FLORIDA 79 UNIT ALF OPPORTUNITY

FLORIDA 79 UNIT ALF OPPORTUNITY

EXECUTIVE SUMMARY IAN BLACK REAL ESTATE has been retained as the exclusive agent for the sale of the Harmony Palms, a proposed senior housing facility located at 4207 SR 64 E, Bradenton, Manatee County, FL 34208. Harmony Palms is a 79 unit, 90 bed assisted living facility with a secured memory care wing. All exterior walls have been constructed with the roof completed and windows installed. Interior walls have been framed; wiring and plumbing lines are in place. In addition, two elevators are installed. Construction was halted at approximately 75% completion. The Develop-ment Budget and a list of inventory may be provided to prospective buyers during due diligence. The Property is being sold As Is - Where Is with an asking price of $9.95 Million. Adjacent vacant 2.2 acre +/- parcel is included in the sale. EXECUTIVE SUMMARY SITE SUMMARY Site Size / Shape 2.68 Acres +/- Irregular, plus adjacent 2.2 acres +/- (Total 4.88 Acres +/-) Zoning GC - General Commercial Zoning Compliance Legal, conforming use Utilities All standard municipal utilities available IMPROVEMENT SUMMARY Property Type Seniors Housing Care Provided Assisted Living, Memory Care Year of Construction 2016-2017 Gross Building Area 45,324 SF Number of Buildings 1 Number of Stories 2 Number of Assisted Living Units 79 Number of Licensed Beds 90 (including 2nd person) FLOOD HAZARD ZONE Zone / Flood Insurance Required Zone AE / Yes VALUE INDICATIONS UPON COMPLETION VALUE INDICATION APPROACH TO VALUE VALUE INDICATION Income Capitalization - Direct Capitalization $13,890,000 Sales Comparison $12,220,000 Cost $7,880,000 UPON STABILIZATION VALUE INDICATION Income Capitalization - Direct Capitalization $20,540,000 VALUE CONCLUSION VALUE SCENARIO VALUE CONCLUSIONS Market Value As Is (Land Only) $1,490,000 Prospective Market Value of Specified Assets of Business on Completion Prospective Market Value of Specified Assets of Business Upon Stabilization Using direct capitalization of the forecasted NOI on the forecast date of stabilization, the indicated prospective future value of the property as of October 11, 2018 will be estimated as: $13,890,000 $20,540,000 $20,540,000 2 Panel Number 12081C0307E OCCUPANCY ANALYSIS Stabilized Occupancy Forecast 92.0%

SURVEY Subject Property 2.2 Acres +/- of land (part of sale) 3

SITE PLAN Subject Property 2.2 Acres +/- of land part of sale 4

PROPOSED 1ST FLOOR PLAN 5

PROPOSED 2ND FLOOR PLAN 6

7 PROPERTY PHOTOS

LOCATION/DEMOGRAPHIC INFO LOCATION - BRADENTON The 79 Unit ALF Facility is located at, minutes from the I-75 /SR 70 Interchange. The region is growing with the expansion of residential development, as well as retail and services. Bradenton ranks sixth among the fastest growing cities in Florida and the expansion of Lakewood Ranch north to SR 64 continues to bring families and growth to the region. The DeSoto Square Mall is a major regional center located 4 miles from the site. Manatee Memorial Hospital, a 319 bed acute care facility offering a vast array of medical services to Bradenton and surrounding areas of the county, is located 3 miles away. The 85+ population segment is forecast to grow at a pace greater than the national average and the market area is forecast to experience growth in demand for seniors housing. The region is forecast to experience population growth above that of the national average and the area s economy is expected to keep pace with the national trends over the foreseeable future. MANATEE COUNTY Manatee County is located on Florida s Gulf Coast and is bordered by Tampa Bay/St. Petersburg to the north, and Sarasota County to the south. About 361,160 people call Manatee County home and annual growth rate to exceed national averages, with 5,626 new residents per year. The population increases considerably in the winter with part-time residents. The County s top industries are tourism, agriculture, with Tropicana as one of the top employers, and commercial fishing. Strong employment segments include Trade, Transportation and Utilities, Education and Health Services, Leisure and Hospitality, and Construction. Manatee County is the Spring Training home of the Pittsburgh Pirates and IMG Academies, where students from around the world learn soccer, tennis, basketball, baseball and golf. The Sarasota-Bradenton International Airport (SRQ), located on the Manatee-Sarasota County border, provides service to more than one million passengers per year. Manatee County Area Transit System provides inexpensive public transportation. Interstate 75 traverses north and south through Manatee County and is a major artery to get to other interstate routes. 8

MAPS / CONTACT For sales inquiries or to schedule a private tour, please contact: JAG GREWAL, CCIM PARTNER T 941.906.8866 x 105 C 941.356.5042 Jag@Ian-Black.com Subject Property Subject Property AMY MACDOUGALL BROKER ASSOCIATE T 941.906.8688 x 108 C 941.961.3824 Amy@Ian-Black.com IAN BLACK REAL ESTATE 1 S School Ave, Suite 600 Sarasota, FL 34237 941.906.8688 OFFICE 941.906.8228 FAX 9