BOURQUIN APARTMENTS Glendale Drive. Evans, Colorado ERIK TOLL Associate Advisor

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1 BOURQUIN APARTMENTS Glendale Drive Evans, Colorado ERIK TOLL Associate Advisor JULES B. HOCHMAN Principal JUSTIN BROCKMAN Principal

2 TABLE OF CONTENTS Area Overview Aerial Map Area Demographics Property Overview Property Details Financial Analysis Sales Comparables Income & Expense Pricing Analysis Disclaimer

3 AREA OVERVIEW

4 32ND ST AREA OVERVIEW 4 GREELEY COUNTRY CLUB DOWNTOWN GREELEY 35TH AVE UNIVERSITY OF NORTHERN COLORADO 37TH ST BOURQUIN APARTMENTS

5 AREA DEMOGRAPHICS 5 POPULATION 3 mile 86,651 5 mile 127, mile 154,859 HOUSEHOLDS 3 mile 31,360 5 mile 45, mile 55,747 MEDIAN HH INCOME 3 mile $44,637 5 mile $52, mile $58,611

6 6 PROPERTY OVERVIEW

7 PROPERTY OVERVIEW 7 BOURQUIN APARTMENTS Glendale Drive Evans, CO Price: $1,650,000 Total Units: 18 Year Built: 1973 Building GSF: Land SF: Construction: HVAC: Parking: Roof: 13,000 SF 22,210 SF Masonry Veneer Frame Hot Water Baseboard 18 Off-Street Spaces Pitched Property Highlights: Unique 18-unit value-add investment opportunity Features three buildings consisting of six condos each, allowing for opportunity to add long-term value and partition individually Located less than a mile south of University of Northern Colorado and proximate to the Greeley Mall Offers immediate highway access with massive area population and income growth projections

8 FINANCIAL ANALYSIS

9 FINANCIAL ANALYSIS COMPARABLE SALES 9 SUBJECT PROPERTY Bourquin Apartments Glendale Drive Evans, CO Asking Price: $1,650,000 Units: 18 Building SF: 13,000 SF Price/Building SF: $ Price/Unit: $91, th th Avenue Greeley, CO Sale Price: $930,000 Units: 36 Building SF: 10,440 SF Price/Building SF: $89.08 Price/Unit: $77, Burlington Burlington Ave Evans, CO Sale Price: $750,000 Units: 6 Building SF: 6,808 SF Price/Building SF: $ Price/Unit: $125, Denver 3023 Denver Street Evans, CO Sale Price: $430,000 Units: 6 Building SF: 4,868 SF Price/Building SF: $88.33 Price/Unit: $71,667

10 FINANCIAL ANALYSIS INCOME & EXPENSES 10 BOURQUIN APARTMENTS AS-IS MARKET Unit Breakdown INCOME: INCOME: Unit Type Units Avg SF Avg Rent/Unit Rent/SF Total Avg Rent/Unit Rent/SF Total 1 Bed 1 Bath $650 $1.31 $ 23,400 $650 $1.31 $ 23,400 2 Bed 1 Bath $782 $1.03 $ 140,760 $875 $1.15 $ 157,500 Total 18 12,888 SF Gross Rental Income: $ 164,160 Gross Rental Income: $ 180,900 Property Description Vacancy Allowance: 3.00% $ (4,924.80) Vacancy Allowance: 3.00% $ (5,427) Total Units: 18 Effective Rental Income: $ 159,235 Effective Rental Income: $ 175,473 Year Built: 1973 Laundry: $ 1,344 Laundry: $ 1,344 Building GSF: 13,000 SF RUBS: $ 10,800 RUBS: $ 10,800 Land SF: 22,210 SF Gross Operating Income: $ 171,379 Gross Operating Income: $ 187,617 Construction: Masonry Veneer Frame HVAC: Hot Water Baseboard EXPENSES: % of ERI Per Unit Total EXPENSES: % of ERI Per Unit Total Parking 18 Off-street Spaces Property Tax: 3.24% $ 287 $ 5,159 Property Tax: 3.42% $ 333 $ 6,000 Roof: Pitched Insurance: 5.09% $ 450 $ 8,100 Insurance: 3.85% $ 375 $ 6,750 Trash: 1.70% $ 150 $ 2,700 Trash: 1.58% $ 155 $ 2,781 Sewer/Water: 6.78% $ 600 $ 10,800 Sewer/Water: 6.34% $ 618 $ 11,124 Repairs & Maintenance: 8.48% $ 750 $ 13,500 Repairs & Maintenance: 6.41% $ 625 $ 11,250 Gas & Electric: 1.13% $ 100 $ 1,800 Gas & Electric: 1.06% $ 103 $ 1,854 Management: 8.00% $ 708 $ 12,739 Management: 8.00% $ 834 $ 15,009 Total Expenses: 34% $ 54,798 Total Expenses: 31% $ 54,768 Expenses Per Unit: Expenses Per SF: $ 3,044 Expenses Per Unit: $ 3,043 $ 4.22 Expenses Per SF: $ 4.21 Net Operating Income: 116,581 Net Operating Income: 132,849

11 FINANCIAL ANALYSIS PRICING ANALYSIS 11 Estimated As-Is Suggested Price List Price: $1,650,000 Market Suggested Price List Price: $1,650,000 Price Per Unit: $91,667 Price Per SF: $ Loan Amount: $1,237,500 Down Payment: $412,500 Interest Rate: 4.25% Amortization Years: 30 Loan to Value: 75.00% Annual Debt Service: ($73,053) Principal Reduction: $20,863 Before Tax Cash Flow: $43,528 Debt Coverage Ratio: 1.60 Cash-on-Cash Return: 10.55% Total Return: 15.61% Cap Rate: 7.07% Price Per Unit: $91,667 Price Per SF: $ Loan Amount: $1,237,500 Down Payment: $412,500 Interest Rate: 4.25% Amortization Years: 30 Loan to Value: 75.00% Annual Debt Service: ($73,053) Principal Reduction: $20,863 Before Tax Cash Flow: $59,796 Debt Coverage Ratio: 1.82 Cash-on-Cash Return: 14.50% Total Return: 19.55% Cap Rate: 8.05%

12 DISCLAIMER This confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC ( Pinnacle REA ) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as Glendale Drive located in Evans, CO (the Property ) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers. Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum is not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request. This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience.

13 BOURQUIN APARTMENTS Glendale Drive Evans, Colorado ERIK TOLL Associate Advisor JULES B. HOCHMAN Principal JUSTIN BROCKMAN Principal