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INSPIRA STUDIO APARTMENT PROJECT Confidential Summary

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INSPIRA STUDIO APARTMENT PROJECT Confidential Summary North Mesa Management LLC INSPIRA STUDIO APARTMENT PROJECT 320 Texas Ave 2nd Floor Confidential Plan Summary El Paso TX 79900 915-858-3100 and Proforma Financial Presented by North Mesa Management LLC 320 Texas Ave 2nd Floor El Paso TX 79900 Phone (915) 858-3100 Fax (915) 858-5353 www.NorthMesaManagement.Com Property Summary INSPIRA APARTMENT COMPLEX CONSERSION PROPERTY SUMMARY: www.InspiraofElPaso.Com The Inspira Apartment Complex Conversion: The intent of this summary is to describe the current benefits and financial proforma for the conversion from the current hotel to the planned apartments. The Inspira was acquired by the North Mesa Hotel Management group at the end of 2019. In January NMM began an extensive renovation of the property. All rooms were gutted of furnishings and new flooring, paint, lighting, and furniture was installed. The current project is ongoing with 35 rooms remaining to be renovated. In addition a conversion to sustainable desert landscaping was implemented along with other improvements in and around the property. At this point the improvement package is estimated to add value to the property of $1.9-2.4 million in the event of a sale. Location: The property is located south of North Mesa Street, on the north side of Sunset Drive. The subject is west of the Interstate 10 entrance ramp. Access is on North Mesa. The subject contains a gross building area of about 45,975 square feet. Additional features include a small breakfast area, guest laundry and an outdoor swimming pool. The improvements are situated on 114,199 square feet of land, or 2.6216 acres. Additional site improvements include a covered canopy front entrance, asphalt paving, concrete walkways, fencing, landscaping and outdoor lighting. Retailers and Opportunity for Employment: The property benefits from the area surrounded by restaurants and large-scale retail which will benefit and attract the residents of the property as well as provide for ample lower income job opportunities to those who live within the property. The property is walking distance from Walmart, Sams Club, McDonalds, Burger King, Village Inn, Taco Bell, Chick Fil- A, Home Depot, and hundreds of other employers and service providers in the vicinity. Security and Fire: The property is less than two hundred yards from the Westside Police Station on Osborne Street providing for a well patrolled area and quick response in the event of a need for any type of emergency. Fire Departments Services are within half a mile from the property at Love Road. Page 5 Building Specs LOCATION: 7815 North Mesa El Paso TX 79932 OCCUPANCY: Proforma 90% BUILDING SIZE: ±34,290 Rentable Square Feet YEAR RENOVATED: Renovated 2020 LAND AREA: ±2.6216 Acres, or 114,199 square feet 45,975 square feet gross building area Flood Zone Info Flood Zone C, an area of minimal to no flooding; Map No. 4802140026D COUNTY: El Paso ZONING: C-3 sc, Commercial District OWNERSHIP: Fee Simple PARKING: ± 137 Parking Spaces, with land area to support and additional 35 spaces. STORIES: Two (2) Floors. FOUNDATION/STRUCTURE: Reinforced concrete foundation with concrete stem walls and pad footings. Steel frame trusses and columns supporting steel decking with a concrete topping at the upper floor levels. Floor decks are concrete over steel decking. EXTERIOR WALLS: The building has a reinforced concrete foundation with perimeter footings over natural ground or compacted fill. Subflooring will consist of lightweight concrete covered with sheathing. ROOF: The roof is flat with a reflective cover over a metal deck. The covered front canopy roof is flat covered with a reflective cover with painted E.I.F.S. covered supports. INTERIOR FINISHES: Interior finishes detail ceramic tile or LVT floors with painted gypsum board walls and suspended acoustic ceilings. Interior doors are typically solid core wood or hollow metal doors in metal frames. HVAC: Each room has a wall mounted refrigerated air condition and heat unit. The common areas have package HVAC system. ELECTRICAL: The building is individually metered for electricity that is provided by a pad-mounted transformer connected underground to an interior Service Entrance Section. Electrical service is provided by El Paso Electric. Copper wire is provided for internal convenience outlet wiring and switching. Feeder wires utilized for supply to interior circuit breaker panels from the main service entrance section are reported to be copper. NATURAL GAS: El Paso Gas Service Provides Gas to the Property. WATER/PLUMBING: Domestic water piping consists of copper. Cast iron is used for main sanitary lines although a large portion has been replaced with PVC. ELEVATORS/STAIRS: There is one elevator within a separate exterior, but connected, building. There are (3) sets of exterior stairways. The exterior walkways from the elevator/stairs to the rooms have sealed concrete flooring, wrought iron railing and painted stucco ceilings. FIRE/LIFE/SAFETY: A remotely monitored fire alarm system is used in the building with fire/alarm strobes at exits. Fire Sprinkler systems in each room. LANDSCAPING IRRIGATION: Grass, gravel, trees and shrubs. Automated time clock controlled spray and drip irrigation system. Significant conversion to desert landscaping currently taking place. Page 6 Investment Financial Overview-$5,000,000.00 Purchase 20% Down PROFORMA 7 CAP RATE on Stabilization with 10% Vacancy Rental Activity Analysis Year 1 Year 2 Year 3 Year 4 Year 5 Potential Rental Income $1,066,800 $1,072,134 $1,077,495 $1,082,882 $1,088,297 Less: Vacancy & Credit Losses (106,680) (107,213) (107,749) (108,288) (108,830) Effective Gross Income $960,120 $964,921 $969,745 $974,594 $979,467 Less: Operating Expenses (432,753) (434,917) (437,092) (439,277) (441,474) Net Operating Income (NOI) $527,367 $530,003 $532,653 $535,317 $537,993 Less: Annual Debt Service (193,423) (193,423) (193,423) (193,423) (193,423) CASH FLOW Before Taxes $ 333,944 $ 336,581 $ 339,231 $ 341,894 $ 344,571 Property Resale Analysis Projected Sales Price $7,533,808 $7,571,477 $7,609,334 $7,647,381 $7,685,618 Less: Selling Expenses (226,014) (227,144) (228,280) (229,421) (230,569) Adjusted Projected Sales Price $7,307,794 $7,344,333 $7,381,054 $7,417,960 $7,455,049 Less: Mortgage(s) Balance Payoff (3,911,508) (3,820,642) (3,727,338) (3,631,532) (3,533,156) SALE PROCEEDS Before Taxes $3,396,286 $3,523,691 $3,653,716 $3,786,427 $3,921,893 Cash Position Cash Generated in Current Year $227,460 $233,825 $234,594 $235,348 $236,086 Cash Generated in Previous Years n/a 227,460 461,285 695,879 931,227 Cash Generated from Property Sale 3,396,286 3,523,691 3,653,716 3,786,427 3,921,893 Original Initial Investment (1,112,000) (1,112,000) (1,112,000) (1,112,000) (1,112,000) Total Potential CASH Generated $2,511,746 $2,872,976 $3,237,595 $3,605,655 $3,977,206 Financial Measurements Debt Coverage Ratio (DCR) 2.73 2.74 2.75 2.77 2.78 Loan-to-Value Ratio (LVR) 51.9% 50.5% 49.0% 47.5% 46.0% Capitalization Rate Based on Cost 10.32% 10.37% 10.42% 10.47% 10.52% Capitalization Rate Based on Resale Price 7.00% 7.00% 7.00% 7.00% 7.00% Break-Even Ratio 58.70% 58.61% 58.52% 58.43% 58.34% Operating Expense Ratio 45.07% 45.07% 45.07% 45.07% 45.07% Net Present Value (NPV) - Before Taxes 13.50% 2,174,546 2,178,806 2,174,399 2,163,164 2,146,636 Cash-on-Cash Return with Equity 225.88% 10.64% 10.35% 10.07% 9.81% Cash-on-Cash Return - Before Taxes 30.03% 30.27% 30.51% 30.75% 30.99% Internal Rate-of-Return (IRR) - Before Taxes 235.45% 101.94% 70.82% 57.20% 49.62% Modified Internal Rate-of-Return (MIRR) - Before Taxes 235.45% 94.37% 61.50% 46.90% 38.60% Page 6 Investment Financial Overview- CASH FLOW Year 1 Sq Ft Per Unit Year 2 Sq Ft Per Unit Year 3 Sq Ft Per Unit Year 4 Sq Ft Per Unit Potential Rental Income $1,066,800 2.59 700.00 $1,072,134 2.61 703.50 $1,077,495 2.62 707.02 $1,082,882 2.63 710.55 Less: Vacancy & Credit Losses (106,680) -0.26 -70.00 (107,213) -0.26 -70.35 (107,749) -0.26 -70.70 (108,288) -0.26 -71.06 Effective Gross Income $960,120 2.33 630.00 $964,921 2.35 633.15 $969,745 2.36 636.32 $974,594 2.37 639.50 Operating Expenses Accounting 4,800 0.01 3.15 4,824 0.01 3.17 4,848 0.01 3.18 4,872 0.01 3.20 Advertising 3,000 0.01 1.97 3,015 0.01 1.98 3,030 0.01 1.99 3,045 0.01 2.00 Association Fees 450 0.00 0.30 452 0.00 0.30 455 0.00 0.30 457 0.00 0.30 Auto & Travel 2,400 0.01 1.57 2,412 0.01 1.58 2,424 0.01 1.59 2,436 0.01 1.60 Cleaning 16,000 0.04 10.50 16,080 0.04 10.55 16,160 0.04 10.60 16,241 0.04 10.66 Insurance 21,000 0.05 13.78 21,105 0.05 13.85 21,211 0.05 13.92 21,317 0.05 13.99 Landscaping 8,200 0.02 5.38 8,241 0.02 5.41 8,282 0.02 5.43 8,324 0.02 5.46 Legal 5,000 0.01 3.28 5,025 0.01 3.30 5,050 0.01 3.31 5,075 0.01 3.33 Maintenance 26,400 0.06 17.32 26,532 0.06 17.41 26,665 0.06 17.50 26,798 0.07 17.58 Pest Control 1,800 0.00 1.18 1,809 0.00 1.19 1,818 0.00 1.19 1,827 0.00 1.20 Repairs 27,800 0.07 18.24 27,939 0.07 18.33 28,079 0.07 18.42 28,219 0.07 18.52 Supplies 5,100 0.01 3.35 5,126 0.01 3.36 5,151 0.01 3.38 5,177 0.01 3.40 Property Taxes 46,103 0.11 30.25 46,334 0.11 30.40 46,566 0.11 30.55 46,798 0.11 30.71 Personal Property 12,000 0.03 7.87 12,060 0.03 7.91 12,120 0.03 7.95 12,181 0.03 7.99 Electricity 104,000 0.25 68.24 104,520 0.25 68.58 105,043 0.26 68.93 105,568 0.26 69.27 Telephone 4,500 0.01 2.95 4,523 0.01 2.97 4,545 0.01 2.98 4,568 0.01 3.00 Trash Removal 18,200 0.04 11.94 18,291 0.04 12.00 18,382 0.04 12.06 18,474 0.04 12.12 Water 102,000 0.25 66.93 102,510 0.25 67.26 103,023 0.25 67.60 103,538 0.25 67.94 DIRECTV 13,000 0.03 8.53
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