MULTIFAMILY PROPERTY FOR SALE BRENTWOOD MANOR 2928 Kenwick Circle, Lansing, MI 48912

OFFERING SUMMARY PROPERTY HIGHLIGHTS Sale Price $ 2,600,000 • Brentwood Manor is comprised of 43 2bdrm, 1 bath units, one 1bdrm 1bath unit, and one 3bdrm 2 bath. 45 Total Units: • Located on the north side of Lansing in the Groesbeck neighborhood. 57,777 Price Per Unit ($): • Strong underlying demographics in the 1-mile area: 12,391 people earning a median income of $49,507 37,300 Rentable SQFT: Minutes from Ranney Park, , and State University campus. 827 Average Unit Size • Easy access to retail corridors with and Eastwood Towne Center nearby. 1964 Year Built: • Fully renovated property in 2003 • Covered parking spaces for every resident 1.85 acres Lot Size: 8.1% Yr1 Pro Forma Cap-Rate 9.6% Yr5 Pro Forma Cap-Rate FOR MORE INFORMATION CONTACT:

John Nechiporchik Stewart Beal [email protected] [email protected] Tel: (734) 642-6986 Tel: (734) 320-6376 MULTIFAMILY PROPERTY FOR SALE BRENTWOOD MANOR 2928 Kenwick Circle, Lansing, MI 48912

Sale Price $ 2,600,000

BUILDING INFORMATION Structural System Brick/Masonry Roof Type Pitched Shingled Floor Type Vinyl / Carpet Heat Source Furnace Air Conditioning Wall Laundry On-Site Yes # of Parking Spaces 62 (52 covered) Submarket: Groesbeck Area Parcel Number(s) 21-01-11-406-010

UTILITIES

Service/Utility Source/Company Paid By

Electric LBWL Tenant

Gas Consumers Energy Owner

Water LBWL Owner

Sewage LBWL Owner Trash Waste Management Owner No. Approximate Current Average Monthly Pro-Forma PF Average Monthly Of Units Unit Type Square Feet Average Rents Rent/SF Income Rents Rent/SF Income 1 1bdrm 1 bath 825 $ 585 $ 0.71 $ 585 $ 650 $ 0.79 $ 650 43 2bdrm 1bath 825 $ 685 $ 0.83 $ 29,461 $ 750 $ 0.91 $ 32,250 1 3bdrm 2bath 1000 $ 820 $ 0.82 $ 820 $ 850 $ 0.85 $ 850 45 829 $ 686 $ 0.83 $ 30,866 $ 750 $ 0.91 $ 33,750

FOR MORE INFORMATION CONTACT:

John Nechiporchik Stewart Beal [email protected] [email protected] Tel: (734) 642-6986 Tel: (734) 320-6376 MULTIFAMILY PROPERTY FOR SALE BRENTWOOD MANOR 2928 Kenwick Circle, Lansing, MI 48912

PRO FORMA REVENUE Year 1 Year 2 Year 3 Year 4 Year 5 Scheduled Gross Market Rent 405,000 417,150 429,665 442,554 455,831 Late fees / Penalties / Pet Income 22,500 22,725 22,952 23,182 23,414 Laundry Income - - - - Expense Recovery - - - - Subtotal 427,500 439,875 452,617 465,736 479,245 Less Vacancy 21,375 21,994 22,631 23,287 23,962 Less Concession - - - - - Less Bad Debt 12,825 13,196 13,579 13,972 14,377 Total Rental Income 393,300 404,685 416,407 428,477 440,905

EXPENSES Advertising 1,350 1,364 1,377 1,391 1,405 Insurance 8,400 8,484 8,569 8,655 8,741 Legal/Accounting Fees 900 909 918 927 937 Building Maint and Repairs 33,750 34,088 34,428 34,773 35,120 Site Maintenance 5,400 5,454 5,509 5,564 5,619 Snow Removal 2,400 2,424 2,448 2,473 2,497 Taxes 50,685 51,192 51,704 52,221 52,743 Utilities 55,400 55,954 56,514 57,079 57,649 Property Management Fees 23,598 24,281 24,984 25,709 26,454 Property Management Fee (% Rev) 6% 6% 6% 6% 6% Total Operating Expenses 181,883 184,149 186,451 188,790 191,166 Net Operating Income 211,417 220,536 229,956 239,687 249,739 CAP Rate 8.1% 8.5% 8.8% 9.2% 9.6%

IMPORTANT NOTES AND DISCLOSURES

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. This document is for information and illustrative purposes only and pro forma returns do not purport to show actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular investment or course of action. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. No part of this document may be reproduced in any manner, in whole or in part, without the prior written permission of the seller, other than to your employees. The seller shall not have any liability for any damages of any kind whatsoever relating to this material. You should consult your advisors with respect to these areas. By accepting this material, you acknowledge, understand and accept the foregoing.

FOR MORE INFORMATION CONTACT:

John Nechiporchik Stewart Beal [email protected] [email protected] Tel: (734) 642-6986 Tel: (734) 320-6376 MULTIFAMILY PROPERTY FOR SALE BRENTWOOD MANOR 2928 Kenwick Circle, Lansing, MI 48912

FOR MORE INFORMATION CONTACT:

John Nechiporchik Stewart Beal [email protected] [email protected] Tel: (734) 642-6986 Tel: (734) 320-6376