Offering Memorandum 428 South 9th Street Multifamily Property in Richmond, CA

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Kevin Velotta CA License No. 01945129 (415) 541 8143 [email protected] 2 Offering Memorandum | LL CRE Group Secured covered gated parking 428 South 9th Street is a fourplex on the southern side of

Richmond, close to the marina and interstate 580. Three of Updated floors and blinds units are 3 bedroom/1 bath configurations and one unit is a 2 bedroom/1 bath. Most of the units have updated floors in Convenient location near kitchen and bathroom, new blinds, and secured gate with covered Interstate 580, amenities parking. There is also a shared backyard patio for tenants to use.

The property is a short walk to public transit, namely AC Transit and Golden Gate Transit, is min- Accessible to BART and bus lines utes from Richmond BART station, and is close to several restaurants and MLK park.

Asking Price Total Units $998,000 4 Units Price Per Unit Price Per Square Foot $249,500 $279 CAP Rate GRM 5.49% 10.43 Lot Size Building Size 8,437 SF 3,574 SF 428 South 9th Street | Richmond, CA 3 4 Offering Memorandum | LL CRE Group 428 South 9th Street | Richmond, CA 5 Financial Analysis Income Income Summary Actual Proforma Notes Gross Scheduled Income (Rents) $95,664.00 $95,748.00 Includes Market Rents for Vacant Units Other Income $- $- Total Scheduled Income $95,664.00 $95,748.00 Vacancy $(4,783.20) $(4,787.40) Effective Gross Income $90,880.80 $90,960.60

Expenses Expense Summary Actual Proforma Exp/Unit Exp/SF Notes Property Taxes $(14,131.68) $(14,131.68) $(3,532.92) $(3.95) 1.1984% of Price Special Assessments $(3,942.14) $(3,942.14) $(985.54) $(1.10) from Treasurer's Office Insurance $(1,500.00) $(1,500.00) $(375.00) $(0.42) Commercial Coverage Agency Quote Water $(5,244.00) $(5,244.00) $(1,311.00) $(1.47) from Treasurer's Office Garbage $(3,672.00) $(3,672.00) $(918.00) $(1.03) Commercial Coverage Agency Quote Repairs & Maintenance $(4,000.00) $(4,000.00) $(1,000.00) $(1.12) Admin $(3,600.00) $(3,600.00) $(900.00) $(1.01) Gross Expenses $(36,089.82) $(36,089.82) $(9,022.46) $(10.10)

Expense % of Gross Income 39.71% 39.68%

Cap Rate 5.49% 5.50% Net Operating Income $54,790.98 $54,870.78

6 Offering Memorandum | LL CRE Group Financial Summary Sales Price $998,000 Lot Size 8,437 Buidling Size 3,574 CAP 5.49% GRM 10.43 Price/Square Foot $279 Price/Unit $249,500 Year Built 1960

Rent Roll

Unit Type Actual Proforma Notes 428 2 BR /1 BA $1,643.00 $1,650.00 Section 8 430 3 BR / 1 BA $1,999.00 $1,999.00 Vacant 432 3 BR / 1 BA $2,331.00 $2,331.00 Section 8 434 3 BR / 1 BA $1,999.00 $1,999.00 $7,972.00 $7,979.00

428 South 9th Street | Richmond, CA 7 SAN FRANCISCO 15 Minute Drive MARIN 25 Minute Drive

428 South MILLER/KNOX REGIONAL SHORELINE 9th Street

REGIONAL DISTRIBUTION CENTER

8 Offering Memorandum | LL CRE Group The East Bay’s Most Dynamic City Steeped in history as the Bay Area’s most active shipyard and industrial epicenter, Richmond continues to be the home of the working class. Its abundant amenities range from the ethnic, like the new 99 Ranch Market at Hilltop Mall, to the classic “big-box” destinations, like Century Theatres and the new Macdonald 80 Shopping Center anchored by Target.

There is much to do, and eat, in Richmond. With its large Latino and Asian populations, Richmond features some of the best ethnic foods in the East Bay. Notable food options range from down-home comforts like Mississippi Catfish, to more ethnic dining options like El Garage Restaurant.

Richmond has been the focus of several new developments, most notable of which has been the recent transformation of Point Richmond, an upscale neighborhood where single family residences have, on average, sold well above $1 million in recent years. Point Molante, an area just North of the Richmond/ San Rafael Bridge, is the site of the largest proposed development in Richmond - the project will deliver more than 1,450 homes and 400,000 square feet of commercial space.

Richmond is a conveniently central location in the Bay Area. It is a 15 minute drive to San Francisco, Oakland, and San Rafael, and 20-30 minutes to Vallejo, Concord, Pleasant Hill, and Walnut Creek. Interstate 80 and 580 run through the City.

428 South 9th Street | Richmond, CA 9 428 South 9th Street

10 Offering Memorandum | LL CRE Group

428 South 9th Street Nystrom Elementary School Recently rebuilt K-6 elementary school with student body of 520+ Within a 10 Minute Drive: • Point Richmond • San Rafael Bridge • Bay Bridge • Berkeley • San Pablo • Oakland

• 99 Ranch • Costco • Grocery Outlet • Safeway • Trader Joe’s Major Employers - Richmond, CA • Whole Foods • University of California, Berkeley • Nystrom Elementary School • Lincoln Elementary School • Richmond Greenway Trail • Point Molate Beach Park •

428 South 9th Street | Richmond, CA 11 Offering Memorandum

Multifamily428 PropertySouth in Richmond, 9th CA Street

Kevin Velotta CA License No. 01945129 (415) 541 8143 [email protected]

All materials and information received or derived from LL CRE and COMPASS 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 perfor- mance of the property for any party’s intended use or any and all other matters.

Neither LL CRE and COMPASS 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 significance to such party. LL CRE and COMPASS will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

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. LL CRE and COM- PASS makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. LL CRE and COMPASS does not serve as a financial advisor to any party regarding any proposed transaction. 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. All properties and services are marketed by LL CRE OR COMPASS in compliance with all applicable fair housing and equal opportunity laws.