2915 STRAUS LANE Springs, CO 80907 4 UNITS | BUILT 1972

OFFERING MEMORANDUM

PRICE: $560,000 PRICE / UNIT: $140,000 PRICE / SF: $185.19

A Division of Unique Properties, Inc. INVESTMENT SALES CONTACTS CONFIDENTIALITY & CONDITIONS

MARC LIPPITT KEVIN HIGGINS All materials and information obtaining and reading applicable Principal Managing Director received or derived from Greystone documents and reports and 303.321.5888 303.512.2730 Unique Apartment Group its directors, consulting appropriate independent officers, agents, advisors, affiliates professionals. Greystone Unique [email protected] [email protected] and /or any third party sources are Apartment Group makes no provided without representation warranties and/or representations or warranty as to completeness, regarding the veracity, completeness, PHILIP DANKNER ELLIOTT POLANCHYCK veracity, or accuracy, condition of or relevance of any financial data Managing Director Director Associate the property, compliance or lack or assumptions. Greystone Unique 303.645.4796 303.645.4785 of compliance with applicable Apartment Group does not service governmental requirements, as a financial advisor to any party [email protected] [email protected] developability or suitability, financial regarding any proposed transaction. performance of the property, All data and assumptions regarding projected financial performance of financial performance, including WILLIAM MCCAULEY the property for any party’s intended that used for financial modeling Director Associate use or any and all other matters. purposes, may differ from actual 303.512.1167 data or performance. Any estimates Neither Greystone Unique Apartment of market rents and /or projected [email protected] Group its directors, officers, agents, rents that may be provided to a advisors, or affiliates makes any party do not necessarily mean representation or warranty, express that rents can be established at or or implied, as to accuracy or increased to that level. Parties must completeness of any materials or evaluate any applicable contractual information provided, derived, or and governmental limitations as received. Materials and information well as market conditions, vacancy from any source, whether written factors and other issues in order or verbal, that may be furnished to determine rents from or for the for review are not a substitute for a property. party’s active conduct of its own due diligence to determine these and Legal questions should be discussed other matters of significance to such by the party with an attorney. Tax party. Greystone Unique Apartment questions should be discussed by Group will not investigate or verify the party with a certified public any such matters or conduct due accountant or tax attorney. Title diligence for a party unless otherwise questions should be discussed by the agreed in writing. party with a title officer or attorney. Questions regarding the condition EACH PARTY SHALL CONDUCT ITS OWN of the property and whether the INDEPENDENT INVESTIGATION AND DUE property complies with applicable DILIGENCE. governmental requirements should be discussed by the party with Any party contemplating or appropriate engineers, architects, under contract or in escrow for a contractors, other consultants and A Division of Unique Properties, Inc. transaction is urged to verify all governmental agencies. information and to conduct their own inspections and investigations All properties and services are GREYSTONE UNIQUE APARTMENT GROUP including through appropriate third marketed by Greystone Unique 400 South Broadway party independent professionals Apartment Group in compliance with selected by such party. all applicable fair housing and equal , CO 80209 All financial data should be opportunity laws. www.uniqueprop.com verified by the party including by TABLE OF CONTENTS

4 PROPERTY ANALYSIS 6 Property Summary 7 Amenities

8 FINANCIAL ANALYSIS 10 Unit Mix and Rent Schedule 10 Net Operating Income 11 Estimate of Value

13 COMPARABLE PROPERTIES 14 Comparable Rental Properties Summary 15 Comparable Rental Properties Map 16 Comparable Sale Properties Summary 17 Comparable Sale Properties Map

19 LOCATION OVERVIEW 20 Community Profile 23 Colorado Springs, CO PROPERTY ANALYSIS

6 2915 STRAUS LANE

PROPERTY SUMMARY LOCATION MAP

2915 Straus Lane is a four-unit, renovated property located in the Indian Heights submarket of Colorado Springs in El Paso County, CO. The property is comprised of a single one-story, quadraplex building with two above-grade-level units and two below- grade-level units, each containing two-bedrooms. Built in 1972 and situated on 0.19 acres, the building is constructed of wood frame with stucco siding, brick © Mapbox, © OpenStreetMap veneer, and a pitched composition shingle roof. The property has undergone capital improvements over the years including interior updating of all four units, a new boiler / heating system installed within the past four to five years, and a coin-operated laundry facility 2915 STRAUS LN in the common area. Four off-street parking spaces are provided. The property is well located with quick access to Interstate 25.

2915 Straus Ln Address: Colorado Springs, CO 80907 County: El Paso APN: 73364-03-019 Units: 4 Buildings: 1 Stories: 2 Construction: Stucco / Brick Roof: Pitched Composition Shingle Y.O.C.: 1972 Lot Size: 0.19 Acres Density: 21.05 Units / Acre Parking Spaces: 4 Open Surface Spaces Electric: Individually Metered © Mapbox, © OpenStreetMap AMENITIES

■ Refrigerator

■ Electric Range With Oven

■ Upgraded Cabinetry & Countertops

■ Dining Area

■ Vinyl Flooring

■ Tile Flooring

■ Carpeting

■ Oversized Closets

■ Linen Closet

■ Window Coverings

■ On-Site Laundry Facilities

■ 4 Open Surface Parking Spaces FINANCIAL ANALYSIS

10 2915 STRAUS LANE

UNIT MIX AND RENT SCHEDULE

# OF CURRENT AVERAGE AVERAGE RENT MONTHLY TOTAL LOWEST HIGHEST TYPE UNITS RENT RENT SIZE / SF PRO FORMA UNIT SIZE RENT RENT 2 Bed | 1 Bath 4 $3,735 $934 756 $1.24 $1,000 3,024 $750 $995

TOTAL / AVG 4 $3,735 $934 756 $1.24 $4,000 3,024 ANNUALIZED TOTAL $44,820 $48,000

NET OPERATING INCOME INCOME CURRENT PER UNIT PRO FORMA PER UNIT Scheduled Rent Income 44,820 48,000 Other Income 1,600 1,600 Scheduled Gross Income 46,420 11,605 49,600 Vacancy Allowance (2,241) (560) (2,400) Effective Gross Income 44,179 11,045 47,200 11,800

EXPENSES Taxes, Property Real 1,580 1,580 395 1,580 1,580 395 Insurance Property 1,820 1,820 455 1,820 1,820 455 Utilities Gas & Electric 4,800 4,800 Trash Collection 660 660 Water & Sewer 900 6,360 1,590 900 6,360 1,590 Repairs & Maintenance Carpet / Floor Replacement 1,000 1,000 Painting 1,000 1,000 Snow Removal 750 2,750 688 750 2,750 688 Total Expenses 12,510 3,128 12,510 3,128 NET OPERATING INCOME 31,669 7,917 34,690 8,672 2915 STRAUS LANE 11

ESTIMATE OF VALUE

LIST PRICING CURRENT / PRO FORMA Price: $560,000

Down Payment: $140,000 (25%)

Loan Amount: $420,000

Interest Rate / Amortization: 3.50% / 30 years

Current NOI / Pro Forma NOI: $31,669 / $34,690

CURRENT / PRO FORMA ANALYSIS CURRENT / PRO FORMA Debt Service: ($22,632)

$9,037 / $12,058 Net Cash Flow After Debt Service: 6.46% / 8.61%

Principal Reduction: $8,060

$17,097 / $20,118 Total Return: 12.21% / 14.37%

Cap Rate: 5.66% / 6.19%

GRM: 12.49 / 11.67

Price / Unit: $140,000

Price / SF: $185.19

COMPARABLE PROPERTIES 14 2915 STRAUS LANE

COMPARABLE RENTAL PROPERTIES SUMMARY PROPERTY NAME UNITS SF YEAR BUILT RENT RENT / SF 2915 Straus Ln 4 756 1972 $934 $1.24 Colorado Springs, CO 80907 1. 2551 W Willamette Ave 4 750 1985 $1,000 $1.33 Colorado Springs, CO 80904 2. 2540 King St 4 816 1982 $950 $1.16 Colorado Springs, CO 80904 3. 720 Melany Ln 1 875 1963 $875 $1.00 Colorado Springs, CO 80907 4. 3022-3024 W Bijou St 6 725 1963 $875 $1.21 Colorado Springs, CO 80904 5. 2905 Sage St 4 850 1972 $875 $1.03 Colorado Springs, CO 80907 TOTAL / AVG 4 803 1973 $915 $1.15

AVERAGE RENT COMPARISON

$1,020 $1.40 $1,000 $1.20 $980 $960 $1.00 $940 RENT $920 $0.80 $900 $0.60 RENT / SF $880 $860 $0.40 $840 $0.20 $950 $1,000 $934 $875 $875 $875 $820 $915 $800 $0.00 Survey Average 2915 2551 W 2540 720 3022-3024 W 2905 Straus Ln Willamette Ave King St Melany Ln Bijou St Sage St 2915 STRAUS LANE 15

COMPARABLE RENTAL PROPERTIES MAP

2915 STRAUS LN 720 MELANY LN

2905 SAGE ST

5 3

3022-3024 W BIJOU ST

2540 KING ST 2 4 1

2551 W WILLAMETTE AVE © Mapbox, © OpenStreetMap 16 2915 STRAUS LANE

COMPARABLE SALE PROPERTIES SUMMARY YEAR TOTAL CLOSED SALE PRICE PRICE PROPERTY NAME BUILT UNITS SF DATE PRICE / UNIT / SF 2915 Straus Ln 1972 4 3,024 On Market $560,000 $140,000 $185.19 Colorado Springs, CO 80907 1. 445 W Van Buren St 1983 4 3,712 7/30/2020 $555,000 $138,750 $149.52 Colorado Springs, CO 80907 2. 1016 Magnolia St 1968 4 3,480 10/20/2020 $575,000 $143,750 $165.23 Colorado Springs, CO 80907 3. 4210 Forest Hill Rd 1972 4 3,528 10/5/2020 $630,000 $157,500 $178.57 Colorado Springs, CO 80907 4. 1014 Westmoreland Rd 1969 4 2,983 6/24/2020 $545,000 $136,250 $182.70 Colorado Springs, CO 80907 5. 2904 Straus Ln 1983 4 3,000 5/29/2020 $520,000 $130,000 $173.33 Colorado Springs, CO 80907 TOTAL / AVG 1975 4 3,341 $565,000 $141,250 $169.13

AVERAGE SALE COMPARISON

$180,000 $200.00 $160,000 $180.00 $140,000 $160.00 $140.00 $120,000 $120.00 $100,000 $100.00 PRICE/UNIT $80,000 $80.00 PRICE/SF $60,000 $60.00 $40,000 $40.00 $20,000 $20.00 $140,000 $140,000 $136,250 $136,250 $157,500 $157,500 $138,750 $143,750 $130,000 $141,250 $141,250 $0 $0.00 Survey Average 2915 445 W 1016 4210 1014 2904 Straus Ln Van Buren St Magnolia St Forest Hill Rd Westmoreland Straus Ln Rd 2915 STRAUS LANE 17

COMPARABLE SALE PROPERTIES MAP

3

2 1016 4210 MAGNOLIA ST FOREST HILL RD 4

5 1014 WESTMORELAND RD 2915 1 STRAUS LN

445 W VAN BUREN ST 2904 STRAUS LN

© Mapbox, © OpenStreetMap

LOCATION OVERVIEW 20 2915 STRAUS LANE

DEMOGRAPHICS

75,233 208,583 Residents Residents 3-Mile Radius 5-Mile Radius

40 Median Age 3-Mile Radius COLORADO SPRINGS, CO COMMUNITY PROFILE

$403,000 2915 Straus Lane is conveniently located in West Colorado Springs, 3.0 miles Median Sale Price north of and 3.5 miles north of downtown Colorado Springs Colorado Springs MSA and the shopping and entertainment district. Straus Lane is positioned off West Fillmore Street, a main arterial and commercial corridor filled with numerous amenities and conveniences. Interstate 25 is quickly accessible for residents, facilitating an easy commute to the major employment, education, $54,785 and recreational and entertainment hubs throughout Colorado Springs and Median Household Income the entire region. Residents are within a 10-minute drive of Colorado Springs’ 3-Mile Radius premier amenities and attractions, including Penrose-St. Francis Health Services, UCHealth Memorial Hospital Central, University of Colorado Springs, Colorado College, University Village Colorado shopping center, Red Rock Canyon, and the 365,426 majestic Park. Total Labor Force Colorado Springs MSA

The subject is ideally situated close to the city’s premier amenities, including Colorado College, downtown Colorado Springs, Old Colorado City, and Garden of the Gods Park. 2915 STRAUS LANE 21

DAILY CONVENIENCES SHOPPING AND DINING

A sampling of conveniences within walking distance or in Old Colorado City close proximity to the property are: ■ Walkable historic and commercial district filled with specialty shops, restaurants, and attractions ■ Buffalo Ridge Trading Post, All About Colorado, Simple Body, Antique Legacy, Old Colorado City Surplus ■ Wild Ginger Thai, Vino Colorado Winery at The Sweet Elephant, Rocky Mountain Chocolate Factory

The Citadel Mall ■ One of Southern Colorado’s largest retail centers ■ 1.1 million square feet of retail space with over 130 specialty stores Hair and beauty salons, fitness centers, gas stations, auto ■ Dillard’s Clearance Center; JCPenney; Burlington; repair shops and parts supply stores, insurance services, and Sportsman’s Warehouse as major tenants and medical clinics are also nearby.

Chapel HIlls Mall ■ Popular retail and entertainment center with over 100 stores ■ Anchored by Macy’s, Dillard’s, and AMC Chapel Hills 13 movie theater ■ Saltgrass Steak House, Olive Garden Italian, Steak ‘n Shake, Starbucks

Eateries ■ Bonefish Grill ■ Louie’s Pizza ■ IHOP ■ Mason Jar ■ Omelette Parlor ■ Taste of Brasil ■ Black Bear Diner ■ Pho & Cajun ■ Heart of Jerusalem Café ■ Paravicini’s Italian Bistro ■ Drifter’s Hamburgers ■ Papuseria 22 2915 STRAUS LANE

RECREATION / ENTERTAINMENT HIGHER EDUCATION

Located at the base of the majestic Rocky Mountains, Colorado College - This private liberal arts college Colorado Springs is a popular destination for locals enrolls approximately 2,000 undergraduates at its 90- and tourists alike. Biking; hiking; golfing; rock climbing; acre campus in Colorado Springs. The college offers 42 white-water rafting; skiing; fat-biking; and snowshoeing majors and 33 minors and has recently been ranked by are some area’s numerous recreational activities. Forbes as one of the best private colleges in Colorado The area is home to a wide array of performing arts venues; and ranked #27 by U.S. News & World Report on its list of renowned restaurants; historic sites; museums; farmers’ National Liberal Arts Colleges. markets; art walks and galleries; and unique events. The University of Colorado, Colorado Springs (UCCS) ■ Garden of the Gods Park ■ Gossage Youth Ranked among the “Best Universities West” by U.S. & Nature Center Sports Complex News & World Report, UCCS is part of the University of ■ ■ Pulpit Rock Park / Colorado and is the lead university in the Space Education ■ Cave of the Winds Austin Bluffs Consortium. UCCS has an enrollment of 12,200 students ■ Center for the ■ ProRodeo Hall of Fame and generates state-wide economic impact of $600 million. Performing Arts ■ Rocky Mountain ■ Colorado Springs Fine Motorcycle Museum HEALTH CARE Arts Center ■ Millibo Art Theatre Penrose-St. Francis Health Services – Named one of “America’s 50 Best Hospitals” for 10 consecutive years, this full-service, 522-bed acute care facility includes and St. Francis Medical Center. (COS) – COS offers 13 non-stop flights with five major airlines. Service to Seattle; UCHealth Memorial Hospital Central – This award- San Antonio; Minneapolis-Saint Paul; and San Jose winning, 413-bed hospital is a designed Level I Trauma began in 2018. Center and offers comprehensive inpatient and outpatient services. The UCHealth Memorial Health System employs over 6,500 area residents. 2915 STRAUS LANE 23

COLORADO SPRINGS, CO EL PASO COUNTY LARGEST EMPLOYERS

Colorado Springs is the largest city by area in Colorado and is the county seat and the most EMPLOYER EMPLOYEES populous municipality of El Paso County. Colorado Springs is situated along Fountain Creek and 34,411 is located in the east-central portion of the state, approximately 60 miles south of Denver. The city has a 2020 estimated population of 487,333 residents, making it the second most- 8,730 populous city in the state, behind Denver. The Colorado Springs metro area, or Pikes Peak Region, Air Force Academy UCHealth Memorial is comprised of El Paso County and the less-populated Teller County and is home an estimated 6,575 Health System population of 765,830 residents. Colorado Springs is included in the Front Range Urban Corridor – a growing area situated along the Front Range of the Rocky 6,391 Mountains in Colorado and Wyoming with over 4.8 million residents. #4 5,089 School District #11 - The aerospace, aviation, and defense industry service sectors are 3,937 150 Best Places Colorado Springs’ top economic engines. Colorado Springs’ culture Colorado Springs School District #20 - and economy are heavily influenced by the military and a significant 3,373 to Live in the U.S. Air Academy number of defense corporations and bases located within the Penrose-St. Francis U.S. News & World Report, area. The city is home to Fort Carson and the United States Air Force 3,300 Health Services 2020-2021 Academy, the county’s top two largest employers with a total of 43,141 jobs supported. There are over 240 aerospace and defense City of Colorado Springs 2,800 companies in the area that have the world’s most advanced El Paso County 2,497 technologies in global positioning, cybersecurity, and satellite communications. Significant investments have been made in the city by major corporations such as Northrop Grumman Corporation; Aerospace Corporation; Boeing; Raytheon; Science Applications International Corporation; and Lockheed Martin. Sources: Greystone Research, Colorado Department of Local Affairs, U.S. Bureau of COLORADO SPRINGS CITY COLORADO SPRINGS MSA Labor, Wikipedia, CoStar Analytics, Google Maps, City of Colorado Springs, El Paso County, Pike’s Peak Association of Realtors, 487,333 194.5 765,830 751.6 Colorado Springs Chamber & EDC, Council for People Square Miles People Square Miles Community and Economic Research, U.S. News & World Report. 2,505.6 1,018.9 People / Square Mile People / Square Mile 2915 STRAUS LANE Colorado Springs, CO 80907 4 UNITS | BUILT 1972

PRESENTED BY: MARC LIPPITT KEVIN HIGGINS Principal Managing Director 303.321.5888 303.512.2730 [email protected] [email protected]

PHIL DANKNER ELLIOTT POLANCHYCK WILLIAM MCCAULEY Managing Director Director Associate Director Associate 303.645.4796 303.645.4785 303.512.1167 [email protected] [email protected] [email protected]

Copyright ©2021 Greystone & Co. II LLC. All rights reserved. Although the information contained herein has been obtained from sources deemed reliable, Greystone Unique Apartment Group, Inc. makes no express or implied guaranty, warranty, or representation that the information is complete or accurate. Further, any projections, opinions, assumptions, or estimates used or offered herein are for the purpose of example only and do not and cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone Unique Apartment Group, Inc. recommends that you conduct your own investigation of the property in order to reach your own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone Unique A Division of Unique Properties, Inc. Apartment Group, Inc. should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.