and canyon oaks drive oaklandccareydownload.com/pdfs/shadow woods om 2012.pdf · 2018-05-05 ·...

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SHADOW WOODS410,420,430,450 AND 470

CANYON OAKS DRIVEOAKLAND, CA

41 LUXURY RENTAL CONDOMINIUMS

EXCLUSIVELY PRESENTED BY

RICHARD KNUTSON, [email protected] # 00831650

SHADOW WOODS

OAKLAND

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TABLE OF CONTENTS

TABLE OF CONTENTS

I. EXECUTIVE SUMMARY............................3

II. LOCATION............................................4

III. PROPERTY SUMMARY............................7

IV. RENTAL MARKET.................................10

V. FINANCIAL ANALYSIS............................12

VI. DUE DILIGENCE DOCUMENTS.................15

This Information is Confi dential

This Confi dential Offering Memorandum is being provided on behalf of the Seller by Cornish & Carey Commercial Newmark Knight Frank, (“the Listing Agent”) to a limited number of parties who may be interested in a transaction involving Shadow Woods, located at 410,420,430,450 and 470 Canyon Oaks Drive, Oakland, California (the “Property”). This Confi -dential Offering Memorandum does not purport to be all-inclusive or to necessarily contain all the information that a prospective Buyer may desire in investigating the Property.

By accepting this Confi dential Offering Memorandum, the recipient agrees to keep confi dential the information contained herein or made available in connection with any further investigation of the Property or the Listing Agent. This Confi dential Offering Memorandum may not be photocopied, reproduced, or distributed to others at any time without the prior written consent to Cornish & Carey Commercial Newmark Knight Frank. Upon request, the recipient will promptly return all material received from the Listing Agent (including this Confi dential Offering Memorandum) without retaining any copies thereof.

This Confi dential Offering Memorandum has been prepared for informational purpose relating to this transaction only and upon the expressed understanding that it will be used for only the purposes set forth above. Any projections or similar materials should be considered hypothetical only, and no assurance can be given as to the accuracy of assumptions or the predictability of any given result or outcome. Any purchase must be based upon the prospective Buyer’s own investigations and not upon any information contained herein. Such investigations shall be at the prospective Buyer’s own risk. Cornish & Carey Commercial Newmark Knight Frank and the Sellers make no express or implied represen-tationor warranty as to the accuracy or completeness of the information contained herein or made available in connection with any further investigation of the Property. Cornish & Carey Commercial Newmark Knight Frank and the Sellers expressly disclaim any and all liability that may be based on such information, errors therein or omissions thereof.

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EXECUTIVE SUMMARY

APARTMENT PROPERTY SUMMARY

Year Built: 1986Est. Rentable Building Area 43,772 sq. ft.Number of Buildings: 5 Residential, Dedicated Managment

Offi ce, Full Common Area AccessStories: TwoConstruction Type: Wood Frame on Slab FoundationRoof: Pitched Composition - New 2006Exterior Walls: Wood Siding with Wood TrimInterior Walls: Painted Textured DrywallWindows: Dual Pane - New 2006Water Heaters: Individual - New 2006Parking: 41 Assigned Carport Spaces

40 (approx.) Open Resident/Visitor SpacesDensity: 10.3 Units per Acre (est.)Acreage: 13.7% of 29 acresHVAC: Gas Forced Air HeatUtilities: Individually Metered Electric and Gas

Individual Water HeatersCable Access

Key Amenities: Visitor/Community Center, Large Swim-ming Pool, Two Tennis Courts, Fitness Center, Wood-burning Fireplaces

PRICING INDICATORS

Price: $8,160,000

Price Per Unit: $199,024

Price Per SF: $186

GRM: 10.3 Current Income9.6 Market Income

CAP Rate: 5.82% Current Income6.25% Market Income

UNIT MIX

# of Units Unit Type Est. SF

8 1 Bd /1 BaSingle Story Plan 815

32 2 Bd /2 BaSingle Story Plan 1123

1 2 Bd/2.5 BaTwo Story Plan 1316

Total: 41 43,772

Shadow Woods offers 41 luxury rental condominums nestled in a pristine setting surrounded by a ridge in the Oakland Hills. Situated on 29 acres of lush land-scaping and near regional parks and trails, one feels miles apart from the urban conveniences just minutes away. The spacious fl oor plans include fi replaces, separate dressing/vanity areas and in-unit laundries.The 41-unit property is composed of fi ve residential buildings within a larger 299-unit community, Shadow Woods Homes. The balance of the homes at Shadows Woods are nearly all sold to homeowners and operates under a Home Owners Association. The subject property benefi ts from a recorded Final Subdivision Map, and is not yet in the HOA. It may be annexed into the HOA at the discretion of the owner.

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LOCATION MAPS

Shadow Woods is located in the San Francisco Bay Area in the lush East Bay Hills of Oakland. There is excellent access to major highways, public transportation, regional employment centers and recreation. The Property’s prime central location provides proximity to many of the Bay Area’s best shopping, dining establishments, unlimited water-oriented and outdoor activities, as well as some of the most celebrated aca-demic institutions, corporate communities and cultural activities.

The Emeryville and Oakland AMTRAK stations are just a few miles from the Property and offer access to Sacramento, the South Bay and points beyond. There is ferry ser-vice to San Francisco from Jack London Square.

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SITE PLAN AND AERIAL

SUBJECT PROPERTY

Across Keller Avenue is the former Oak Knoll Naval Facility. The 167-acre site is master planned for near-ly 1,000 residential units, including 408 single family homes, 248 townhomes and 304 condominums as well as commercial services.

Two regional parks are nearby. The 290 acre Leona Re-gional Park is a pristine canyon ideally suited for hik-ing, running, or dog walking. The nearby Redwood and Chabot Regional Parks are home to a hidden redwood forest with areas for day and overnight camping, picnic areas, Lake Chabot and an extensive trail system.

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AREA OVERVIEW

BAY AREA SUMMARY

The San Francisco Bay Area consists of nine counties and 101 cities, cover-ing 6,923 square miles. The current population of nearly 7.4 million ranks the Bay Area as the sixth-largest metropolitan area in the country. It is among the world’s most innovative, competitive and diverse regional economies with highly educated workers. global infl uence in high-tech and biotech, proximity to the growing Pacifi c Rim economies, and world class universities. The region’s natural beauty, diverse cultural attractions, professional sports teams, active business conventions, and leading global position in the wine industry attract more than 16 million visitors annually and make the Bay Area a treasured place to live, work and visit. According to “Projections 2009,” a bi-annual study by the Association of Bay Area Governments (ABAG), the Bay Area is expected to add about 1.7 million new residents by 2035. It is expected that the regional economy will add 1.6 million new jobs during this same time.

OAKLAND SUMMARY

Incorporated in 1852 with a population of 75 citizens, Oakland has grown to a City of 400,000 residents today. Among the most ethnically diverse cities in the nation, Oakland embraces a rich human mosaic of heritage, age, occupations and incomes. More than 125 languages and dialects are spoken in the city. Oakland offers urban sophistication yet still maintains a neighborhood atmosphere.

Oakland’s water orientation provides panoramic Bay views and proximity to the Pacifi c Ocean. Rising to the east are the scenic Oakland Hills, offering parks and recreation and breathtaking vistas of the entire Bay Area. The City’s lush parklands, plentiful open spaces, world-class attractions, abundant cultural amenities, employment and business opportunities combine to make Oakland an enviable place to live and do business. The “jewel” of downtown Oakland, Lake Merritt, with its 122-acre Lakeside Park, offers a variety of outdoor recreational activities including sailing, rowing, walking/biking paths, a wildlife refuge, a children’s theme park, and even gondola cruises. It is the only city in California with three professional sports teams. It ranks as one of the 10 greenest cities in the country.

Downtown Oakland offers renowned restaurants, clubs, venues and galleries in Jack London Square, Old Oakland, Chinatown and City Center. The Uptown Area is the Bay Area’s newest hot spot for the best in dining as well as in live music and theater at the Art Deco Paramount Theater and the recently renovated Fox Oakland. A wide variety of unique neighborhood shopping and dining districts can also be found on Piedmont Avenue, College Avenue, Montclair Village and Lincoln Square.

As the regional transportation hub, Oakland has an international airport and the fi fth largest deep water container port in the country. Oakland’s strategic location and proximity to main highway arteries offer easy access to major cities in the Bay Area and beyond. Public transportation opportunities include bus, ferry, train and BART with connections to San Francisco, Contra Costa County and the South Bay. Oakland also has two car sharing programs. The “B on Broadway”, a free shuttle, runs up and down Broadway from Jack London Square to Grand Avenue.

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COMMUNITY FEATURES

• Exceptional San Francisco Bay Area Location• Close Proximity to Transportation Connections to San Francisco, Oakland,

Silicon Valley and other East Bay Cities• Steps Away From East Bay Regional Parks and Scenic Hiking Trails• Private Serene 29-Acre Hillside Setting• Exceptionally Low Density Environment• Surrounded By Large Redwoods, Pines and Eucalyptus Trees

• Contemporary New England Style Architecture and Color Palette• Lush, Large Green Lawn Areas and Colorful Gardens• Controlled Access Gates For Automobile Entry (2)• One Assigned Carport and Nearly One Open Space Per Unit• Sparkling Resort-Style Swimming Pool Area with Spa• Fitness Center With Exercise Equipment, Restrooms and Sauna• Separate Children’s Playground• Attractive Waterfall and Rock Entry Feature• Night-Lighted Tennis Courts

COMMUNITY FEATURES

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UNIT FEATURES

• Six-Panel Steel-Faced Entry Doors• Large Floor Plans, Dual Master Suites• Two Balconies or Patios Per Unit• Bright Kitchens Feature Oak Cabinetry and Laminate Countertops

With Ample Cooking Preparation Space • All-Electric Appliances Including Stove with Hood, Refrigerator,

Dishwasher and Disposal• Garden Windows In Kitchens in most Units• Pass-Through to Separate Dining Areas (Two Bedroom Plan)• Stacked Washer-Dryer in Laundry Area (One Bedroom Plan)• Full-Size Washer/Dryer in Laundry Room (Two Bedroom Plans)• Lighted Ceiling Fans in Dining Areas• Integrated Tub and Shower Surrounds with Separate Vanity Areas• Generous Closet Spaces Including Linen and Walk-In Closets• Two Bedroom Units Have Quasi–Dual Masters With Adjacent Bath,

Walk-In Closet and Balcony Access• Excellent Quality and Condition Carpeting and Vinyl Flooring• Gas Forced Air Heat, Individual Water Heaters• Cable Access• Mini-Blinds and Vertical Blinds• Locked Storage Area Accessible from Balcony• Wood-Burning Fireplace in Every Unit

UNIT FEATURES

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FLOOR PLANS

PLAN AONE BEDROOM / ONE BATHROOM

815 SQUARE FEET

8 UNITS

PLAN BTWO BEDROOM / TWO BATHROOM

1123 SQUARE FEET

32 UNITS

PLAN CTWO BEDROOM / TWO AND ONE HALF BATHROOM

1316 SQUARE FEET

1 UNIT

FIREPLACE IN EVERY UNIT

WALK-IN CLOSETS

LARGE PATIO DOWNSTAIRS

INDIVIDUAL LAUNDRY

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RENTAL MARKET

500 Canyon Oaks Drive

Oakland, CA 94605

Yr. Built: 1987

Survey Date: 07/27/2011

Occupancy: 100%

Shadow Woods

Units Type SF Low SF High Rent Low Rent High $/SF8 1/1 815 815 $1,290 $1,495 $1.7732 2/2 1,123 1,123 $1,530 $1,795 $1.441 2/2.5 1,316 1,316 $1,720 $1,720 $1.31

Total Units Average SF Average Rent Average $/SF 41 1,067 $1,590 $1.49

500 Williams Street

Oakland, CA 94612

Yr. Built: 2008


Occupancy: 94%

1. The Uptown Apartments

Units Type SF Low SF High Rent Low Rent High $/SF20 studio 525 525 $1,200 $1,400 $2.41408 1/1 776 776 $1,500 $1,800 $2.06202 2/2 1,085 1,085 $1,750 $2,200 $1.7835 3/2 1,458 1,458 $3,035 $2,400 $1.42

Total Units Average SF Average Rent Average $/SF 665 898 $1,715 $1.91

1200 Lakeshore

Oakland, CA

Yr. Built: 1966


Occupancy: 97%

2. 1200 Lakeshore

Units Type SF Low SF High Rent Low Rent High $/SF22 1/1 965 965 $2,295 $2,295 $2.3820 2/2 1,240 1,240 $2,395 $2,395 $1.9323 2/2 1,310 1,310 $2,695 $2,695 $2.0612 2/2 1,350 1,350 $2,895 $2,895 $2.1440 2/2.5 1,265 1,265 $2,295 $3,150 $2.0444 2/2.5 1,440 1,440 $3,350 $3,350 $2.3310 3/1.5 1,700 1,700 $3,850 $4,500 $2.39


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RENTAL MARKET

101 Embarcadero West

Oakland, CA 94607

Yr. Built: 2000


Occupancy: 97%

6. The Landing at Jack London Square

Units Type SF Low SF High Rent Low Rent High $/SF12 studio 553 553 $1,275 $1,275 $2.31126 1/1 771 771 $1,500 $1,785 $2.07144 2/2 785 785 $1,835 $2,250 $2.51


208 Jackson Street

Oakland, CA 94607

Yr. Built: 2001


Occupancy: 96%

4. Allegro at Jack London Square

Units Type SF Low SF High Rent Low Rent High $/SF82 1/1 624 624 $1,535 $1,565 $2.4820 1/1 756 756 $1,630 $1,630 $2.1652 1/1 791 791 $1,560 $1,560 $1.9736 1/1 878 878 $1,685 $1,685 $1.9216 1/1 1,120 1,120 $1,460 $1,790 $1.4024 2/2 1,079 1,079 $2,190 $2,190 $2.0348 2/2 1,126 1,126 $1,850 $1,880 $1.6516 2/2 1,202 1,202 $2,355 $2,355 $1.9616 2/2 1,240 1,240 $2,015 $2,045 $1.63


430 West Grand Avenue

Oakland, CA 94612

Yr. Built: 2007


Occupancy: 97%

3. Broadway Grand

Units Type SF Low SF High Rent Low Rent High $/SF40 1/1 696 696 $1,500 $1,680 $2.2435 1/1 797 797 $1,650 $1,780 $2.128 2/2 1,044 1,044 $1,950 $2,030 $1.898 2/2 1,383 1,383 $2,100 $2,255 $1.567 2/2 1,992 1,992 $2,600 $3,400 $1.445 2/TH 1,332 1,332 $2,200 $2,350 $1.697 3/2 1,205 1,205 $2,000 $2,200 $1.723 3/TH 2,130 2,130 $2,850 $3,400 $1.42


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FINANCIAL ANALYSIS,

Community Data Pricing Information AmenitiesTotal Units: 41 Price: $8,160,000 Top Oakland Hills NeighborhoodAppx. Year Built: 1986 Est. Downpmt. (35%) $2,856,000 Convenient to I-580 & Highway 13Appx. Site Area: 13.7% of 29 Acs. Loan Amount: $5,304,000 Near Leona and Redwood ParksEst. Rentable SF: 43,772 Price / Foot $186 Beautiful Courtyards, LandscapeAppx. Density: 10.3 DUA Price / Unit $199,024 Limited Access Security GatesHVAC: Forced-Air Gas Condo Quality Amenities# of Buildings: Five Residential Current Market Pool, Clubhouse, Tennis CourtsExteriors: Wood / Stucco Income Income Fitness Center, Tot-LotConst. Type: Frame on Slab GRM 10.3 9.6 New Roofs, Dual-Pane WindowsRoof: Pitched, 2006 Cap Rate 5.82% 6.25% Dedicated Management OfficeAPN: Individual Units Cash / Cash 5.0% 6.2% Rent Control ExemptParking Ratio Est. 1.9 Sp/Unit Total Return 7.9% 9.1% Final Condo Map Recorded

Unit Mix & Income Detail

Mix Bd/baEst.

Sq. Ft.CurrentAverage PSF

MarketEstimate PSF

8 1Bd/1ba 815 $1,444 $1.77 $1,495 $1.83 32 2Bd/2ba 1123 $1,622 $1.44 $1,745 $1.55 1 2Bd/2.5ba 1316 $1,720 $1.31 $1,825 $1.39 Townhouse

41 Totals 43,772 $1,590 $1.49 $1,698 $1.59

Current MarketIncome Income

Monthly Rental Income: $65,175 $69,625Other Income $993 $1,000Monthly Gross Income: $66,168 $70,625 Est. Gap: 6.7%

x12 x12GROSS SCHED. INCOME / YR: $794,016 $847,500Vacancy Reserve: ($23,463) 3.00% ($41,775) 5.00% On Rents OnlyEffective Gross Income: $770,553 $805,725Estimated Operating Expenses: ($295,485) 37.2% ($295,485) 36.7% Proforma

Exp. Unit/Yr: $7,207 $7,207Exp. PSF: $6.75 $6.75

NET OPERATING INCOME: $475,068 $510,240Less Loan Payments ($332,018) ($332,018) Est. 4.75%, Fixed 5, then Var.CASH FLOW: From Operation $143,050 $178,222 Est. DCR: 1.54

Equity Build-Up $81,845 $81,845 Est. Yr. 1TOTAL RETURN $224,895 $260,067

P d b

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RENT ANALYSIS

Current and MarketRent Analysis

Shadow Woods Rental CondominiumsRents as of January 2012

Building / Unit Type SFCurrentRents Status

Broker'sMkt Rents

Mkt Rentper SF

Building 410 1Bd/1ba 2Bd/2ba 2Bd/2.5ba 1Bd/1ba 2Bd/2ba 2Bd/2.5baA 2Bd/2ba 1123 1,605$ 1,745$ 1.55$ 1,605$ 1,745$ B 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ C 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ D 2Bd/2ba 1123 1,605$ 1,745$ 1.55$ 1,605$ 1,745$ E 2Bd/2ba 1123 1,565$ 1,745$ 1.55$ 1,565$ 1,745$ F 2Bd/2ba 1123 1,675$ 1,745$ 1.55$ 1,675$ 1,745$ G 2Bd/2ba 1123 1,575$ 1,745$ 1.55$ 1,575$ 1,745$ H 2Bd/2ba 1123 1,655$ 1,745$ 1.55$ 1,655$ 1,745$

Building 420A 2Bd/2ba 1123 1,795$ 1,795$ 1.60$ 1,795$ 1,795$ B 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ C 2Bd/2ba 1123 1,490$ 1,745$ 1.55$ 1,490$ 1,745$ D 2Bd/2ba 1123 1,795$ 1,745$ 1.55$ 1,795$ 1,745$ E 2Bd/2ba 1123 1,575$ 1,745$ 1.55$ 1,575$ 1,745$ F 2Bd/2ba 1123 1,635$ 1,745$ 1.55$ 1,635$ 1,745$ G 2Bd/2ba 1123 1,675$ 1,745$ 1.55$ 1,675$ 1,745$ H 2Bd/2ba 1123 1,655$ 1,745$ 1.55$ 1,655$ 1,745$

Building 430A 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ B 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ C 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ D 2Bd/2ba 1123 1,625$ 1,745$ 1.55$ 1,625$ 1,745$ E 2Bd/2ba 1123 1,675$ 1,745$ 1.55$ 1,675$ 1,745$ F 2Bd/2ba 1123 1,655$ 1,745$ 1.55$ 1,655$ 1,745$ G 2Bd/2ba 1123 1,580$ 1,745$ 1.55$ 1,580$ 1,745$ H 2Bd/2ba 1123 1,575$ 1,745$ 1.55$ 1,575$ 1,745$

Building 450A 1Bd/1ba 815 1,430$ 1,495$ 1.83$ 1,430$ 1,495$ B 1Bd/1ba 815 1,390$ 1,495$ 1.83$ 1,390$ 1,495$ C 1Bd/1ba 815 1,290$ 1,495$ 1.83$ 1,290$ 1,495$ D 1Bd/1ba 815 1,475$ Vac @ Askg. 1,495$ 1.83$ 1,475$ 1,495$ E 1Bd/1ba 815 1,490$ 1,495$ 1.83$ 1,490$ 1,495$ F 1Bd/1ba 815 1,495$ Manager 1,495$ 1.83$ 1,495$ 1,495$ G 1Bd/1ba 815 1,490$ 1,495$ 1.83$ 1,490$ 1,495$ H 1Bd/1ba 815 1,490$ 1,495$ 1.83$ 1,490$ 1,495$

J - TH 2Bd/2.5ba 1316 1,720$ 1,825$ 1.39$ 1,720$ 1,825$ Building 470

A 2Bd/2ba 1123 1,590$ 1,745$ 1.55$ 1,590$ 1,745$ B 2Bd/2ba 1123 1,530$ 1,745$ 1.55$ 1,530$ 1,745$ C 2Bd/2ba 1123 1,560$ 1,745$ 1.55$ 1,560$ 1,745$ D 2Bd/2ba 1123 1,605$ 1,745$ 1.55$ 1,605$ 1,745$ E 2Bd/2ba 1123 1,560$ 1,745$ 1.55$ 1,560$ 1,745$ F 2Bd/2ba 1123 1,675$ 1,745$ 1.55$ 1,675$ 1,745$ G 2Bd/2ba 1123 1,570$ 1,745$ 1.55$ 1,570$ 1,745$ H 2Bd/2ba 1123 1,655$ 1,745$ 1.55$ 1,655$ 1,745$

Totals 43,772 65,175$ 69,675$ 1.59$ Total Rent $11,550 $51,905 $1,720 $11,960 $55,890 $1,8251,590$ 1,699 # Units 8 32 1 8 32 1

Rent Gap: 6.90% Avg. Rent $1,444 $1,622 $1,720 $1,495 $1,747 $1,825Annualized: $782,100 $836,100 Avg. Rt/SF $1.77 $1.44 $1.31 $1.83 $1.56 $1.39

Rents by TypeCurrent Rents as of 1/1/12 Market Rents

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PROFORMA

Shadow Woods Rental CondominiumsOakland, CA.Phases 17 and 1841 Units in Buildings 410, 420, 430, 450 and 470Based on Acquisition Price of: $8,160,000

$/U/Yr.Actual 2010 Aug '11 Ann'd Broker Proforma on Mkt. Assumptions / Comments

IncomeGross Potential Rent 782,100$ ) 836,100$ 20,393$ Per Rent AnalysisVacancy (41,805)$ (1,020)$ Est. 5% on MarketEffective Rental Income 613,366$ 622,512$ 794,295$ 19,373$Other 14,924$ 11,916$ 12,000$ 293$ Must Define Source Effective Gross Income 628,290$ 634,428$ 806,295$ 19,666$

Operating ExpensesManagement Fee 8,092$ 1,085$ 32,252$ 787$ Est. 4% of EGISalaries & Benefits 67,993$ 57,776$ 24,600$ 600$ Est. $50/Unit/Mo. Administration 2,270$ 4,962$ 4,800$ 117$ Est. $400/Mo.Utilities 22,070$ 24,935$ 22,000$ 537$ Research Solar / Lo-Flow.Repairs & Maintenance 1,875$ 4,442$ 16,400$ 400$ Est. $400/Unit/Yr.Turnover Costs 5,149$ 1,851$ 12,000$ 293$ Est. $1000 on 30% Turn Rate (12 Units).Prop Taxes - Ad Valorem 85,000$ 88,000$ 114,942$ 2,803$ Est. 1.4086% of $8,160,000Prop Taxes - Assessments 26,794$ 654$ Est. $653.50/U/Yr.Business License Tax 11,248$ 274$ Est. 1.395% of EGIInsurance 15,831$ 10,250$ 12,000$ 293$ HOA Reimbursement 12,300$ 300$ Not Required. Est. $25/Unit/Mo.Reserve -$ 6,150$ 150$ Est. $150/Unit/Yr. Total Operating Expenses 208,281$ 193,302$ 295,485$ 7,207$

Net Operating Income 420,009$ 441,126$ 510,810$

Expense Factors Per Unit 5,080$ 4,715$ 7,207$ Per SF 4.76$ 4.42$ 6.75$ % of EGI 33% 30% 37%

(Rent Roll as of Jan 2012:

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DUE DILIGENCE DOCUMENTS

,

Due Diligence Documents

# Document Source

A Mandatory Disclosures

1 Natural Hazards Disclosure Report NHD, Inc.

2 Preliminary Title Report First American Title

B Financial and Operating Information

3 Rent Roll Owner

4 Statements of Profit & Loss Owner

5

6

7

C Physical Conditions / Third-Party Inspections / Disclosures

8 Subdivision Interest Disclosure Statement Owner

9 Standard Home Warranty Owner

10

11

D Other Property Information

12 Alameda County Assessor's Record County Assessor

13 Alameda County Property Tax Detail County Assessor

14 Zoning Compliance Confirmation Letter City of Oakland

15 Condominium Documentation Owner

16 Feature Sheet Owner