Market Street Apartments

MARKET STREET APARTMENTS 2024 BROKERS OPINION OF VALUE 617 SOUTH MARKET STREET, WAVERLY, OH

CONTENTS LEAD AGENTS Austin Hall Associate Cincinnati Office D. 513.878.7712 austin.hall@marcusmillichap.com

Austin Sum Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com

Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com

SECTIONS

About Us

12

Local Competitors

14

Financials

20

Dear Bert Federici, Thank you for allowing Marcus & Millichap the opportunity to provide a current broker opinion of value (proposal) for Market St. Apartments in Waverly, OH. We are excited for the possibility to work with you on the marketing and sale of this asset. As you review this package, you will find our team has had great success in executing multifamily transactions in the Midwest markets. We have an excellent track record of selling the “story” behind each asset we market. We will ensure maximum market value by identifying a diverse buyer pool and leveraging Marcus & Millichap’s national platform to create the most competitive environment for sale.

GLOBAL REACH, LOCAL EXPERTISE

$86.3B VA L U E O F R E C E N T LY C L O S E D T R A N S A C T I O N S

12,272 CLOSED SALES IN MOST RECENT YEAR

DAY TO N

$12.8B

C I N C I N N AT I

T O TA L VA L U E O F R E C E N T L I S T I N G S

2,143

LOUISVILLE

LEXINGTON

CLOSED FINANCINGS IN MOST RECENT YEARS

CALABASAS, CALIFORNIA | HQ

80+ | OFFICES

2,500 | EMPLOYEES

YOUR TEAM

C O R P O R AT E S U P P O R T

J O RDAN DICK M A N F I R S T VIC E PR ES I D E N T S D I RE CT O R, N M HG

L I Z P OP P MI DW E S T OP E R A TI ON S MA NAGER

NIC K ANDREWS F I R S T VIC E PR ES I D E N T S D I RE CT O R, N M HG

J OS H C A R U A N A V I C E P R E S I DE N T R E G I ON A L MA N A G E R I N DI A N A P OL I S | C I N C I N N A TI | L O UISVIL L E | S T L O UIS | K ANS AS CITY

AUS T IN SUM S ENIO R INVESTME N T A SSO CI A T E AUS T IN Hall INVESTM ENT ASSO CI A T E AL D E N SIMM S INVESTM ENT ASSO CI A T E

P E TE R S TA N L E Y N A T I ON A L DI R E C T OR N A T I ON A L MULTI H OUS I N G GR O UP MI C H A E L G L A S S S E N I OR V I C E P R E S I DE N T MI DW E S T DI V I S I ON MA N A GER N A T I ON A L DI R E C T OR , MA N UFACTUR ED HO M E CO M M UNITIES GR O UP

BROKER SUPPORT S AM PET ROSino VA L UATIO N & R E S E A RCH

B R I TTA N Y C A MP B E L L- KOC H DI R E C TOR OF OP E R A T I ON S

B RETT MART IN INT ER NAL AC CO UN TA N T

A L E X PA PA MA R K E TI N G C OOR DI N A TOR

LIMITLESS

GEOGRAPHIC BOUNDARIES Through the synergy of our closely-knit team, our expansive proprietary platform, and a far-reaching national network, we possess the innate ability to seamlessly facilitate the fluid movement of capital across the entire expanse of the country. What sets us apart is not just our technological prowess, but the collaborative ethos that infuses every facet of our operation.

At the heart of our success lies a culture of collaboration, where diverse minds converge to formulate innovative solutions. This, coupled with our cutting-edge technological infrastructure, propels us to the forefront of the industry. But what truly underpins our efficiency is a time-tested methodology that has consistently yielded remarkable results.

One of our core competencies is the art of precision in buyer-seller matching. Whether the focus is on a regional or national scale, our processes are adept at seamlessly aligning buyers with sellers in a manner that goes beyond mere transactions. This approach ensures that your success is

INBOUND / OUTBOUND $2.1B- MW. OUTBOUND $3.8B- MW. INBOUND $9.2BB- W. OUTBOUND $1.6B- W. INBOUND $3.1B- S. OUTBOUND $7.8B- S. INBOUND $1.8B- TX/OK OUTBOUND $6.4B- TX/OK INBOUND $6.4B- NE. OUTBOUND $1.4B- NE. INBOUND $3.3B- MOUNTAIN OUTBOUND $5.0B- MOUNTAIN INBOUND

#1 U.S. brokerage in number of transactions 1031 EXCHANGE LEADER

Marcus & Millichap is the premier commercial real estate investment services firm in the United States. Founded in 1971 with a unique model that matches each property with the largest pool of pre-qualified investors, we leverage nearly five decades of experience and relationships to handle all your commercial real estate needs. Our team of more than 2,000 professionals in the United States and Canada focuses exclusively on real estate investment sales, financing, research and advisory services.

13,255 Transactions In most recent year

6.74

Transactions closed Every Business Hour

We Execute More Tax-Deferred Exchanges Than Any Other Firm In The United States (32% Of Total Transactions), And Our Market Share Is A Direct Benefit To Clients. Over The Years, We Have Developed The Skills And Expertise To Maximize Value And Meet Sensitive Timelines Required In A 1031 Exchange. With Billions Of Dollars Of Commercial Real Estate Exclusively Listed With Us At Any Time, Motivated Exchange Buyers Seek Out Marcus & Millichap For Quality Investment Opportunities. Through Our Industry-Leading Inventory, We Deliver The Best Of Both Worlds – We Maximize The Value Of Your Asset Through Our Unparalleled Marketing.

We Then Help Identify Appropriate Upleg Options To Execute A Successful Tax Deferral Acquisition.

M O V I N G C A P I TA L . M A X I M I Z I N G VA L U E .

L E A D I N G

N AT I O N A L

P L AT F O R M

cl ie nt s r epr e sent e d

2014 2015 2016 2017 2018

2024

2019 2020 2021 2022 2023

10 YEARS EXPERIENCE

$1.65B 20k+ CAREER CLOSED

CAREER UNITS CLOSED

NOTEWORTH DEALS ROBIN COURT

ENERIO 1008 CLOSING PRICE CITY

69

UNITS

991

UNITS

CLOSING PRICE CITY

$44.22M SCATTERED SITE WV

$1.85M ZANESVILLE, OH

STONEBROOK 84

UNITS CLOSING PRICE CITY

$4.7M SCOTTSBURG, IN

DEERBROOK 123

UNITS CLOSING PRICE CITY

$5M HILLSBORO, OH

HOPEVIEW UNITS CLOSING PRICE CITY

72 $4.3M XENIA, OH

SPRINGFIELD PORTFOLIO UNTS CLOSING PRICE CITY

348 14M SPRINGFIELD, OH

RECENT TRANSACTIONS UNITS

SALE PRICE

CITY, STATE

Alpine

47

$2,800,000.00

Dayton, OH

Berkshire

65

$4,045,000.00

Cincinnati, OH

Hopeview

72

$4,320,000.00

Xenia, OH

Waynedale

96

$6,000,000.00

Dayton, OH

Riverside Terrace

76

$3,312,000.00

Cincinnati, OH

Mears

26

$1,400,000.00

Cincinnati, OH

Villas of Pine Valley

60

$4,900,000.00

Elizabethtown, KY

Keyes Cove

24

$1,266,000.00

Lexington, KY

The Monleone

41

$3,157,000.00

Louisville, KY

Catalpa Crossing

54

$2,375,000.00

Dayton, OH

Middleton Shilow

42

$5,000,000.00

Cincinnati, OH

The Pops

96

$10,300,000.00

Lexington, KY

Trenton 52

52

$3,300,000.00

Trenton, OH

Clays Pointe

62

$8,700,000.00

Elizabethtown, KY

Williamstown

73

$4,344,556.00

Cincinnati, OH

300 Highway

15

$573,000.00

Ludlow, KY

1922 Hopkins

18

$1,422,000.00

Cincinnati, OH

Lindhurst Townhomes

46

$3,000,000.00

Lexington, KY

P R O P E R T Y D ATA S H E E T Property Name:

Market St. Apartments

Property Address:

617 S Market St

City, State, Zip:

Waverly, OH 45690

Submarket:

Waverly

County:

Pike

Year Built/Reno:

1997-2000

Property Type: Number Of Units:

Market 33

Avg Unit Size:

945

Rentable Sqft:

31200

Number of Parcels:

3

Lot Size (Acres):

2.75

Density:

12.0

# of Buildings:

13

# of Stories:

2

Current Occupancy:

100%

Utilities: Electric:

Tenant

Gas:

Tenant

Water/Sewer:

Tenant

Trash:

Owner

Cable/Internet:

Tenant

MARKET STREET APARTMENTS

Drive Time Cincinnati - 1 hr 42 mins (98.4 mi) Columbus - 1 hr 14 mins (63.6 mi)

01

SEC T ION - T HE A S SE T

R E N T M AT R I X | o n e B E D Walnut Hills Apts | $759

3336 Boudinot | $995

MARKET STREET APARTMENTS $549

Homewood | $750

1162 Rapp-Hollow Rd | $850

Hickory II | $561

02 SEC T ION - LOCAL COMPE T I T ORS

One Bedroom Property

Year Built

# Beds

Avg SF

Avg Rent

Avg Rent/SF

1162 Rapp-Hollow Rd

1962

2

500

$850

$1.70

Walnut Hills Apartments

1976

99

580

$759

$1.31

Homewood

1990

24

700

$750

$1.07

Subject Pro Forma

1997

35

800

$600

$0.75

Hickory II

1978

40

500

$561

$1.12

Subject Average Effective

1997

35

800

$549

$0.69

Market Average

1983

39

647

$678

$1.11

R E N T M AT R I X | T W O B E D Walnut Hills Apts | $939

Lakes Apts | $1,100

MARKET STREET APARTMENTS $654

Sugartree Square | $627

Hickory II | $656 33 N Main Street | $625

Coles Terrace Apts | $654

645 W College Street | $750

02 SEC T ION - LOCAL COMPE T I T ORS

Two Bedroom Property

The Lakes Apartments

Year Built 1999

# Beds 72

Avg SF 1025

Avg Rent $1,100

Avg Rent/SF $1.07

Walnut Hills Apartments

1976

99

580

$939

$1.62

Subject Pro Forma

1997

35

1000

$775

$0.78

645 W College St

2002

6

900

$750

$0.83

Hickory II

1978

40

940

$656

$0.70

Coles Terrace Apartments

1978

32

1000

$654

$0.65

Subject Average Effective

1997

35

1000

$654

$0.65

Sugartree Square

1984

30

645

$627

$0.97

33 N Main St

1979

2

695

$625

$0.90

Market Average

1988

39

865

$753

$0.91

54 HAWTHORNE LANE

homewood UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

UNITS 24

SQFT 700

24 1990 95.8% RENT RENT/SF $750 $1.07

2102 QUEEN CITY RIDGE

the lakes a pa rt m e n t s UNITS YEAR BUILT OCCUPANCY UNIT MIX Two Bedroom

UNITS 60

SQFT 1025

72 1999 98.6% RENT RENT/SF $1,100 $1.07

MARKET STREET APARTMENTS - financials

UNIT MIX BREAKDOWN AV E R A G E E F F E C T I V E

MARKET

PROJECTED

UNIT TYPE

NO. OF UNITS

R E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

One Bedroom 1BR/1BA Totals / Wtd. Averages

9 Units 9 Units

800 SF 800 SF

7,200 SF 7,200 SF

$549.00 $549.00

$0.69 SF $0.69 SF

$4,941 $4,941

$575.00 $575.00

$0.72 SF $0.72 SF

$5,175 $5,175

$600.00 $600.00

$0.75 SF $0.75 SF

$5,400 $5,400

Two Bedroom 2BR/1.5BA - TH Totals / Wtd. Averages

24 Units 24 Units

1,000 SF 1,000 SF

24,000 SF 24,000 SF

$654.00 $654.00

$0.65 SF $0.65 SF

$15,696 $15,696

$750.00 $750.00

$0.75 SF $0.75 SF

$18,000 $18,000

$775.00 $775.00

$0.78 SF $0.78 SF

$18,600 $18,600

Summary One Bedrooms Two Bedrooms Totals / Wtd. Averages

9 Units 24 Units 33 Units

800 SF 1,000 SF 945 SF

7,200 SF 24,000 SF 31,200 SF

$549.00 $654.00 $625.36

$0.69 $0.65 $0.66 SF

$4,941 $15,696 $20,637

$575.00 $750.00 $702.27

$0.72 SF $0.75 SF $0.74 SF

$5,175 $18,000 $23,175

$600.00 $775.00 $727.27

$0.75 SF $0.78 SF $0.77 SF

$5,400 $18,600 $24,000

03

SECTION - THE FINANCIALS

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

UNIT RENTS

UNIT DISTRIBUTION

INCOME EXPENSE

MARKET STREET APARTMENTS - financials

INCOME & EXPENSES

#

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT OTHER INCOME Garage Parking Pet Fee Total Other Income GROSS POTENTIAL INCOME Physical Vacancy/Bad Debt Bad Debt EFFECTIVE GROSS INCOME

CURRENT RENT ROLL AS OF 7/23/24

$278,100 RR ($30,456) $247,644 RR

% of GPR 10.95% 1.57% 0.92% 2.50%

Per Unit 8,427 (923) 7,504

$3,900 RR $2,280 RR $6,180 $253,824 ($12,382) Added $0 $241,442

5.00% 0.00% 84.05%

118 69 187 7,692 (375) 0 7,316

NON-CONTROLLABLE Real Estate Taxes 2023 Taxes Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric Trash Removal Total Utilities Total Non-Controllable

$22,163 Auditor $5,934 $28,097 $14,850 Note 2

% of EGI 9.18% 2.46% 11.64% 6.15%

Per Unit 672 180 851 450

$1,200 Note 2 $4,950 Note 2 $6,150 $49,097

0.50% 2.05% 2.55% 20.34%

36 150 186 1,488

CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion Labor General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

$1,155 Note 2 $3,300 Note 2 $1,155 Note 2 $5,610 $19,800 Note 2 $2,475 Note 2 $31,350 Note 2 $3,300 Note 2 $16,901 Note 2 $8,415 Note 1 $87,851 $136,948 $104,494

0.48% 1.37% 0.48% 2.32% 8.20% 1.03% 12.98% 1.37% 7.00% 3.49% 36.39% 56.72% 43.28%

35 100 35 170 600 75 950 100 512 255 2,662 4,150 3,166

NOTE

UNDERWRITING NOTES

1 Replacement & Reserves: added based on market norm of $255 per unit per year 2 Added based on market norms

YEAR 1 $288,000 ($5,760) $282,240

YEAR 2 % of GPR 2.00%

$296,640 ($5,933) $290,707 $4,138 $2,419 $6,556 $297,264 ($14,535) ($2,907) $279,821

% of GPR

Per Unit 8,989 (180) 8,809

$305,539 ($6,111) $299,428

5.00% 1.00% 92.00%

125 73 199 9,008 (440) (88) 8,479

$4,262 $2,491 $6,753 $306,181 ($14,971) ($2,994) $288,216

5.00% 1.00% 92.00%

129 75 205 9,278 (454) (91) 8,734

2.00%

2.00%

5.00% 1.00% 92.00%

$22,163 $5,934 $28,097 $14,850

8.16% 2.18% 10.34% 5.47%

% of EGI 672 180 851 450

$22,163 $5,934 $28,097 $15,147

% of EGI 7.92% 2.12% 10.04% 5.41%

Per Unit 672 180 851 459

$22,163 $5,934 $28,097 $15,450

7.92% 2.12% 10.04% 5.52%

% of EGI 672 180 851 468

$1,224 $5,049 $6,273 $49,220

0.45% 1.86% 2.31% 18.12%

37 153 190 1,492

$1,248 $5,150 $6,398 $49,643

0.45% 1.84% 2.29% 17.74%

38 156 194 1,504

$1,273 $5,253 $6,526 $50,074

0.46% 1.88% 2.33% 17.89%

39 159 198 1,517

$1,155 $3,300 $1,155 $5,610 $19,800 $2,475 $31,350 $3,300 $19,017 $8,583 $90,135 $139,355 $132,316

0.43% 1.21% 0.43% 2.06% 7.29% 0.91% 11.54% 1.21% 7.00% 3.16% 33.18% 51.30% 48.70%

35 100 35 170 600 75 950 100 576 260 2,731 4,223 4,010

$1,178 $3,366 $1,178 $5,722 $20,196 $2,525 $31,977 $3,366 $19,587 $8,755 $92,128 $141,771 $138,050

0.42% 1.20% 0.42% 2.04% 7.22% 0.90% 11.43% 1.20% 7.00% 3.13% 32.92% 50.66% 49.34%

36 102 36 173 612 77 969 102 594 265 2,792 4,296 4,183

$1,202 $3,433 $1,202 $5,837 $20,600 $2,575 $32,617 $3,433 $20,175 $8,930 $94,167 $144,240 $143,976

0.43% 1.23% 0.43% 2.09% 7.36% 0.92% 11.66% 1.23% 7.00% 3.19% 33.44% 51.55% 51.45%

36 104 36 177 624 78 988 104 594 271 2,836 4,371 4,363

100% 1.6374%

$28,097.22 $28,097.22 $5,933.98

1.42% 0.83% 2.26%

Per Unit 9,259 (185) 9,074

122 71 193 8,746 (428) (86) 8,232

Tax Reassessment Calculator Ratio x Proposed Price New Taxes x Desired Reassessment % Total Tax Adjustment

1.42% 0.83% 2.26%

% of GPR

$4,017 $2,348 $6,365 $288,605 ($14,112) ($2,822) $271,671

Tax Reassessment Calculator Desired Reassessment % Current Taxes / Market Value Ratio

1.42% 0.83% 2.26%

Per Unit 8,727 (175) 8,553

YEAR 3

YR 1 YE AUG-2025

YR 2 YE AUG-2026

YR 3 YE AUG-2027

YR 4 YE JUL-2028

YR 5 YE JUL-2029

YR 6 YE JUL-2028

YR 5 YE JUL-2029

INCOME

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$278,100 ($30,456) $247,644 $6,180 $253,824 ($12,382) $0 $241,442

$288,000 ($5,760) $282,240 $6,365 $288,605 ($14,112) ($2,822) $271,671

$296,640 ($5,933) $290,707 $6,556 $297,264 ($14,535) ($2,907) $279,821

$305,539 ($6,111) $299,428 $6,753 $306,181 ($14,971) ($2,994) $288,216

$314,705 ($6,294) $308,411 $6,888 $315,299 ($15,421) ($3,084) $296,795

$324,147 ($6,483) $317,664 $7,026 $324,689 ($15,883) ($3,177) $305,630

$333,871 ($6,677) $327,194 $7,166 $334,360 ($16,360) ($3,272) $314,728

$299,836 ($5,997) $293,839 $7,310 $344,319 ($16,850) ($3,370) $324,098

EXPENSE

MARKET STREET APARTMENTS - financials

CASH FLOW

CURRENT

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion Labor General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$28,097 $14,850 $6,150 $5,610 $19,800 $2,475 $31,350 $3,300 $16,901 $8,415 $136,948

$28,097 $14,850 $6,273 $5,610 $19,800 $2,475 $31,350 $3,300 $19,017 $8,583 $139,355

$28,097 $15,147 $6,398 $5,722 $20,196 $2,525 $31,977 $3,366 $19,587 $8,755 $141,771

$28,097 $15,450 $6,526 $5,837 $20,600 $2,575 $32,617 $3,433 $20,175 $8,930 $144,240

$28,659 $15,759 $6,657 $5,953 $21,012 $2,626 $33,269 $3,502 $20,776 $9,109 $147,322

$29,232 $16,074 $6,790 $6,072 $21,432 $2,679 $33,934 $3,572 $21,394 $9,291 $150,471

$29,817 $16,396 $6,926 $6,194 $21,861 $2,733 $34,613 $3,643 $22,031 $9,477 $153,690

$30,413 $16,724 $7,064 $6,318 $22,298 $2,787 $35,305 $3,716 $22,687 $9,666 $156,979

TOTAL EXPENSES

$423,535

$423,535

$423,535

$475,188

$485,287

$495,605

$506,147

$516,920

$104,494

$132,316

$138,050

$143,976

$149,473

$155,158

$161,038

$167,120

DEBT SERVICE - Proposed New Loan Principal Payments Interest Payments TOTAL DS - Proposed New Loan

$30,892

$31,510

$32,140

$32,783

$33,439

$34,108

$34,790

$35,485

$19,386 $79,296 $98,682

$19,386 $79,296 $98,682

$20,716 $77,967 $98,682

$22,136 $76,546 $98,682

$23,654 $75,029 $98,682

$25,276 $73,407 $98,682

$27,009 $71,674 $98,682

$28,860 $69,822 $98,682

CONSOLIDATED DEBT SERVICE

$98,682

$98,682

$98,682

$98,682

$98,682

$98,682

$98,682

$98,682

NET CASH FLOW AFTER DEBT SERVICE DEBT SERVICE COVERAGE RATIO

$5,811 1.06

$33,633 1.34

$39,368 1.40

$45,293 1.46

$50,790 1.51

$56,476 1.57

$62,356 1.63

$68,437 1.69

Return Analysis CAP Rate (Purchase Price) 'All-In' CAP Rate (Total Cost) Cash-on-Cash Return IRR

Trailing 6.09% 6.09% 1.13% n/a

Yr 1 7.71% 7.71% 6.53% 48.92%

Yr 2 8.04% 8.04% 7.65% 29.20%

Yr 3 8.39% 8.39% 8.80% 25.87%

Yr 4 8.71% 8.71% 9.87% 22.82%

Yr 5 9.04% 9.04% 10.97% 21.04%

Yr 6 9.38% 9.38% 12.11% 19.87%

Yr 7 9.74% 9.74% 13.29% 19.04%

NET OPERATING INCOME

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

3.56% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

INCOME Gross Potential Rent (Loss) / Gain to Lease* Other Income EXPENSES Expenses Management Fee**

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Total Economic Loss

YR 1

YR 2

YR 3

YR 4

YR 5

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

MARKET STREET APARTMENTS - FINANCIALS

PRICING P U RC H A S E P R I C E

Target Purchase Price Per Unit Per RSF ACQUISITION / ADDITIONAL Projected Capital Expenditures Renovation Cost Closing Costs Transfer Tax Total Loan Fees Total Acquisition Costs P U R C H AS E P R I C E Total Cost Per Unit Per RSF

A N A LY S I S A S S U M P T I O N S

R E N T S U M M A RY ( M O N T H LY )

$1,716,000 $52,000

Analysis Period

10.00 Years

Analysis Start Date

Aug-2024

$55.00

Terminal Cap Rate

6.50%

Cost of Sale

6.00%

$0 $0 $0 $0 $0 $0

$1,716,000 $52,000 $55.00

AC Q U I S I T I O N F I N A N C I N G S U M M A RY Loan Amount

$1,201,200

Loan to Value (LTV)

70.00%

Loan to Cost (LTC)

70.00%

Existing or Proposed Loan

Proposed

Origination Date

Aug-2024

Interest Rate

6.65%

Years Interest Only

0.00

Avg. Effective Rent Avg. Current Market Rent Avg. Projected Rent

$625 $702 $727

TO TA L E X P E N S E S S U M M A R Y ( P E R U N I T ) Trailing Year 1 Year 2

$4,150 $4,223 $4,296

NOI SUMMARY Trailing Year 1 Year 2

$104,494 $132,316 $138,050

30.00%

ECONOMIC LOSS SUMMARY Trailing

5.00%

30.00%

Year 1

6.00%

10-Year Projected Avg.

6.00%

Equity Required

$514,800

Equity to Value Equity to Cost

MARKET STREET APARTMENTS - FINANCIALS

TA R G E T VA L U E

A L L- I N C A P R AT E

CAS H - O N - CAS H R E T U R N S

PRICE

PER UNIT

P E R RS F

TRAILING

YEAR 1

YEAR 2

TRAILING

YEAR 1

YEAR 2

$1,801,800 $1,773,200 $1,744,600 $1,716,000 $1,687,400 $1,658,800 $1,630,200

$54,600 $53,733 $52,867 $52,000 $51,133 $50,267 $49,400

$57.75 $56.83 $55.92 $55.00 $54.08 $53.17 $52.25

5.80% 5.89% 5.99% 6.09% 6.19% 6.30% 6.41%

7.34% 7.46% 7.58% 7.71% 7.84% 7.98% 8.12%

7.66% 7.79% 7.91% 8.04% 8.18% 8.32% 8.47%

1.08% 1.09% 1.11% 1.13% 1.15% 1.17% 1.19%

6.22% 6.32% 6.43% 6.53% 6.64% 6.76% 6.88%

7.28% 7.40% 7.52% 7.65% 7.78% 7.91% 8.05%

Marketing the asset without a specific price allows us to customize our sales approach to each investor’s specific rehab costs, cost of debt and minimum return requirements.

Thus facilitating a competitive bidding environment and ultimately maximizing the value of the Property.

SUGGESTED LIST PRICE: MARKET BID

Cash on Cash Return Internal Rate of Return (IRR) CAP Rate (Purchase Price) CAP Rate ("All-In") Gross Revenue Multiplier (GRM)

Property Address 617 S Market St S Market St, Waverly, OH 45690 S Market St, Waverly, OH 45690 Total

Y E A R 3 ( F U L LY AMORTIZING) 8.38% 8.51% 8.65% 8.80% 8.95% 9.10% 9.26%

TRAILING

YR 1

YR2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

1.13% n/a 6.09% 6.09% 6.93

6.53% 48.92% 7.71% 7.71% 6.08

7.65% 29.20% 8.04% 8.04%

8.80% 25.87% 8.39% 8.39%

9.87% 22.82% 8.71% 8.71%

10.97% 21.04% 9.04% 9.04%

12.11% 19.87% 9.38% 9.38%

13.29% 19.04% 9.74% 9.74%

14.52% 18.43% 10.11% 10.11%

15.78% 17.96% 10.48% 10.48%

17.08% 17.59% 10.88% 10.88%

Parcel ID 18166300000 181375000000 181376000000

5.90

Tax Breakdown Year Built Acres 1997 0.84 1997 0.37 1997 1.54 2.75

Market Value $365,000 $177,900 $810,690 $1,353,590

Assessed Value $127,750 $62,270 $283,740 $473,760

Tax Rate 1.64% 1.64% 1.64%

Taxes Payable $5,976.00 $2,913.16 $13,274.08 $22,163.24

Land Use Code 401 - APARTMENTS, 4-19 UNITS 499 - Other Commercial Structures 401 - APARTMENTS, 4-19 UNITS

MARKET STREET APARTMENTS