©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 1

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 2

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 3

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 4

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©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 5

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 6

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 7

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 8

NORTH PARK

LOCATION OVERVIEW

Centralized in San Diego’s Heart, North Park is located on the northern edge of Balboa Park, just three miles from

Downtown and eight miles east of pacific beach. North Park is on of San Diego’s most sprawling urban neighborhoods

with a population of approximately 38,000. It is one of San Diego’s most centralized neighborhoods providing close

proximity to the major highways which can take you directly to many of the San Diego attractions including: Pacific

Beach, Mission Beach, La Jolla Shores, Downtown, and Qualcomm Stadium.

A PLACE TO CELEBRATE SINCE 1915

Stretching over 1,200 acres in the midst of the hustle of Downtown San Diego, Balboa Park is an urban cultural park with an

extensive history and architecture. Originally designed as a hosting spot for the 1915-16 Panama-California Exposition the

park has expanded into a museum culture of art, science, and education. The location provides easy access to a number

of tasty offering including fancy dining at The Prado restaurant, decadent brew at Panama 66, and fast fun food at the

snack carts. Enjoy these tasty treats while observing the artistic designs of the buildings and art installments.

Plenty to Do, Plenty to See

North Park is a dense community with roughly 11,000 residents per square mile. This neighborhood provides a vibrant and

artsy central business district filled with a mix of office buildings, retail stores, farmers markets, locally owned coffee shops,

food trucks, restaurants, bars and nightclubs. This neighborhood also provides residential like buildings with dense

apartments and old Craftsman-style bungalows. There is a strong sense of community among residents of North Park who

maintain their tree lined streets and canyon cul-de-sacs.

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 9

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 10

# PROPERTY NAME YEAR BUILT RENT $ SqFt $/SqFT

4454 Cherokee Ave 1979 $1,300 500 $2.60

1 San Diego, CA 92116

4368 Wilson Ave 1979 $1,350 550 $2.45

2 San Diego, CA

92104

4261 Swift Ave 1970 $1,300 550 $2.36

3 San Diego, CA

92104

RENT $ SqFt $/SqFT

$1,317 533 $2.47

4414 37th Street #6 1969 $1,595 550 $2.90

4 San Diego, CA 92116

4141 Wilson Ave 1953 $1,495 550 $2.72

5 San Diego, CA

92104

RENT $ SqFt $/SqFT

$1,545 550 $2.81

9 1 Bed 1 Bath

7 1 Bed 1 Bath New paint, new

laminate flooring,

carpeted

bedroom, off-

street parking,

laundry on-site

RENTAL AVERAGES

UNIT MIX

1 Bed 1 Bath

Fully remodeled,

laundry on-site,

gated, optional

garage (extra

charge)

Stainless steel

appliances,

granite

countertops, off-

street parking

PROPERTY PHOTO TOTAL UNITS UNIT MIX AMENITIES:

gated complex,

laundry on-site,

one parking space

included

7 1 Bed 1 Bath

5 1 Bed 1 Bath

UNRENOVATED

RENOVATED

RENTAL AVERAGES

UNIT MIX

1 Bed 1 Bath

Off-street parking,

laundry on-site

18 1 Bed 1 Bath

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 11

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 12

COMPARABLE 1 2 3 AVERAGES

ADDRESS 4270 Felton Street 4169 38th Street 4356 Wilson ave

San Diego, CA San Diego, CA San Diego, CA

Zip 92104 92105 92104

YR BUILT 1968 1968

UNITS 8 13 8

PRICE $1,850,000 $2,975,000 $1,970,000 $2,265,000

PRICE/UNIT $231,250 $228,846 $246,250 $235,449

BLDG/SF 5,224 9,345 6,398 6,989

$/SF $354.13 $318.35 $307.91 $326.80

UNIT MIX 5 - 1 Bed 1 Bath 6- 1 Bed 1 Bath 5- 1Bed 1 Bath

3 -2 Bed 1 Bath 7 - 2 Bed 1 Bath 3 - 2 Bed 1 Bath

PARKING 3 surcface spaces, 4

covered

4 -1 car garages, 1- 2

car garage, 9 surface

4 on-car garages, 5

surface spaces

STATUS SOLD SOLD SOLD

SOLD DATE 11/29/2017 7/23/2018 6/29/2018

CAP RATE 3.8% 4.61% 2.50% 3.6%

(Market) 5.30%

NOI $70,300 $134,850 $110,416

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 13

©2017 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 14

Apartment Consultants Inc. (ACI) is the most successful income property brokerage firm in San Diego County. Since 1982, we have specialized in

apartment and investment property transactions, and maintained a solid performance despite changing economic cycles. With an average of

more than 140 closed escrows per year, ACI has closed more San Diego County income property escrows than any other firm in the county –

that’s more properties than the number two and number three firms combined. Whether you’re new to apartment investing or an experienced

investor looking to upgrade your portfolio, ACI is the right choice to achieve your long-term investment goals.

ACI Apartments | 2635 Camino Del Rio South, Suite 300 San Diego, CA 92108 | T: 619.299.3000 F:619.295.3737 | www.aciapartments.com