1,945 5,894 25, Owner Occupied Housing Units 706 2,178 10, Renter Occupied Housing Units 1,189 3,551 13, Vacant Housing Units Total Housing Units 1,954 5,821 26, Owner Occupied Housing Units 563 1,736 9, Renter Occupied Housing Units 1,288 3,818 14, Vacant Housing Units , Total Housing Units 2,014 6,033 26, Owner Occupied Housing Units 564 1,712 9, Renter Occupied Housing Units 1,323 4,006 15, Vacant Housing Units , Total Housing Units 2,091 6,301 27, Owner Occupied Housing Units 590 1,771 9, Renter Occupied Housing Units 1,370 4,201 16, Vacant Housing Units ,661 Currently, 35.7% of the 26,823 housing units in the area are owner occupied; 58.3%, renter occupied; and 6.0% are vacant. Currently, in the U.S., 55.7% of the housing units in the area are owner occupied; 32.8% are renter occupied; and 11.6% are vacant. In 2010, there were 26,189 housing units in the area % owner occupied, 57.1% renter occupied, and 5.0% vacant. The annual rate of change in housing units since 2010 is 1.07%. Median home value in the area is $263,365, compared to a median home value of $200,006 for the U.S. In five years, median value is projected to change by 0.73% annually to $273,074. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and Esri converted Census 2000 data into 2010 geography. September 14, Esri Page 2 of 2

23 DISCLAIMER All materials and information received or derived from Silicon Valley Multifamily Group its directors, officers, agents, advisors, affiliates, and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Silicon Valley Multifamily Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significant chance to such party. Silicon Valley Multifamily Group will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. Seller desires to sell the property in "its present as is condition" subject to inspection reports. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Silicon Valley Multifamily Group makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Silicon Valley Multifamily Group does not serve as a financial advisor to any party regarding any proposed transaction. When analyzing this property buyer should use income, vacancy and expense levels that will accurately reflect the manner in which it plans to operate the property. Broker, Agent and Seller are making no representations or warranties as to the level of income or expenses Buyer will incur at the property. Building square footage, unit square footage and lot sizes are not guaranteed. Broker, Agent and Seller have not measured all units, lot or the building and are making NO representation as to the accuracy of square footage figures. Data source for building and lot size is FastWeb. Buyer should measure all units, lot and the building prior to purchase and should not rely on any square footage figures provided by Broker, Agent or Seller. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Do Not Disturb -- Please respect the Seller's request that the tenants not be disturbed. All offers are to be written subject to inspection. The Seller will provide access for the Buyer to inspect the interiors of all units within a reasonable period following a fully executed purchase contract. Seller requests that all inspections be made on the same day. Representation -- This information is given with the understanding that all negotiations relating to the purchase of the property described herein shall be conducted through Silicon Valley Multifamily Group. All properties and services are marketed by Silicon Valley Multifamily Group in compliance with all applicable fair housing and equal opportunity laws. page 23 of 24

24 OFFERING MEMORANDUM NOTES Gross Annual Scheduled Income & the Gross Rent Multiplier are based on current rents shown in the Rent Roll. These rent levels are current rent levels at the time this package was prepared and subject to change without notice. Buyer should review most recent rent roll prior to purchase. The laundry income was based on 2011 actual levels. Gross Annual Scheduled Income & Gross Income Multiplier (Market or Pro Forma) assumes the units are all rented at the rent levels shown in the Pro Form Summary. These rent levels are not guaranteed to be achievable by Seller, Broker or Agent. Buyer should use rent levels it thinks it can obtain for the subject property. The laundry income was based on the actual 2011 laundry income reported by the owner. Capitalization Rate is based on rents, expenses and vacancy figures shown in the Operating Statement. Pro Forma Capitalization Rate is based on rents, expenses and vacancy figures shown in the Pro-Forma Operating Statement Pro-Forma (Market) column. See Pro Forma Operating Statement Footnotes and Disclaimers in this section of the Offering Memorandum. Year Built: Data source is through Chicago Title Company. Seller, Broker and Agent are making no guarantee or representations as to when the improvements were built. Buyer should conduct its own investigation to determine age of improvements. UNIT MIX/SCHEDULED INCOME OVERVIEW FOOTNOTES Current Rent Column is based on current rents shown in the Rent Roll. These rent levels are current rent levels at the time this package was prepared and subject to change without notice. Buyer should review most recent rent roll prior to purchase. Pro Forma or Market Rents assumes the units are all rented at the estimated market rent levels shown in the rent roll. Please note that current rents are not at these levels. Pro Forma rent levels are not guaranteed to be achievable by Seller, Broker or Agent. Buyer should use rent levels it thinks it can obtain for the subject property. Purchase Information on page 4 including Fair Market Value, Resale Valuation and Resale Expenses are provided for illustrative purposes only and will vary depending on market conditions and other factors. Silicon Valley Multifamily Group, its Brokers and Agents can not be held accountable for these numbers. Buyer should use the numbers it thinks most appropriate. Financial Information on page 4 including Down Payment, Closing Costs, LT Capital Gain, Federal and State Tax Rates and the Discount Rate are provided for illustrative purposes only. Actual numbers may, and probably will, vary depending on the Buyer s individual situation. Loans on page 4. This information is provided for illustrative purposes only. Buyer should use the loan information it thinks attainable and realistic for the property. Annual Property Operating Data Notes and Disclaimers Rental Income is based on current rents shown in the Rent Roll Miscellaneous income is based upon information provided by the owner or manager. General Vacancy is estimated to be at current market levels or provided by owner. Taxes are estimated based on list price and based on 2011/2012 tax rate reported by Santa Clara County. Other Expenses All other expenses are as reported by owner or property manager. Loan Payment is based upon information provided in the LOANS section of page 4. Buyer should use the loan information it thinks attainable and realistic for the property. Income Taxes is based upon a 33% or greater tax rate and is provided for illustrative purposes only. Buyer should consult with a licensed tax professional in determining the most realistic and appropriate tax rate. NOTE: THE 10 YEAR PROJECTIONS ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY. BUYER SHOULD USE THE PROJECTIONS IT THINKS ARE REALISTIC AND ATTAINABLE. Rent Roll Notes General Notes: Rent levels, occupancy, deposit amounts and terms are subject to change without notice. Move-In dates are subject to change as units turnover. Buyer should obtain updated information and confirm all rent levels, lease terms, move-in dates, amount of last rental adjustment and deposit amounts prior to purchase. Market Rent column does not reflect current rent levels. These rent levels are not guaranteed to be achievable by Seller, Broker or Agents. Buyer should use rent levels it thinks it can obtain for the subject property. page 24 of 24

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