Jacob

OFFERING MEMORANDUM

10120 NW 36th Street | CORAL SPRINGS, FL 33065

Real Estate Investment Services

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.

PROPERTY DESCRIPTION

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 ZAD0240406 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. 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. © 2020 Marcus & Millichap. All rights reserved. Activity ID ZAD0240406.

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PROPERTY DESCRIPTION

TABLE OF CONTENTS INVESTMENT OVERVIEW • Executive Summary • Property Tours / Offering Process PROPERTY DESCRIPTION • Property Highlights • Property Photos FINANCIAL ANALYSIS • Investment Summary • Rent Roll • Operating Statement • Notes to Financials MARKET COMPARABLES • Rent Comparables • Sales Comparables MARKET OVERVIEW • Broward Market Overview

10120 NW 36th Street CORAL SPRINGS, FL 33065

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. © 2020 Marcus & Millichap. All rights reserved. Activity ID ZAD0240406.

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INVESTMENT OVERVIEW

EXECUTIVE SUMMARY Marcus & Millichap, as exclusive listing agent, is excited to bring to market Jacob Apartments, a 20-unit, boutique apartment community located in the highly soughtafter market of Coral Springs, Florida. With less than 20 apartment buildings between 20 and 100 units in the entire city and only two sales reported over the past five years, one of which being the subject property, this is a very unique opportunity.

Jacob Apartments is located in a very quiet residential neighborhood, just north of Sample Road. It is comprised of a two-story building with eighteen apartments and a contiguous one-story duplex building, all on a large 1.09-acre site. The buildings were constructed in 1975 of concrete block with painted stucco exterior. The property offers a very rare and desirable unit mix of twelve two-bedroom and eight three-bedroom apartments, each with two bathrooms and an average of 1,147 rentable square feet. Property amenities

BROWARD HEALTH CORAL SPRINGS

8

include landscaped grounds, 37 surface parking spaces, onsite laundry facilities. and a very quiet residential setting. Apartment amenities include ceramic tile and faux wood vinyl flooring, central heating and air-conditioning, individual hot-water heater, large kitchen with dishwasher, screened-in patio or balcony, and walk-in closets. Four apartments have been upgraded and two have been completely remodeled including the addition of washer and dryer hook-ups. The average in place rents are approximately fivehundred dollars below the market, which offers an excellent opportunity for a new owner.

The City of Coral Springs is located in the northwest corner of Broward County and runs along the south and east sides of the Sawgrass Expressway, spanning all the way to the Everglades. It is approximately 20 miles northwest of Fort Lauderdale/Hollywood International Airport and 40 miles southwest of Palm Beach International Airport. In 2021, the city had a population of 133,853 residents and an average household income of $98,671. Widely known for its top-rated schools, 48 public parks, and numerous recreation facilities, Coral Springs is one of the most successful planned communities ever built. A Total Quality Management program was implemented in 1993, solidifying the City’s mission to be the premier community in which to live, work and raise a family. The core values of the City’s culture are customer focus, leadership, empowered employees, and continuous quality improvement. Major employers include Broward Health, Coral Springs Auto Mall, Broward School Board, Publix, First Data Merchant Services, Cleveland Clinic, Alliance Entertainment, KB Electronics, Nordis Direct, United Medco and Corporate Park of Coral Springs. With a minimal number of rental apartments, very little annual transaction velocity and some of the highest rated schools in the County, Coral Springs is a very desirable market to own multifamily in.

Jacob Apartments is situated in the Coral Springs Lakes residential subdivision, just north of Sample Road and east of Coral Springs Drive, two very heavily traveled thoroughfares. Sample Road is lined with commercial, retail and restaurants and provides access to the Sawgrass Expressway, Florida’s Turnpike and Interstate 95. Within a few minutes’ drive, there are four Publix Supermarkets, drugstores,

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. Activity ID ZAD0240406.

Walmart, and numerous local shopping, dining, and entertainment outlets.

Furthermore, Broward Health Coral Springs is within walking distance. The surrounding neighborhood consists primarily of single-family residences with an average sales price of between $550,000 and $1,000,000 depending on subdivision.

Less than one mile to the west is the Corporate Park of Coral Springs, which consists of 1.2 million square feet under roof within 487 acres of land, making it Coral Springs’ largest corporate park and employer for residents. Less than 12 miles to the south is the Sawgrass Mills Mall. Containing over 2 million square feet of retail shopping space, it is the 7th largest mall in the United States, the largest singlestory mall in the United States and the second largest in Florida. Furthermore, Amazon just announced the location of a new 441,000 square foot delivery station in Coral Springs which will open this year and be located just a few miles from subject property. Not only will this create many new jobs, but the announcement is an affirmation of the City’s excellent location and connectivity to South Florida.

SAWGRASS MILLS

INVESTMENT HIGHLIGHTS

CORAL SPRINGS CORPORATE PARK

• • • • • • • • •

Highly Sought-After Coral Springs Rental Market Less than 20 Buildings Between 20 and 100 Apartments Very Minimal Ownership Turnover within the Submarket Situated in a Quiet, Middle Class Residential Neighborhood Rare Unit Mix of All Two- and Three-Bedroom Floor Plans In Place Rents Approximately $500 Below the Market 1975 Concrete Block Construction on Over 1 Acre Site Close Proximity to Employment, Shopping and Schools Assumable Below-Market 3.41% Financing Available

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 ZAD0240406.

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PROPERTY TOURS Qualified prospective purchasers will be given an opportunity to tour the Property with the listing team. To arrange a property tour, please contact Maria DiFiore by phone at (954) 245-3482 or by email at maria.difiore@marcusmillichap.com.

OFFERING PROCESS Offers should be delivered to the office of Marcus & Millichap, attention Evan P. Kristol, Brandon J. Rex, and Austin Michels, via email to maria.difiore@marcusmillichap.com. To facilitate analysis of offers, Offerors are encouraged to provide information relative to their underwriting, funding sources, experience in owning similar properties, familiarity with the market, and any other information that is likely to reflect favorably on the Offeror’s ability to close the proposed transaction in a timely manner.

The Owner reserves the right to change the marketing process at any time without notice or to remove the Property from the market. The Owner reserves the right to negotiate with any party on an exclusive basis at any time. The Owner also reserves the unrestricted right to reject any and all proposals.

For further information, please contact:

EVA N P. KRISTOL

BRANDO N J . RE X

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

SENIOR VICE PRESIDENT INVESTMENTS

A U S T I N M I C H EL S ASSOCIATE

Tel: (954) 245-3459 Evan.Kristol@MarcusMillichap.com LICENSE: FL SL640466

Tel: (954) 245-3488 Brandon.Rex@MarcusMillichap.com LICENSE: FL SL672545

Tel: (954) 245-3439 Austin.Michels@marcusmillichap.com LICENSE: FL SL3510497

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 ZAD0240406.

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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

PROPERTY DESCRIPTION

Property Name Property Address Folio No.

Jacob Apartments 10120 NW 36th Street, Coral Springs, Florida 33065 48-41-16-06-1200 20

No. of Apartments Rentable Square Feet

22,942

Avg. Unit Size

1,147

Year Built

1975 2

No. Buildings No. Stories Construction Roofs

1 and 2 Concrete Block

Pitched Tile 1.09

Site Acreage Zoning Parking Fire Protection Electric Service

RM-20 37 Surface Spaces Smoke Detectors, Fire Extinguishers & Fire Alarm Florida Power & Light - Paid by Resident

Water & Sewer Service

City of Coral Springs - Paid by Resident (RUBS)

Trash Removal Service

City of Coral Springs - Paid by Resident (RUBS)

Plumbing Wiring

Copper and PVC Copper

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 ZAD0240406.

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PROPERTY HIGHLIGHTS • • • • • • • • •

Average Unit Size of 1,147 Rentable Square Feet Screened-In Patios and Balconies Central Air-Conditioning and Ceramic Tile Throughout Large Kitchens with Breakfast Bar Dishwashers and Garbage Disposals Washer and Dryer Hook-Ups in Select Apartments Recent Interior and Exterior Renovations Large Site with Lots of Open Space Onsite Laundry Facility and Storage Rooms

NORTH UNIVERSITY DRIVE

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NORTH UNIVERSITY DRIVE

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FINANCIAL ANALYSIS

INVESTMENT SUMMARY

Price

$5,995,000

Number of Units

20

Rentable Square Feet

22,942

Price Per Unit

$299,750

Price Per Square Foot

$261.31

Current Cap Rate

4.04%

Proforma Cap Rate

5.99%

TERMS SUMMARY

Interest Offered

100 percent fee simple interest in Jacob Apartments, a 20-unit apartment community located at 10120 NW 36th Street, Coral Springs, Florida 33065

Terms of Sale

The property is being offered for sale on an all cash basis.

Existing Assumable Loan

There is an existing assumable loan of $1,950,000. The loan is held by Fannie Mae, was originated in November 2022, and has a balloon payment in November 2030.

The loan has a below-market, fixed interest rate of 3.41%, has 2 years of interest only payments, and is then amortized over 30 years until maturity.

Property Tours

Prospective purchasers are encouraged to visit the subject properties with the listing team prior to submitting offers. Please do not contact the on site management or staff without prior approval. All property tours are by appointment only and must be coordinated through the listing team. To schedule a tour, please contact your Marcus & Millichap listing agent.

RENT ROLL RENT ROLL

As 2022 of May 2022 As of May,

Unit 1 2 3 4* 5* 6 7 8 9** 10 11 12* 13 14 15* 16 17 18 10100 10120**

Unit Type 3 Bdr / 2 Bath 3 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 3 Bdr / 2 Bath 3 Bdr / 2 Bath 3 Bdr / 2 Bath 3 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 2 Bdr / 2 Bath 3 Bdr / 2 Bath 3 Bdr / 2 Bath 2 Bdr / 2 Bath DP 2 Bdr / 2 Bath DP

Rentable Square Feet 1,301 1,301 1,039 1,039 1,039 1,039 1,039 1,301 1,301 1,301 1,301 1,039 1,039 1,039 1,039 1,039 1,301 1,301 1,072 1,072

Current Rent / Month $1,700 $1,995 $1,725 $1,595 $1,650 $1,475 $1,725 $1,700 $2,250 $1,725 $1,995 $1,725 $1,550 $1,650 $1,495 $1,725 $1,995 $1,995 $2,100 $1,975

22,942

$35,745

Total

Rent / SF/ Month $1.31 $1.53 $1.66 $1.54 $1.59 $1.42 $1.66 $1.31 $1.73 $1.33 $1.53 $1.66 $1.49 $1.59 $1.44 $1.66 $1.53 $1.53 $1.96 $1.84

Market Rent / Month $2,600 $2,600 $2,000 $2,000 $2,000 $2,000 $2,000 $2,600 $2,600 $2,600 $2,600 $2,000 $2,000 $2,000 $2,000 $2,000 $2,600 $2,600 $2,100 $2,100

Rent / SF/ Month $2.00 $2.00 $1.92 $1.92 $1.92 $1.92 $1.92 $2.00 $2.00 $2.00 $2.00 $1.92 $1.92 $1.92 $1.92 $1.92 $2.00 $2.00 $1.96 $1.96

$1.56

$45,000

$1.96

*Upgraded **Complete Renovation with Washer/Dryer

Unit Type 2 Bdr / 2 Bath 2 Bdr / 2 Bath DP 3 Bdr / 2 Bath

# of Units 10 2 8

Avg Sq Feet 1,039 1,072 1,301

Totals/Averages

20

1,147

Gross Annualized Rents

Rental Range $1,475-$1,725 $1,975 $1,700-$2,250

Current Average Rent $1,632 $2,038 $1,919

Average Rent / SF $1.57 $1.90 $1.48

Monthly Income $16,315 $4,075 $15,355

Market Average Rent $2,000 $2,100 $2,600

Average Rent / SF $1.92 $1.96 $2.00

Monthly Income $20,000 $4,200 $20,800

$1,787

$1.56

$35,745

$2,250

$1.96

$45,000

$428,940

$540,000

OPERATING STATEMENT Income Gross Scheduled Rent Total Vacancy Effective Rental Income Fee Income Deposit Forfeiture Laundry Income Waster & Sewer Income (RUBS) Trash Removal Income (RUBS) Total Other Income Effective Gross Income

Current $428,940 ($12,868) 3.0% $416,072 $1,476 $4,870 $5,300 $9,041 $4,806 $25,492 $441,564

Per Unit Per SF $21,447 $18.70 ($643) ($0.56) $20,804 $18.14 $74 $0.06 $244 $0.21 $265 $0.23 $452 $0.39 $240 $0.21 $1,275 $1.11 $22,078 $19.25

Proforma $540,000 ($16,200) 3.0% $523,800 $1,476 $4,870 $5,300 $18,081 $9,611 $39,338 $563,138

Per Unit Per SF $27,000 $23.54 ($810) ($0.71) $26,190 $22.83 $74 $0.06 $244 $0.21 $265 $0.23 $904 $0.79 $481 $0.42 $1,967 $1.71 $28,157 $24.55

Notes (1) (2)

Expenses Real Estate Taxes Insurance Utilities - Electric Utilities - Water & Sewer Trash Removal Laundry Expense Repairs & Maintenance Landscaping Licenses & Permits Management Fee Operating Reserves Total Expenses Expenses / Unit Expenses as % of EGI

Current $99,744 $29,942 $2,214 $21,272 $10,679 $1,141 $8,000 $2,400 $1,092 $17,663 4.0% $5,000 $199,147 $9,957 45.1%

Per Unit $4,987 $1,497 $111 $1,064 $534 $57 $400 $120 $55 $883 $250 $9,957 $9,957

Per SF $4.35 $1.31 $0.10 $0.93 $0.47 $0.05 $0.35 $0.10 $0.05 $0.77 $0.22 $8.68 $8.68

Proforma $99,744 $29,942 $2,214 $21,272 $10,679 $1,141 $8,000 $2,400 $1,092 $22,526 4.0% $5,000 $204,010 $10,200 36.2%

Per Unit $4,987 $1,497 $111 $1,064 $534 $57 $400 $120 $55 $1,126 $250 $10,200 $10,200

Per SF $4.35 $1.31 $0.10 $0.93 $0.47 $0.05 $0.35 $0.10 $0.05 $0.98 $0.22 $8.89 $8.89

Notes (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)

Net Operating Income

$242,417

$26,935

$11.47

$359,129

$39,903

$16.99

(3) (4) (5) (6) (7)

NOTES TO FINANCIALS

(1) Gross Scheduled Rent Current is based on the April 2022 rent roll and proforma is based on broker's market rent assumptions.

(2) Total Vacancy Vacancy is based on the market rate of 3% of the Gross Scheduled Rent in both current and proforma.

(3) Fee Income Fee Income is based on March 2022 trailing-12 actual figure.

(4) Deposit Forfeiture Deposit Forfeiture is based on March 2022 trailing-12 actual figure.

(5) Laundry Income Laundry Income is based on March 2022 trailing-12 actual figure.

(6) Water & Sewer Income (RUBS) Water & Sewer Income (RUBS) is based on 85% reimbursement for residents.

One-half of residents will be paying by July 1st and the remaining by early 2023. Current reflects 50% and proforma reflects 100%.

(7) Trash Removal Income (RUBS) Trash Removal Income (RUBS) is based on 90% reimbursement for residents.

One-half of residents will be paying by July 1st and the remaining by early 2023. Current reflects 50% and proforma reflects 100%.

(8) Real Estate Taxes Real Estate Taxes are based on an 80% reassessment, times the 2021 millage rate (20.4207), plus non-ad valorem taxes of $5,962.46, minus 4 percent for early November payment. 2021 taxes were $57,673.38.

(9) Insurance Insurance is based on actual current figure.

(10) Utilities - Electric Utilities - Electric is based on March 2022 trailing-12 actual figure.

(11) Utilities - Water & Sewer Utilities - Water & Sewer is based on March 2022 trailing-12 actual figure.

(12) Trash Removal Trash Removal is based on March 2022 trailing-12 actual figure.

(13) Laundry Expense Laundry Expense is based on March 2022 trailing-12 actual figure. There is one laundry room with two sets of leased machines.

(14) Repairs & Maintenance Repairs & Maintenance is based on an assumption of $400 per unit annually.

(15) Landscaping Landscaping is based on actual monthly figure of $200.

(16) Licenses & Permits Licenses & Permits is based on March 2022 trailing-12 actual figure.

(17) Management Fee Management Fee is based on 4% of the Effective Gross Income.

(18) Operating Reserves Operating Reserves is based on $250 per unit annually.

MARKET COMPARABLES

RENT COMPARABLES OVERVIEW Jacob Apartments 10120 NW 36th Street Coral Springs, FL 33065 Year Built: # Units: Sq. Ft.: Ave. Unit Size

1975 20 22,942 1,147

Subject In-Place Average Rents Two-Bed Three-Bed Comp 1 2 3 4 5 6 7 8 9 10

$1,699 $1,919

Address 10202 NW 36th Street 10220 NW 36th Street 10250 NW 36th Street 11470 NW 45th Street 11500 NW 44th Street 11600 NW 25th Court 11610-21 NW 24th Court 3301 NW 101st Avenue 8307 W Sample Road 8702 W Sample Road Average Market

$2,400

$2,400

$2,300

$2,300

$2,200

$2,200

$2,100 $2,000

0 0 0

0 0 0

0 -

0

$2,100

-

$2,000

$1,900

$1,900

$1,800

$1,800

$1,700

$1,700

$1,600

City Coral Springs Coral Springs Coral Springs Coral Springs Coral Springs Coral Springs Coral Springs Coral Springs Coral Springs Coral Springs

Two-Bed

Year Built 1980 1988 1988 1980 1981 1984 1989 1984 1973 1973 1982

Three-Bed

# Units 4 4 4 10 5 26 12 16 10 40 13

Utilities Incl.

W/T W/T W/T W/T W/T W/T W/T W/T W/T W/T

$1,600

Two-Bed Three-Bed $2,000 N/av $2,400 N/av N/av $2,200 $1,800 $2,400 $1,800 $2,500 $2,200 N/av N/av $2,600 $2,000 $2,300 $2,300 N/av $1,800 $2,000 $1,933 $2,338

COMPARABLES mentsMARKET - RENT COMPS

4 5

3

2

1

9 8

10

6 7

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 ZAD0240406.

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SALE COMPARABLES OVERVIEW Jacob Apartments 10120 NW 36th Street Coral Springs, FL 33065

$350,000

Avg. Price/Unit $293,200

$300,000

Year Built: # Units: Sq. Ft.:

1975 20 22,942

$250,000 $200,000 $150,000

Avg. Price/SF $240.98

0 0 0

0 0 0

0 0 0

-

0 0

$100,000

Subject Offering Price Price: Price per Unit: Price Per SF: p Comp 1 2 3

$5,995,000 $299,750 $261 Address 10070 NW 36th Street 11561 NW 36th Street 11610 NW 39th Street Average Sale

$50,000 $0

City Coral Springs Coral Springs Coral Springs

0

1

Year Built 1971 1988 1976 1978

Price/Unit

# Units 4 4 6 5

Price/SF

Sq. Ft. 4,420 4,896 8,004 5,773

2

Avg. Price/Unit

Sale Date Mar-22 Dec-21 In Contract

$ $ $ $

3 Avg. Price/SF

Price 1,115,000 1,203,400 1,800,000 1,372,800

Price/Unit $ 278,750 $ 300,850 $ 300,000 $ 293,200

$350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $-

Price/SF $ 252 $ 246 $ 225 $ 241

MARKET COMPARABLES

3

2

1

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 ZAD0240406.

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MARKET OVERVIEW

N

14

16

« Jacobs Apartments

15

1.

Florida Panthers IceDen

2.

Sportsplex

5

3.

Publix Super Market at Coral Ridge

2

4.

Walgreens

5.

Sawgrass Nature Center & Wildlife Hospital

6.

Coral Springs Museum of Art

7.

Broward Health Coral Springs

8.

Mullins Park

9.

Westchester Park

4

1

3 7

11

9

10

6

13 12

10. Three Friends Park 11.

9

Coral Springs Community Garden

12. Coral Springs Aquatic Complex 13. Coral Glades High School

8

17

14. Coral Springs Middle School 15. Coral Springs Elementary School 16. Amazon Delivery Station (2022) 17.

18

Publix Super Market at Lakeview Center

18. Coral Square Mall

36

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 ZAD0240406.

Broward Health Coral Springs

HCA Florida Northwest Hospital

Holy Cross Medical Group- Coral Springs

Florida Panthers Ice Den

Seminole Casino Coconut Creek

Butterfly World

250-Bed Hospital located in the heart of Coral Springs providing high quality healthcare services for over 30 years. Broward Health Coral Springs focuses on Emergency, Surgical, Women’s. and Children’s Services. It is additionally the first area hospital to offer Telemedicine Services.

Ice-skating & hockey facility encompassing over 125,000 square feet for hockey games, both skating and figure skating classes, a Florida Panthers pro apparel shop, and the ability to host a wide array of special events.

289-Bed Hospital providing high-quality services to Margate, Coconute Creek, Coral Springs, and Parkland for more than 30 years. The medical center provides a wide range of programs and specialities that include 24/7 emergency care, maternity care, orthopedics, pediatrics, robotic surgery and vascular care.

Full-service casino offering 2,000 slot machines, poker tournaments, and an assortment of table games.

Additionally, the casino offers five premium restaurants with an additonal two lounges for entertainment music and comedy shows.

Urgent Care medical center affilated with Holy Cross Hosptial, a private Catholic, non-profit community hospital. Holy Cross urgent care clinics offer quality, cost-effective healthcare seven days a week that include on-site lab work, x-rays, physicls, and immunizations at a much lower cost than a traditional emergency room.

Vibrant venue featuring a botantical garden with wide assortment of butterflies & birds plus an insect muesuem and much more. Butterfly world is a leader in the effort to reverse the ongoing destruction of butterfly habitats throughout the United States.

Sources: https://southfloridahospitalnews.com/u-s-news-world-report-names-holy-cross-health-among-best-in-south-florida/, https://www.sfhockeyacademy.com/youth-aaa-hockey/ arena/, https://www.seminolecoconutcreekcasino.com/,

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 ZAD0240406.

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Coconut Cove Waterpark and Community Center

Mullins Park

Waters Edge Park

Coral Square

Calypso Cove Aquatic Facility

Coral Springs Center for the Arts

Outdoor park featuring a lazy river, lap pool, waterslides, a water playground, and concessons. Additionally, offers swim lessons, private rentals, spaces for birthday parties, and a summer camp.

Shopping center in downtown Coral Springs that offers over a dozen premium stores and restaurants. The area is closely surrounded with consumer restaurant and consumer staples such as Starbucks, Coral Springs City Hall, USPS, Tap 42, Five Guys, Pei Wei Asian Kitchen, Trader Joe’s, and Total Wine.

62-acre park that offers basketball and tennis courts, a 25-yard swimming pool, two diving boards, a sand volleyball court, picnic pavilions, a playground, pickleball courts, multiple soccer/football fields, and batting cages.

Caribbean-themed aquatic facility that features three pools that are surrounded by a tropical atmosphere. The park offers compliementary shade umbrellas and loungte chairs, a party rental room, and a six-lane lap pool as well as swimming lessons.

Waters Edge Park is a brand new 6-acre park that houes an ultramodern 3,000 square foot splash pad, a covered 6,000 square foot playground, two picnic shelters, covered benches, and Wi-Fi.

A 30,000 square foot performance theather and art museum that has the the mission to engage and connect the local community with dynamic exhibits, exceptional art education, stimulating speciality programs and inspired events to ignite cultural enrichment.

Sources: https://www.visitflorida.com/listing/waters-edge-park-city-of-tamarac/15842/, https://www.tripadvisor.com/Attraction_Review-g34153-d6495808-Reviews-Coral_SquareCoral_Springs_Broward_County_Florida.html, https://amusements-parks.com/Florida/Coral_Springs/The_Center__Coral_Springs_Center_for_the_Arts,

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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 ZAD0240406.

Northwest Regional Library

Broward College North Campus

Quiet Waters Park

FLA Live Arena

Sawgrass Mills Mall

Amazon Work Facility in Commerce Park

Part of the Broward County Library System, this Northwest Regonial Library has over 100 public use computers and is surrounded a 9/11 Memorial and a Martin Luther King Jr. Monument. The library offers several rooms for library programs and coummnity use as well as a Creation Station for hands on projects.

Indoor arena located next to Sawgrass Mills Mall in Sunrise, Florida. It is the home venue for the Florida Panthers of the National Hockey Arena. Other than hockey, the stadium often hosts entertainment events with its ability to accommodate up to 25,000 fans.

Part of the Florida College System, Broward College’s North Campus covers over 113 acres and houses the Junior Achievement Huizenga Enterprise Village , the Citrix IT Academy, and the college’s manufacturing program.

Designed in the shape of an alligator, Sawgrass Mills Mall is the largest shopping mall in Broward County and the eleventh largest mall in the United States. The mall is comprised of over different 329 retailers.

Park that offers Ski Rixen USA cable water sking cable water-skiing, seven miles of mountain bike trails, the Woofing Waters Dog Park & Marina, and a park area where you can rent tents or tepees for own use. Additonally, amentities include a butterfly garden, disc golf, fishing, volleyball, and basketball courts.

A 250,000 square-foot warehouse facility designated to searve as a “last-mile” distribution center for the city of Coral Springs and surrounding areas. The new center will provide over 200 full-time jobs and will be located in the city’s Commerce Park.

Sources: https://www.myriverdistrict.com/our-history/#images-8, https://goo.gl/maps/sTL2r29EWh5us4mc9, https://travel.usnews.com/Fort_Myers_FL/Things_To_Do/Six_Mile_ Cypress_Slough_Preserve_65562/, https://ociassociates.com/projects/page-field-fort-myers-florida/, https://www.broward.org/Library/Pages/BranchDetails.aspx?branchInfo=28, https://www.cityofparkland.org/facilities/facility/details/barklanddogpark-21, https://www.fortlauderdalefamilyfun.com/splash-adventure-at-quiet-waters-park.html

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 ZAD0240406.

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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.

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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. Activity ID ZAD0240406.

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

Annual Change

American Express Spirit Airlines Kaplan, Inc. Citrix Systems

U.S. GDP

5%

0%

-5%

DHL Express JM Family Enterprises

-10% 00

AutoNation

02

04

06

08

10

12

14

16

18

20*

* 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 ZAD0240406.

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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:

1.9M

Growth 2019-2024*

1.9%

2019 HOUSEHOLDS:

751K Growth 2019-2024*

2.0%

2019 MEDIAN AGE:

2019 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

U.S. Median:

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

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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. Activity ID ZAD0240406.

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

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 ZAD0240406.

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OFFERING MEMORANDUM

E x c lu s iv e ly L is t e d by

EVA N P. KRISTOL

BRANDO N J . RE X

EXECUTIVE MANAGING DIRECTOR INVESTMENTS

SENIOR VICE PRESIDENT INVESTMENTS

ASSOCIATE

Tel: (954) 245-3459 Evan.Kristol@MarcusMillichap.com LICENSE: FL SL640466

Tel: (954) 245-3488 Brandon.Rex@MarcusMillichap.com LICENSE: FL SL672545

Tel: (954) 245-3439 Austin.Michels@marcusmillichap.com LICENSE: FL SL3510497

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

A U S T I N M I C H EL S