Fletcher Cove Capital — Greely

Greely Ave, San Diego, CA 92113 151 Units | Logan Heights

Greely Ave in Logan Heights is home to a series of parcels that are less than 3 miles from Downtown San Diego. Close to Interstate 5 and Highway 15, the project offers easy access to downtown, this location embraces San Diego’s dynamic economy. Discover high-value rental opportunities and be part of the city’s sustainable growth.

The parcels can accommodate 151 additional units that are fully entitled. With a 30-month hold time, it is anticipated to produce a net operating income (NOI) of $2.56M, an exit of $50.7M with an anticipated 82% ROI for investors.

Legal Disclaimer This information is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as investment, tax, or financial advice, any recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in this company. Any offer or solicitation of an investment may be made only by confidential offering documents (collectively, the "Offering Documents") to accredited and/or sophisticated investors. Prospective investors should review carefully and rely solely on the Offering Documents in making any investment decision. Targeted returns discussed in this presentation are used for measurement or comparison purposes and only as a guideline for prospective investors, shareholders or other to evaluate this opportunity. Targeted returns should be evaluated over the time period indicated and not over shorter periods. No representation is made that the project will or is likely to achieve its objectives, that the business plan will be successful, or that an investor in the project, and its affiliates will or is likely to achieve results comparable to those shown or will make any profit or will not suffer losses or loss of principal. An investment in this project involves risks, as disclosed in any final offering docs.

THIS PRESENTATION INCLUDES OR MAY INCLUDE CERTAIN STATEMENTS, ESTIMATES, AND FORWARD-LOOKING PROJECTIONS WITH RESPECT TO THE ANTICIPATED FUTURE PERFORMANCE OF THE COMPANY. SUCH STATEMENTS, ESTIMATES, AND FORWARD-LOOKING PROJECTIONS REFLECT VARIOUS ASSUMPTIONS OF THE MANAGER THAT MAY OR MAY NOT PROVE TO BE CORRECT OR THAT MAY INVOLVE VARIOUS UNCERTAINTIES. NO REPRESENTATION IS MADE, AND NO ASSURANCE CAN BE GIVEN, THAT THE COMPANY CAN OR WILL ATTAIN THE MANAGER'S PROJECTED RESULTS. ACTUAL RESULTS MAY VARY, PERHAPS MATERIALLY, FROM SUCH PROJECTIONS. Any statements made in this presentation are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

All investments, including real estate, is speculative in nature and involves a risk of loss. We encourage any investors to invest carefully. We also encourage investors to get personal advice from your professional investment advisor, CPA or other trusted financial advisor and to make independent investigations before acting.

IT IS IMPORTANT YOU UNDERSTAND THAT WHILE WE ARE PROVIDING PROJECTIONS BASED ON THE FACTS AND FIGURES AVAILABLE, NO ONE CAN TRULY PREDICT THE FUTURE.

At a Glance Purchase Date Q1 2024

Hold Time

30 Months

Purchase Price $2.9M

Units Added 151

Remodel + New Construction Cost $19,356,291

Anticipated Sales Price $50,736,000

Anticipated Capital Needed $7,367,159

Anticipated Investor Return $6,040,149

Anticipated Investor ROI 82%

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La Jolla

Downtown San Diego Ocean Beach

Greely Ave

The Stacked Plan

High Efficiency, High Volume-Based Building By recycling the same model, we can expedite the drafting/engineering permit process by nearly half the time. We have multiple sets of plans that stack; one example is below

This floor plan consists of four units. Stackable up to 3 stories, it can have a total of 12 units. It uses the same design, while still providing a quality standard of living for the tenants and neighborhood.

Track Record Address

Purchase Price

Existing Units

Added Units

Cost to Build

Sale Price

Project Return

Year Sold

6753 N Elman St

$729,000

1

3

$886,480

$2,650,000

334%

2023

2917 Preece St

$635,000

1

3

$1,040,231

$2,550,000

232%

2023

4805 Iroquois Ave

$889,000

2

2

$1,156,000

$3,200,000

182%

2022

4121 36th St

$550,000

1

2

$481,562

$1,660,000

81%

2022

2016 Drescher St

$700,000

2

3

$1,250,000

$3,000,000

150%

2023

6737 Thomson Ct

$575,000

1

3

$1,000,000

$2,325,000

143%

2023

4161 Clairemont Mesa Blvd

$729,000

1

4

$950,000

$2,900,000

214%

2022

4860 Aberdeen St

$725,000

1

2

$500,000

$1,800,000

180%

2022

4168 Cole Way

$650,000

1

2

$500,000

$1,500,000

140%

2021

5120 Baxter St

$700,000

1

2

$450,000

$2,005,000

213%

2021

7102 Stanford Ave

$465,000

1

1

$185,000

$1,080,000

65%

2021

7201 Berkeley Dr

$405,000

1

1

$75,000

$910,000

74%

2021

Nearby Completed Project 4805–11 Iroquois Purchase: $889,000 (July ‘21) Existing Units 2 Units Added 2 Sale $3.2M (July ‘23) Hold Time 24 months

Projections Investor Capital Required

$ 7,367,159

Projected Investor Profit

$ 6,040,149

Projected Investor Return on Investment

81.99%

Upon Completion

Current Unit(s)

0

Unit(s)

151

Anticipated Net Operating Income

-

Anticipated Net Operating Income

$2,536,800

Purchase Price

$2,900,000

Sales Price

$50,736,000

Use of Funds

Cost of Project Acquisition Cost

$ 3,016,000

Equity

$ 7,367,159

Soft Cost

$ 5,693,078

Debt

$ 20,698,209

Construction Cost

$ 19,356,291

Total Cost of Project

$ 28,065,369

Anticipated Return on Investment

Sale of Project Sale Price

$ 50,736,000

Anticipated Project Return

$ 20,133,831

Closing Cost

$ 2,536,800

Anticipated Project Return on Investment

273.29%

Levered Profit

$ 20,133,831

Anticipated Investor Return

$ 6,040,149

Return on Cost

71.74%

Anticipated Investor Return on Investment

81.99%

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