Cypress Apartments

OFFERING MEMORANDUM

240 SW 8TH STREET Pompano Beach, Florida 33060 14 UNITS

CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.

Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

RENT DISCLAIMER Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.

NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Activity ID ZAD0240005 SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

TABLE OF CONTENTS INVESTMENT OVERVIEW • Executive Summary • Property Tours / Offering Process PROPERTY DESCRIPTION • Points of Interest Map • Property Description • Property Amenities • Property Photos MARKET COMPARABLES • Rent Comparables • Sales Comparables FINANCIAL ANALYSIS • Rent Roll Detail • Rent Roll Summary • Operating Statement • Pricing Details MARKET OVERVIEW • Broward Market Overview

240 SW 8th Street POMPANO BEACH, FL 33060

PROPERTY ANALYSIS

INVESTMENT OVERVIEW Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Cypress Apartments, a 14-unit, multifamily apartment building located at 240 Southwest 8th Street in Pompano Beach, Florida which is in Broward County. Cypress Apartments was built in 1970 of concrete block and consists of one two-story, garden-style building comprised of 14 one-bedroom/one-bathroom units on a 0.30-acre site. The building’s amenities include an on-site laundry room with one washer and dryer, which are owned by the seller as well as on-site parking. All units have individual wall-unit air-conditioning and all electric appliances. Residents of Cypress Apartments are responsible for electricity and cable, while water, sewer, and trash removal are included in the rent and paid for by the owner.

Cypress Apartments is located in Pompano Beach, south of Atlantic Boulevard and north of McNab Road. The surrounding area is made up of single-family homes, townhomes, and apartment buildings. Directly across from the subject is Orchid Grove, a development of over 200 townhomes. In addition, the property is one block away from Cypress Elementary School and Norwood Pines Park, and a short walk to a Publix Supermarket.

Cypress Apartments offers an investor a rare opportunity to acquire a 14-unit apartment building in an excellent rental market. The property is being offered for sale by a long-term owner who has not maximized the rents. By making improvements to the building and renovating the apartment units, a new owner should be able to increase the rents to market level.

8

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

INVESTMENT HIGHLIGHTS • Current Ownership of 15 years • Current Rents Significantly Below Market Levels • Excellent Pompano Beach Location • Easy Access to Atlantic Boulevard and Interstate 95 • Located in Close Proximity to a Publix Supermarket • Walking Distance to Cypress Elementary School • On-Site Parking • On-Site Laundry Room

For further information, please contact: BRANDON J. REX

EVAN P. KRISTOL

AUSTIN MICHELS

Brandon.Rex@MarcusMillichap.com

EvanKristol@MarcusMillichap.com

Austin.Michels@marcusmillichap.com

(954) 245-3488

(954) 245-3459

Senior Vice President Investments

Executive Managing Director Investments

Associate

(954) 245-3439

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

9

CONFIDENTIALITY AGREEMENT The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

PROPERTY DESCRIPTION

POINTS OF INTEREST

N

Cypress Apartments 1. Cypress Elementary School 2. Norwood Pine Park 3. Publix Super Market 4. Pine Crest School 5. Publix Super Market 6. CVS 7. Walgreens 8. Broward Health Imperial Point 9. Northeast High School 10. Oakland Park Police Department 11. Fort Lauderdale Fire Rescue 12. Isle Casino Racing Pompano Park 13. Walmart Supercenter 14. Pompano Beach Fire Rescue 15. CVS 16. Post Office 17. Pompano Supermarket 18. Pompano Beach Middle School 19. Kester Park 20. Sample-McDougald House Museum 21. Centennial Park 22. Pompano Beach High School 23. Pompano Beach Baseball Complex 24. Pompano Beach Elementary School 25. Pompano Community Park 26. Pompano Beach Amphitheater 27. Post Office 28. Pompano Beach Dog Park 29. ALDI 30. Pompano Beach Pier

12

28 29 20

21

23 22

18

25

24

26

19

27 30

17 16 14

15 13 3 2 12 1

5 6 7 8 4

9

10

11

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

PROPERTY DESCRIPTION Property Address

240 SW 8th Street, Pompano Beach, FL 33060

Folio No.

4942-02-25-0090

No. of Units

14

Rentable Square Footage

7,700 SF

Year Built

1970

No. Stories

2

Construction

Concrete Block

Site Acreage

0.30 Acres

Parking

14 Surface Spaces

Fire Protection

Smoke Detectors

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

13

COMMON AREA AMENITIES

• Walking Distance to a Publix Supermarket • Easy Access to Major Thoroughfares • On-Site Laundry Room • On-Site Parking

14

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

UNIT AMENITIES

• Galley Style Kitchens in Majority of Units • All Electric Appliances • Tile Flooring • Individual Hot-Water Heaters • Wall-Unit Air-Conditioning

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

15

MARKET COMPARABLES

- Rent Comps

RENT COMPARABLES 6

1.

2.

3.

4.

5.

6.

N

Cypress Apartments 220 SW 8th Street Portfolio 260 SW 8th Street 275 SW 15th Street Pompano Greens 5910 NE 18th Avenue Morning Calm Apartments 1

2

4

3

5

20

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

RENT COMPARABLES OCCUPANCY COMPARISON

Average: 99.2%

100.0%

95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0%

15.0% 10.0% 5.0% 0.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

95.0%

Cypress Apartments

220 SW 8th Street Portfolio

5910 NE 18th Avenue

275 SW 15th Street

Pompano Greens

Morning Calm Apartments

260 SW 8th Street

PROPERTY NAME Cypress Apartments 220 SW 8th Street Portfolio 5910 NE 18th Avenue 275 SW 15th Street Pompano Greens Morning Calm Apartments 260 SW 8th Street AVERAGE

RANKED BY % OCCUPIED YEAR # OF % BUILT UNITS OCCUPIED 1970 14 100.0% 1970 109 100.0% 1965 18 100.0% 1968 16 100.0% 1970 29 100.0% 1968 49 100.0% 1969 12 95.0% 1968

39

99.2%

NET MARKET RENT PER UNIT PER SQ. FT. $925 $1.68 $1,218 $1.86 $1,217 $1.98 $1,038 $2.17 $1,300 $2.02 $1,236 $1.94 $1,450 $2.23 $1,243

$2.03

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

21

RENT COMPARABLES NET MARKET RENT $1,600 $1,500 $1,400

Average: $1,243

$1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0

$1,450

$1,300

$1,250

$1,236

$1,218

$1,217

$1,038

$925

260 SW 8th Street

Pompano Greens

Cypress Apartments Market Rent

Morning Calm Apartments

220 SW 8th Street Portfolio

5910 NE 18th Avenue

275 SW 15th Street

Cypress Apartments - In Place Rent

RANKED BY NET MARKET RENT / UNIT YEAR # OF % PROPERTY NAME BUILT UNITS OCCUPIED 260 SW 8th Street 1969 12 95.0% Pompano Greens 1970 29 100.0% Cypress Apartments - Market Rent 1970 14 100.0% Morning Calm Apartments 1968 49 100.0% 220 SW 8th Street Portfolio 1970 109 100.0% 5910 NE 18th Avenue 1965 18 100.0% 275 SW 15th Street 1968 16 100.0% Cypress Apartments - In Place Rent 1970 14 100.0% AVERAGE

22

1968

39

99.2%

NET MARKET RENT PER UNIT PER SQ. FT. $1,450 $2.23 $1,300 $2.02 $1,250 $2.27 $1,236 $1.94 $1,218 $1.86 $1,217 $1.98 $1,038 $2.17 $925 $1.68 $1,243

$2.03

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

RENT COMPARABLES ONE BEDROOM UNIT ANALYSIS

$1,400

Average: $1,200 $1,200

$1,000

$800

$600

$400

$200

$0

$1,300

$1,250

$1,250

$1,200

$1,150

$1,100

$925

Morning Calm Apartments

Cypress Apartments Market Rent

Pompano Greens

220 SW 8th Street Portfolio

5910 NE 18th Avenue

275 SW 15th Street

Cypress Apartments In Place Rent

ONE BEDROOM RENT COMPARABLES 1 BR - AVERAGE RENT YEAR # OF AVERAGE PROPERTY NAME BUILT UNITS UNIT SIZE NET MARKET PER SQ. FT. Morning Calm Apartments 1968 16 675 $1,300 $1.93 Cypress Apartments - Market Rent 1970 14 550 $1,250 $2.27 Pompano Greens 1970 16 590 $1,250 $2.12 220 SW 8th Street Portfolio 1970 96 650 $1,200 $1.85 5910 NE 18th Avenue 1965 14 575 $1,150 $2.00 275 SW 15th Street 1968 8 655 $1,100 $1.68 Cypress Apartments - In Place Rent 1970 14 550 $925 $1.68 AVERAGE

1476

30

629

$1,200

$1.91

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

23

Occupancy

Electricity

100%

UNIT MIX AND RENTAL RATES % OF UNIT UNITS TOTAL SQ. FT. 14 100.0% 550

UNIT TYPE 1 Bdr 1 Bath

Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $925 $1.68

RENT COMPARABLES Cypress Apartments Address 240 SW 8th Street Pompano Beach, FL 33060 Date Surveyed January 0, 1900 No. of Units 14 YearSW Built 220 8th Street 1970 Portfolio Occupancy 100% Address 220 SW 8th Street Date Surveyed UNIT No. of Units TYPE Year Built 1 Bdr 1 Bath Occupancy

Water/Sewer Electricity

Pompano Beach, FL 33060 UNIT MIX AND RENTAL RATES January 0, 1900 % OF UNIT 109 UNITS TOTAL SQ. FT. 1970 Water/Sewer 14 100.0% Electricity 550 100%

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT Paid by Owner SQ. FT. $925 Paid by Resident $1.68

UNIT MIX AND RENTAL RATES TOTAL / AVERAGE 14 100.0% 550 $925 $1.68 UNIT % OF UNIT NET MARKET RENT PER TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS 1 Bdr 1 Bath 96 88.1% 650 $1,200 $1.85 Water, sewer and trash removal is included in the rent while electric is separately metered and paid for by the 2 Bdr 1 Bath 12 11.0% 700 $1,350 $1.93 residents.

2 Bdr 1.5 Bath 1 0.9% 700 $1,350 $1.93 220 SW 8th Street Portfolio Address 220 SW 8th Street Pompano Beach, FL 33060 Date Surveyed January 0, 1900 No. of Units 109 Year Built 1970 Occupancy 100%

Water/Sewer Electricity

Paid by Owner Paid by Resident

UNIT MIX AND RENTAL RATES TOTAL 14 100.0% 550 $925 $1.68 UNIT / AVERAGE % OF UNIT NET MARKET RENT PER TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS 1 Bdr 1 Bath 96 88.1% 650 $1,200 $1.85 2 Bdr 1sewer Bath and trash removal is included 12 700 $1,350and paid for by $1.93 Water, in the11.0% rent while electric is separately metered the 2 Bdr 1.5 Bath 1 0.9% 700 $1,350 $1.93 residents.

TOTAL / AVERAGE

109

100.0%

656

$1,218

$1.86

COMMENTS Water, sewer and trash removal is included in the rent while electric is separately metered and paid for by the residents. This is a portfolio consisting of 11 buildings and 109 units. The property addresses are 120 SW 8th Street, 130 SW 8th Street, 140 SW 8th Street, 150 SW 8th Street, 160 SW 8th Street, 170 SW 8th Street, 180 SW 8th Street, 200 SW 8th Street, 220 SW 8th Street, 241 SW 8th Court and 840 SW 3rd Avenue.

24

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

Occupancy

UNIT TYPE 2 Bdr 1 Bath

Electricity

95%

UNIT MIX AND RENTAL RATES % OF UNIT UNITS TOTAL SQ. FT. 12 100.0% 650

Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,450 $2.23

RENT COMPARABLES 260 SW 8th Street Address 260 SW 8th Street Pompano Beach, FL 33060 Date Surveyed January 0, 1900 No. of Units 12 275 SW 15th Street Year Built 1969 Water/Sewer Address 275 SW 15th Street Occupancy 95% Electricity Pompano Beach, FL 33060 Date Surveyed January 0, 1900 UNIT MIX AND RENTAL RATES No. 16 UNITof Units % OF UNIT Year 1968 TYPEBuilt UNITS TOTAL Water/Sewer SQ. FT. Occupancy 100% 2 Bdr 1 Bath 12 100.0% Electricity 650

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT Paid by Owner SQ. FT. $1,450 Paid by Resident $2.23

UNIT MIX AND RENTAL RATES TOTAL / AVERAGE UNIT % OF UNIT NET$1,450 MARKET RENT PER 12 100.0% 650 $2.23 TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS Studio 8 50.0% 300 $975 $3.25 1 Bdr 1sewer Bath and trash removal is included 8 655 $1,100and paid for by $1.68 Water, in the50.0% rent while electric is separately metered the residents.

275 SW 15th Street Address 275 SW 15th Street Pompano Beach, FL 33060 Date Surveyed January 0, 1900 No. of Units 16 Year Built 1968 Occupancy 100%

Water/Sewer Electricity

Paid by Owner Paid by Resident

UNIT MIX AND RENTAL RATES TOTAL / AVERAGE UNIT % OF UNIT NET$1,450 MARKET RENT PER 12 100.0% 650 $2.23 TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS Studio 8 50.0% 300 $975 $3.25 1 Bdr 1sewer Bath and trash removal is included 8 655 $1,100and paid for by $1.68 Water, in the50.0% rent while electric is separately metered the residents.

TOTAL / AVERAGE 16 100.0% 478 $1,038 $2.17 COMMENTS Water, sewer and trash removal is included in the rent while electric is separately metered and paid for by the residents. Amenities include a swimming pool and laundry facility. Owners asking rent for 1 bedroom / 1 bathroom is $1,200.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

25

Occupancy

RENT COMPARABLES

Electricity

100%

UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 1 Bath

UNITS 1 16 12

UNIT MIX AND RENTAL RATES % OF UNIT TOTAL SQ. FT. 3.4% 355 55.2% 590 41.4% 740

Pompano Greens Address 449,501,579,599 SW 15th Street Pompano Beach, FL 33060 Date Surveyed January 0, 1900 No. of Units 29 Year Built 1970 Water/Sewer 5910 NE 18th Avenue Occupancy 100%NE 18th Avenue Electricity Address 5910 Fort Lauderdale, FL 33334 UNIT MIX AND RENTAL RATES Date Surveyed January 0, 1900 UNITof Units % OF UNIT No. 18 TYPE UNITS TOTAL Water/Sewer SQ. FT. Year Built 1965 Studio 1 3.4% Electricity 355 Occupancy 100% 1 Bdr 1 Bath 16 55.2% 590 2 Bdr 1 Bath 12 UNIT MIX 41.4% AND RENTAL 740 RATES TOTAL / AVERAGE 29 100.0% 644 UNIT % OF UNIT

Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $900 $2.54 $1,250 $2.12 $1,400 $1.89

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT Paid by Owner SQ. FT. $900 Paid by Resident $2.54 $1,250 $2.12 $1,400 $1.89

$2.02 NET$1,300 MARKET RENT PER TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS 1 Bdr 1 Bath 14 77.8% 575 $1,150 $2.00 Water, in the22.2% rent while electric is separately metered the 2 Bdr 1sewer Bath and trash removal is included 4 750 $1,450and paid for by $1.93 residents. Amenities include a swimming pool, laundry facilities, and central air-conditioning.

5910 NE 18th Avenue Address 5910 NE 18th Avenue Fort Lauderdale, FL 33334 Date Surveyed January 0, 1900 No. of Units 18 Year Built 1965 Occupancy 100%

Water/Sewer Electricity

Paid by Owner Paid by Resident

UNIT MIX AND RENTAL RATES TOTAL / AVERAGE UNIT % OF UNIT NET$1,300 MARKET RENT PER 29 100.0% 644 $2.02 TYPE UNITS TOTAL SQ. FT. UNIT SQ. FT. COMMENTS 1 Bdr 1 Bath 14 77.8% 575 $1,150 $2.00 2 Bdr 1sewer Bath and trash removal is included 4 750 $1,450and paid for by $1.93 Water, in the22.2% rent while electric is separately metered the residents. Amenities include a swimming pool, laundry facilities, and central air-conditioning.

TOTAL / AVERAGE

18

100.0%

614

$1,217

$1.98

COMMENTS Water, sewer and trash removal is included in the rent while electric is separately metered and paid for by the residents. Owners asking rent for 1 bedroom / 1 bathroom is $1,200.

26

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

Year Built Occupancy

RENT COMPARABLES

Water/Sewer Electricity

1968 100%

UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 2 Bath

UNITS 17 16 16

UNIT MIX AND RENTAL RATES % OF UNIT TOTAL SQ. FT. 34.7% 400 32.7% 675 32.7% 850

Morning Calm Apartments Address 241-301 SE 10th Avenue Pompano Beach, FL 33060 Date Surveyed January 0, 1900 No. of Units 49 Year Built 1968 Occupancy 100%

UNIT TYPE Studio 1 Bdr 1 Bath 2 Bdr 2 Bath TOTAL / AVERAGE

UNITS 17 16 16 49

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,020 $2.55 $1,300 $1.93 $1,400 $1.65

Water/Sewer Electricity

UNIT MIX AND RENTAL RATES % OF UNIT TOTAL SQ. FT. 34.7% 400 32.7% 675 32.7% 850 100.0%

637

Paid by Owner Paid by Resident

NET MARKET RENT PER UNIT SQ. FT. $1,020 $2.55 $1,300 $1.93 $1,400 $1.65 $1,236

$1.94

COMMENTS Tenants pay a monthly utility charge of $30 for Studios, $35 for 1 Bedrooms and $40 for 2 Bedrooms. Amenities include laundry facilities, high speed internet access and wall unit or central air-conditioning.

TOTAL / AVERAGE

49

100.0%

637

$1,236

$1.94

COMMENTS Tenants pay a monthly utility charge of $30 for Studios, $35 for 1 Bedrooms and $40 for 2 Bedrooms. Amenities include laundry facilities, high speed internet access and wall unit or central air-conditioning.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

27

SALES COMPARABLES

1.

2.

3.

4.

1

Cypress Apartments Deauville Plaza Apartments 1001 Pine Drive 5230 NE 14th Way 5141 NE 18th Avenue

2

3

28

N

4

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

SALES COMPARABLES AVERAGE PRICE PER SQUARE FOOT $280.00 $260.00 $240.00

Average: $206

$220.00 $200.00 $180.00 $160.00 $140.00 $120.00

$100.00 $80.00 $60.00 $40.00 $20.00 $0.00

$223

$207

$142

$253

5230 NE 14th Way

5141 NE 18th Avenue

Deauville Plaza Apartments

1001 Pine Drive

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

RANKED BY PRICE PER SQUARE FOOT PROPERTY NAME

YEAR BUILT

# OF UNITS

PRICE PER SQ. FT. UNIT

SALE PRICE

CLOSE OF ESCROW

5230 NE 14th Way

1966

5

$223

$157,180

$785,900

April 2021

5141 NE 18th Avenue

1963

6

$207

$156,500

$939,000

January 2021

Deauville Plaza Apartments

1969

33

$142

$155,894

$5,144,500

June 2021

1001 Pine Drive

1971

8

$253

$218,750

$1,750,000

June 2021

AVERAGE

1967

13

$206

$172,081

$2,154,850

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

29

SALES COMPARABLES AVERAGE PRICE PER UNIT $240,000 $220,000 $200,000

Average: $172,081

$180,000 $160,000

$140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0

$157,180

$156,500

$218,750

$155,894

5230 NE 14th Way

5141 NE 18th Avenue

1001 Pine Drive

Deauville Plaza Apartments

RANKED BY PRICE PER UNIT

30

PROPERTY NAME

YEAR BUILT

# OF UNITS

PRICE PER SQ. FT. UNIT

SALE PRICE

CLOSE OF ESCROW

5230 NE 14th Way

1966

5

$223

$157,180

$785,900

April 2021

5141 NE 18th Avenue

1963

6

$207

$156,500

$939,000

January 2021

1001 Pine Drive

1971

8

$253

$218,750

$1,750,000

June 2021

Deauville Plaza Apartments

1969

33

$142

$155,894

$5,144,500

June 2021

AVERAGE

1967

13

$206

$172,081

$2,154,850

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

SALES COMPARABLES

Deauville Plaza Apartments 320 SE 11th Avenue Pompano Beach, FL 33060 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

33 1969 0.86 Acres $5,144,500 $155,894 $141.56 June 9, 2021

Units Unit Type 21 2 Bed / 2 Bath 12 3 Bed / 2 Bath

8 1971 0.25 Acres $1,750,000 $218,750 $253.07 June 8, 2021

Units Unit Type 8 2 Bed / 1 Bath

Comments

1001 Pine Drive 1001 Pine Drive Pompano Beach, FL 33060 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow Comments

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

31

SALES COMPARABLES

5230 NE 14th Way 5230 NE 14th Way Fort Lauderdale, FL 33334 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

5 1966 0.23 Acres $785,900 $157,180 $223.20 April 29, 2021

Units Unit Type 5 1 Bed / 1 Bath

6 1963 0.19 Acres $939,000 $156,500 $207.33 January 7, 2021

Units 3 2 1

Comments

5141 NE 18th Avenue 5141 NE 18th Avenue Fort Lauderdale, FL 33334 No. of Units Year Built Lot Size Sales Price Price/Unit Price/Square Foot Close of Escrow

Unit Type 1 Bed / 1 Bath 2 Bed / 2 Bath 3 Bed / 2 Bath

Comments

32

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

SALES COMPARABLES

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

33

FINANCIAL ANALYSIS

RENT ROLL DETAIL As of January 2022

CURRENT

PRO FORMA

PRO FORMA

Square Feet

Rent /

Rent / SF/

Month

Month

Rent / Month

Rent/ SF/ Month

UNIT

UNIT TYPE

1

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

2

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

3

1 Bed / 1 Bath

550

$1,000

$1.82

$1,250

$2.27

4

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

5

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

6

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

7

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

8

1 Bed / 1 Bath

550

$1,000

$1.82

$1,250

$2.27

9

1 Bed / 1 Bath

550

$1,000

$1.82

$1,250

$2.27

10

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

11

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

12

1 Bed / 1 Bath

550

$950

$1.73

$1,250

$2.27

13

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

14

1 Bed / 1 Bath

550

$900

$1.64

$1,250

$2.27

7,70 0

$ 12 ,95 0

$ 1.68

$ 17,5 0 0

$ 2 .2 7

To t al

36

CURRENT

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

RENT ROLL SUMMARY As of January 2022

# OF UNIT TYPE UNITS 1 Bed / 1 Bath 14 TOTALS/WEIGHTED AVERAGES 14

AVG SQ FEET 550 550

GROSS ANNUALIZED RENTS

RENTAL RANGE $900 - $1,000

CURRENT AVERAGE RENT / SF $1.68 $1.68

AVERAGE RENT $925 $925

MONTHLY INCOME $12,950 $12,950

AVERAGE RENT $1,250 $1,250

$155,400

MONTHLY INCOME $17,500 $17,500

$210,000

Unit Rent

Unit Distribution

$2.50 SF

$1,400

$2.00 SF

$1,000 $800

$1.50 SF

$600

$1.00 SF

$400

$0.50 SF

$200 $0

Rent per SF/Month

Rent per Month

$1,200 1 Bed / 1 Bath 100%

PRO FORMA AVERAGE RENT / SF $2.27 $2.27

$0.00 SF 1 Bed / 1 Bath Unit Type Rent

Rent SF

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

37

OPERATING STATEMENT INCOME Rental Income Gross Potential Rent Loss / Gain to Lease Gross Current Rent TOTAL VACANCY Effective Rental Income Other Income Laundry Income TOTAL OTHER INCOME EFFECTIVE GROSS INCOME

Current

2,700 $2,700 $153,438

2,700 $2,700 $206,400

EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Trash, Water & Sewer Repairs & Maintenance Landscaping Operating Reserves Management Fee TOTAL EXPENSES EXPENSES AS % OF EGI NET OPERATING INCOME

Current 34,687 16,800 900 10,200 5,600 300 3,500 7,672 $79,659 51.9% $73,779

Pro Forma 34,687 16,800 900 10,200 5,600 1,800 3,500 10,320 $82,847 40.1% $123,553

210,000 (54,600) 155,400 ($4,662) 150,738

26.0% 3.0%

5.0%

Pro Forma

NOTES

PER UNIT

PER SF

210,000 0 210,000 ($6,300) 203,700

[1]

15,000 0 15,000 ($450) 14,550

27.27 0.00 27.27 ($1) 26.45

[3]

193 $193 $14,743

0.35 $0.35 $26.81

NOTES [4] [5] [6] [7] [8] [9] [10] [11]

PER UNIT 2,478 1,200 64 729 400 129 250 737 $5,918

PER SF 4.50 2.18 0.12 1.32 0.73 0.23 0.45 1.34 $10.76

$8,825

$16.05

3.0%

5.0%

[2]

Notes and assumptions to the above analysis are on the following page.

NOTES TO OPERATING STATEMENT [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

38

Gross Potential Rent based on pro forma of market rents in the area.

Physical vacancy based on market average of 3 percent of gross current rent.

Laundry Income based on average monthly collections provided by owner of $225 per month.

Real estate taxes are reassessed based on 80 percent of listing price, times the 2021 millage rate (20.6583), plus 2021 non ad-valorem taxes ($3,080), minus 4 percent for early tax payment. 2021 real estate taxes were $22,507.47.

Insurance based on pro forma assumption of $1,200 per unit per year.

Electric based on average monthly expenses provided by owner of $75 per month.

Trash, Water & Sewer based on average monthly expenses provided by owner of $850 per month.

Repairs & Maintenance based on pro forma assumption of $400 per unit per year.

Landscaping based on average monthly expense provided by owner of $25 per month.

Operating Reserves based on pro forma assumption of $250 per unit per year.

Management Fee based on pro forma assumption of 5 percent of effective gross income.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

PRICING DETAILS SUMMARY Price Down Payment Number of Units Price Per Unit Price Per SqFt Rentable SqFt Lot Size Approx. Year Built

OPERATING DATA $2,000,000 $2,000,000 14 $142,857 $259.74 7,700 0.30 Acres 1970

RETURNS CAP Rate GRM Cash-on-Cash Debt Coverage Ratio

Current 3.69% 12.87 3.69% N/A

FINANCING Loan Amount Loan Type Interest Rate Amortization Year Due

100%

Pro Forma 6.18% 9.52 6.44% N/A

INCOME Gross Scheduled Rent Less: Vacancy/Deductions Total Effective Rental Income Other Income Effective Gross Income Less: Expenses Net Operating Income Cash Flow Debt Service Net Cash Flow After Debt Service Principal Reduction TOTAL RETURN

0. 00% 0.00 0.00% N/A

1st Loan $1,000,000 Free and Clear N/A N/A N/A

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.

# OF UNITS 14 0 0 0 0 IRR Year 5 7 10

UNIT TYPE 1 Bed / 1 Bath

IRR Unlevered 0.00% 0.00% -4.22%

SQFT/UNIT 550

SCHEDULED RENTS $925

Pro Forma $1,250

EXPENSES Real Estate Taxes Insurance Utilities - Electric Utilities - Trash, Water & Sewer Repairs & Maintenance Landscaping Operating Reserves Management Fee TOTAL EXPENSES Expenses/Unit Expenses/SF

3.0%

51.9%

3.69% 3.69%

Current $155,400 $4,662 $150,738 $2,700 $153,438 $79,659 $73,779 $73,779 $0 $73,779 $0 $73,779

Current $34,687 $16,800 $900 $10,200 $5,600 $300 $3,500 $7,672 $79,659 $5,690 $10.35

3.0%

40.1%

6.44% 6.44%

Pro Forma $210,000 $6,300 $203,700 $2,700 $206,400 $82,847 $123,553 $128,893 $0 $128,893 $0 $128,893

Pro Forma $34,687 $16,800 $900 $10,200 $5,600 $1,800 $3,500 $10,320 $83,807 $5,986 $10.88

IRR Unlevered 0.00% 0.00% 0.00%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

39

MARKET OVERVIEW

BROWARD MARKET OVERVIEW Broward County is located in South Florida and contains a population of 1.9 million people.

The county is bordered to the north and south by Palm Beach and Miami-Dade counties, respectively. On the east is the Atlantic Ocean and Big Cypress National Reserve is to the west. The Everglades cover the western portion of the county, restricting development.

As limited land is available for construction, any significant growth is upward rather than outward. Roughly 23 miles of shoreline and 300 miles of inland waterways provide a wide range of recreation and transport uses. Fort Lauderdale is the largest city in the county with 180,000 residents followed by Pembroke Pines with 167,000 people.

42

METRO HIGHLIGHTS STRONG POPULATION GROWTH Broward County’s population continues to grow at a pace well above the U.S. rate. In-migration accounts for a large share of new residents.

DESIRABLE CORPORATE LOCATION Companies are attracted to the metro for its tax structure, proximity to Latin American markets, large educated workforce and desirable climate.

BUSINESS-FRIENDLY ENVIRONMENT The metro has no local corporate or personal income taxes, which attracts businesses and residents to the area

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

BROWARD | ECONOMY • Key economic drivers include tourism, healthcare, biotechnology and commerce.

• As a major point of access to both international trade and cruise tourism, Port Everglades generates roughly $30 billion of economic activity and $168 million in revenue per year.

• The significant population of senior citizens results in healthcare playing a major role in the county’s economy.

• A diverse array of companies are headquartered in the area, including Ultimate Software, Citrix Systems, AutoNation and Heico.

MAJOR AREA EMPLOYERS ECONOMIC GROWTH

Ultimate Software

Broward GMP

10%

Nova Southeastern University American Express

5%

Annual Change

Spirit Airlines Kaplan, Inc. Citrix Systems

U.S. GDP

0%

-5%

DHL Express JM Family Enterprises

-10% 00 02 04 06 08 10 12 14 16 18 20*

AutoNation

* Forecast

Trividia Health

SHARE OF 2019 EMPLOYMENT

MANUFACTURING

TRADE, TRANSPORTATION AND UTILITIES

3% 22%

PROFESSIONAL AND BUSINESS SERVICES

CONSTRUCTION

18% 6%

GOVERNMENT

EDUCATION AND HEALTH SERVICES

12% 13%

LEISURE AND HOSPITALITY

INFORMATION

11% 2%

FINANCIAL ACTIVITIES

OTHER SERVICES

7% 5%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

43

BROWARD | DEMOGRAPHICS • Since 2000, the county’s population has increased by roughly 268,400 residents. During the next five years, the county will add approximately 36,000 residents.

• In the same time period, the number of households will rise by 15,000.

• An increase in education attainment provides a skilled labor pool and has helped boost income levels.

Approximately 31 percent of residents age 25 and older have at least a bachelor’s degree.

2019 POPULATION BY AGE

6%

0-4 YEARS

18% 6% 5-19 YEARS

20-24 YEARS

27% 28% 16%

25-44 YEARS

45-64 YEARS

65+ YEARS

QUALITY OF LIFE Broward County has one of the most desirable climates in the United States and has a wide variety of recreational opportunities and cultural amenities. The metro boasts 300 days of sunshine annually, and the average winter temperature is 78 degrees. Fort Lauderdale is known as the “Venice of America” for its inland canals. In addition, more than 145 marinas along Fort Lauderdale’s inland waterways cater to boating and fishing needs. Various professional sports are nearby in Miami. There are also more than 40 golf courses in the county. Other attractions include the NSU Art Museum Fort Lauderdale, the Broward Center for the Performing Arts, Flamingo Gardens, Museum of Discovery and Science, Symphony of the Americas and the International Swimming Hall of Fame.

2019 POPULATION:

2019 HOUSEHOLDS:

2019 MEDIAN AGE:

2019 MEDIAN HOUSEHOLD INCOME:

Growth 2019-2024*

Growth 2019-2024*

U.S. Median:

U.S. Median:

1.9M 1.9%

751K 2.0%

40.4 38.1

56,500

$

$

60,800

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

44

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

SPORTS

BB&T CENTER

EDUCATION

FLORIDA ATLANTIC UNIVERSITY

ARTS & ENTERTAINMENT

HARD ROCK HOTEL AND CASINO

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. Activity ID ZAD0240005.

45

OFFERING MEMORANDUM

EXCLUSIVELY LISTED BY

BRANDON J. REX

EVAN P. KRISTOL

AUSTIN MICHELS

Senior Vice President Investments Fort Lauderdale (954) 245-3488 Brandon.Rex@MarcusMillichap.com License: FL SL672545

Executive Managing Director Investments Fort Lauderdale (954) 245-3459 Evan.Kristol@MarcusMillichap.com License: FL SL640466

Associate Fort Lauderdale (954) 245-3439 Austin.Michels@marcusmillichap.com License: FL SL3510497

FORT LAUDERDALE OFFICE 5900 North Andrews Avenue, Ste. 100 Fort Lauderdale, Florida 33309