1322 D STREET PROPOSAL 2 3 PROPERTY OVERVIEW 1332 D STREET

Your Honor, ABOUT Please find below one (1) property valuation for 1322 D PATRICK Street, Sacramento, CA 95814. STELMACH Building Type: Victorian Gross Rentable Square Feet: 2,200 SF Total Parcel Square Feet: 6,534 SF Year Built: Unknown Patrick is the Director focusing on multifamily, residential Construction: Wood Frame income and mixed-use properties in the Urban Core. Prior to Stories: 2 joining Turton Commercial Real Estate, Patrick was involved in APN: 002-0123-007-0000 high-density infill housing projects as a public affairs consultant Zoning: R-3A and grant writer for prominent multifamily developers, including A.G. Spanos Companies and Domus Development. Patrick began 1322 D Street (the “Property”) is an approximate 2,200 square his real estate career as a Realtor representing homeowners and foot Victorian style multi-family building located on the south side managing his family’s residential income properties. With a breadth of D Street, bounded by 13th and 14th Streets, in the submarket of market knowledge and financial analytics, Patrick advises clients better known as Downtown. The Property is located within the in buying, selling, managing and improving real estate assets to “Mansion Flats” neighborhood, also known as the Washington maximize value, sustainability and livability. Having been raised in Historic District. This Property is a very attractive opportunity for Sacramento, Patrick has a deep admiration of historic architecture an owner-user or investor seeking a charming, well-maintained and design. He speaks fluent Polish. residential property in a centrally located area. The Property is a Duplex, or “Duet,” with two stories, one unit on each floor. Each unit has two bedrooms, one bathroom, measuring approximately 1,100 square feet. The ownership purchased the Property in 1998. Currently the tenants are paying $1,100 and $1,200 per month (100% Leased). The Property has a large backyard that backs up to the alley, which may provide an attractive future development opportunity or parking solution. Mansion Flats and neighboring Alkali Flat are the oldest standing residential neighborhoods in Sacramento, with homes and businesses that date back to the early 1850s. Sacramento’s prominent merchants and political leaders built their ornate mansion homes. The most famous of which is the Historic Governor’s Mansion. Alongside them, employees of the railroads and other industrial workers built smaller but beautifully decorated MAXIMUM NET PROCEEDS homes. Over time the neighborhood changed roles but remained BREAKDOWN a strong community, becoming the home base for Sacramento’s legendary Chicano arts/muralism collective the Royal Chicano Air Force. In recent years, new businesses have opened up in PAGE 19 the neighborhood, revitalizing old buildings and accompanied by modern infill homes on formerly vacant lots. The Property’s proximity to the Golden 1 Center, and the surrounding exciting amenities and large employment centers, may serve as its most underappreciated characteristic. The multi-purpose 780,000 sf, 17,500 seat Golden 1 Center is a transformative project for downtown. The new “Home of the Sacramento Kings” is expected to attract over 1.7 million attendees to a projected 190 annual events and generate over $230 million in annual economic activity. 4 5 PROPERTY OVERVIEW 1332 D STREET

As a result, developer interest in properties throughout Downtown has been robust. In addition to the significant high-rise development projects underway, there have been numerous smaller properties subdivided into two or three lots in order to retain the existing historic homes facing the street and develop the new alley-facing lots into additional residential units. Recent examples serving as case studies include 1318 F Street, 2010 F Street, 816 T Street, and 2021 S Street. The Property at 1322 D Street represents one of these few contiguous parcel opportunities with potential for additional rental units or parking spaces in Downtown, thus dramatically increasing its marketability to a myriad of investors, developers and owner-users. The estimated fees to the City of Sacramento Planning Department to subdivide the 6,534 sf lot into two lots to build a second duet, for instance, would be approximately $3,758, although there are several variables that would increase fees. In addition, there may be additional expenses for architectural construction and site plans, land survey, engineering, and building permit fees, among others.

The Property is also a stone throws away from many locally owned retailers: Sandra Dee’s BBQ & Seafood, Shine Cafe, Yoga Seed, Taqueria Jalisco, 524 Mexican, Barber Blues, and Sampino’s Towne Foods. Within a short walk, residents of the Duet can enjoy the performing arts at the California Musical Theatre, Sacramento Theatre Company, and Memorial Auditorium. The Property is also close to leafy places for outdoor recreation, including Muir Playground and the American River Bike Trail. To meet the growing needs of families in the downtown area, the Sacramento City Unified School District will reopen the Washington Elementary School in September 2016, as a neighborhood school with a focus on a STEAM (Science, Technology, Engineering, Art and Mathematics)

The Property provides a Buyer with the following advantages including, but not limited to:

• Excellent location near Golden 1 Center, Downtown Commons, K Street, Convention Center, State Capitol, Amtrak Sacramento Valley Station and the Railyards redevelopment project • Located in the midst of Sacramento’s development renaissance • Short distance to Midtown, Old Sacramento, West Sacramento and Natomas • Charming historic architectural features • Immediate in place income from the current tenants • One contiguous 6,534 sf parcel • Possible urban infill development opportunity in the backyard for parking garage or additional units, facing the alley • Proximity to I-80 and I-5 freeways • Pedestrian and Bike-Friendly Neighborhood • Short walk to public transportation lines, parks, variety of eateries and amenities • One of few Downtown multi-family building purchase opportunities • One of few land purchase opportunities Cashaw Way y ive Sa y r F in s D M ts a on out bury D Truxel Road n Wa ibb O rive li G issi p W u s eet z Circle n Cou Mod tr o e n

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Corkwood Court Seren Millview Court Barandas Drive ree rt Kentfield Drive Sandcastle Way t Dale Avenue Cou Miramar Road Burney Way Capitol Oaks Drive

Bergamo Way Mysin Way Reiner Way Capital City Freeway Lexus Nordell Way Bergamo Court Leslie Lane Virgil

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Santiago Avenue Anna Way Shenstone Way Cannon Street Orlando Way Ro

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N Weste River West Driv Harvard Street Orchard Lane an RiverRi Drive West River Drive White y Orchard Lane V ver Marta Bella Way El Camino Avenue Foggy Bank Way West DrWest River Drive ive e skateboard park Arbury Street Jonalan Drive West El Camino Avenue Wa Jersey Way El Camino Avenue i

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Riverscape Court Bridle Path Lane y Wailea Place Country Club Plaza Mall rt u Fulton Avenue Fernley Avenue R o oy Avenue Laramie Lane Connie Drive C Albatross Way Melvin Drive Steelhead Creek Babcock Park r Roxie Way Sweet Pea Wa Joan Way Shady Arbor Court Nautica Court River Plaza Drive Albatross Way Joan Way Mano Orchard Lane our Drive West Side Freeway;West Side Highway Edgewater Road Swanston Jack Perry Place Calvados Avenue y urt La Paloma Wa

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Trigo Way ar a THE Adams Lane Cody Way La Boyd Drive in C Cormorant Way Verne ay Bowling Green Drive ourt nt M Way

Jefferson Avenue Butano Drive ai nn W Highridge Drive

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El Prado Way El Prado y Arden-Garden Connector Way Ellington Circle Nelroy Way

Dunlin Court Forrest Street

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Str Keith Way Penn Court y Hardcastle Lane ing Cou et e Baywood Drive r t Wa Gateway Oaks Drive anta Forrest Street S

Oakmont Street et

C Fairfield Street uppi ive Camb Martinez Subdivision d Atwater Road St Choices Charter School Harvardtre r Atwater Road rt a M West River Drive River Plaza Dr d S v idd Weldon Way Donovan Drive Dale Avenu r va l Marina Glen Way Del Paso Boulevard Har Kittiwake Drive r eber Woodlake Drive a Garden Highway eet H York La Mesa Way New H r Gateway Oaks Drive y Santa Anita Drive Crescent Court Butano Drive shire R Howe Avenue Knapp Way

Acoma Street e oad

dith Str

a E d Royale Road v Roa Natomas Oaks Park Tevis Road Robin Hood Cou e Laurelwood Way Byron Road y oa Su Cortez Lane

n Road Kincaid Way Wa Col Blackwood Street rt Lorenzo Lane d r re e fax Street Pilot House Way Garden Highway u y Manchester Road

Swainson Roa Clear Circle River Shoal Avenue te Aven Violet Street Winafred Street n nterbury R d rt rt a ou u El Mo C o

SR 160 Emerald Court C

Carlotta Drive SUBMARKET Juanita Lane r Barstow e Avocet C R Cascade Road v Madera Road E Blackwood Street o o Gramercy Drive

d ckb El Monte Avenue Figwood Way d Levee Road g American River Bike Trail ew S r An York idg treet at ay e Cottage Way

Cottage Way e R e W ivulet Court R ll r S iv R Hacienda Way r oa Crane Court tree Porter Way

o t d Cottage Way Burre D a Northgate Boulevard s

d t Bircher Way County Road 124 our Aco nu

e Eric Road W Watt Avenue

V

m e Road at Delta Queen Avenue a Stree e idge C rf Lochbra or

Sacramento Northern Bike Trail k R d

Cottage Way Maddox Court R ar

t o P J ad a mes Sussex Court Tule Road Smokestack Way Oxford Stree Wheelhouse Avenue t Channel Court Sunset Avenue own Tesla Way ay e Rockwood Drive

n e Sternwheeler Way Li e a e g y W h D L

Fountain Driv ve Ethan Way Fo ur tner Cour Lan Johnston Road rive ne enu

Belcot Road le c x v Johnston Road a us La d H

t n o Ceres Way Mer

l Rockwood Drive e low ne A Castelleja Court

phe North Sac Mhp don lroad Dri t Trimble Way i Medusa Way

La Adonis Way reet Ard Garden St aph

Prime Downtown Location Mor Ra Blumenfeld Drive Lan ne Tower Avenue D Oakleaf Avenue Neptune Way CA 160 Devon Lane ay Crawdad Court Royal Oaks Drive Way Morse Avenue Riverbank Road Belcot Road Royal Oaks Driv llis Point West W esta W n Road oe J V

e Kincaid Way Dea Santa Lucia Way American River Baxter Street Al Way Flowers Street y Capital City Freeway Richmond Street Wa ad Arden Fair Mall tie Mead Cly Wurth Court ow Lane d olo Levee Ro Two Rivers Bike Trail a

Y a Point West Way Rolling Hlls Road o East y Winding Creek Road Juniper Lane R Fountain Drive

lls

Cottage Park Avenue Terrace Drive

Hi

Winding Creek Road g A n rden C lli Light Rail Globe Avenue o R Bell Street r Waterford Drive eek R Exposition Boulevard oa Woodstock Way Ulysses Drive Jibboom Street DoubleTree by Hilton Sacramento d Woodland American River Bike Trail CA 160 Howe Avenue

Tule Jake Road Golden State Middle School Media Place

Fountain Drive Todhunter Avenue Wyda Way Windemere Lane Arden Creek Road Commerce Circle Apartment Lane

West Side Freeway;West Side Highway Leisure Lane San Marque Circle

Ce ay

ive Fee Drive Wyda Way r Levee Path W Arden Way es Bercut Dr Jasmine Avenue Terrace Drive Capital City Freeway est W

W Richmond Street River Crest Drive a t Leisure Lane y

oin

Holland Drive P Markston Road Armstrong Drive Maplewood La V er Park Drive va Place Ne v Riding Club Lane Riding Club Lane esta W American River Bike Trail Tribute Road Ri Jerron Place Rogers Street ne ptun Juno Way

Gene Myrtle Avenue

e

ay

Heritage Lane Richmond Street Street Slobe Avenue Alta Garden Lane Arden-Arcade W Carrie evard ay Thor Way

ad

o East Lane reet

oad Boul Canterbury Road California Highway Patrol Academy Airport R St fic Elmore Way R

The Downtown urban core is the perfect fusion of locally-owned 1451 River Park Drive on Smilax Avenue Response Road Best Buy en aci North 5th Street st

k

Road r Marston Street eet r CA 160 Alta Arden Expressway nse Gerald Avenue spo Ma Ash North 3rd Casitas Bonito Kersey Lane th St Re Anderson Wa y Maple Gl Sequoia P Glendale Avenue ale Lane Glendale Avenue Glend Trade Wind Avenue North 7 Willet Court Bowerwood Drive

Ku Toys R Us Markston Road Eden Roc Lane b

e Alta Arden Expressway Way Taber Street l

Bryte Elementary School C businesses, organic youth-infused retail and services, carefully selected Expo Parkway uto irc Lane Drive l Village Random Lane P l e us Brier Way Wayside Lane Orion Way Avondale Avenue Rolling Hlls Road en V Exposition Boulevard Via Grande Vulcan Drive Olive Oak Way Commerce Circle Park Place Drive Jibboom Street Challenge Way Richmond Street Bryte Park t Pierce Street Costco Bonnie Way P Martinez Subdivision riveark P Richards Boulevard th Stree 0 Markston Road Olympus Drive national and regional retailers, the best restaurants east of the Bay Bridge, Wright Street ce D la la th 1 ce

Mission Avenue P r Lathrop Way k r Dr a Puma Way No Cathay Way Lane P Ethan Way ive Vine Street is Lane De ks

rav Arden Oa

Levee Path Adonis Way T Alyce Norman Elementary School vons Ladino Road Arden Way Jack in the Box Professional Drive hir Short Hills Road

e R

Resp Marcia Lane

Bannon Street Daphne Avenue an eclectic mix of high-end demographic occupations and a range of Response Road onse Road Arden Way oad

y Bowlen Drive Morse Avenue

Killarney Lane Arden Way Wa

t Joan Street y Milton Stree CA 160 r Short Street cu

r e Arden Way Marina Way Yolo County Sacramento County Hurley-North City Exposition Boulevard Sacramento County M Arthur Drive urt May Street o Howe Bout Arden Fulton Avenue ullivan C Co S Sh eet housing all magically embedded in a landscapearian of unique older buildings Agnew Court o Charles Street Street tr pe Hilldale Road S Heritage Lane

r Executive Court Eliza W se a y Las Pasas Way T a Way Street oui ribute Road un L g t La r La Playa Way

u Hood Road treet Watercolor Lane Executive Court El Nido Way Saca Lane Co s S Safari Court Capital City Freeway t Burrow e Anna Street Vagabond Way Valmonte Drive n Cummins Row Apartments Safeway 1530 n

Bo Levee Road t Is e a

b Copenhagen Way and mature trees. Developers and investors are now highly focused on the Gannon Drive ue North B Street tre e Street l a S S American River Bike Trail Wayland Avenue y treet Lisbon Aven s Wa Eliz n Azure Court Holy Cross School et Ta 38° 35' 37.5" N re 38° 35' 37.5" N co b Drew St s Rio McGowen Way rt C El Ri

Yolo Street Lemming Court urt

Solano Street Do eam Avenue o Barrington Road Mendota Way o Ethan Way Cou u Water Street t C o rt D r z Kovr e e La Drive North Hobson Avenue l Sunb Maison Way ta Street w Suri Salix Way y Hill Court Rich Street Stree lo Vico Way North D t f ta Stre t y e Wa a iv

r Menlo Avenue Fourness Drive Street n y Lighthouse Drive Min Clinton Road McCarthy Court M o La D t Wa e “cool” old buildings andMorse Cour key infill properties within the downtown grid to e s Cru t Cummins Way Trussel Way ent Star Court Wil ay ces man

Gladstone Drive C Bryte Avenue Sebastian Way Way Sacramento Subdivision Gor t Nickles Way Sitka Villa Font Way rive Bell Street za D Riverpoint Drive No Street an Reed Avenue 8th Street rth B th Stree E 1 Holt Way sper Street liza E Cresta Park Street Sacramento Northern Bike Trail th 1 S r Stuart Court tr Moore Way Sunset Avenue eet S Barnett Circle No prou Wittkop Way le Wellan 6th Street Avenue further capitalize on this increasing demand. Unique historicDouglas buildings and d W a Inglewood Drive y Hardy Drive Kellen Court rive Bolsa C tler D ourt Beu e Ellio y t Str Greenwood Avenue Fairway Drive nu eet urt Berkshire Way a Elder Drive Hallmark Drive ay Hobson Ave Inge Co W as W y n Wa sta

ali Joby Lane

James Street Basler Street Brighton-West Sacramento/Rio Oso-West Sacramento ay S Cre astian Reed Avenue Cal Expo Gate 10 Hesket Way s eb S La En McCormack Avenue m W Hyde Way gb A Street El Tejon Way Marigold Lane o erg C Julian Drive Union Pacific Railroad D Marguerite Way Berrendo Drive o warehouses, multi-story downtown midrise structures with impressive C u Somerset Road rt Harbor Pointe Place orta Fremont Boulevard Country Road 136 North B Street Riverpoint Circle Way Riverpoint Circle Country Road 136 Berrendo Drive Alvin Street Simon Terrace Levee Path Bonney Field D Dobros Terrace North 7th Street ay Andrew Street Dreher Street Dri e Windemere Court Somerset Drive Keeney Way Hurley-North City/Elverta-North City Chelsea Road ve Union Pacific Railroad Cal Expo iv Riverside Parkway r D

Elm Street Wyant Way Chic

o North C Street y a window lines and ceiling heights create the foundation for amazing a W t D Panda Express

Home Depot e Jonas Avenue t el The Golden 1 e a Anne Lane r t American River D Difani Court y our West Side Freeway;West Side Highway n C Williams Street North C Street ly rri Kegle Drive Je

Yolo Street Sacramento Avenue th 18th S County Road 136 r Tributary Lane No Levee Path Outback Steakhouse Del Da Casselman Drive Rowena Way

Sierra Place y Rushden Drive o Drive Beardsley Drive Railyards Boulevard Riverpoint Circle B Street Riverpoint Circle Reuter Drive Bakula Way

opportunity.Mikon Street Large infill housing and mixed use development projects Greenhills Road y Sierra Madre Drive Capitol Place Apartments Elizabeth Street a ne h W La

eet itc r ourt F t

C randy Washington Place Thornton Avenue B S Mariemont Avenue

t e Riverpoint Court 5th Street

e Fulton Avenue Westwind Estates 3rd Street th e r 12th Street t rac 14 Citrus Street Metro Lane S McDowell Lane Arroyo Grande Drive rive Way Ph Oak Street North B Street o D Elkhorn Plaza C Street Metro Lane Gladstone Drive Glenwood Road s il omen A Street ern Hurley Way Shadowglen Road ay Old Sacramento State Historic Park North Ah Oak Ter Pasa e Del D

Topaz Way s Hurley Way a C ou L M rt Riverpoint Circle California Street 2nd Street iss are scattered throughout the grid, indicating regional growth and an Union Pacific ive Elm Street t ion r Dr u o Ross d Jacob Lane Av

Co en Way Martinez Subdivision r ur enue Ikea Court C Street S Levee Path Ber El Rand Lane

A Street Levee Path Crisp 8th Street Martinez Subdivision Blues Alley cle Cal Expo Gate 12 ne ir Martinez Subdivision t C

4th Street Michael Lane ay 5th Street Riverpoint Marketplace La l Churchill Road North City Substation G C Street Macaul 3rd Street h Stree hae en increased emphasis on inner-city living. If one looks at the history of urban c e C se 11t Mi a Martinez Subdivision Clinton Road e M Embarcadero Drive Wayland Avenue rt Co a Union Pacific Railroad St er cau t North 16th Street Martinez Subdivision ew u R r ee lay o t 2nd Street tr a Dealynn Street r ad t Ci Manzanita Way D Street R

Martinez Subdivision Los Alamos Way r th S oad cle Jefferson Boulevard 0 Windsor Drive 1 North 17th Street Walmart Triangle Court C Street Bristol Road Hurley Substation A Lyon Avenue Lantzy Court r La rive Harriet Lane de Levee Path y D Matheson Way nt a n e st H r i development in Sacramento along with the current composition of activity, Wa Franmore Court n V E Street ill s Co 14th Street Co Oak North 18th Street Ethan urt I Street Bridge Jibboom Street u n Wemberly Drive try Cl Martinez Subdivision Street Ramon Drive Maple Street

Street Belfair Court Martinez Subdivision Alderbrook Way rt 5th u La 3th 1 b L

Zapata Park Morton Court 1 nt n Cou Puente Way an ern

West Street Washington Avenue Platform B Bodega Court e Heller Place C anter o L Rice Avenue Democracy Alley Dresden Court u Holly Street rt 2nd Street

McKinley Way Shadydale Court Oxford Street 7th Street Memory Lane

momentum and demand, the most attractive opportunities reside within D Street ay e 6th Street Mayfair Drive v Erlewine Ci W Irma Way Dri F Street ok Wayland Avenue e o al 7th Street Corsair Drive Howe Avenue E Street rbr Humboldt Way rcle nnd

de y

l Clinton Road El Toro Way 6th Street Parkington Court L Meadowbrook Apartments 11th Street Natomas-Hurley A Landsdale Court Rivara Circle Stillwater Road Fairlake Avenue Castec Drive Martinez Subdivision Parkington Court 6th Street Martinez Subdivision C Street Village Drive Edward Court s Lane

ll L i os

4th Street Glide Avenue Larkspur Lane Coches C Street the Grid, and the opportunity with versatility, fantastic location and great ra M

Poplar Avenue 3rd Street C Capital City Freeway Procter-Hurley er Portsmouth Court Street i Sierra Mills Lane Way

S t F Street e e 8th Street eet r C Street rcle S t Agatha Way t t Ci an Str e ee Olive Lane Y r Lilac Lane Discovery Museum History Center 1322 D th STREET C Street Erlewin Amberwood Road s 9 Eggplant Alley id Go We Stree r Duluth Street 18th S o Entrada Road h Way r Castle Court Hurley-Tracy llwor d I Street on Waterfront Place 17t 20th St Roxburgh Lane Los Walnut Street Woodland I Street th Lane L Pecan Street et an

H Street Co Shaw Drive tre La Salle Drive e Waterfront Place Ventu Ham upside with low risk is 1322 D Street. S ches Roxburgh Lane Chaparral Way h Grant Park Street treet pt SR 16;SR 24 r e C o 15t h n Buena Vista Drive Way h S Morse Glen Lane Singingwood Road Evelyn Lane Ro 19t o eet u Riddle Court Corona Way 20t r t G Street rt ad Via 18th Street D Street Imran Drive h St Wi S Waterfront Place Stree American River Bike Trail (Levee) Sea Brook Court av lhagg t 28t on Bevil ane a

Tiptoe Court 2nd Street rk L La y Ransom Avenue in J Street a Pa Welcome Grove RV & Motel Pa n Michigan Boulevard Levee Path in e Sacramento County Courthouse Fat Alley h Stree W s Hempstead Road hagg r Moddiso Sienna Lane il k 14t W Lane Pic

6th Street C Street a Jenning n A d Ziggurat illy Glide Court Martinez Subdivision venue Roselake Avenue B Street Villanovo Circle Circ Laurel Lane 1st Street Tembrook Drive La Habra Way G Street treet Cav le 4th Street

h S t t r a Sacramento County Administration Building u Cou 2nd Street 25 Lanatt o En Ca Safeway 2269 t r rt Sienna Lane T S e C Lunar Lane T treet u rt e terpri a Co u o nn Grand Street B Street s D Street Clyd ca Tuscan La Woodland t Joseph Avenue ourt yson

Of all the sub-markets within Sacramento, Downtown stands as the Doranjo Way u r n C s t e L Commerce Drive e W Levee Path Dr Tower Court Fern C Bre a Schaffnit Manor Apartments Roselee Way y Way n ne K Street E Street Lan bledon un b a Tower Bridge Gateway e h Stree t e ive Wellington Drive y r Raley's Landing k Rockrose Road 9th Street C Stre r t 9t Ave Wim ou Houston Street C 1 Street nue Loazell Court mers h o er 1st Street t S e Marlboro Stree a Par 24 t Elvas Av r

Evelyn Oaks Chauc

h t Ardenridge Drive T Harbor Boulevard t er Franklyn Way Moddison Avenue i u S s 10 H Street ca ugh Wa Galveston Street Northrop Avenue Tuscan Stree S n L Front Street e h ev Lane nu a Patricia Way e Al en ne Shaw Drive most desirable, boasting impressive real estate analytic numbers rivaled by Terminal Way 29t y 12th Street Sunset Village Apartments Northrop Avenue Oak W le Maple Street C Street y Teichert Ave ixfo Madrone Avenue West Capitol Avenue s Mei

B Street ne Way Elvas Avenue Lan r Wells Fargo Pavilion i d L Street s Flossie Avenue El Rancho Mobile Park Westacre Road W ter n C 5th Street Lup ue e Woodside Lane Way r a ock Fal y urt Street l rd er e Ro Garden Street h F Street eet as Co n r R l AutoZone t e b y Tower Bridge in 27t e Way a Levee Path oad Tolen f L 26th Street Way Wa ouleva C k Martinez Subdivision Neasham Circle Merchant Street L a c o B ake ne l 29th S C Street umbia a rsto Primros Oak Cedar Street few markets in Sacramento. In the Mansion Flat neighborhood, the averageDelta Lane e v Front Street Fat Alley a S D L el Wh r C sey iv o 10th Street Swanston Park Alhambr Car e Sierra Oaks Vista Lane urt ite e D Street riv ha C t

Raley Field Front Street r D our i r ngton Street a ll Walgreens isco Circle t u r D Sutter Avenue s W o er t C Ea Si ove C Street D Street Alley y a Re West Capitol Avenue y ay Court l C La Saverien Drive W r E Street a co 5th Street Wa Lane g Eggplant Alley le r

r R a e e t d Azalea Road Adams Road cery ncy Circ u Canal Street lo o H rt C Governor's Mansion State Historic Park e e So an g Alto h h Capitol Mall 10th Street er Way El C West Sacramento 3rd Street u tre Tay ir 30th Street reet Woodsid t S Larch Lane C n Co h cle Woodside Lane Carro Drive Cat hor wi rental rate for a 2-bedroom apartment is $1.50 per square foot per month, h le Sinclair 5th Street c 2nd Street ro urt k W 29t La Los Asht Raley's 43rd St Je Ballpark Drive J Street Mc Kinley Boulevard W ay G y r ay o K Street ome M n D a Blackmer Circle o e San Mi W l ol eta rive y El Rancho Court E Street i rt Democracy Alley nos e Wa Spanos Court Exeter Square Lane Huston Court Cou West Capitol Avenue W Bail Light Rail I Street gue et Tower Bridge GatewayChromium Drive Way Kayak Alley y ay Wal Northport Drive D Street Merkley Avenue l Way Crick Street Sa Riske Lan Jazz Alley d n Court Sa et n u 2n Mill ta in e t t i 3 a t Steel Lane Tivo G Martin C

39th s Midas 6th Street Rit len Lagun Martinez Subdivision a Boulevard smaller units procuring approximately $1.70 per square foot per month and rr R Jack Lopes Trailer Court Street ie l S a K Street H Street Str i Way Ehrborn Way o C ou Cobalt Lane a rt 30th Str W our 1st D Street eet Woodside Sierra d 2 Government Alley a N Street t 9th Street y ra

Es Wingfoot West Sacramento Willow Avenue rt t Graphite Lane a t ide Sier D Rio Americano High School tes Garden Acres Mobile Home Park San ay s o Palomar Avenue Margaret McDowell Manor Apartments et rking ee W e Tin Lane Wells Fargo Center ard Cou Driv Antonio Way Pine Street tr ood w e C Sacramento Convention Center Str S v o W u h eet Se e O Street iken th tr rt Walnut Circle 2nd Street Ironworks Avenue t A 9 S Minerva Avenue Dri Sa e State Capital Center 34t 4 larger units trend towards $1.30 per square foot per month ($1,400-$1,700 O Street US 99E th La Re rel n tre 50 u ke W i rd R rive A Walnut Street d a D l a Ash Avenue Historic Alley Way am ton C A Street rcle L dt Caleb Ci Barberry Lan El Encino Way lan K Street s lev il on h Cort ou Proctor Avenue Moss Federal Building 11th S u a rt A P e W gg enshur venue Bo Oak M Mc Kinley Boulevard 41st Street Alley Balboa ay Greenmeadow Avenue in La Leita Circle O Street e o ys Pecan Court 36th Way Drive O Taco Bell Street Capitol Mall id F Street ay t s s i 3rd Street G Street c Lane f t eet f h d C Morning Glory Street t ha o tr o 4 et ur ronad e S m C

Marigold Street Johnson Road t 13th Street K Street Shepard Av o tr h etty W Capitol Mall Wo C ne S B Casmalia Way

o 46t St ate rberry La u rt for 1,100 square feet). Across all apartment floor plans in Downtown, we e enue S Evergreen Avenue 44th Elde n pilma Av American River Bike Trail Watt Avenue a

Garnet Street en B Street y Evergreen Avenue a L ue

n Av Shangri Lane n A Street Feature Drive South River Road O Street W B Street J Street llo enue Evergreen Circle 14th Street a Feature Drive Coke Street a Fulton Avenue CA 99 G Street m F Evergreen Circle lo ane o

Balsam Street 9th Street

Sycamore Avenue Hemlock Street L C o ive Briarwood Drive r Morse Avenue Holly D Jerry Way L d Court Oakmont Way Drever Street River Walk Trail Improv Alley Metr re Drive ak ce Lilac Lane I Street tu e la et Wi Guildfor et C P Street e e l P h a I 80 Business;US 50 ll Fea a are currently seeing a wide range from $1.20, up to $2.50 per square foot, tr g m a Park Way S g Str in M b ane K D o r t a L nd evi r r Leland Stanford Mansion State Historic Park Historic Alley McKinley Park ive ris in Doran Avenue Sellers Way ee 44th 52 Lin Co Capitol Park r Marsh tro ng Wa

I 80 Business;US 50 n t urt Me on Co et y O Street Audubon Place N

Orchard Way o Webster Street 7th St H Street C 1 Fai r o th R Hickory Way Buckeye Drive American River Bike Trail (Alternate) I 80 Business;US 50 et urt u r y r A tre t i Brand Way O ver West Capitol Avenue s S Mon a h Pavilions Lane Way Wa Pavilions Lane ton ks h Mills Road o Court et a a e le Cosmos Avenue ajar D Street B P Tower Street 18t r e Av P Ad HeadHunters oulev Webster Street Rice Mill Road St Drive ark Lan depending on the location, amenities, size, age and condition of the units. La I 80 Business;US 50 S N Street 15th Street enue an L go e Wycombe Drive I 80 Business;US 50 n a 33rd a marsin r adillac Pine Garden Lane L I 80 Business;US 50 treet uc d e C s as W E Street F Park Boulevard et t Tur rive Historic Alley th S D Street ion H a e n r 4 B Street D Lane a ir

I Street o Wa 3 w Canna Way ay O rg thorne O Street Pavil D Freeboard Drive Terminal St; Front St; Shore Street Stree u a reet y d b k u Chicago Fire Street d Avenue r L s h a y n Norfolk Street d el Way 20th St t Street a Thor Drive Meadow Road a s itol 5 n Fair Oaks Boulevard B h 42n v R Ram te p 3 Ruth Court Fulton Avenue B o American River Drive o Virginia Avenue F Street le r Sa ad r u 2nd St 36t Pavilions Lane ea u Rodante Way Ca nez W le Wa Marshall Park o 5th Street P v Y B W ar a y B Bragi Drive 13th Street ta rk s os Lake Road C Street a d Sydling Court B a Way k y Fair Grovesnor Court a Jackson Street an t 39th Street a o n S im Ash Zipcar n k Fair Oaks Boulevard E Street O Stowe Way Maryland Avenue I Street Knightsbridge Lane C

Fair Oaks Boulevard Dri C Rose Court City Bicycle Works iss ir t o 7th Street 10th Street on E Street F Street Alley a ou I Street F Street ur Tho urt Fair Oaks Boulevard F v r Sreia Drive P e D Levee Path t O Street a r r n iv L Sie le 10th Street Improv Alley y W e Drake Circle

r Fernwood Street Frey Drive Hopkins Road r Stebbins Lane Industrial Boulevard Lawson Way 8th Street Liestal Alley a a y t L E Starboard Drive h Street t Opera Alley a xet ee Odin Drive 7t r ne t 3 Larch Lane Motel 6 e 1th Street Campus Commons Golf Course r The market is truly dictated by recently completed sale and lease 1 Fresno Subdivision t Fairgate Road Wyndgate Road Eric Drive 16th Street r S h Stree 9th Street tr Sacramento River Parkway 8t y 45th S ou e 3 a C e t G Rio del Ora Lane t Meadow Road 4th Street J Street e W ay e r Arco t lo Jefferson Boulevard Way rd y 51st Street nda llerton I 80 Business;US 50 a Aileen Way Wa C Fu Lake Road Matsui Alley Miguel Way ou W C I Street 35th S Munroe Street B z n h Street all io t Road E r 11th Street State Indian Museum (SHP) r t et h CA 99 t ne iste c x Sa 40 Rice Alley on moor t an G S H R

F Street G Street Alley Skube Lane Carriage Path Way t t y roto Jazz Alley he r arte Port Street e A elb e S anta Y ree pa ve Circl Westmore Oaks Elementary School t n Co S transactions, though, as they are the best indication of market benchmarks. et S R San An n Opera Alley 3rd Stree Str r e d ue o Soule Street 3 Pala Way th y Sonora Avenue a Aven ad Lovella Way e urt 6 Ca Str t 3 41st Kondos Avenue e D Street Drive Ross Way e Pico W m Halyard Drive Loki Way s e u P Street Street e Park 22nd llia A Park Circle h Harmon Alley ipp

Harbor Boulevard Sutters Fort O Street cr Drakes Cir Hopkins Road Alley 3rd Street Hopkins Rd Drakes Circle Alley 24t S Huntington Road y Ba y 44th Str v C Chilh 12th Street e en

Windward Circle l nu d Beacon Boulevard Tradewinds Circle Rhodin Lane K Street R w a l Wa

T Street Rio del Ora Lane t Howe Avenue io de m Way l Subway er i e Q Street Messina Drive e nk Wa n Vatem Drive Dr University Avenue a Way Scri l Ora Lane yw Haverhill Street G Street e b ourt Longcroft Street pp iv C d Alabama Avenue Clarendon Street G Street H Street Alley k Danbury Court 13th Street South River Road ive r ur s Drive Gre Mir Oa F E Street D B e Roa The following comparable sales are from the last 6 months. o s reet WhB it ate a r ay t dg d a 15th Street St ipp W Wo E Street Levee Path McA r n e h c Wyn n crof Safeway 2242 l R Tomato Alley S 8t do r Solons Alley y t t U Street 3 h doo a io D Wynd l ari Way e t W 5 W C t et mc 29th Street 5 Sh ve Parkway Place Whittney Avenue e e Neighbors Alley a t ucu et r A Dri a r t h S T i y re ie Wyndgate Road ve e ve y S aks g l Granada Way 5 St d a O a t n t t 4 s C UPS Customer Center Fallbrook Street r te h eet ue 27th Stre e e t Sierr I Street h S Ro W Grande Vista Avenue V Street th Str 33rd e American River Drive o Mills Road Bonita Court 8 L Street Fremont Park 28t u ilh 1 r C t t ay a Stre r a r eet ve W d o West Side Freeway;West Side Highway Arco ay ri g L Street n L Street g N Street ara ens Butterfield Way H Street I Street Alley da D in Insight Coffee 34th Str b W Saratoga Circl Circle Street T Street U Street Alley ircle z Clem R Street Quill Alley Trinity Cathedral Lane D l l American River Street e e C ne Se D ham r treet h nc Y t F Street ive ri ia ta Bar t L Street 9 l v ta Lat b Def Circle Street h S 3 e t y an n Gunther Way t S R Deerwood Street 35 Sa Ca a Crondall Drive Rice Alley n Uptown Alley Street h Stree 36th Street t mp c 7t Sa Street s h 1 h et us rt California Automobile Museum 1 d Stree Circle Street ble 4 treet R ou r Walk n C C tre S o 25t 2 ommons Roa Cour Latham Drive a K Street 5 S I Street utte d Deeth nd t Fallbrook Street Circle Street 2 S C Del Monte Street U Street 4 Way a 32nd l Est e lno Overland Court Powerhouse Alley d East R n y G Street Lan Co O Street ssion Sacramento River anch Road Royce Way u Parkway Boulevard Way Mi r S Street Wa Hoba t Rice Alley American River Drive urt le l Light Rail t e t Co Way M Street Latham rt Co s Street re M rk Sevi t treet I Street ay

Orbit Wash Watt Avenue Opera Alley h ree e Gardenia Street Dolores r Spa Solons Alley D h S St in 34t t urt R Street i thaw g tt Wausau Way y et Co 35 ma VCA Westside Animal Hospital 37th S a e Ha 43rd ur r Wa t L treet Fair Oaks Boulevard a Am Delaware Avenue S American River Drive t K Street h Drive R Street H Street y T h Argo 38th Str I Street V Street Rice Alley a e ive ope Elvas Avenue m Rio ri Dr Sonoma W 46t reet c Hughes Circle 12th Street t P Street D an Latham Drive l k R Street i Linda S e e River s a Way riv Lakewood Drive T Street Ri Rogu Volga Way W H Street e Alameda Boulevard Ca Davini Lane Southside Park reet y v ay N Street 47th er Industrial Boulevard a s Driv r Pennsylvania Avenue Dri W lson Driv 16th Street on y Colby Court

Street Levee Path v Rio I 80 Business;US 50 20th St e h mm N Street Flag o CA 99 r Hid 8t C B 1 den Lane Ferndale Circle Tomato Alley ea e r Harbor Boulevard Street U ay av 17th Street Alabama Avenue B Ynez Wa h niv R Westwood Circle 33rd Street 34th Street Alley rry W o a ogue t e Raley Court e C N Street M Street 40t t rs t tansbe v S ant i ir Broadway ee ty c S Big L Street tr A R le Mosswood Circle S venue iver Front Street t R Street eet y Cour t eet t h H t et le Mertice Court C Virginia Avenue tr nell Dri Str 41st Street t o o urt R asti tree re H Street ace D ee 36th Stree l F 50t o rn Carly Way tr gue r Universit Co iv Stree I Street St Har ne h S O Street S 38th W h e La Riviera t h Stree d R Street h 49th S 7 ay a N Street eet nell P R Co C 4t 1 r y Deerwood Circle ace end 1 57t l rt i at U Street 42n ver Southside Park Horseshoe Pits 34t W Capital City Freeway St y A Moreland urt reet ns ani Ha ourt Tenabo Court w St ve Mor D e o C a reet nell P v r i nue Volga Way Elvas Avenue le T ive W G Boatman Avenue 52nd rt Morley Way y on Acorn Court o Dr Way Moffatt Way k ay 43rd Co ke ld Ha a Uptown Alley J Street M Street Alley k Drive ar es e r arl O Street M Street Hartnell Place P u Cle Po CA 99 35th St ty Driv rt Street Pa i io s T Eagl in h University Park Drive r et t Carlson Driv yo S 4 Way ity Linda R t 17th Street J Street W et a 4 Adelphi Court n Co Casita Way tre e Univer t li 6th Street et ers ur Fal n Gold P Twin Falls Drive a t R Street H a rado iv Winn Park y tre Miller Park Circle Co o ighl u k Cl W eet r land W d Way S ree N University Park Drive er th Str t Un t

Museum u 38th S D e a h 5 t l n ey 17th Street 9th Street wma y oi 4 Str i Casita Way E e Harb e University Park Drive e Falklan nt 19th Street et Court D Woodman Way 39t re rd S Court 18th Street t e Quill Alley 3 n Co r ay Way Regent Street an tr ive Sacramento Subdivision S 5 Hartnell Place 11th Street 54th S C Dormatory Ca 17th Street wm Watt Avenue C V Street h urt a Ke Cebrian Street Woodland t Ne lifornialifor y e West Wa d G 46t Dover Avenue nia State Morley Way a 56th r r een 17th Street Gulfport Way id University Park Drive Seaport Boulevard 8th Street Stree Sta Adler Circle y g Rice Alley h J Street e W

Victorian Alley B N Street te University Dr Tibe Pennsylvania Avenue 47t a Un Har a y y iver Un r tn Swarthmore Drive iversity Pa W Dr y y s ell Pl W ay Carrigan Court Way a ive ity Drive ay d Way

3rd Street 9th Street lle t Stanza Alley K Street ynar o A W ra o ot B t ace West Side Freeway;West Side Highway University Park c d P Street rk d Dover Aven r t on W ma Bo Whi ive t C Way Dri Woodman Way T.Street Vizcaya Walk Alley o ree e a t treet Fresno Subdivision ve ren r University Park Drive iff is n W 30th Street ue dl a t S Wes y e 5th Street G e O'Neil Park a Way Adler Circle id s w W Street h A t e 10th Street D h Co iag at M 8 W a dria an rive Morley Way Sawtelle Way a i 21st S Woodman Way N er 4 t y t w t u i Way e r e r W t Casp W Cressent Way t ic re a

a Stone Boulevard y Way e Euclid Street 18th Street Mer H I 80 Business;US 50;CA 99 Vizcaya Walk U Street Alley St y Rio Grand h Street Solons Alley a Driv t a Drive Rawhide Way rv r 0 nd t 1st Avenue et 2 Hurley-Tracy 2 e 3 Kadem Woodman Way Sawtelle Way s et Eas S ncouve tre t e ta W Va 19th Street t v Saw 29th Street t L Street e a th S ee rth Dri o Santa Maria Way y Channel Drive 19th Street 0 Uni 2 ty University Park Drive t Alhambra Boulevard i L e Str s M Street ive a l 33rd Stre r l h Drive N ve e er R ity Drive Vanderbilt Way L D v Pennsylvania Avenue a Industrial Boulevard rs r W Light Rail a 37t ity si Morley Way Riv r ivie t et sUni t e a r y y University Park Drive y e e ivi a r D tre ie R a e iv ive Cou D State Unive r R Street r; ra Driv W K Street C La Dr h S riv U Street r Ftb Yale Street al a ive Vermont Avenue B te Univer a D Maryland Avenue D La Riviera Drive

rnia Stat University Park Drive 3rd Street if u Warner Street Street 38t t ta k Levee Path le Ramp Way fo o vier e e ier x c h et S e La Riviera Drive Light Rail t rn ar iv t e Ri iv on W Cir r ia nderbilt Dr i lls a n Cali P 20t tre a R ia Uptown Alley St L ive Carolina Avenue Va S ty r S La R Tuo Salmon Fa D Poi ta La h a 58th8th Street Un iv Corinth te y th Stree L Street 5 Californ Circle ier ra l nt Re u 5 39t versi ive Salm e Univ i a i Dri mne 3 v e n rsit i ve v Elmhurst U ve R Marina View Drive et y i ri Quinn Avenue on r ye Drive a e Park Drive D rt re lls D L Dri 34th Street 35th Street Alley rsity Fa Fa a s St n r o v Smith School Park 13th Street m e W l era Ynez Way h Mora ay lls i i e Cou t American River Sa v a a Santa Yenz Way 36th Street Alley D Breckenwood Way i W ro y Jefferson Boulevard P Street 55 r Driv y t R Riv 36th Street 37th Street Alley t ive E Alabama Court a Delaware Court ant O ga Way a W l S ee P Street Howe Avenue La ive Stone Court ree ive e L W r

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L oa Crown Avenue rr 13th Street Q Street Christ Ca e ay 45t Smokey Court Fremont Way a a t P Street n n Cadenza Court ay e R et eet ribb M Percival Drive r e Way t C Street e W 48th Street a Commercial Way tre h Folsom Boulevard a d Tr Vallejo Way S n

ea Headslane Road rib Li iterr Oc U Street h Stree W kle o d S 46t 1st do n Wa Cali p be c 6 c G Brasilia Court 4t a Manlov i i Z T Street U Street Alley a c d 2 Street C y i su Firelight Way 35th Street 36th Street Alley a n n a o 32n enta ay E

Arlington Road Sandlin Way Land Park Drive n e g c n r h ir Casals Street W cli in gton Street a M e o Wa y a E A Fairbairn Water Treatment Plant cle 7t ney Taco Bell n r p a Co le C Geary Street 4 S Street a C Medi Way l Dri se Fremont Way eet rt Way Ho ck o o y Rox Aliso Watt Avenue e Vallejo Way 3rd Avenue Alley u Gi u t u u e Sy l C r rt Devon Avenue Kinsin v r rt X Street t r t ys o r e C na 1st Avenue O Street an e Po o Sa Gypsy Way mp ann o Hon t u Sloat Way X Street Y Street Alley ean n y C V Street e tree u on sa o rt 10th Street ay C Caramay Way 48th Str Con ndb e ur S h rt H y W Oc e t Con s da Union Square Road tre o Wa y Way Q Street d W o u ay ckle S n n u 3rd Avenue n C le W Lido Circle roo c M e a w y Southport Parkway r v i o Way Street The Well t ck ir d b ay 62 a a McDonald's C u N ri h ad e M a y k su y y rt iko W o 51st eet n Lyc Starina Way rane r y scover r a Vallejo Way armor C Lido C u tr t e 18t th Street o e C a H R S l Str reet Di o rt S 7 it o y l o on om arina C t e a u a 2 et d u ree Street C D man D wney Wa urt H e Way Agena Cour Rancho Street e i dc rt d rt h L W e y Do t irc riv kl tre M e et i a t 63rd S id C le t li ng C nts

CA 99 State University Dr rnand 9 Essex Avenue t l lb k Cal Center Drive f 4 S e e y North Beach Avenue o f suc c 28th St our e e e t Letterman Street Fe Cir u Hu e Wa n W Li r s San Luis Court re our Castro Way g Co o Ch 64th our i t t an 39th Str d oney l cle C ujillo Sloat Way h Stree o C r St urt 2nd Avenue t S Miller Way t H T al venu Y Street our ip Sloat Way 0t ree t Honey 5th Street nd reet A 5 la ed t Howe Avenue N Tan 4th Avenue ce 2 St ir Manchester Street Sansome Street o t 2 59th Street cle y M t et ircle la 26th Streetce eet S Cottonwood Way tre e S g n S Street 1s rd C Dame Dr o P El Dorado Freeway tr Regina Way Str re 5 Fa Str o Cable Court Markham Way 53 Bennington Way e llbr Thilow Drive Matador Way w Gateway Drive id Merribrook Drive 23rd Stree e Lowe's d kle Way e Fusilier Way o Diablo Street Street a ok L e t uc L Lot 1 t W h 2n Way ay 5 ven iv 6t a e Florence 121° 24' 22.5" W 121° 22' 30" W 2 121° 26' 15" W Honeys 121° 33' 45" W 121° 31' 52.5" W 121° 30' 00" W 121° 28' 07.5" W

Belh Thom Way 8 9 LOCAL SALE COMPARABLES

DUPLEX SALE COMPS:

Address: 1307 H St Address: 2229 E St Address: 2721 D St Building Type: Victorian Building Type: Cottage Building Type: Spanish Revival Year Built: Unknown Year Built: Unknown Year Built: 1930 Construction: Wood Frame Construction: Wood Frame Construction: Wood Frame Stories: 2 Stories: 1 Stories: 1 Parking: 4 uncovered spaces Parking: 1 car garage Parking: None Gross Rentable sf: 1,800 Gross Rentable sf: 1,428 Gross Rentable sf: 2,150 Lot Size sf: 4,356 Lot Size sf: 3,049 Lot Size sf: 6,534 Sale Price: $484,000 Sale Price: $430,000 Sale Price: $475,000 Price per sf: $269 Price per sf: $301 Price per sf: $220

Address: 916 27th St Address: 2431 L St Address: 2031 18th St Building Type: Victorian Building Type: Victorian Building Type: 1907 Year Built: Unknown Year Built: Unknown Year Built: Dutch Colonial Construction: Wood Frame Construction: Wood Frame Construction: Wood Frame Stories: 2 Stories: 2 Stories: 2 Parking: None Parking: 1 uncovered space Parking: None Gross Rentable sf: 1,800 Gross Rentable sf: 2,560 Gross Rentable sf: 2,252 Lot Size sf: 1,307 Lot Size sf: 3,049 Lot Size sf: 3,049 Sale Price: $560,000 Sale Price: $470,000 Sale Price: $432,000 Price per sf: $311 Price per sf: $184 Price per sf: $192

Address: 2609 E St Address: 1915 18th St Address: 1026 F St Building Type: Cottage Building Type: Bungalow Building Type: Colonial Year Built: 1926 Year Built: 1897 Year Built: Unknown Construction: Wood Frame Construction: Wood Frame Construction: Wood Frame Stories: 1 Stories: 2 Stories: 2 Parking: 1 car garage Parking: None Parking: None Gross Rentable sf: 1,518 Gross Rentable sf: 2,080 Gross Rentable sf: 2,000 Lot Size sf: 6,534 Lot Size sf: 3,049 Lot Size sf: 3,049 Sale Price: $459,000 Sale Price: $450,000 Sale Price: $430,000 Price per sf: $302 Price per sf: $216 Price per sf: $215 10 11 OUR SALE STRATEGY

PROACTIVE REAL ESTATE STRATEGIES MARKETING PLAN

• While sales and leasing in Sacramento’s Urban Grid has become • Our marketing platform fuses professional quality photos, Turton Commercial’s “bread and butter” over the last five years, the contemporary layouts and comprehensive building information into success is credited to a variety of pro-active real estate strategies; attractive user-friendly marketing brochures strategically targeting most of which are not tied to success in any one submarket or type of specific users to ensure the property attracts the maximum number building. of potential parties. When scheduling tours, it’s very common for a broker to entirely write off a building because of the lack of • The most important of the strategies is creating leverage. This is relevant and updated marketing materials (including underwriting achieved through an abundance of activity, most notably tours and information). At Turton, we understand this hurdle so our marketing offers. Leveraging pending commitments, knowledge of buyers not only describes in great detail the value proposition of each currently in the market and previous tours can spur movement from property, but also captures the emotional value and vision of each interested parties. Leverage is also created through an aggressive property. Furthermore, our highly skilled (and creative) marketing marketing platform alerting the brokerage community of signed team is continually working to improve and update the marketing leases, recent sales and new activity. platform which includes all of our outsourced marketing vendors • We also embrace the synergy between listings the firm represents. including national platforms like Property Campaign, Bigboys and Turton Commercial has established their firm as the dominant more localized traditional resources such as LoopNet (platinum), commercial real estate company in East Sacramento, Midtown and CoStar, Multiple Listing Service (MLS), Trulia, Zillow and Trainor Downtown leasing and sales. As a result of our market control and Fairbrook. In addition, our website alone receives over 3,000 views per breadth of listings, our firm knows every sale and leasing requirement month from prospective tenants and buyers focused virtually solely on in the market (as well as many future requirements). Quite often an urban core properties. unsuccessful tour at one of our listings can be parlayed into another • While we do list all of our properties on national listing services to similar property we represent. The ability to pro-actively recommend provide extensive exposure, we also have a direct marketing campaign spaces and investment opportunities that may better fit a buyer’s that blasts individual properties on an on-going basis to over 40,000 needs has proven quite effective in the Grid. business owners, decision makers and tenants in the Sacramento • Furthermore, our ability to financially underwrite properties, coupled area. To give you an example of the quality of the marketing we with the proficiency to convey the information in relatable terms provide to our clients, I’ve included a couple marketing brochures of

to buyers, lenders and appraisers with varying degrees of market current listings. 2 ICE BLOCKS knowledge and real estate sophistication sets the team apart from THE • Your Properties will receive the widest exposure through our network competitive brokerage houses. Maximizing our client’s property value OFFERING of commercial and residential brokers, as well as the Sacramento TURTON COMMERCIAL IS PLEASED is heavily contingent upon the listing brokers understanding of the ICE BLOCKS TO BRING TO MARKET A UNIQUE Association of Realtors. We will hold open houses of the Properties INVESTMENT OPPORTUNITY LOCATED IN economic variables that shape an investment and how they relate to a THE POPULAR MIDTOWN SUBMARKET OF the first two weeks that they are on the market, in order to attract SACRAMENTO specific building. LECTE OCCABOR EPTAT. NATE VOLUPTATUS DOLUPTATUM UT ERORECT ASITET EA NIS Turton Commercial Real Estate, as exclusive advisor, the greatest number of prospective buyers. Before the open houses, is pleased to present the opportunity to acquire ELLOREPRO OD QUO CUPTAT OFFICIPIT LAM. ICE BLOCKS 3 the 100% fee simple interest in 2009 N Street (the Ficabo. Nequisinis unt occae. Et explition pa nimincietur? “Subject Property”). • Lastly, we take pride in touring prospective tenants and buyers we will distribute the brochures to the surrounding residents, place Explanturias ium et, eiciaspis ut pellitatquam doluptas quianim sit volo velendunt. The offering consists of two fully leased buildings Arum quis exped quostin torepereius aut adi consequ situated on .15 acres of land in midtown; a 3,700 in person. Unfortunately, leaving a key or relying on property signage on the street front, and advertise the open houses on the atetur aut laboritiis molupti aspicimint, ipsam la volectus square foot, three story residential building quosserspero volupta audae nonsequi ulparum recest qui si (“original structure”) and a 2,200 square foot consect otassimustet qui temos qui sunt pa consedi tatur? repurposed shipping container restaurant and beer Liquis dolupta sinvenis qui doloreium fugit re veremque sed management/current ownership to tour the building has become the Internet, bringing even more attention to the Properties. More eyes que doluptas aute ducia doluptat experunt odist rem. Ita con hall known as The Federalist Public House (“FPH”). et as et et que dolende roriberiat reserna tiorrorenda volesti The subject property is being offered for sale at umquidi sitatem inventiisque debis inulparum doluptu sciet, $1,790,000, representing a 6% capitalization rate norm in many brokerage houses. Barring an unforeseen circumstance, on your Properties could translate into more offers. In addition, open et exernatus Rist gra miu coenimi ssiceremum menata cae BLOCK 1: 2ND FLOOR - SAMPLE CONFIGURATION on existing income. essum peremora, quam ex suliumu libuntem tandacchui poratiu spieris cupio essis, ves! Sp. Ons cenatabus hil hinti, The original structure was built in 1907 and has Stelmach are on-site asking questions, identifying hot buttons, houses can be more convenient for your tenants, with large numbers egerum intrati erficul icivivis, ubli, num se, oca; Catius, con r st. housed a variety of office and residential uses Etrae fatat iam ta se pre ine nequit. Ipserae hos scidi pris, since its construction over a century ago. The nesterentem aute, nerionsi cum tussente quius? quam vit, SUITE 2C 3,700 square feet is exclusive of an approximate 3,735 RSF 800 square foot basement that is currently used as responding (and hopefully providing solutions to) objections, creating of buyers and agents touring the property at one time. PROPERTY HIGHLIGHTS: SUITE 2D 7,528 RSF SUITE 2F storage. Renovated in 2013, the second and third - Fully-leased ground floor retail arcade 9,507 RSF floors of the structure equal approximately 2,050

st. leverage, ready to engage the interested party and sell the property at - Heated flooring th SUITE 2B square feet and are used as a private residence with 4,204 RSF 16 4 bedrooms and 3 full bathrooms. The residence - Machine wash cold ROOF SUITE 2E boasts elegant hardwood floors, an updated - 2,000+ parking spaces nearby 6,786 RSF kitchen, airy dining and living rooms and abundant

all tours. st. - Main comnexus of the hipster movement th natural light. One can’t help but appreciate the SUITE 2A 17 perfect balance between the charming character 4,592 RSF 43,000+ SF OF OFFICE SPACE AVAILABLE and touches of modern, contemporary flair after stepping into the space. The first floor of the original structure is approximately 1,650 square feet and also leased to the Federalist Public House on a concurrent term. The first floor contains 3 special event rooms and a bathroom. BLOCK 3: 2ND FLOOR OFFICE The Federalist Public House is a unique shipping container restaurant and beer hall located in the backyard of the original structure, with direct OFFICE 6,315 RSF

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r st. 12 13 THE FIRM

Turton Commercial Real Estate’s core competencies include a specialized focus in development, redevelopment and disposition of value-add commercial properties in Sacramento’s Urban Core. Since its inception in 2010, the firm has sold or been involved in the sale of 500,000 square feet of land and over 500,000 square feet of redevelopment and stabilized projects, not limited to the following Properties or Projects:

• 800 Block of K/L Streets, Approximately 52,000sf of Downtown • 1724 10th Street, approximately 40,000 sf R Street office warehouse Sacramento ground up development and redevelopment project being renovated for contemporary office/retail mixed use

• 1401 21st Street, 24,695sf mixed use retail/office building currently • 225 30th Street, 100% Leased East Sacramento office building undergoing a façade and common area renovation • 1930 Capitol Avenue, approximately 25,000 sf of land slated for the • 920 - 930 K Street, approximately 30,000 sf vacant 2 story office Tribute Building which will be a retail/office property and retail building • 2101 Capitol Avenue, approximately 27,000 sf of land to relocate • 1001 K Street, approximately 50,000 sf vacant and partially vacant buildings and allow for the retail development of the Whole Foods 6 story building as well as all 8 condominiums with both retail and Store at 21st and L Street office users • 1900 – 1914 S Street, approximately 13,000 sf building with planned • 4719 8th Avenue, approximately 2,600 sf fourplex with parking retail conversation • 2629 U Street, approximately 1,800 sf triplex on a large lot • 1725 Capitol Ave, approximately 2,500 sf Victorian building and 3,600 sf lot with development potential

• 2009 N Street, mixed use project involving a shipping container Additionally, Turton Commercial has been hired to represent some restaurant and residential/office Victorian building of Sacramento’s most notable developers and property owners to lease up the following projects over the last twelve months: • 21st and P Street, mixed use portfolio sale involving approximately 3,018 sf of multifamily housing, 5,120 sf retail, and 6,400 sf parking lot • City of Sacramento, Retail Portfolio, approximately 30,000 sf of retail space located throughout three City owned parking garages • 16th and F Land, approximately 45,000 sf sold and planned for Multifamily Development • Ice Blocks, approximately 60,000 sf of redeveloped office space; new project pending Q3 2016 • 916 K Street, approximately 6,400 sf stand-alone building • 830 K Street, approximately 44,000 sf mixed use project; owned by • 730 I Street, approximately 60,000 sf vacant 3 story property David Taylor Interests • 1411 I Street, approximately 13,800 sf vacant one-story building; • 300 Capitol Mall, owned and managed by Hines Investments now Mike’s Bikes

• 1231 I Street, approximately 54,000 square feet of office condos • 1517 L Street, approximately 12,000 sf two story building vacated by CA Teachers Association and recently renovated for CA New Car Dealers Association

• 1050 20th Street, vacant 50,000 sf two story building formerly used as State of CA Dep’t of General Services warehouse; now MARRS retail/office experience

• 1811 12th St, approximately 24,000 sf R Street warehouse being redeveloped for office/retail mixed use project 14 15 THE ECONOMICS

2015 was a robust year for midtown and downtown rental market and property sales. Sacramento rents rose 10.7 percent year over year, the third highest jump in the nation after Portland and San Francisco.

2015 was a robust year for midtown and downtown rental market As indicated in the comps section above, a number of recent sales and property sales. Sacramento rents rose 10.7 percent year over year, support such pricing. Many of the noted comparables above included the third highest jump in the nation after Portland and San Francisco. hardwood floors, washers and dryers on site, off-street parking spaces or Projections indicate area rents will grow by another 8.8 percent over 2016. garages (which command a premium). It’s our assumption that the Property Sacramento’s rental rises are partially a function of the imbalance between would attract the same group of buyers who are seeking a top-quality booming renter demand and limited new supply of housing units. Typical location and long term parking options. of Sacramento, construction is coming on late. Among the top 30 markets, Sacramento’s supply of new units as a share of overall stock was 0.7 In our pricing analysis, 1322 D Street would gradually procure rents percent, ranking last. Correspondingly, vacancies have hit all-time lows. of $1,500/mo for the two units, less approximately $12,000 in operating The residential vacancy rate in Sacramento has dropped to a staggering 2.6 expenses per year (namely, property taxes, management fees, and percent, which is down from the market’s 2002–12 historical average of 6.2 preventative maintenance). percent.

Investors and developers are taking advantage of Sacramento’s revitalization effort. Buildings and land traded hands for near-record prices, despite a dramatic decline in profit margins as a result. A host of out- of-state and bay area investors dove into the Sacramento market, which is a testament to the bullish attitude towards the city’s bright future and competition in surrounding markets. Multifamily properties sales volume increased 75% year over year. Uncertainty in the US financial markets steered buyers towards stabilized real estate investments, particularly in the grid, where vacancy rates have drastically decreased over the last five years. The uncertainty, coupled with historically depressed interest rates, has produced a real estate environment nonexistent since the early to mid-2000’s. It’s unlikely that interest rates will increase between now and the Federal Reserve Meeting in December (after the election), however, it’s difficult to predict reactionary increases beyond that point. If history is any indication, the ten-year cyclical real estate market may be nearing a peak by the close of 2016. With that being said, the commercial market should have ample time to respond to a downturn as it lags significantly behind residential market trends. However, once the market begins to slide, it will be very difficult to ever get back in front of it.

Investors and Owner-users sought more long-term stability and protection against future rate increases and upward pressure on favorable lease terms. The parties mentioned above that are looking to purchase buildings of this size and quality in this submarket are common, and if they can be identified, they are much more accepting of a lower Capitalization Rate and lenders will be more willing to lend at favorable terms. This would be your highest and best buyer and would likely purchase (and get funding for) the properties, however with the increasing demand in multi-family housing, increasing scarcity of parking, and limited inventory is driving the Capitalization rate down and a sub 4% capitalization rate would not be uncommon. 16 17 DISPOSITION STRATEGY

STRATEGY #1: VALUE LESS COST: $545,000 STRATEGY #2: VALUE LESS COST: $570,000 1 SELL AS-IS 2 LOT SPLIT

CASH FLOW ANALYSIS CASH FLOW ANALYSIS

1322 D Street 1322 D Street - Duplex 1322 D Street - Alley Lot Gross Rentable sf: 2,200 Gross Rentable SF: 2,200 Gross Rentable SF: 0 Lot Size sf: 6,534 Lot Size SF: 3,267 Lot Size SF: 3,267 Vacant sf: 0 Number of parking stalls: 0 Value Based upon $30 per SF: $98,000 Number of parking stalls: (approximately; construction in progress) 5 Value Based upon $40 per SF: $130,000 Parking Income per year: $0 2016 Pro-Forma Net Operating Income: $22,000 Rent per year: $27,600 (current) Value Based upon 5.0% Cap Rate: $455,000 Operating Expenses per year: $9,000 (approximately) Value Based upon 5.5% Cap Rate: $415,000 Value per SF: $209 2016 Pro-Forma Net Operating Income: $27,000 Value Based upon 5.0% Cap Rate: $540,000 Combined Property Value Based upon 5.5% Cap Rate: $490,000 Value Based upon 5.0% Cap Rate and $40/SF: $585,000 Value per SF: $248 Value Based upon 5.5% Cap Rate and $30/SF: $513,000

Based on the above comparable sales, duets in the urban core have and generate interest from the greatest number of prospective Buyers, If the large lot is split in two and sold as separate parcels, we should The timeframe to complete a lot split may take approximately 8-12 months sold for between $184 and $302 per square foot and a capitalization rate including investors, developers and owner-occupants. The prospective evaluate the property value exclusively from a potential development or more. For instance, the sale of a large lot located at 2010 F Street closed range of 3.7%-5.8% - that is the ratio of Net Operating Income to property investor Buyer may wish to continue operating the property as a duplex with perspective. Based on the above comparable land sales, infill development in June 2015, and the owner developer is currently still in the review process asset value. Assuming the Property fall between these outlying comps, a parking spaces for their tenants or nearby office works, or the prospective opportunities in Downtown have sold for between $37 and $57 per square to split the property into 3 lots to be developed into 5 units on the alley. reasonable price to expect for the Property is between $215 and $250 per developer Buyer may explore building a second single-family home, duplex foot. However, all of the sales comps are lots facing a street, whereas the Each project varies in complexity and requires various levels of City staff square foot, based on the property’s condition, location, and amenities. At or other commercial property. Another scenario would be a prospective subject property is facing an alley. Alley facing lots are not as valuable review. It is strongly recommended that the Owner consult the appropriate $215 per square foot, the Property valuation is $473,000 and at $250 per owner-occupant Buyer who wishes to convert the duplex into a single-family for a variety of reasons, including increased complexity of permitting and professionals and City staff as to the feasibility, cost and time required for square foot the valuation is $550,000. From a “cash-flow” perspective, home and enjoy the spacious backyard for themselves. Attracting more offers construction. Therefore, we should adjust the price downward approximately any of these projects. the purchase price for the Property at a 5.5% Capitalization Rate is from the pool of prospective Buyers provides the opportunity to leverage the $10 per square foot. A reasonable price to expect for the land is between approximately $500,000, and at a 5.5% Capitalization Rate the purchase highest possible price. $30 and $40 per square foot. At $30 per square foot, the land is worth price is approximately $540,000. $98,000 and worth $130,000 at $40 per square foot. If chosen for this This disposition strategy would maximize the benefit to the Owner. The assignment, however, we would take the properties out to market for a A sale in this price range would signify one of the highest per square path of least resistance, lowest risk and most profit is sale of the property combined price of roughly $570,000, with the expectation that an investor foot acquisitions in this submarket. Even given the exceptional location “as-is” in its current condition, as a well-performing duplex on a large lot. would underwrite the Properties based on the costs, risks, and uncertainty of the building, achieving this pricing could take anywhere between 2 - 4 The value is based on the immediate in-place income and the substantial of development and offer between $513,000 and $540,000. months , or longer, and that is assuming interest rates negligibly increase income growth potential from the residential units and the parking spaces. during that period. If chosen for this assignment we would take the Property Giving the Buyer the opportunity to split the lot, the Owner would not bear To split a lot for any purpose, the City of Sacramento Planning (inclusive of pro forma parking income) out to market for $545,000, with the significant costs and risks of development. This strategy would also be a Department requires a subdivision map, site plan and design review, the expectation that an investor would underwrite the Properties based on significant time savings for the owner. environmental review and fire review, among other requirements. The the sales comps and offer between $473,000 and $500,000. estimated fees to subdivide the 6,534 square foot lot into two lots to build a second 2,000 square foot duplex, for example, would be approximately Through Turton Commercial’s marketing and negotiation, we would be $3,758, although several variables may increase these fees. This does able to achieve the highest sales price . As one contiguous property, the not include other expenses, like Residential Building Permits, land survey, prospective Buyer would have different options to procure higher return utilities review, preservation review, construction documents, nor additional and appreciation. Marketing materials would emphasize the feasibility of impact fees that may be assessed . These expenses, collectively known as splitting the lot and the options of developing additional rental units and/ “soft costs”, are on average 10-15% of “hard costs”, the brick-and-mortar or more parking spaces facing the alley. This would heighten the desirability expenses of physical construction. 18 19 DISPOSITION STRATEGY

STRATEGY #3: VALUE LESS COST: $610,000 STRATEGY #4: VALUE LESS COST: $450,000 3 LOT SPLIT, PLANS, & PERMITS 4 BUILD

CASH FLOW ANALYSIS ANALYSIS

The “hard costs” of development involve the actual physical construction hard costs could be $480,000 to $525,000 or more. Total costs of the 1322 D Street - Duplex 1322 D Street - Alley Lot of a development: grading, excavation of a site, the materials used, development project could be $552,000 to $605,000, not including debt Gross Rentable SF: 2,200 Gross Rentable SF: 0 landscaping, and carpentry. Hard costs of infill development in Downtown service or opportunity costs. Undertaking a development project requires Lot Size SF: 3,267 Lot Size SF: 3,267 Sacramento are approximately $200 per square foot. The costs can vary a knowledgeable contractor, an architect, a team of subcontractors, and Number of parking stalls: 0 Value Based upon $30 per SF: $98,000 greatly, depending on the architectures, engineering, quality of materials, a lender to provide construction financing. The average length of time to Value Based upon $40 per SF: $130,000 2016 Pro-Forma Net Operating Income: $22,000 labor costs, soil conditions and other factors. For the construction complete construction of a duplex, after splitting the lot and obtaining Value Based upon 5.0% Cap Rate: $455,000 of a 2,000-square foot duplex with a 400-square foot garage, the permits, is 14-16 months . Value Based upon 5.5% Cap Rate: $415,000 Value per SF: $209

Combined Property Value Based upon 5.0% Cap Rate and $40/SF with plans and permits: $625,000 Value Based upon 5.5% Cap Rate and $30/SF with plans and permits: $555,000 CONCLUSION SUGGESTED PLAN Disposition Strategy 1: Sell Disposition Strategy 2: Lot Disposition Strategy 3: Lot Disposition Strategy 4: As-Is Split Split, Plans and Permits Build As in the analysis above, if the large lot is split in two, site plans design, level of governmental review and other variables. The additional value and architectural plans are drawn, and building permits are pulled, we of architectural plans for a small development project is typically $30,000 Cost (approx.) N/A $4,000 $80,000 $600,000 should evaluate the property value exclusively from a construction-ready to $40,000. If chosen for this assignment, we would take the properties out Time to Market (approx.) N/A 8-12 months 10-16 months 18 months - 2+ years development perspective. to market, with the plans and permits for construction included in the sale, Property Value $545,000 $570,000 $610,000 $1,050,000 for roughly $610,000, with the expectation that prospective Buyers may wish The property is zoned R-3A. According to Sacramento City Code, the to build a completely different project on the site, and the plans and permits Value Less Cost $545,000 $566,000 $530,000 $450,000 maximum density is 36 dwelling units per net acre. The maximum height is would not be of any value. There is a very marginal likelihood the value of the 35 feet. The maximum lot coverage is 50%. The minimum lot width is 20 properties would increase more than the soft costs. feet, minimum lot depth is 80 feet, and minimum lot size is 2,000 square Based on the many variables and the firm’s experience in the Downtown Sacramento market, my recommendation is to sell feet. So, for example, if the lot split results in two 3,267 square foot lots, A construction-ready project could be more marketable to a developer; the property as-is, or to split the lot and sell the two parcels together. The benefits to the Owner are savings of time and cost the maximum number of dwelling units that may be constructed on the however, there are several obstacles to success with such a disposition new lot is 2 units, and the maximum footprint of the structure is 1,633 strategy. The pool of prospective Buyers would be significantly reduced. to prepare the property for sale, minimized risk exposure, and maximized likelihood of closing the transaction. The additional square feet. However, there are several other regulations, such as setback Experienced infill developers who have completed similar projects may be value of the lot split, plans and permits is uncertain, and in fact, there may be no additional value to many prospective Buyers. requirements, that must be adhered to. The Owner may apply for deviations, interested in the properties, but most investors would not be willing to pay but it may require extended review by City staff and increase the costs of such a premium. The time required to sell the property would be much longer: The first two strategies will generate the most amount of interest among the greatest number of prospective Buyers, and the project. possibly more than a year to prepare the property for construction and an therefore, will achieve the highest net proceeds of the sale for the Owner. additional 6-8 months to find a ready, willing and able Buyer. Taking these In addition to the previously mentioned “soft costs,” other expenses that factors into consideration, the sales price may fall considerably and the soft should be accounted for include architecture and engineering fees, permits, costs of preparing the property for construction may not be recouped. Thank you for your time, taxes, building maintenance, insurance, security, and other ongoing fees needed for the property’s upkeep. For the construction of a 2,000-square foot duplex with a 400-square foot garage, the estimated fees to the Patrick Stelmach, Director City of Sacramento for Residential Building Permits $26,144.56 and the 916.817.9148 Sacramento City Unified School District Impact Fee would be $6,720. We should expect the total soft costs to be between $72,000 and $80,000, approximately. These costs can vary greatly, depending on the architectural

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. PATRICK STELMACH D.R.E. LIC. 01964999 916.573.3314 [email protected]

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