Underwriting Report 9815 34th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood PREPARED BY Scott Cooper Client Relationship Consultant II 9815 34th Ave SUBJECT PROPERTY Property Details 2 RENT COMPS Map & List 6 Photo Comparison 8 Rent Comps Details 9 Unit Mix Summary 17 Ranking Chart By Bedroom 18 Changes in Rent Comps 22 Rent Trend Charts 24 Rent Trend Data 29 CONSTRUCTION Overall Construction Map & Summary 31 Under Construction Map & List 32 Under Construction Details 34 Deliveries Past 12 Months Map & List 39 Delivered Property Details 41 Construction Summary 42 SALE COMPS Map & List 48 Sale Comp Details 50 Sales Volume 68 Sales Pricing 69 Cap Rates 71 Top Buyers & Sellers 72 DEMOGRAPHICS Overview 75 Age & Education 76 Ethnicity 77 MULTI-FAMILY SUBMARKET REPORT Submarket Key Statistics 79 Vacancy 80 Rent 83 Construction 85 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 9815 34th Ave Sales 90 Sales Past 12 Months 91 Supply & Demand Trends 93 Vacancy & Rent 95 Sale Trends 97 Deliveries & Under Construction 99 MULTI-FAMILY MARKET REPORT Market Key Statistics 101 Vacancy 103 Rent 106 Construction 114 Under Construction Properties 115 Sales 117 Sales Past 12 Months 119 Economy 121 Market Submarkets 124 Supply & Demand Trends 131 Vacancy & Rent 133 Sale Trends 135 Deliveries & Under Construction 137 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Subject Property 9815 34th Ave Flushing, New York - North Corona Neighborhood PROPERTY PROPERTY MANAGER No. of Units: 16 - Stories: 4 - Avg. Unit Size: - Type: Apartments - All Rent Type: Market OWNER Year Built: 1927 Robert Cohen Parking: - Purchased May 2006 Distance to Transit: 9 Minute Walk $1,550,000 ($96,875/Unit) ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION Current: - - Current: 0.0% 0 Units Current: 0 Units Last Quarter: - - Last Quarter: 0.0% 0 Units Competitor Total: (2) Units Year Ago: - - Year Ago: 0.0% 0 Units Competitor Avg: (0.3) Units Competitors: $1,707 $2.29 /SF Competitors: 2.2% 3 Units Submarket Total: (214) Units Submarket: $2,063 $2.55 /SF Submarket: 2.7% 1,494 Units Submarket Avg: (0.1) Units UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio - - - - - - - - - - - Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Totals - 16 100% - - - - - - - Estimate 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 2 Subject Property Primary Building Building 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 3 Subject Property 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 4 Rent Comparables 9815 34th Ave 16 Unit Apartment Building Flushing, New York - North Corona Neighborhood PREPARED BY Scott Cooper Client Relationship Consultant II Rent Comparables Summary 9815 34th Ave No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate 8 $1,703 $2.29 2.3% RENT COMP LOCATIONS RENT COMPS SUMMARY STATISTICS Unit Breakdown Low Average Median High Total Units 8 18 18 30 Studio Units 0 1 0 10 One Bedroom Units 1 11 8 29 Two Bedroom Units 0 5 4 19 Three Bedroom Units 0 1 0 6 Property Attributes Low Average Median High Year Built 1926 1940 1930 2009 Number of Floors 3 4 4 5 Average Unit Size SF 588 724 715 947 Vacancy Rate 0.0% 2.3% 2.5% 3.0% Star Rating 2.1 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 6 Rent Comparables Summary 9815 34th Ave Property Size Asking Rent Per Month Per Unit Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF 35-31 94th St 1 - 1928 20 588 $1,464 $1,951 $2,334 - $2.94 35-44 95th St 2 - 1928 20 654 - $1,674 $1,790 - $2.73 35-38 94th St 3 - 1930 16 947 - $2,056 $1,834 $2,865 $2.42 35-14 94th St 4 - 1930 30 233 - $1,657 $2,956 - $2.37 34-16 93rd St 5 - 1931 29 750 - $1,561 - - $2.08 37-91-37-97 102nd St 6 - 1940 13 729 - $773 $958 - $1.08 35-26 100th St 7 - 1926 8 - - $749 $1,301 - - 9815 34th Ave - 1927 16 - - - - - - 3740 104th St 8 - 2009 10 - - $1,527 $2,899 $2,319 - 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 7 Rent Comparables Photo Comparison 9815 34th Ave 1 2 3 35-31 94th St 35-44 95th St 35-38 94th St 20 Units / 5 Stories 20 Units / 5 Stories 16 Units / 4 Stories Rent/SF $2.94, Vacancy 5.0% Rent/SF $2.73, Vacancy 5.0% Rent/SF $2.42, Vacancy 0% Owner: Benedict Realty Group Owner: Benedict Realty Group Owner: Benedict Realty Group 4 5 6 35-14 94th St 34-16 93rd St 37-91-37-97 102nd St 30 Units / 5 Stories 29 Units / 5 Stories 13 Units / 3 Stories Rent/SF $2.37, Vacancy 3.3% Rent/SF $2.08, Vacancy 3.5% Rent/SF $1.08, Vacancy 0% Owner: 3506 94 St Inc Owner: Page Realty LLC Owner: Kokolis Steve Subject Property 7 8 35-26 100th St 9815 34th Ave 3740 104th St 8 Units / 4 Stories 16 Units / 4 Stories 10 Units / 3 Stories Rent/SF -, Vacancy 0% Rent/SF -, Vacancy 0% Rent/SF -, Vacancy 0% Owner: Anastasia Adamidis Owner: Robert Cohen Owner: Yan G Jin 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 8 Rent Comparables 9815 34th Ave 1 35-31 94th St Flushing, New York - Jackson Heights Neighborhood PROPERTY PROPERTY MANAGER Property Size: 20 Units, 5 Floors Benedict Realty Group Avg. Unit Size: 588 SF (516) 498-9100 Year Built: 1928 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.3 Miles Distance to Transit: 6 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 400 10 50.0% 0 0.0% $1,464 $3.66 $1,458 $3.64 0.4% 1 1 750 9 45.0% 0 0.0% $1,951 $2.60 $1,942 $2.59 0.4% 2 1 1,000 1 5.0% 0 0.0% $2,334 $2.33 $2,324 $2.32 0.4% Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 400 10 50.0% 0 0.0% $1,464 $3.66 $1,458 $3.64 0.4% All 1 Beds 750 9 45.0% 0 0.0% $1,951 $2.60 $1,942 $2.59 0.4% All 2 Beds 1,000 1 5.0% 0 0.0% $2,334 $2.33 $2,324 $2.32 0.4% Totals 588 20 100% 0 0.0% $1,727 $2.94 $1,719 $2.93 0.4% Estimate Updated October 10, 2020 UNIT AMENITIES Heating, Kitchen, Oven, Range, Refrigerator PET POLICY Cats Allowed 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 9 Rent Comparables 9815 34th Ave 2 35-44 95th St Flushing, New York - Jackson Heights Neighborhood PROPERTY PROPERTY MANAGER Property Size: 20 Units, 5 Floors BRG - 35-44 95th St Avg. Unit Size: 654 SF (516) 498-9100 Year Built: 1928 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.3 Miles Distance to Transit: 5 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 550 1 5.0% 0 0.0% $1,674 $3.04 $1,669 $3.03 0.3% 2 1 659 19 95.0% 1 5.3% $1,790 $2.72 $1,782 $2.70 0.4% Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 550 1 5.0% 0 0.0% $1,674 $3.04 $1,669 $3.03 0.3% All 2 Beds 659 19 95.0% 1 5.3% $1,790 $2.72 $1,782 $2.70 0.4% Totals 654 20 100% 1 5.0% $1,784 $2.73 $1,776 $2.72 0.4% Estimate Updated October 10, 2020 UNIT AMENITIES Heating, Kitchen, Oven, Range, Refrigerator RECURRING EXPENSES Free Water, Heat, Trash Removal, Sewer ONE TIME EXPENSES Application Fee $150 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 10 Rent Comparables 9815 34th Ave 3 35-38 94th St Jackson Heights, New York - Jackson Heights Neighborhood PROPERTY PROPERTY MANAGER Property Size: 16 Units, 4 Floors Benedict Realty Group Avg. Unit Size: 947 SF (516) 498-9100 Year Built: 1930 Type: Apartments - All OWNER Rent Type: Market/Affordable Purchased Jul 2013 Parking: - $30,000,000 ($121,951/Unit) - Portfolio Price Distance to Subject: 0.3 Miles Distance to Transit: 5 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 795 5 31.3% 0 0.0% $2,056 $2.59 $2,051 $2.58 0.3% 2 1 795 5 31.3% 0 0.0% $1,834 $2.31 $1,830 $2.30 0.3% 3 2 1,200 6 37.5% 0 0.0% $2,865 $2.39 $2,857 $2.38 0.3% Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 795 5 31.3% 0 0.0% $2,056 $2.59 $2,051 $2.58 0.3% All 2 Beds 795 5 31.3% 0 0.0% $1,834 $2.31 $1,830 $2.30 0.3% All 3 Beds 1,200 6 37.5% 0 0.0% $2,865 $2.39 $2,857 $2.38 0.3% Totals 947 16 100% 0 0.0% $2,290 $2.42 $2,284 $2.41 0.3% Estimate Updated October 10, 2020 UNIT AMENITIES Cable Ready, Heating, Kitchen 10/21/2020 Copyrighted report licensed to CoStar Group - 832665 Page 11 Rent Comparables 9815 34th Ave 4 35-14 94th St Jackson Heights, New York - Jackson Heights Neighborhood PROPERTY PROPERTY MANAGER Property Size: 30 Units, 5 Floors 35-14 94th Apartments Avg.