Listing Broker. DP Properties 144 W D St Encinitas, CA (760) Dave Plutner $25,920 $25,920. Buyer Broker UNIT MIX AT TIME OF SALE

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1 62 W California Ave Las Brisas Apartments Vista, CA 9203 Class C Apartments Building 22 Units of 17,072 SF Sold on 11/9/2015 for $3,250,000 Research Complete buyer Charles Speck 3276 Highland Dr Carlsbad, CA 9200 (760) seller James D Knox Trust Elevado Rd Vista, CA 9204 (619) vital data Escrow/Contract: 70 days Sale Date: 11/9/2015 Days on Market: 95 days Exchange: Yes Conditions: 1031 Exchange 0 Bedroom: 0 1 Bedroom: 9/41% (1 + 1) 2 Bedroom: 13/59% (2 + 1)(2 + 2) 3 Bedroom: 0 Other: 0 Land Area SF: 62,291 Acres: 1.43 $/SF Land Gross: $52.17 Year Built, Age: 190 Age: 35 Parking Spaces: 36 Parking Ratio: 1.64/Unit FAR 0.27 Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $3,250,000 Status: Confirmed Building SF: 17,072 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: 4.40% Price/Unit: $147,727 No Units: 22 GRM: 12.7 Down Pmnt: $1,137,500 Pct Down: 35.0% Doc No: Trans Tax: $3,575 Corner: No Zoning: Percent Improved: 70.3% Submarket: Vista MF Map Page: Parcel No: Property Type: MultiFamily Listing Broker Expenses Taxes Operating Expenses Total Expenses $25,920 $25,920 DP Properties 144 W D St Encinitas, CA (760) Dave Plutner Buyer Broker No Buyer Broker on Deal financing 1st Sunwest Bank Bal/Pmt: $600,000 UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 1

2 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ $50 $75 $1.21 $1.25 1/ $700 $700 $1.40 $1.40 2/ $900 $975 $1.13 $1.22 2/ $1,150 $1,175 $1.21 $1.24 Copyrighted report licensed to ACI Commercial /16/2016 Page 2

3 321 Hillside Ter Vista, CA 9204 Class C Apartments Building 7 Units of 5,200 SF Sold on 4/7/2015 for $1,100,000 Research Complete buyer Kuhio Partnership 353 Point Windemere Pl Oceanside, CA (760) seller Ashwani K Kaura 504 Roja Dr Oceanside, CA vital data Escrow/Contract: Sale Date: 4/7/2015 Days on Market: 42 days Exchange: No Conditions: 0 Bedroom: 0 1 Bedroom: 5/71% (1 + 1) 2 Bedroom: 2/29% (2 + 1) 3 Bedroom: 0 Other: 0 Land Area SF: 14,10 Acres: 0.34 $/SF Land Gross: $74.27 Year Built, Age: 195 Age: 30 Parking Spaces: 1 Parking Ratio: 2.57/Unit FAR 0.35 Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $1,100,000 Status: Confirmed Building SF: 5,200 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: 5.35% Price/Unit: $157,143 No Units: 7 GRM: Down Pmnt: $312,500 Pct Down: 2.4% Doc No: Trans Tax: Corner: No Zoning: R3, Vista Percent Improved: 3.0% Submarket: Vista MF Map Page: Thomas Bros. Guide 107H6 Parcel No: Property Type: MultiFamily Listing Broker Expenses Net Income Taxes Operating Expenses Total Expenses Net Operating Income Debt Service Capital Expenditure Cash Flow $13,513 $13,513 $59,920 Marcus & Millichap 4660 La Jolla Village Dr San Diego, CA (5) Aaron Bove Buyer Broker No Buyer Broker on Deal financing 1st JP Morgan Chase Bank prior sale Date/Doc No: Sale Price: CompID: 10/24/2003 $790, UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 3

4 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ $999 $999 $1.43 $1.43 2/ $1,262 $1,262 $1.4 $1.4 Copyrighted report licensed to ACI Commercial /16/2016 Page 4

5 42242 Massachusetts Ave Vista, CA 9204 Class C Apartments Building 6 Units of 5,466 SF Sold on 10//2015 for $93,000 Research Complete buyer seller Walshsorensen Family Trust Monarch Ln Huntington Beach, CA vital data Escrow/Contract: Sale Date: 10//2015 Days on Market: 350 days Exchange: No Conditions: 0 Bedroom: 0 1 Bedroom: 0 2 Bedroom: 5/3% (2 + 2)(2 + 1) 3 Bedroom: 1/17% (3 + 2) Other: 0 Land Area SF: 15,002 Acres: 0.34 $/SF Land Gross: $62.52 Year Built, Age: 1949 Age: 66 Parking Spaces: Parking Ratio: FAR 0.36 Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $93,000 Status: Confirmed Building SF: 5,466 SF Price/SF: $ Pro Forma Cap Rate: 7.10% Actual Cap Rate: 5.60% Price/Unit: $156,333 No Units: 6 GRM: Down Pmnt: $93,000 Pct Down: 100.0% Doc No: Trans Tax: Corner: No Zoning: Percent Improved: Submarket: Vista MF Map Page: Parcel No: Property Type: MultiFamily Listing Broker Expenses Taxes Operating Expenses Total Expenses $13,249 $13,249 South Coast Commercial, Inc Kenyon St San Diego, CA (619) Benn Vogelsang Buyer Broker South Coast Commercial, Inc Kenyon St San Diego, CA (619) Gary Kaufman, Jeff Diller financing UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 5

6 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ $1,200 $1,200 $1.50 $1.50 2/ $1,065 $1,075 $1.1 $1.19 3/ ,000 $1,350 $1,350 $1.35 $1.35 Copyrighted report licensed to ACI Commercial /16/2016 Page 6

7 41041 Palm Dr Vista, CA 9204 Class C Apartments Building 5 Units of 6,720 SF Sold on 5/20/2015 for $949,000 Research Complete buyer David R & Penny A Myers 410 Palm Dr Vista, CA 9204 seller Esther A Daniels 1116 Branding Iron Dr Vista, CA 9201 (760) vital data Escrow/Contract: 65 days Sale Date: 5/20/2015 Days on Market: 239 days Exchange: Yes Conditions: 1031 Exchange 0 Bedroom: 0 1 Bedroom: 0 2 Bedroom: 5/100% (2 + 2) 3 Bedroom: 0 Other: 0 Land Area SF: 9,601 Acres: 0.22 $/SF Land Gross: $9.5 Year Built, Age: 1971 Age: 44 Parking Spaces: 10 Parking Ratio: 2.00/Unit FAR 0.70 Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $949,000 Status: Confirmed Building SF: 6,720 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: 5.10% Price/Unit: $19,00 No Units: 5 GRM: Down Pmnt: $564,000 Pct Down: 59.4% Doc No: Trans Tax: Corner: No Zoning: R3, Vista Percent Improved: 3.3% Submarket: Vista MF Map Page: Thomas Bros. Guide 107H6 Parcel No: Property Type: MultiFamily Listing Broker Expenses Taxes Operating Expenses Total Expenses $9,115 $9,115 ACI Commercial 2635 Camino Del Rio S San Diego, CA 9210 (619) Arby Eivazian Buyer Broker Star Real Estate South County 209 Avenida Del Mar San Clemente, CA (949) Patti Short financing 1st JP Morgan Chase Bank, N.A. Bal/Pmt: $35,000 prior sale Date/Doc No: Sale Price: CompID: 1/6/2000 $362, UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 7

8 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ ,344 Copyrighted report licensed to ACI Commercial /16/2016 Page

9 Terracina Way Vista, CA 9203 Class C Apartments Building 4 Units of 2,160 SF Sold on 4/15/2016 for $576,000 In Progress buyer seller Chavez Jorge vital data Escrow/Contract: Sale Date: 4/15/2016 Days on Market: 711 days Exchange: No Conditions: 0 Bedroom: 0 1 Bedroom: 4/100% (1 + 1) 2 Bedroom: 0 3 Bedroom: 0 Other: 0 Land Area SF: 12,197 Acres: 0.2 $/SF Land Gross: $47.23 Year Built, Age: Parking Spaces: Parking Ratio: 2.00/Unit FAR 0.1 Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $576,000 Status: Confirmed Building SF: 2,160 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: 5.50% Price/Unit: $144,000 No Units: 4 Down Pmnt: Pct Down: Doc No: Trans Tax: Corner: No Zoning: Percent Improved: Submarket: Vista MF Map Page: Parcel No: Property Type: MultiFamily Listing Broker Prime Investors Corp. 640 Civic Center Dr Vista, CA 9204 (760) Richard Alvarez Buyer Broker financing UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 9

10 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ Copyrighted report licensed to ACI Commercial /16/2016 Page 10

11 2330 Washington St Washington Street Townhouses Vista, CA 9204 Class C Apartments Building Units of 14,30 SF Sold on 9/29/2015 for $1,015,000 Research Complete buyer James Duffy 313 Roosevelt St Carlsbad, CA 9200 (760) seller Donald E. & Anne G. Baron vital data Escrow/Contract: 75 days Sale Date: 9/29/2015 Days on Market: 169 days Exchange: No Conditions: 0 Bedroom: 0 1 Bedroom: 0 2 Bedroom: 7/100% (2 + 1) 3 Bedroom: 0 Other: 0 Land Area SF: Acres: $/SF Land Gross: Year Built, Age: 190 Age: 35 Parking Spaces: 7 Parking Ratio: 1.00/Unit FAR Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $1,015,000 Status: Confirmed Building SF: 14,30 SF Price/SF: $70.5 Pro Forma Cap Rate: Actual Cap Rate: 5.2% Price/Unit: $145,000 No Units: Down Pmnt: $254,500 Pct Down: 25.1% Doc No: Trans Tax: $1, Corner: No Zoning: MCCPDNP1 Percent Improved: Submarket: Vista MF Map Page: Thomas Bros. Guide 107H6 Parcel No: [Partial List] Property Type: MultiFamily Listing Broker Expenses Taxes Operating Expenses Total Expenses $5,34 $5,34 ACRE Investment Real Estate 101 Camino Del Rio S San Diego, CA 9210 (619) Christopher Robinson Buyer Broker No Buyer Broker on Deal financing 1st Pacific Commerce Bank Bal/Pmt: $760,500 UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 11

12 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 2/ Copyrighted report licensed to ACI Commercial /16/2016 Page 12

13 703 Windsor Ct Vista, CA 9204 Class C Apartments Building 5 Units of 3,2 SF Sold on 1//2015 for $625,000 Research Complete buyer Vista International th St San Francisco, CA (31) seller Vergil Bell Trust PO Box 336 Rancho Santa Fe, CA (619) vital data Escrow/Contract: 30 days Sale Date: 1//2015 Days on Market: 114 days Exchange: No Conditions: 0 Bedroom: 0 1 Bedroom: 4/0% (1 + 1) 2 Bedroom: 1/20% (2 + 1) 3 Bedroom: 0 Other: 0 Land Area SF: 9,300 Acres: 0.21 $/SF Land Gross: $67.20 Year Built, Age: 1973 Age: 42 Parking Spaces: Parking Ratio: 1.60/Unit FAR 0.41 Lot Dimensions: Frontage: Comp ID: income expense data Sale Price: $625,000 Status: Confirmed Building SF: 3,2 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: 5.60% Price/Unit: $125,000 No Units: 5 GRM: Down Pmnt: $625,000 Pct Down: 100.0% Doc No: Trans Tax: $67.50 Corner: No Zoning: R3 Percent Improved: 70.3% Submarket: Vista MF Map Page: Thomas Bros. Guide 107J6 Parcel No: Property Type: MultiFamily Listing Broker Expenses Taxes Operating Expenses Total Expenses $,276 $,276 Cushman & Wakefield 4350 La Jolla Village Dr San Diego, CA (5) Ray Adams, Clark Rorbach Cushman & Wakefield 1000 Aviara Pky Carlsbad, CA (760) William Creagan Buyer Broker Pacific Shore Capital 3160 Camino Del Rio S San Diego, CA 9210 (619) Krystle Moore financing prior sale Date/Doc No: Sale Price: CompID: 6/30/2010 $505, UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 13

14 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ $25 $900 $1.19 $1.29 2/ $1,175 $1,175 $1.25 $1.25 Copyrighted report licensed to ACI Commercial /16/2016 Page 14

15 707 Windsor Ct Vista, CA 9204 Class C Apartments Building 5 Units of 3,479 SF Sold on 1//2015 for $675,000 Research Complete buyer Vista International Inc 3160 Camino Del Rio S San Diego, CA 9210 seller Palace Enterprises LLC PO Box 336 Rancho Santa Fe, CA vital data Escrow/Contract: 30 days Sale Date: 1//2015 Days on Market: 114 days Exchange: No Conditions: 0 Bedroom: 0 1 Bedroom: 3/60% (1 + 1) 2 Bedroom: 2/40% (2 + 1) 3 Bedroom: 0 Other: 0 Land Area SF: 7,41 Acres: 0.1 $/SF Land Gross: $6.09 Year Built, Age: 1975 Age: 40 Parking Spaces: 7 Parking Ratio: 1.40/Unit FAR 0.44 Lot Dimensions: 57x137 Frontage: Comp ID: income expense data Sale Price: $675,000 Status: Confirmed Building SF: 3,479 SF Price/SF: $ Pro Forma Cap Rate: Actual Cap Rate: 5.60% Price/Unit: $135,000 No Units: 5 GRM: Down Pmnt: $675,000 Pct Down: 100.0% Doc No: Trans Tax: $ Corner: No Zoning: R3 Percent Improved: 71.3% Submarket: Vista MF Map Page: Thomas Bros. Guide 107J6 Parcel No: Property Type: MultiFamily Listing Broker Expenses Taxes Operating Expenses Total Expenses $,35 $,35 Cushman & Wakefield 4350 La Jolla Village Dr San Diego, CA (5) Ray Adams, Clark Rorbach Cushman & Wakefield 1000 Aviara Pky Carlsbad, CA (760) William Creagan Buyer Broker Pacific Shore Capital 3160 Camino Del Rio S San Diego, CA 9210 (619) Krystle Moore financing prior sale Date/Doc No: Sale Price: CompID: 3/15/2005 $651, UNIT MIX AT TIME OF SALE Copyrighted report licensed to ACI Commercial /16/2016 Page 15

16 UNIT MIX AT TIME OF SALE Units Asking Rent Effective Rent Concessions Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF % 1/ $700 $75 $1.01 $1.26 2/ $1,000 $1,200 $1.06 $1.2 Copyrighted report licensed to ACI Commercial /16/2016 Page 16

17 Quick Stats Report Comps Statistics Low Average Median High Count Sale Price $576,000 $1,141,000 $943,500 $3,250,000 Building Size 2,160 SF 7,2 SF 5,333 SF 17,072 SF Price per SF $70.5 $ $10.99 $ Actual Cap Rate 4.40% 5.30% 5.43% 5.60% Gross Income Multiplier Gross Rent Multiplier # of Units Price per Unit $125,000 $147,226 $146,364 $19,00 Days on Market Sale Price to Asking Price Ratio 3.% 95.33% 96.64% % Totals Sold Transactions Total Sales Volume: $9,12,000 Total Sales Transactions: Survey Criteria basic criteria: Type of Property MultiFamily; Sale Date from 1/1/2015; Sale Status Under Contract/Pending, Sold; Exclude NonArms Length Comps Yes; Exclude All Public Record Sales geography criteria: Zip Code 9201, Vista, CA; 9203, Vista, CA; 9204, Vista, CA Copyrighted report licensed to ACI Commercial /16/2016 Page 17

18 Trend Report Dollar Volume Legend: Current Survey Sold Transactions Time Interval Quarterly Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Total Units Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Average GRM Average GIM Survey Criteria Report Time Frame: 1/1/2015 4/16/2016 Sale Date: from 1/1/2015 Sold Transactions $9,12,000 5, ,60 62 $1,141,000 7,2 $ $ ,669 $147,226 $145, % basic criteria: Type of Property MultiFamily; Sale Date from 1/1/2015; Sale Status Under Contract/Pending, Sold; Exclude NonArms Length Comps Yes; Exclude All Public Record Sales geography criteria: Zip Code 9201, Vista, CA; 9203, Vista, CA; 9204, Vista, CA Copyrighted report licensed to ACI Commercial /16/2016 Page 1

19 Trend Report 1Q15 01/13/31/15 2Q15 04/16/30/15 3Q15 07/19/30/15 4Q15 10/112/31/15 Sold Transaction Sold Transaction Sold Transaction Sold Transaction Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Total Units Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Average GRM Average GIM 2 $1,300,000 7, ,9 10 $650,000 3,654 $ $ ,494 $130,000 $130, % $2,049,000 11, , $1,024,500 5,960 $ $ ,197 $170,750 $173, % $1,015,000 14,30 $1,015,000 14,30 $70.5 $70.5 $126,75 $126,75 5.2% 2 $4,1,000 22, ,101 2 $2,094,000 11,269 $15.2 $ ,551 $149,571 $152, % Q16 04/14/16/16 Sold Transaction Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Total Units Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Average GRM Average GIM 1 $576,000 2, ,197 4 $576,000 2,160 $ $ ,197 $144,000 $144, % Copyrighted report licensed to ACI Commercial /16/2016 Page 19

20 Trend Report Dollar Volume # of Transactions Cap Rate Average Price Per SF Legend: Current Survey Sold Transactions Time Interval Quarterly Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Total Units Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Average GRM Average GIM Survey Criteria Report Time Frame: 1/1/2015 4/16/2016 Sale Date: from 1/1/2015 Sold Transactions $9,12,000 5, ,60 62 $1,141,000 7,2 $ $ ,669 $147,226 $145, % basic criteria: Type of Property MultiFamily; Sale Date from 1/1/2015; Sale Status Under Contract/Pending, Sold; Exclude NonArms Length Comps Yes; Exclude All Public Record Sales geography criteria: Zip Code 9201, Vista, CA; 9203, Vista, CA; 9204, Vista, CA Copyrighted report licensed to ACI Commercial /16/2016 Page 20

21 Trend Report 1Q15 01/13/31/15 2Q15 04/16/30/15 3Q15 07/19/30/15 4Q15 10/112/31/15 Sold Transaction Sold Transaction Sold Transaction Sold Transaction Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Total Units Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Average GRM Average GIM 2 $1,300,000 7, ,9 10 $650,000 3,654 $ $ ,494 $130,000 $130, % $2,049,000 11, , $1,024,500 5,960 $ $ ,197 $170,750 $173, % $1,015,000 14,30 $1,015,000 14,30 $70.5 $70.5 $126,75 $126,75 5.2% 2 $4,1,000 22, ,101 2 $2,094,000 11,269 $15.2 $ ,551 $149,571 $152, % Q16 04/14/16/16 Sold Transaction Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Total Units Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Average GRM Average GIM 1 $576,000 2, ,197 4 $576,000 2,160 $ $ ,197 $144,000 $144, % Copyrighted report licensed to ACI Commercial /16/2016 Page 21