PRO FORMA INCOME & EXPENSES

Current Units Type Unit SF Total SF Market Rents Avg. Rent

36 One Bed One Bath 650 23,400 $865.00 $763.11 4 Two Bed One Bath 950 3,800 $965.00 $778.75 40 680 27,200 $875.00 $764.67

TMG August RR / T12 Income Pro Forma Adjusted Expense

Scheduled Market Rent $420,000 $367,044 Plus: Section 8 Income - - Less: Vacancy 4.00% ($16,800) ($14,682) Net Rental Income $403,200 $352,362 Plus: Laundry Income $2,500 $2,500 Plus: Application, Late Fees $1,200 $1,200 Total Operating Income (EGI) $406,900 $356,062

Expenses Per Unit Administrative $65 $2,600 $2,600 Payroll - Onsite $300 $12,000 $12,000 Repairs & Maintenance/Turnover $750 $30,000 $30,000 Management Fee 5.00% $504 $20,160 $17,618 Utilities $700 $28,000 $28,000 Contract Services $210 $8,400 $8,400 New Real Estate Taxes 1.2290% $1,227 $49,099 $49,099 Assessments $557 $557 Insurance $343 $13,700 $13,700 Total Expenses $164,515 $161,973 Per Unit: $4,113 $4,049 Per SF: $6.05 $5.95 Net Operating Income $242,385 $194,088 Less: Debt Service ($150,690) ($150,690) Projected Net Cash Flow $91,694 $43,398 Cash-on-Cash Return (Based on List Price) 7.65% 3.62% Debt Service Coverage 1.61 1.29 GRM 9.51 10.88 Cap Rate Analysis Price $/Unit $/Foot Cap Rate Cap Rate Offering Price $3,995,000 $99,875 $146.88 6.07% 4.86%

Total Down Monthly All Financing Loan Amount Payment LTV Payment $2,796,500 $1,198,500 70% ($12,558) Proposed Mortgage Desired Total LTV Amount Interest Rate Amortization Payment Fees 70% $2,796,500 3.50% 30 ($12,558) 1.00% 40 UNITS IN FRESNO, CA | $3,995,000 4550-4596 E SIERRA MADRE AVE, FRESNO, CA 93710 a Mogharebi - a Mogharebi - LISTINGS.MOGHAREBI.COM/COLLEGEAPARTMENTS Company Ozen

IMPORTANT INFORMATION & DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no ROBIN C. KANE BRENDAN KANE ROBIN C. KANE BRENDAN KANE representations or warranties, expressed or Senior Vice President Vice President implied, as to the accuracy of the information. Senior Vice President Vice President References to square footage or age are O: 559.761.0020 O: 559.892.0036 approximate. Income and Expenses are [email protected] [email protected] O: 559.761.0020 O: 559.892.0036 estimates. Buyer must verify the information and CA BRE License #00583537 CA BRE License #01976828 [email protected] [email protected] bears all risk for any inaccuracies. CA BRE License #00583537 CA BRE License #01976828 Listings.Mogharebi.com/CollegeApartments INVESTMENT OPPORTUNITY Unit Amenities Common Area Amenities PROPERTY DESCRIPTION

College Apartments is a 40-unit, garden-style, apartment community located in the city of Fresno, • Granite Countertops • Outdoor Picnic Area UNITS 40 California. Built in 1956/57, the property consists of single-story buildings with stucco exteriors and • Range / Oven (Gas) • Garden / Courtyard, Walkways RENTABLE SF 27,200 pitched roofs. The property offers 36 one-bedroom units of approximately 650 square feet and four two- • Disposal • Carport Covered Parking bedroom units of approximately 950 square feet, for an estimated average unit size of 680 square feet. • Dishwasher • Laundry Room YEAR BUILT 1956 / 1957 The professionally landscaped grounds feature manicured grass areas and trimmed shrubs. • Refrigerator • Beautfully Landscaped Grass APN 430-090-17,18,19,21 • Carpet Flooring in Bedrooms • Rental Office One Block From Campus: College Apartments are located just one block from California State University, Fresno (Fresno • Hardwood/Laminate Flooring LOT SIZE 1.47 State). in Living and Kitchen Areas DENSITY 27.2 units per acre • Fireplace (select units) Below Market Rents: The current rents at College Apartments are $0.92 per square foot. Our Rent Survey reveals at least • Air-Conditioning Asphalt Carports, Street another $.05 cents per square feet is available with no additional upgrades. PARKING SURFACE • Heating (Gas) Parking • Bathroom Tile Countertops Value-Add Opportunity: With the in-fill location, College Apartments is perfectly positioned to be upgraded which would PARKING 40 Carports result in substantially higher rents. ECONOMIC SNAPSHOT PARKING RATIO 1.00 Available for New Debt: College Apartments will be delivered Free & Clear. We have several lending options that would BUILDINGS 10 Residential provide the Investor excellent leverage and positive arbitrage. Situated at the epicenter of the Fresno metro in the fertile San Joaquin Valley, the city of Fresno STORIES One is the financial, industrial, trade, and commercial hub of Central California region. Hometo Access to Shopping, Entertainment and Freeways: College Apartments are: within one mile of Fashion Fair approximately 556,350 residents, the city of Fresno is the fifth-largest city in the state of California. FOUNDATION Slab-on Concrete Mall, a regional mall, with nearly 1,000,000 square feet retail; just south Shaw Avenue, the most important East-West Business Corridor; Prominent sectors influencing the region’s economy include agriculture, manufacturing, FRAMING Wood and within 1 mile of Highway 41, providing access to all of the central valley. government services, and trade industry. EXTERIOR Stucco, Brick, and Wood Multifamily Market is On A Strong Growth Path: With the improving job market, rent growth has exceeded both California State University-Fresno, located within walking distance of the property, • Pitched Composition the State and National Average, according to the nation’s leading Market Research firm, Axiometrics. enrolled over 24,400 students in fall 2016. On-campus housing can accommodate 1,200 ROOF Shingles students, equating to approximately 5% of the university’s total full-time enrollment, leaving Neighborhood Overview Located near the intersection of East Shaw Avenue and North Maple Avenue, College Apartments more than 23,000 students in need of off-campus housing. The university is also one of the ELECTRICITY Tenant - Individually Metered is within walking distance of the region’s principal higher education institution California State University, Fresno (Fresno State) and a top employers in Greater Fresno with 5,390 employees. GAS Tenant - Individually Metered short distance from the largest commercial airport serving the Central California region Fresno Yosemite International Airport. • Located less than a mile from the property, at Fresno State, is a $250 million mixed-use development, Square at Campus Pointe. The 45-acre development includes a 2,700-seat, WATER RUBS - Master Metered 16-screen movie complex, 250,000 square feet of retail and restaurant space, a 200-room, SEWER RUBS - Master Metered and over 600 residential units. Phase II will start in 2017 and include Hyatt Place Hotel and RETAIL, LEISURE, AND ENTERTAINMENT a meeting center. TRASH RUBS - Master Metered • Saint Agnes Medical Center, located three miles from the property, is a 436-bed state-of- HVAC Centralized (1 / Unit) Retail, Leisure, and Entertainment the-art medical center served by more than 2,400 medical professionals and staff members. Residents may choose from a plethora of shopping, dining, and entertainment venues that abound in the area. Design work is underway for a $68 million cancer research and treatment center on the Individual Water Heater (1 • WATER HEATER • One of the areas prominent shopping centers, Fashion Fair Mall, located within two miles of the property, features 963,000 square Clovis Community Medical Center campus, located less than seven miles from the / Unit) feet of retail space, over 130 retail stores, and anchored by JCPenney and Macy’s. Other notable shopping and dining retailers property. The three-story, 100,000-square-foot facility will open as early as summer 2018. FIRE PROTECTION Smoke Detectors include Abercrombie & Fitch, Apple, Auntie Anne’s, and BJ’s Restaurant & Brewhouse. • Community Regional Medical Center, located within eight miles of College Apartments, • Sierra Vista Mall, located less than four miles from the property, is a regional shopping center with more than 85 retailers and is the flagship hospital of Community Medical Centers’ three acute-care facilities. With PLUMBING Copper restaurants in addition to the Sierra Vista Cinema 16. Anchors include Target, Sears, and Kohl’s. 909 beds and a 58,000-square-foot emergency department, the hospital is the region’s • Anchored by Sears and Regal Manchester 16 Theaters, Manchester Center is located four miles from the property. This mixed-use only Level I trauma and comprehensive burn center. The Central California Neuroscience property features 176,000 square feet of office space and Regal Cinemas alone attracts 1.5 million customers annually. Institute, also located at the site, specializes in brain tumors, stroke, Parkinson’s disease, • River Park Shopping Center, located six miles from the property, features national retailers (LOFT, Best Buy, and H & M), dining dementia, and Alzheimer’s disease. It is one the major employers in the city with nearly (Applebee’s, Café Rio, P. F. Chang’s, and Ruth’s Chris Steak House), and entertainment (Dave & Busters). 5,840 employees. • Selland Arena, located eight miles from the property, is a premier multi-purpose arena that makes up part of a four-venue complex • Approved in October 2016, plans for a 20-year revitalization of 655 acres in the heart of of the Fresno Convention and Entertainment Center. downtown Fresno, located within nine miles of the property, will add 3.5 million square feet • Chukchansi Park, also located eight miles from the property, is a 12,500-seat stadium featuring 33 luxury suites and is home to of office space, 1.5 million square feet of retail space, and 145,000 square feet of industrial the Fresno Grizzlies baseball and Fuego soccer team. space. The project is expected to create over 18,000 new jobs. • Other nearby attractions and recreational options include University Park, Blackbeard’s Family Entertainment Center, Bulldog • Bitwise Industries recently built a technology campus in downtown Fresno, providing Stadium (at Fresno State), Fresno Art Museum, Saroyan Theater, Save Mart Center (at Fresno State), Fulton 55, Arte Americas, software training for careers in tech jobs and collaboration / innovation for startup businesses. Fresno Chaffee Zoo, Clovis Botanical Garden, and Club One Casino. • Fresno will benefit from a planned $69 billion high-speed rail line running 520-miles from • Local conveniences include Walgreens, CVS, Wells Fargo Bank, Chase Bank, Save Mart Supermarkets, Starbucks, Target, Fitness Northern to Southern California, through the Central Valley. Slated for completion in 2029, Evolution, and Planet Fitness. this project is expected to support 160,000 jobs during construction, along with 450,000 permanent positions created due to the economic growth spurred by the system.

Listings.Mogharebi.com/CollegeApartments INVESTMENT OPPORTUNITY Unit Amenities Common Area Amenities PROPERTY DESCRIPTION

College Apartments is a 40-unit, garden-style, apartment community located in the city of Fresno, • Granite Countertops • Outdoor Picnic Area UNITS 40 California. Built in 1956/57, the property consists of single-story buildings with stucco exteriors and • Range / Oven (Gas) • Garden / Courtyard, Walkways RENTABLE SF 27,200 pitched roofs. The property offers 36 one-bedroom units of approximately 650 square feet and four two- • Disposal • Carport Covered Parking bedroom units of approximately 950 square feet, for an estimated average unit size of 680 square feet. • Dishwasher • Laundry Room YEAR BUILT 1956 / 1957 The professionally landscaped grounds feature manicured grass areas and trimmed shrubs. • Refrigerator • Beautfully Landscaped Grass APN 430-090-17,18,19,21 • Carpet Flooring in Bedrooms • Rental Office One Block From Campus: College Apartments are located just one block from California State University, Fresno (Fresno • Hardwood/Laminate Flooring LOT SIZE 1.47 State). in Living and Kitchen Areas DENSITY 27.2 units per acre • Fireplace (select units) Below Market Rents: The current rents at College Apartments are $0.92 per square foot. Our Rent Survey reveals at least • Air-Conditioning Asphalt Carports, Street another $.05 cents per square feet is available with no additional upgrades. PARKING SURFACE • Heating (Gas) Parking • Bathroom Tile Countertops Value-Add Opportunity: With the in-fill location, College Apartments is perfectly positioned to be upgraded which would PARKING 40 Carports result in substantially higher rents. ECONOMIC SNAPSHOT PARKING RATIO 1.00 Available for New Debt: College Apartments will be delivered Free & Clear. We have several lending options that would BUILDINGS 10 Residential provide the Investor excellent leverage and positive arbitrage. Situated at the epicenter of the Fresno metro in the fertile San Joaquin Valley, the city of Fresno STORIES One is the financial, industrial, trade, and commercial hub of Central California region. Hometo Access to Shopping, Entertainment and Freeways: College Apartments are: within one mile of Fashion Fair approximately 556,350 residents, the city of Fresno is the fifth-largest city in the state of California. FOUNDATION Slab-on Concrete Mall, a regional mall, with nearly 1,000,000 square feet retail; just south Shaw Avenue, the most important East-West Business Corridor; Prominent sectors influencing the region’s economy include agriculture, manufacturing, FRAMING Wood and within 1 mile of Highway 41, providing access to all of the central valley. government services, and trade industry. EXTERIOR Stucco, Brick, and Wood Multifamily Market is On A Strong Growth Path: With the improving job market, rent growth has exceeded both California State University-Fresno, located within walking distance of the property, • Pitched Composition the State and National Average, according to the nation’s leading Market Research firm, Axiometrics. enrolled over 24,400 students in fall 2016. On-campus housing can accommodate 1,200 ROOF Shingles students, equating to approximately 5% of the university’s total full-time enrollment, leaving Neighborhood Overview Located near the intersection of East Shaw Avenue and North Maple Avenue, College Apartments more than 23,000 students in need of off-campus housing. The university is also one of the ELECTRICITY Tenant - Individually Metered is within walking distance of the region’s principal higher education institution California State University, Fresno (Fresno State) and a top employers in Greater Fresno with 5,390 employees. GAS Tenant - Individually Metered short distance from the largest commercial airport serving the Central California region Fresno Yosemite International Airport. • Located less than a mile from the property, at Fresno State, is a $250 million mixed-use development, Square at Campus Pointe. The 45-acre development includes a 2,700-seat, WATER RUBS - Master Metered 16-screen movie complex, 250,000 square feet of retail and restaurant space, a 200-room, SEWER RUBS - Master Metered and over 600 residential units. Phase II will start in 2017 and include Hyatt Place Hotel and RETAIL, LEISURE, AND ENTERTAINMENT a meeting center. TRASH RUBS - Master Metered • Saint Agnes Medical Center, located three miles from the property, is a 436-bed state-of- HVAC Centralized (1 / Unit) Retail, Leisure, and Entertainment the-art medical center served by more than 2,400 medical professionals and staff members. Residents may choose from a plethora of shopping, dining, and entertainment venues that abound in the area. Design work is underway for a $68 million cancer research and treatment center on the Individual Water Heater (1 • WATER HEATER • One of the areas prominent shopping centers, Fashion Fair Mall, located within two miles of the property, features 963,000 square Clovis Community Medical Center campus, located less than seven miles from the / Unit) feet of retail space, over 130 retail stores, and anchored by JCPenney and Macy’s. Other notable shopping and dining retailers property. The three-story, 100,000-square-foot facility will open as early as summer 2018. FIRE PROTECTION Smoke Detectors include Abercrombie & Fitch, Apple, Auntie Anne’s, and BJ’s Restaurant & Brewhouse. • Community Regional Medical Center, located within eight miles of College Apartments, • Sierra Vista Mall, located less than four miles from the property, is a regional shopping center with more than 85 retailers and is the flagship hospital of Community Medical Centers’ three acute-care facilities. With PLUMBING Copper restaurants in addition to the Sierra Vista Cinema 16. Anchors include Target, Sears, and Kohl’s. 909 beds and a 58,000-square-foot emergency department, the hospital is the region’s • Anchored by Sears and Regal Manchester 16 Theaters, Manchester Center is located four miles from the property. This mixed-use only Level I trauma and comprehensive burn center. The Central California Neuroscience property features 176,000 square feet of office space and Regal Cinemas alone attracts 1.5 million customers annually. Institute, also located at the site, specializes in brain tumors, stroke, Parkinson’s disease, • River Park Shopping Center, located six miles from the property, features national retailers (LOFT, Best Buy, and H & M), dining dementia, and Alzheimer’s disease. It is one the major employers in the city with nearly (Applebee’s, Café Rio, P. F. Chang’s, and Ruth’s Chris Steak House), and entertainment (Dave & Busters). 5,840 employees. • Selland Arena, located eight miles from the property, is a premier multi-purpose arena that makes up part of a four-venue complex • Approved in October 2016, plans for a 20-year revitalization of 655 acres in the heart of of the Fresno Convention and Entertainment Center. downtown Fresno, located within nine miles of the property, will add 3.5 million square feet • Chukchansi Park, also located eight miles from the property, is a 12,500-seat stadium featuring 33 luxury suites and is home to of office space, 1.5 million square feet of retail space, and 145,000 square feet of industrial the Fresno Grizzlies baseball and Fuego soccer team. space. The project is expected to create over 18,000 new jobs. • Other nearby attractions and recreational options include University Park, Blackbeard’s Family Entertainment Center, Bulldog • Bitwise Industries recently built a technology campus in downtown Fresno, providing Stadium (at Fresno State), Fresno Art Museum, Saroyan Theater, Save Mart Center (at Fresno State), Fulton 55, Arte Americas, software training for careers in tech jobs and collaboration / innovation for startup businesses. Fresno Chaffee Zoo, Clovis Botanical Garden, and Club One Casino. • Fresno will benefit from a planned $69 billion high-speed rail line running 520-miles from • Local conveniences include Walgreens, CVS, Wells Fargo Bank, Chase Bank, Save Mart Supermarkets, Starbucks, Target, Fitness Northern to Southern California, through the Central Valley. Slated for completion in 2029, Evolution, and Planet Fitness. this project is expected to support 160,000 jobs during construction, along with 450,000 permanent positions created due to the economic growth spurred by the system.

Listings.Mogharebi.com/CollegeApartments PRO FORMA INCOME & EXPENSES

Current Units Type Unit SF Total SF Market Rents Avg. Rent

36 One Bed One Bath 650 23,400 $865.00 $763.11 4 Two Bed One Bath 950 3,800 $965.00 $778.75 40 680 27,200 $875.00 $764.67

TMG August RR / T12 Income Pro Forma Adjusted Expense

Scheduled Market Rent $420,000 $367,044 Plus: Section 8 Income - - Less: Vacancy 4.00% ($16,800) ($14,682) Net Rental Income $403,200 $352,362 Plus: Laundry Income $2,500 $2,500 Plus: Application, Late Fees $1,200 $1,200 Total Operating Income (EGI) $406,900 $356,062

Expenses Per Unit Administrative $65 $2,600 $2,600 Payroll - Onsite $300 $12,000 $12,000 Repairs & Maintenance/Turnover $750 $30,000 $30,000 Management Fee 5.00% $504 $20,160 $17,618 Utilities $700 $28,000 $28,000 Contract Services $210 $8,400 $8,400 New Real Estate Taxes 1.2290% $1,227 $49,099 $49,099 Assessments $557 $557 Insurance $343 $13,700 $13,700 Total Expenses $164,515 $161,973 Per Unit: $4,113 $4,049 Per SF: $6.05 $5.95 Net Operating Income $242,385 $194,088 Less: Debt Service ($150,690) ($150,690) Projected Net Cash Flow $91,694 $43,398 Cash-on-Cash Return (Based on List Price) 7.65% 3.62% Debt Service Coverage 1.61 1.29 GRM 9.51 10.88 Cap Rate Analysis Price $/Unit $/Foot Cap Rate Cap Rate Offering Price $3,995,000 $99,875 $146.88 6.07% 4.86%

Total Down Monthly All Financing Loan Amount Payment LTV Payment $2,796,500 $1,198,500 70% ($12,558) Proposed Mortgage Desired Total LTV Amount Interest Rate Amortization Payment Fees 70% $2,796,500 3.50% 30 ($12,558) 1.00% 40 UNITS IN FRESNO, CA | $3,995,000 4550-4596 E SIERRA MADRE AVE, FRESNO, CA 93710 a Mogharebi - a Mogharebi - LISTINGS.MOGHAREBI.COM/COLLEGEAPARTMENTS Company Ozen

IMPORTANT INFORMATION & DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no ROBIN C. KANE BRENDAN KANE ROBIN C. KANE BRENDAN KANE representations or warranties, expressed or Senior Vice President Vice President implied, as to the accuracy of the information. Senior Vice President Vice President References to square footage or age are O: 559.761.0020 O: 559.892.0036 approximate. Income and Expenses are [email protected] [email protected] O: 559.761.0020 O: 559.892.0036 estimates. Buyer must verify the information and CA BRE License #00583537 CA BRE License #01976828 [email protected] [email protected] bears all risk for any inaccuracies. CA BRE License #00583537 CA BRE License #01976828 Listings.Mogharebi.com/CollegeApartments