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For more information contact:

MAYFAIR807 N El Dorado StreetStockton, CA 95202

Brian Purcell

Multi Family

916-677-8149

[email protected]

01307546

Phone: 916-705-2817 ● Fax: 916-218-7393 ● 532 Gibson Drive, Suite 200 ● Roseville, California 95678 ● www.tricommercial.com

QUALIFIED OPPORTUNITY ZONE PROPERTY

47 UNIT, 4 STORY, MULTI FAMILY APT. QUALIFIEDOPPORTUNITY ZONE, VACANT BUILDING READY FORCOMPLETE REHABILITATION.

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NEW ROOF AND TRUSS CONSTRUCTION. ROUGH INTERIORFRAMING IN PLACE. PHOTOS OF POTENTIAL FINISHSCHEDULE

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PLANS AND ENTITLEMENTS FOR COMPLETERECONSTRUCTION READY FOR PICKUP. BREAK GROUNDREADY. AS IS PRICE 3MIL REFURBISHED 7MI

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2 CONSTRUCTION ESTIMATES FOR COMPLETE REMODELOF ALL FOUR FLOORS. SELLER CAN DO THE BUILDOUT TOCOMPLETION AS WELL

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MAYFAIR IS CENTRALLY LOCATED NEAR ALLENTERTAINMENT, COLLEGES,SCHOOLS AND MEDICALFACILITIES, AND ALL FREEWAYS

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B r o k e r B I OS E C T I O N I

PROFESSIONAL BIOMayfair807 N El Dorado Street | Stockton, CA 95202

Brian PurcellMulti Family [email protected]

TRi Commercial Real Estate Service

SPECIALIZATION

Multi Family Syndication Investments

PROFESSIONAL BACKGROUND

Licensed Agent for 23 years SIGNIFICANT TRANSACTIONS

106 Unit Multi Family Cypress Apartments Stockton126 Unit Multi Family Ashley Park Stockton 60 Unit Multi Family West Sacramento 71 Unit Multi Family Citrus Heights 72 Unit Multi Family Citrus Heights 75,000 sq. ft. Medical Building Sacramento 60,000 sq. ft. industrial Building Sacramento CLIENTS SERVED PATMON CORP. LLC. KUCICH LIMITED PARTNERS JM ELECTRICAL Corp. WATERFORDFINANCIAL Many more upon request

PROFESSIONAL AFFILIATIONS / ACCREDITATIONS San Juan Masonic Lodge 579 Master Mason AMA 40 years

P r o p e r t y D e s c r i p t i o nS E C T I O N I I

PROPERTY DESCRIPTIONMayfair807 N El Dorado Street | Stockton, CA 95202


The Mayfair Apartments are a staple property in the Stockton area for over thirty years. This is an Ideal OPPORTUNITYZONE project, providing great benefits the Federal Government has just approved in the 2018 Tax law. This propertycan be purchased as is, creating the basis price of $3 Mil. and a value add construction rehabilitation for $4mil. Thisqualifies you the Opportunity Zone, with a ten year hold the new owner will realize 100% Capital gains tax free. Even ifthe property sold at a break even amount the 15% Capital gain is Tax Free. This opportunity is a fantastic tool tocapture 100% of the Capital Gains to the long term 10 year hold investor The Mayfair has approved plans and permitsready to implement upon the sale closing. The construction plans are virtually turn key and ready to begin, The currentowner cannot take advantage of the OPPORTUNITY ZONE option because the property has to change ownership toqualify. The interior of the building has been demo'd to the studs. The Construction bid include everything needed tobegin stabilization.

The Mayfair is located one block from the Eden Square Park and just blocks to a Sutter General Hospital, CaliforniaPrimary Care, and the UOP University, Stockton Civic Auditorium and the Arts Commission. The redesignedDowntown Stockton Shopping and Entertainment Square, Eastland Plaza Shopping Center, and the Stockton Arenaand waterfront. There are many local Churches, the Cesar Chavez Central Library, Charter Schools, manyRestaurants.This and much more are all are in very close vicinity to The Mayfair Apartments. All Freeway accesses areconvenient and within one mile in all directions. The Mayfair Apartments will accommodate the Professional as well asthe Student in an upscale, comfortable lifestyle the Mayfair Apartments finishes will provide.

PROPERTY PHOTOSMayfair807 N El Dorado Street | Stockton, CA 95202


UNIT MIX REPORTMayfair807 N El Dorado Street | Stockton, CA 95202


Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly

41 One Bedroom One 750 $1,250 $51,250 $950 $38,9504 Two Bedroom One 963 $1,400 $5,600 $1,250 $5,0002 Studio 373 $900 $1,800 $1,800 $3,60047 35,348 $58,650 $47,550

UNIT MIX UNIT MIX SQUARE FEET

● One Bedroom One Bath

● Two Bedroom One Bath

● Studio



● Studio

UNIT MIX INCOME UNIT MIX MARKET INCOME



● Studio



● Studio

UNIT MIX BASE RENT REPORTMayfair807 N El Dorado Street | Stockton, CA 95202


Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

One Bedroom One Bath

41 Units

$1,250.00 per unit $615,000 $627,300 $639,846 $652,643 $665,696 $679,010 $692,590 $706,442 $720,571 $734,982

Two Bedroom One Bath

4 Units

$1,400.00 per unit $67,200 $68,544 $69,915 $71,313 $72,739 $74,194 $75,678 $77,192 $78,736 $80,310

Studio

2 Units

$900.00 per unit $21,600 $22,032 $22,473 $22,922 $23,381 $23,848 $24,325 $24,812 $25,308 $25,814

Total Income $703,800 $717,876 $732,234 $746,878 $761,816 $777,052 $792,593 $808,445 $824,614 $841,106

UNIT MIX BASE RENT REPORTMayfair807 N El Dorado Street | Stockton, CA 95202



One Bedroom One Bath

41 Units

$1,250.00 per unit $749,682 $764,675 $779,969 $795,568 $811,479 $827,709 $844,263 $861,148 $878,371 $895,939

Two Bedroom One Bath

4 Units

$1,400.00 per unit $81,916 $83,555 $85,226 $86,930 $88,669 $90,442 $92,251 $94,096 $95,978 $97,898

Studio

2 Units

$900.00 per unit $26,330 $26,857 $27,394 $27,942 $28,501 $29,071 $29,652 $30,245 $30,850 $31,467

Total Income $857,928 $875,087 $892,589 $910,440 $928,649 $947,222 $966,167 $985,490 $1,005,200 $1,025,304

I n v e s t m e n t D e t a i l sS E C T I O N I I I

INVESTMENT DETAILSMayfair807 N El Dorado Street | Stockton, CA 95202


ANALYSIS

Analysis Date March 2019

PROPERTY

Property Mayfair

Property Address 807 N El Dorado StreetStockton, CA 95202

Year Built 1912

FINANCIAL INFORMATION

Down Payment $2,800,000

Closing Costs $8,650

Federal Tax Rate 3.5%

State Tax Rate 3.175%

Discount Rate 2.00%

PURCHASE INFORMATION

Property Type MultiFamily

Purchase Price $7,000,000

Units 47

Total Rentable Sq. Ft. 35,348

Resale Valuation 5.0% (capitalization of noi)

Resale Expenses 5.0%

LOANS

Type Debt Term Amortization Rate Payment LO Costs

Fixed $4,200,000 20 years 20 years 4.75% $27,141

INCOME & EXPENSES

Gross Operating Income $698,286

Monthly GOI $58,191

Total Annual Expenses ($342,832)

Monthly Expenses ($28,569)

PRO FORMA SUMMARYMayfair807 N El Dorado Street | Stockton, CA 95202


INCOME

Description Actual Per Unit Market Per Unit

Gross Potential Rent $703,800 $14,974 $570,600 $12,140

Less: Vacancy ($21,114) ($449) ($17,118) ($364)

Misc. Income $15,600 $332 $19,200 $409

Effective Gross Income $698,286 $14,857 $572,682 $12,185

OPERATING EXPENSES

Description Actual Per Unit Market Per Unit

Property Management Fee $21,582 $459 $17,118 $364

Replacement Reserves $11,750 $250 $552,250 $11,750

General Maintenance $25,000 $532 $0 $0

Landscape $1,200 $26 $0 $0

Pest Control $4,200 $89 $0 $0

Security System $5,000 $106 $0 $0

Supplies $1,200 $26 $0 $0

Turn Over $9,200 $196 $0 $0

Taxes & Insurance $40,000 $851 $0 $0

Property Tax $160,800 $3,421 $0 $0

Electricity $4,500 $96 $0 $0

Gas $18,000 $383 $0 $0

Sewer $19,000 $404 $0 $0

Storm Drain $1,200 $26 $0 $0

Trash $7,200 $153 $0 $0

Water $12,000 $255 $0 $0

Accounting $1,000 $21 $0 $0

Total Expenses ($342,832) ($7,294) ($569,368) ($12,114)

NET OPERATING INCOME $355,454 $7,563 $3,314 $71

PRO FORMA SUMMARYMayfair807 N El Dorado Street | Stockton, CA 95202


UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Market Total One Bedroom One Bath 41 $15,000 $615,000 $11,400 $467,400Two Bedroom One Bath 4 $16,800 $67,200 $15,000 $60,000Studio 2 $10,800 $21,600 $21,600 $43,200TOTALS 47 $703,800 $570,600

ANNUALIZED INCOME Description Actual Market

Gross Potential Rent $703,800 $570,600Less: Vacancy ($21,114) ($17,118)Misc. Income $15,600 $19,200Effective Gross Income $698,286 $572,682Less: Expenses ($342,832) ($569,368)Net Operating Income $355,454 $3,314Debt Service ($325,697) ($325,697)Net Cash Flow after Debt Service $29,757 ($322,383)Principal Reduction $128,981 $128,981Total Return $158,738 ($193,402)

ANNUALIZED EXPENSES Description Actual Market

Property Management Fee $21,582 $17,118Replacement Reserves $11,750 $552,250General Maintenance $25,000 $0Landscape $1,200 $0Pest Control $4,200 $0Security System $5,000 $0Supplies $1,200 $0Turn Over $9,200 $0Taxes & Insurance $40,000 $0Property Tax $160,800 $0Electricity $4,500 $0Gas $18,000 $0Sewer $19,000 $0Storm Drain $1,200 $0Trash $7,200 $0Water $12,000 $0Accounting $1,000 $0Total Expenses $342,832 $569,368Expenses Per RSF $9.70 $16.11Expenses Per Unit $7,294 $12,114

INVESTMENT SUMMARY Price: $7,000,000

Year Built: 1912

Units: 47

Price/Unit: $148,936

RSF: 35,348

Price/RSF: $198.03

Lot Size: 0.41 acres

Floors: 4

Parking Spaces: 2.1

APN: 139-051-04

Cap Rate: 5.08%

Market Cap Rate: .05%

GRM: 9.73

Market GRM: 11.87

FINANCING SUMMARY Loan Amount: $4,200,000

Down Payment: $2,800,000

Loan Type: Fixed

Interest Rate: 4.75%

Term: 20 years

Monthly Payment: $27,141

DCR: 1.09

EXECUTIVE SUMMARYMayfair807 N El Dorado Street | Stockton, CA 95202


Acquisition Costs

Purchase Price, Points and Closing Costs $7,008,650

Investment - Cash $2,820,400

First Loan $4,200,000

Investment Information

Purchase Price $7,000,000

Price per Unit $148,936

Price per Sq. Ft. $198.03

Income per Unit $15,306

Expenses per Unit ($7,294)

Income, Expenses & Cash Flow

Gross Scheduled Income $719,400

Total Vacancy and Credits ($21,114)

Operating Expenses ($342,832)

Net Operating Income $355,454

Debt Service ($325,697)

Cash Flow Before Taxes $29,757

(After Tax Results)Total Interest (Debt Service) ($196,716)

Depreciation and Amortization ($240,755)

Taxable Income (Loss) ($82,017)

Tax Savings (Costs) $5,475

Cash Flow After Taxes $35,232

Financial Indicators

Cash on Cash Return Before Taxes 1.06%

Optimal Internal Rate of Return (yr 20) 7.03%

Debt Coverage Ratio 1.09

Capitalization Rate 5.08%

Gross Rent Multiplier 9.73

Gross Income / Square Feet $20.35

Gross Expenses / Square Feet ($9.70)

Operating Expense Ratio 49.10%

OPERATING INCOME ANALYSISMayfair807 N El Dorado Street | Stockton, CA 95202


Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

$110,000

$220,000

$330,000

$440,000

$550,000

$660,000

$770,000

$880,000

$990,000

$1,100,000

Legend

GROSS OPERATING INCOME NET OPERATING INCOME NET CASH FLOW (b/t)

CASH FLOW ANALYSISMayfair807 N El Dorado Street | Stockton, CA 95202



GROSS SCHEDULED INCOME $719,400 $733,632 $748,147 $762,951 $778,049 $793,448 $809,153 $825,170 $841,506 $858,168

Turnover Vacancy ($21,114) ($21,536) ($21,967) ($22,406) ($22,854) ($23,312) ($23,778) ($24,253) ($24,738) ($25,233)

Total Operating Expenses ($342,832) ($346,354) ($349,915) ($353,517) ($357,158) ($360,841) ($364,565) ($368,331) ($372,139) ($375,991)

NET OPERATING INCOME $355,454 $365,742 $376,265 $387,028 $398,036 $409,295 $420,810 $432,586 $444,629 $456,944

Loan Payment ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697)

NET CASH FLOW (b/t) $29,757 $40,045 $50,568 $61,331 $72,340 $83,599 $95,113 $106,889 $118,932 $131,247

Cash On Cash Return b/t 1.06% 1.42% 1.79% 2.17% 2.56% 2.96% 3.37% 3.79% 4.22% 4.65%


Depreciation ($240,755) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259)

Loan Interest ($196,716) ($190,454) ($183,889) ($177,004) ($169,785) ($162,216) ($154,280) ($145,958) ($137,232) ($128,082)

TAXABLE INCOME (LOSS) ($82,017) ($75,971) ($58,882) ($41,235) ($23,008) ($4,179) $15,272 $35,370 $56,138 $77,603

Income Taxes $5,475 $5,071 $3,930 $2,752 $1,536 $279 ($1,019) ($2,361) ($3,747) ($5,180)

CASH FLOW (a/t) $35,232 $45,116 $54,498 $64,084 $73,875 $83,877 $94,094 $104,528 $115,185 $126,067

Cash On Cash Return a/t 1.25% 1.60% 1.93% 2.27% 2.62% 2.97% 3.34% 3.71% 4.08% 4.47%

* b/t = before taxes;a/t = after taxes

CASH FLOW ANALYSISMayfair807 N El Dorado Street | Stockton, CA 95202



GROSS SCHEDULED INCOME $875,160 $892,491 $910,167 $928,195 $946,581 $965,333 $984,459 $1,003,965 $1,023,860 $1,044,150


Total Operating Expenses ($379,885) ($383,824) ($387,807) ($391,836) ($395,910) ($400,030) ($404,197) ($408,411) ($412,673) ($416,984)


Loan Payment ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697) ($325,697)

NET CASH FLOW (b/t) $143,840 $156,718 $169,885 $183,349 $197,115 $211,190 $225,580 $240,292 $255,333 $270,710



Depreciation ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($251,259) ($240,768)

Loan Interest ($118,488) ($108,429) ($97,881) ($86,821) ($75,224) ($63,064) ($50,314) ($36,945) ($22,926) ($8,227)

TAXABLE INCOME (LOSS) $99,790 $122,727 $146,443 $170,966 $196,329 $222,564 $249,705 $277,786 $306,845 $347,412

Income Taxes ($6,661) ($8,192) ($9,775) ($11,412) ($13,105) ($14,856) ($16,668) ($18,542) ($20,482) ($23,190)

CASH FLOW (a/t) $137,179 $148,526 $160,110 $171,937 $184,010 $196,334 $208,912 $221,750 $234,852 $247,520


* b/t = before taxes;a/t = after taxes

CASH IN CASH OUTMayfair807 N El Dorado Street | Stockton, CA 95202



Rental Income $703,800 $717,876 $732,234 $746,878 $761,816 $777,052 $792,593 $808,445 $824,614 $841,106

Laundry $3,600 $3,636 $3,672 $3,709 $3,746 $3,784 $3,821 $3,860 $3,898 $3,937

Parking $12,000 $12,120 $12,241 $12,364 $12,487 $12,612 $12,738 $12,866 $12,994 $13,124

GROSS SCHEDULED INCOME $719,400 $733,632 $748,147 $762,951 $778,049 $793,448 $809,153 $825,170 $841,506 $858,168


GROSS OPERATING INCOME $698,286 $712,096 $726,180 $740,545 $755,195 $770,136 $785,375 $800,917 $816,768 $832,934

Expenses

Property Management Fee ($21,582) ($22,009) ($22,444) ($22,889) ($23,341) ($23,803) ($24,275) ($24,755) ($25,245) ($25,745)

Replacement Reserves ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750)

General Maintenance ($25,000) ($25,250) ($25,503) ($25,758) ($26,015) ($26,275) ($26,538) ($26,803) ($27,071) ($27,342)

Landscape ($1,200) ($1,212) ($1,224) ($1,236) ($1,249) ($1,261) ($1,274) ($1,287) ($1,299) ($1,312)

Pest Control ($4,200) ($4,242) ($4,284) ($4,327) ($4,371) ($4,414) ($4,458) ($4,503) ($4,548) ($4,593)

Security System ($5,000) ($5,050) ($5,101) ($5,152) ($5,203) ($5,255) ($5,308) ($5,361) ($5,414) ($5,468)

Supplies ($1,200) ($1,212) ($1,224) ($1,236) ($1,249) ($1,261) ($1,274) ($1,287) ($1,299) ($1,312)

Turn Over ($9,200) ($9,292) ($9,385) ($9,479) ($9,574) ($9,669) ($9,766) ($9,864) ($9,962) ($10,062)

Taxes & Insurance ($40,000) ($40,400) ($40,804) ($41,212) ($41,624) ($42,040) ($42,461) ($42,885) ($43,314) ($43,747)

Property Tax ($160,800) ($162,408) ($164,032) ($165,672) ($167,329) ($169,002) ($170,692) ($172,399) ($174,123) ($175,865)

Electricity ($4,500) ($4,545) ($4,590) ($4,636) ($4,683) ($4,730) ($4,777) ($4,825) ($4,873) ($4,922)

Gas ($18,000) ($18,180) ($18,362) ($18,545) ($18,731) ($18,918) ($19,107) ($19,298) ($19,491) ($19,686)

Sewer ($19,000) ($19,190) ($19,382) ($19,576) ($19,771) ($19,969) ($20,169) ($20,371) ($20,574) ($20,780)

Storm Drain ($1,200) ($1,212) ($1,224) ($1,236) ($1,249) ($1,261) ($1,274) ($1,287) ($1,299) ($1,312)

* Cash Flow IRR based upon net cash flow and principal payments




Trash ($7,200) ($7,272) ($7,345) ($7,418) ($7,492) ($7,567) ($7,643) ($7,719) ($7,797) ($7,875)

Water ($12,000) ($12,120) ($12,241) ($12,364) ($12,487) ($12,612) ($12,738) ($12,866) ($12,994) ($13,124)

Accounting ($1,000) ($1,010) ($1,020) ($1,030) ($1,041) ($1,051) ($1,062) ($1,072) ($1,083) ($1,094)

TOTAL OPERATING EXPENSES ($342,832) ($346,354) ($349,915) ($353,517) ($357,158) ($360,841) ($364,565) ($368,331) ($372,139) ($375,991)


Debt Service

Loan Interest ($196,716) ($190,454) ($183,889) ($177,004) ($169,785) ($162,216) ($154,280) ($145,958) ($137,232) ($128,082)

Principal Payments ($128,981) ($135,242) ($141,808) ($148,693) ($155,911) ($163,481) ($171,417) ($179,739) ($188,465) ($197,615)

NET CASH FLOW (b/t) $29,757 $40,045 $50,568 $61,331 $72,340 $83,599 $95,113 $106,889 $118,932 $131,247

Cash Flow IRR N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Projected Property Value $2,625,000 $2,756,250 $2,894,063 $3,038,766 $3,190,704 $3,350,239 $3,517,751 $3,693,639 $3,878,321 $4,072,237

Resale Expenses ($131,250) ($137,813) ($144,703) ($151,938) ($159,535) ($167,512) ($175,888) ($184,682) ($193,916) ($203,612)

Proceeds b/f Debt Payoff $2,493,750 $2,618,438 $2,749,359 $2,886,827 $3,031,169 $3,182,727 $3,341,864 $3,508,957 $3,684,405 $3,868,625

Loan Principal Balance ($4,071,019) ($3,935,777) ($3,793,969) ($3,645,276) ($3,489,365) ($3,325,884) ($3,154,467) ($2,974,728) ($2,786,263) ($2,588,648)

Capital Reserves Remaining $11,985 $12,225 $12,469 $12,719 $12,973 $13,232 $13,497 $13,767 $14,042 $14,323

Replacement Reserves $11,750 $23,500 $35,250 $47,000 $58,750 $70,500 $82,250 $94,000 $105,750 $117,500





Net Proceeds From Sale ($1,553,534) ($1,281,615) ($996,890) ($698,730) ($386,473) ($59,425) $283,144 $641,996 $1,017,934 $1,411,800

Net Resale IRR N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A





Rental Income $857,928 $875,087 $892,589 $910,440 $928,649 $947,222 $966,167 $985,490 $1,005,200 $1,025,304

Laundry $3,977 $4,016 $4,057 $4,097 $4,138 $4,179 $4,221 $4,263 $4,306 $4,349

Parking $13,255 $13,388 $13,522 $13,657 $13,794 $13,932 $14,071 $14,212 $14,354 $14,497

GROSS SCHEDULED INCOME $875,160 $892,491 $910,167 $928,195 $946,581 $965,333 $984,459 $1,003,965 $1,023,860 $1,044,150


GROSS OPERATING INCOME $849,423 $866,239 $883,389 $900,881 $918,721 $936,917 $955,474 $974,400 $993,704 $1,013,391

Expenses

Property Management Fee ($26,255) ($26,775) ($27,305) ($27,846) ($28,397) ($28,960) ($29,534) ($30,119) ($30,716) ($31,325)

Replacement Reserves ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750) ($11,750)

General Maintenance ($27,616) ($27,892) ($28,171) ($28,452) ($28,737) ($29,024) ($29,314) ($29,608) ($29,904) ($30,203)

Landscape ($1,326) ($1,339) ($1,352) ($1,366) ($1,379) ($1,393) ($1,407) ($1,421) ($1,435) ($1,450)

Pest Control ($4,639) ($4,686) ($4,733) ($4,780) ($4,828) ($4,876) ($4,925) ($4,974) ($5,024) ($5,074)

Security System ($5,523) ($5,578) ($5,634) ($5,690) ($5,747) ($5,805) ($5,863) ($5,922) ($5,981) ($6,041)

Supplies ($1,326) ($1,339) ($1,352) ($1,366) ($1,379) ($1,393) ($1,407) ($1,421) ($1,435) ($1,450)

Turn Over ($10,163) ($10,264) ($10,367) ($10,470) ($10,575) ($10,681) ($10,788) ($10,896) ($11,005) ($11,115)

Taxes & Insurance ($44,185) ($44,627) ($45,073) ($45,524) ($45,979) ($46,439) ($46,903) ($47,372) ($47,846) ($48,324)

Property Tax ($177,623) ($179,399) ($181,193) ($183,005) ($184,835) ($186,684) ($188,551) ($190,436) ($192,341) ($194,264)

Electricity ($4,971) ($5,021) ($5,071) ($5,121) ($5,173) ($5,224) ($5,277) ($5,329) ($5,383) ($5,436)

Gas ($19,883) ($20,082) ($20,283) ($20,486) ($20,691) ($20,897) ($21,106) ($21,317) ($21,531) ($21,746)

Sewer ($20,988) ($21,198) ($21,410) ($21,624) ($21,840) ($22,058) ($22,279) ($22,502) ($22,727) ($22,954)

Storm Drain ($1,326) ($1,339) ($1,352) ($1,366) ($1,379) ($1,393) ($1,407) ($1,421) ($1,435) ($1,450)





Trash ($7,953) ($8,033) ($8,113) ($8,194) ($8,276) ($8,359) ($8,443) ($8,527) ($8,612) ($8,698)

Water ($13,255) ($13,388) ($13,522) ($13,657) ($13,794) ($13,932) ($14,071) ($14,212) ($14,354) ($14,497)

Accounting ($1,105) ($1,116) ($1,127) ($1,138) ($1,149) ($1,161) ($1,173) ($1,184) ($1,196) ($1,208)

TOTAL OPERATING EXPENSES ($379,885) ($383,824) ($387,807) ($391,836) ($395,910) ($400,030) ($404,197) ($408,411) ($412,673) ($416,984)


Debt Service

Loan Interest ($118,488) ($108,429) ($97,881) ($86,821) ($75,224) ($63,064) ($50,314) ($36,945) ($22,926) ($8,227)

Principal Payments ($207,208) ($217,268) ($227,816) ($238,876) ($250,473) ($262,633) ($275,383) ($288,752) ($302,770) ($317,469)

NET CASH FLOW (b/t) $143,840 $156,718 $169,885 $183,349 $197,115 $211,190 $225,580 $240,292 $255,333 $270,710

Cash Flow IRR N/A 1.42% 2.88% 4.10% 5.12% 5.99% 6.73% 7.36% 7.91% 8.38%

Projected Property Value $4,275,848 $4,489,641 $4,714,123 $4,949,829 $5,197,320 $5,457,186 $5,730,046 $6,016,548 $6,317,375 $6,633,244

Resale Expenses ($213,792) ($224,482) ($235,706) ($247,491) ($259,866) ($272,859) ($286,502) ($300,827) ($315,869) ($331,662)

Proceeds b/f Debt Payoff $4,062,056 $4,265,159 $4,478,417 $4,702,338 $4,937,454 $5,184,327 $5,443,544 $5,715,721 $6,001,507 $6,301,582

Loan Principal Balance ($2,381,440) ($2,164,172) ($1,936,356) ($1,697,480) ($1,447,008) ($1,184,375) ($908,992) ($620,240) ($317,469) $0

Capital Reserves Remaining $14,610 $14,902 $15,200 $15,504 $15,814 $16,130 $16,453 $16,782 $17,118 $17,460

Replacement Reserves $129,250 $141,000 $152,750 $164,500 $176,250 $188,000 $199,750 $211,500 $223,250 $235,000





Net Proceeds From Sale $1,824,476 $2,256,889 $2,710,011 $3,184,861 $3,682,511 $4,204,083 $4,750,754 $5,323,763 $5,924,405 $6,554,042

Net Resale IRR N/A 1.62% 3.02% 4.09% 4.93% 5.59% 6.13% 6.56% 6.91% 7.20%


INVESTMENT RETURN ANALYSISMayfair807 N El Dorado Street | Stockton, CA 95202



Cash Flow - To Date $35,232 $80,348 $134,846 $198,930 $272,805 $356,683 $450,777 $555,305 $670,490 $796,557

Net Resale Proceeds ($1,553,550) ($1,281,646) ($996,938) ($698,795) ($386,555) ($59,524) $283,027 $641,861 $1,017,781 $1,411,628

Invested Capital ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400)

Net Return on Investment ($4,338,718) ($4,021,698) ($3,682,492) ($3,320,265) ($2,934,149) ($2,523,241) ($2,086,596) ($1,623,234) ($1,132,129) ($612,215)

Internal Rate of Return N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Modified IRR -99.18% -85.50% -65.98% -49.55% -37.04% -27.61% -16.21% -9.07% -4.54% -1.46%

NPV (cash flow + reversion) ($4,244,491) ($3,877,024) ($3,530,093) ($3,202,603) ($2,893,518) ($2,601,860) ($2,326,703) ($2,067,173) ($1,822,440) ($1,591,722)

PV (NOI + reversion) $2,662,807 $2,938,698 $3,203,093 $3,456,406 $3,699,035 $3,931,369 $4,153,788 $4,366,657 $4,570,333 $4,765,160

* a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income

INVESTMENT RETURN ANALYSISMayfair807 N El Dorado Street | Stockton, CA 95202



Cash Flow - To Date $933,736 $1,082,262 $1,242,372 $1,414,309 $1,598,319 $1,794,653 $2,003,566 $2,225,316 $2,460,168 $2,707,688

Net Resale Proceeds $1,824,285 $2,247,540 $2,684,383 $3,142,583 $3,623,188 $4,127,304 $4,656,088 $5,210,754 $5,792,577 $6,403,262

Invested Capital ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400) ($2,820,400)

Net Return on Investment ($62,379) $509,402 $1,106,356 $1,736,492 $2,401,108 $3,101,558 $3,839,254 $4,615,670 $5,432,345 $6,290,550

Internal Rate of Return N/A 1.58% 2.93% 3.97% 4.79% 5.45% 5.97% 6.40% 6.74% 7.03%

Modified IRR 0.73% 2.32% 3.51% 4.42% 5.13% 5.69% 6.14% 6.50% 6.79% 7.02%

NPV (cash flow + reversion) ($1,374,277) ($1,169,402) ($976,433) ($794,741) ($623,730) ($462,836) ($311,524) ($169,288) ($35,648) $89,850

PV (NOI + reversion) $4,951,475 $5,129,601 $5,299,852 $5,462,532 $5,617,937 $5,766,349 $5,908,045 $6,043,289 $6,172,340 $6,295,445

* a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income

FINANCIAL INDICATORSMayfair807 N El Dorado Street | Stockton, CA 95202



Gross Rent Multiplier 3.65 3.76 3.87 3.98 4.10 4.22 4.35 4.48 4.61 4.75

Capitalization Rate 5.08% 5.22% 5.38% 5.53% 5.69% 5.85% 6.01% 6.18% 6.35% 6.53%



Debt Coverage Ratio 1.09 1.12 1.16 1.19 1.22 1.26 1.29 1.33 1.37 1.40

Gross Income per Sq. Ft. $20.35 $20.75 $21.17 $21.58 $22.01 $22.45 $22.89 $23.34 $23.81 $24.28

Expenses per Sq. Ft. ($9.70) ($9.80) ($9.90) ($10.00) ($10.10) ($10.21) ($10.31) ($10.42) ($10.53) ($10.64)

Net Income Multiplier 7.38 7.54 7.69 7.85 8.02 8.19 8.36 8.54 8.72 8.91

Operating Expense Ratio 49.10% 48.64% 48.19% 47.74% 47.29% 46.85% 46.42% 45.99% 45.56% 45.14%

Loan To Value Ratio 155.09% 142.79% 131.09% 119.96% 109.36% 99.27% 89.67% 80.54% 71.84% 63.57%

* b/t = before taxes; a/t = after taxes

FINANCIAL INDICATORSMayfair807 N El Dorado Street | Stockton, CA 95202



Gross Rent Multiplier 4.89 5.03 5.18 5.33 5.49 5.65 5.82 5.99 6.17 6.35

Capitalization Rate 6.71% 6.89% 7.08% 7.27% 7.47% 7.67% 7.88% 8.09% 8.30% 8.52%



Debt Coverage Ratio 1.44 1.48 1.52 1.56 1.61 1.65 1.69 1.74 1.78 1.83

Gross Income per Sq. Ft. $24.76 $25.25 $25.75 $26.26 $26.78 $27.31 $27.85 $28.40 $28.97 $29.54

Expenses per Sq. Ft. ($10.75) ($10.86) ($10.97) ($11.09) ($11.20) ($11.32) ($11.43) ($11.55) ($11.67) ($11.80)

Net Income Multiplier 9.11 9.31 9.51 9.72 9.94 10.16 10.39 10.63 10.87 11.12

Operating Expense Ratio 44.72% 44.31% 43.90% 43.49% 43.09% 42.70% 42.30% 41.91% 41.53% 41.15%

Loan To Value Ratio 55.70% 48.20% 41.08% 34.29% 27.84% 21.70% 15.86% 10.31% 5.03% 0.00%

* b/t = before taxes; a/t = after taxes

A e r i a l sS E C T I O N I V

Eden Park

Downtown Stockton

E Miner Ave

E Weber Ave

W Fremont St

N El Dorado St

N Center St

Park St

Flora St

E Oak St

Fremont Square Martin Luther King Plaza

Weber Square

McLeod Lake

Stockton Arena

Banner IslandBallpark

Weber Point

Pitman Elementary

School

Stanislaus State Stockton

CampusCathedral of the Annunciation

School

Cesar Chavez Central Library

Stockton Memorial Civic Auditorium

City Council

Channel Medical Center

LOCATION MAPMayfair807 N El Dorado Street | Stockton, CA 95202


DEMOGRAPHICSMayfair807 N El Dorado Street | Stockton, CA 95202


Population Characteristic 1 Mile 3 Mile 5 Mile

Ages 0-4 1,366 11,645 21,669

Ages 5-9 1,572 13,440 25,673

Ages 10-14 1,352 11,893 23,412

Ages 15-19 1,237 11,104 22,379

Ages 20-24 1,266 11,254 22,162

Ages 25-29 1,350 11,015 21,092

Ages 30-34 1,315 10,321 19,364

Ages 35-39 1,324 9,681 18,223

Ages 40-44 1,304 9,114 17,591

Ages 45-49 1,318 8,840 17,446

Ages 50-54 1,235 7,997 16,337

Ages 55-59 1,146 7,141 14,692

Ages 60-64 961 5,848 12,284

Ages 65-69 747 4,471 9,597

Ages 70-74 528 3,242 7,141

Ages 75-79 332 2,344 5,200

Ages 80-84 239 1,556 3,428

Household Income 1 Mile 3 Mile 5 Mile

Median Household Income $28,278 $37,945 $40,387

< $10000 1,272 4,128 6,123

$10000-$14999 1,215 4,819 7,265

$15000-$19999 740 3,482 5,837

$20000-$24999 638 3,212 5,195

$25000-$29999 483 3,040 5,014

$30000-$34999 285 3,272 5,736

$35000-$39999 339 2,617 5,345

$40000-$44999 289 2,156 4,487

$45000-$49999 238 1,996 3,985

$50000-$60000 451 3,996 7,753

$60000-$74000 428 3,776 8,619

$75000-$99999 639 4,235 9,854

$100000-$124999 406 2,029 5,498

$125000-$149999 140 805 2,898

$150000-$199999 146 743 1,963

> $200000 76 369 1,653

Race Characteristic 1 Mile 3 Mile 5 Mile

Non Hispanic White 9,459 53,902 106,307

Population Black 1,919 11,594 25,774

Population Am In/AK Nat 92 551 904

Characteristic Housing 1 Mile 3 Mile

Housing Units 10,098 51,055

Occupied Housing Units 8,517 45,554

Owner Occupied Housing Units 2,417 19,407

Renter Occupied Housing Units 6,100 26,147

Vacant Housing Units 1,581 5,501



Population 1 Mile 3 Mile 5 Mile

Male 9,466 (49.53 %) 70,277 (48.84 %) 139,039 (49.05 %)

Female 9,647 (50.47 %) 73,621 (51.16 %) 144,445 (50.95 %)

Total Population 19,113 143,898 283,484

Age Breakdown 1 Mile 3 Mile 5 Mile

Ages 0-4 1,366 (7.15 %) 11,645 (8.09 %) 21,669 (7.64 %)

Ages 5-9 1,572 (8.22 %) 13,440 (9.34 %) 25,673 (9.06 %)

Ages 10-14 1,352 (7.07 %) 11,893 (8.26 %) 23,412 (9.06 %)

Ages 15-19 1,237 (6.47 %) 11,104 (7.72 %) 22,379 (7.89 %)

Ages 20-24 1,266 (6.62 %) 11,254 (7.82 %) 22,162 (7.82 %)

Ages 25-29 1,350 (7.06 %) 11,015 (7.65 %) 21,092 (7.44 %)

Ages 30-34 1,315 (6.88 %) 10,321 (7.17 %) 19,364 (6.83 %)

Ages 35-39 1,324 (6.93 %) 9,681 (6.73 %) 18,223 (6.43 %)

Ages 40-44 1,304 (6.82 %) 9,114 (6.33 %) 17,591 (6.21 %)

Ages 45-49 1,318 (6.90 %) 8,840 (6.14 %) 17,446 (6.15 %)

Ages 50-54 1,235 (6.46 %) 7,997 (5.56 %) 16,337 (5.76 %)

Ages 55-59 1,146 (6.00 %) 7,141 (4.96 %) 14,692 (5.18 %)

Ages 60-64 961 (5.03 %) 5,848 (4.06 %) 12,284 (4.33 %)

Ages 65-69 747 (3.91 %) 4,471 (3.11 %) 9,597 (3.39 %)

Ages 70-74 528 (2.76 %) 3,242 (2.25 %) 7,141 (2.52 %)

Ages 75-79 332 (1.74 %) 2,344 (1.63 %) 5,200 (1.83 %)

Ages 80-84 239 (1.25 %) 1,556 (1.08 %) 3,428 (1.21 %)

Ages 85+ 521 (2.73 %) 2,992 (2.08 %) 5,794 (2.04 %)



Household Income 1 Mile 3 Mile 5 Mile

Median Income $28,278 $37,945 $40,387

Less than $10,000 1,272 4,128 6,123

$10,000 -$14,999 1,215 4,819 7,265

$15,000 - $19,999 740 3,482 5,837

$20,000 -$24,999 638 3,212 5,195

$25,000 - $29,999 483 3,040 5,014

$30,000 - $34,999 285 3,272 5,736

$35,000 - $39,999 339 2,617 5,345

$40,000 - $44,999 289 2,156 4,487

$45,000 - $49,999 238 1,996 3,985

$50,000 - $59,999 451 3,996 7,753

$60,000 - $74,999 428 3,776 8,619

$75,000 - $99,999 639 4,235 9,854

$100,000 - $124,999 406 2,029 5,498

$125,000 - $149,999 140 805 2,898

$150,000 - $199,999 146 743 1,963

Greater than $200,000 76 369 1,653

Housing 1 Mile 3 Mile 5 Mile

Housing Units 10,098 51,055 96,895

Occupied Units 8,517 45,554 87,858

Owner Occupied Units 2,417 19,407 44,848

Renter Occupied Units 6,100 26,147 43,010

Vacant Units 1,581 5,501 9,037

Race Demographics 1 Mile 3 Mile 5 Mile

Population Non Hispanic White 9,459 53,902 106,307

Population Black 1,919 11,594 25,774

Population Am In/Ak Nat 92 551 904

C o m p a r a b l e sS E C T I O N V

RECENT TRANSACTIONSMayfair807 N El Dorado Street | Stockton, CA 95202


MultiFamily Sale Price: $2,750,000

5323 Carrington Circle Cap Rate: 6.00%

Stockton, CA Price per Unit: $72,368

38 Units Year Built: 1989


6131 Gettysburg Place Cap Rate: 7.20%

Stockton, Ca Price per Unit: $59,434



515 Camanche Lane Cap Rate: 6.30%




5323 Carrington Circle Cap Rate: 6.00%

Stockton, CA Price per Unit: $72,368



6131 Gettysburg Place Cap Rate: 7.20%




515 Camanche Lane Cap Rate: 7.36%




633 Stewart Street Cap Rate: 5.80%

Manteca, CA Price per Unit: $71,053


RECENT TRANSACTIONSMayfair807 N El Dorado Street | Stockton, CA 95202



602-702 Wimbledon Drive Cap Rate: 6.85%

Lodi, Ca Price per Unit: $69,393



7565 Shoreline Drive Cap Rate: 6.50%



794 Button Ave - Parkwood Estates

Manteca, CA 95336

Sale on 3/19/2018 for $6,900,000 ($162.85/SF; $135,294/Unit) - Research Complete

51 Unit, 42,371 SF Class B Apartments Building Built in 1964

SOLD

1

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Kats Family TrustSienna Place, LLC

True Buyer: True Seller: Weylin G & Roselyn M Eng

Weylin Eng

20 Orinda WayOrinda, CA 94563(925) 254-3598

JCM Partners

Brian Rein

2151 Salvio StConcord, CA 94520(925) 676-1966

Buyer Type: Seller Type: IndividualDeveloper/Owner-RGNL

Buyer Broker: Listing Broker: Marcus & Millichap Inc

Daniel Dabkoski

(916) 724-1306

Luis Mejia

(916) 724-1400

Marcus & Millichap Inc

Daniel Dabkoski

(916) 724-1306

Luis Mejia

(916) 724-1400

Sale Date:

Price/SF:

Sale Price:

$162.85

$6,900,000-Confirmed

03/19/2018

Bldg Type:

Land Area:

Sale Conditions:

Year Built/Age:

RBA:

Apartments

Built in 1964 Age: 54

42,371 SF

4.23 AC (184,259 SF)

1031 Exchange

Percent Leased: -

Transaction Details

Asking Price: $6,900,000

Price/AC Land Gross: $1,631,205.67

Total Value Assessed:

Improved Value Assessed

Land Value Assessed:

$2,441,251 in 2017

$1,875,804

$560,421

Percent Improved: 76.8%

Land Assessed/AC: $132,487

InvestmentSale Type:

Transfer Tax: $7,590

GRM/GIM: -/-

ID: 4176367

-

Spacer

Escrow Length: 140 days

Parcel No:

Financing:

208-130-06

Down payment of $6,900,000.00 (100.0%)

No. of Tenants: 1

Legal Desc: Part of Lot 83, Section 3 in Summer Home Tract, as per Plat vol. 3, page 29.

Tenants at time of sale: JCM - Parkwood Estates

Copyrighted report licensed to TRI Commercial - 632653. 2/28/2019

Page 1

Parcel No: 208-130-06

Document No: 030140

Spacer

# Units:

Avg Unit Size: 814 SF

51

Avg Rent/Unit/Mo:

Avg Rent/SF/Mo:

$1,555

$1.81SF of all Units: 41,535

$135,294Price/Unit:

Spacer Spacer

Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF %

UNIT MIX AT TIME OF SALE

Units Asking Rent Effective Rent Concessions

1/1.0 11 21.6 650 - - - - - - - - - -

2/1.0 12 23.5 875 - - - - - - - - - -

2/1.0 28 54.9 850 - - - - - - - - - -

Bldg Type: Apartments

51

814 SF

# Units:

Avg Unit Size:

Current Building Information

Bldg Status: Built in 1964

42,371 SFBldg Size:

Typical Floor Size: 42,371 SF

Stories: 1

Parking: 52 free Covered Spaces are available; Ratio of 1.22/1,000 SF; 1.02/Unit

Bldg Vacant: 0 SF

Owner Type: Developer/Owner-RGNL

Zoning: -

Rent/SF/Yr: -

Elevators: 0

Land Area: 4.23 AC

Expenses: 2017 Tax @ $541.58/Unit

Site Amenities: Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating,Kitchen, Laundry Facilities, Microwave, Package Service, Pool, Property Manager on Site, Range, TileFloors, Tub/Shower, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings

ID: 9374775

Location Information

Stockton/Modesto

Manteca/Lathrop MF/Outer Manteca/Lathrop MF

Metro Market:

Submarket:

County: San Joaquin

CBSA: Stockton-Lodi, CA

DMA: Sacramento-Stockton-Modesto, CA

CSA: San Jose-San Francisco-Oakland, CA

Spacer

794 Button Ave - Parkwood Estates SOLD51 Unit, 42,371 SF Class B Apartments Building Built in 1964 (con't)


Page 2

Parcel Number: 208-130-06

-Legal Description:

County: San Joaquin

Plat Map: 794 Button Ave

794 Button Ave - Parkwood Estates SOLD51 Unit, 42,371 SF Class B Apartments Building Built in 1964 (con't)


Page 3

8003 N El Dorado St - Meridian Village Apartments

Stockton, CA 95210


52 Unit, 42,756 SF Class C Apartments Building Built in 1980

SOLD

2


Recorded Buyer: Recorded Seller: Birches Investors LpAnami Ca Llc

True Buyer: True Seller: Enduravest Partners

Dan Flanigan

718 E State StSanta Barbara, CA 93101(805) 881-3395

Zeeshan Khan

Zeeshan Khan

4668 Woodrose CirDublin, CA 94568(925) 518-3265

Buyer Type: Seller Type: Investment ManagerIndividual

Buyer Broker: Liberty Real Estate Group

Morgan Trunnell

(415) 516-8150

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$121.85


04/16/2018

Bldg Type:

Land Area:

Sale Conditions:

Year Built/Age:

RBA:

5.86%

Apartments


42,756 SF

2.17 AC (94,525 SF)

1031 Exchange

Percent Leased: -

Transaction Details

Asking Price: -





$2,481,579 in 2017

$1,943,059

$528,120




GRM/GIM: -/-

ID: 4242168

-

Spacer

Escrow Length: -

Parcel No:

Financing:

079-350-41

Down payment of $1,760,000.00 (33.8%)$3,450,000.00 from CBRE Capital Markets

Document No: 041898

Sale History: Sold for $5,210,000 ($121.85/SF; $100,192/Unit) on 4/16/2018Sold for $2,350,000 ($54.96/SF; $45,192/Unit) on 3/27/2014

Legal Desc: Lot 1 Trt 1590 Vol 25 Pg 81


Page 4

Sale History: Sold for $5,210,000 ($121.85/SF; $100,192/Unit) on 4/16/2018Sold for $2,350,000 ($54.96/SF; $45,192/Unit) on 3/27/2014

Spacer

# Units:


52

SF of all Units: 42,000

$100,192Price/Unit:

Spacer

Spacer




1/1.0 16 30.8 675 - - - - - - - - - -

2/1.0 32 61.5 850 - - - - - - - - - -

3/2.0 4 7.7 1,000 - - - - - - - - - -

Transaction Notes

This transaction was an off market deal. The property is located in northern Stockton and is surrounded by a number of major retailers andrestuarants. The deal also involved a $45,000 seller credit for physical due diligence. Price was confirmed by the seller and the buyerbroker. Cap rate was provided by the buyer's broker.


52

807 SF

# Units:

Avg Unit Size:



42,756 SFBldg Size:


Stories: 2

Parking: 72 Surface Spaces are available; Ratio of 2.66/1,000 SF; 1.38/Unit

Bldg Vacant: 0 SF

Owner Type: Individual

Zoning: -

Rent/SF/Yr: -

Elevators: 0

Land Area: 2.17 AC

Expenses: 2017 Tax @ $599.31/Unit; 2014 Ops @ $2642.96/Unit

Site Amenities: Air Conditioning, Carpet, Ceiling Fans, Dishwasher, Hardwood Floors, Heating, Laundry Facilities, Pool,Property Manager on Site, Range, Refrigerator, Video Patrol

ID: 9304067


Stockton/Modesto

Valley Oak MF/Bear Creek East MF

Metro Market:

Submarket:

County: San Joaquin




Spacer

8003 N El Dorado St - Meridian Village Apartments SOLD52 Unit, 42,756 SF Class C Apartments Building Built in 1980 (con't)


Page 5


-Legal Description:

County: San Joaquin

Plat Map: 8003 N El Dorado St

8003 N El Dorado St - Meridian Village Apartments SOLD52 Unit, 42,756 SF Class C Apartments Building Built in 1980 (con't)


Page 6

6131 Gettysburg Pl - Lincoln Village

Stockton, CA 95207



SOLD

3


Recorded Buyer: Recorded Seller: Philip L. Alne

2949 Driftwood DrSan Jose, CA 95128(408) 835-5488

George Woo

True Buyer: True Seller: -George Woo

George Woo

PO Box 320265San Francisco, CA 94132

Sale Date:

Price/SF:

Sale Price:

$88.49

$4,200,000-Full Value

12/30/2005

Bldg Type:

Land Area:

Year Built/Age:

RBA:

Apartments


47,462 SF

1.85 AC (80,586 SF)

Percent Leased: 100.0%

Transaction Details

Asking Price: -





$3,314,538 in 2004

$2,795,018

$519,520





GRM/GIM: -/-

ID: 1091635

-

Spacer

Escrow Length: -

Parcel No:

Financing:

097-462-17

Down payment of $1,201,000.00 (28.6%)$2,999,000.00 from United Commercial Bank

Document No: 325093

Sale History: Sold for $3,150,000 ($66.37/SF; $59,434/Unit) on 5/13/2014Sold on 3/19/2012 Non-Arms LengthSold on 3/16/2012 Non-Arms LengthSold on 3/15/2011 Non-Arms LengthSold for $1,375,000 ($28.97/SF; $25,943/Unit) on 1/13/2011Sold for $1,840,000 ($38.77/SF; $34,717/Unit) on 3/19/2010 Non-Arms LengthSold for $4,200,000 ($88.49/SF; $79,245/Unit) on 12/30/2005Sold for $970,000 ($20.44/SF; $18,302/Unit) on 7/13/1999

No. of Tenants: 1

Legal Desc: Por sec 21 T2N R6E MDB&M

Tenants at time of sale: JCM - Lincoln Village


Page 7


Spacer

# Units:


53


$79,245Price/Unit:

Spacer

Spacer




1/1.0 21 39.6 650 - - - - - - - - - -

2/1.0 32 60.4 875 - - - - - - - - - -

Transaction Notes

Building(s):YrBuilt Bldgs Stories Construction Condition1972 4 2 Frame/stucco Average

The parties involved were not at liberty to disclose any of the vital data or were unable to be contacted. All information is based on recordeddocuments and county assessor records.

Income Expense Data

$24,028

$24,028

Total Expenses

- Operating Expenses

- TaxesExpenses


53

621 SF

# Units:

Avg Unit Size:



47,462 SFBldg Size:


Stories: 2

Parking: 54 Covered Spaces are available; 18 Surface Spaces are available; Ratio of 1.34/1,000 SF; 1.36/Unit

Bldg Vacant: 0 SF


Zoning: R3B, Stockton

Rent/SF/Yr: -

Elevators: 0

Land Area: 1.85 AC


Site Amenities: 24 Hour Availability, Air Conditioning, Balcony, Cable Ready, Carpet, Ceiling Fans, Controlled Access,Courtyard, Dining Room, Disposal, Gated, Heating, High Speed Internet Access, Kitchen, LaundryFacilities, Lawn, Oven, Property Manager on Site, Range, Refrigerator

# of Bldgs: 4

Metering: Individually MeteredUnits per AC: 28

ID: 4726096


Stockton/Modesto

Lakeview MF/Lincoln Village MF

Metro Market:

Submarket:

County: San Joaquin



6131 Gettysburg Pl - Lincoln Village SOLD53 Unit, 47,462 SF Class C Apartments Building Built in 1972 (con't)


Page 8


Map(Page): Thomas Bros. Guide 40-E5



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Page 9


Por sec 21 T2N R6E MDB&MLegal Description:

County: San Joaquin

Plat Map: 6131 Gettysburg Pl



Page 10

6131 Gettysburg Pl - Lincoln Village

Stockton, CA 95207



SOLD

4


Recorded Buyer: Recorded Seller: Lincoln Village Apartments LLCGettysburg Place Associates LLC

True Buyer: True Seller: Lincoln Village Apartments LLC

Gayle Ing

PO Box 3000Concord, CA 94522

Robert Whitehead

Robert Whitehead

8 Harris CtMonterey, CA 93940

Buyer Type: Seller Type: Developer/Owner-RGNLIndividual


Jon Holmquist

(415) 625-2117


Jon Holmquist

(415) 625-2117

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$66.37


05/13/2014

Bldg Type:

Land Area:

Year Built/Age:

RBA:

7.20%

Apartments


47,462 SF

1.85 AC (80,586 SF)

Percent Leased: -

Transaction Details

Asking Price: -





$1,423,301 in 2013

$1,111,181

$312,120




GRM/GIM: -/-

ID: 3036654

-

Spacer

Escrow Length: -

Parcel No:

Financing:

097-462-17

Down payment of $1,260,000.00 (40.0%)$1,890,000.00 from JP Morgan Chase Bank

Document No: 048604


No. of Tenants: 1

Tenants at time of sale: JCM - Lincoln Village


Page 11


Spacer

# Units:


53


$59,434Price/Unit:

Spacer

Spacer




1/1.0 21 39.6 530 - $645 $675 $1.22 $1.27 - - - - -

2/1.0 32 60.4 682 - $745 $775 $1.09 $1.14 - - - - -

Transaction Notes

Lincoln Village Apts at 6131 Gettysburg Pl in Stockton sold for $3.15M as confirmed with seller of the property.Jon Holmquist of Marcus & Millichap repped both sides of the deal and confirmed a 7.2% CAP Rate.No sales conditions were mentioned at the time of close

Income Expense Data

$24,028

$24,028

Total Expenses


- TaxesExpenses


53

621 SF

# Units:

Avg Unit Size:



47,462 SFBldg Size:


Stories: 2

Parking: 54 Covered Spaces are available; 18 Surface Spaces are available; Ratio of 1.34/1,000 SF; 1.36/Unit

Bldg Vacant: 0 SF


Zoning: R3B, Stockton

Rent/SF/Yr: -

Elevators: 0

Land Area: 1.85 AC


Site Amenities: 24 Hour Availability, Air Conditioning, Balcony, Cable Ready, Carpet, Ceiling Fans, Controlled Access,Courtyard, Dining Room, Disposal, Gated, Heating, High Speed Internet Access, Kitchen, LaundryFacilities, Lawn, Oven, Property Manager on Site, Range, Refrigerator

# of Bldgs: 4

Metering: Individually MeteredUnits per AC: 28

ID: 4726096


Stockton/Modesto


Metro Market:

Submarket:

County: San Joaquin

Map(Page): Thomas Bros. Guide 40-E5




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Page 12

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Por sec 21 T2N R6E MDB&MLegal Description:

County: San Joaquin

Plat Map: 6131 Gettysburg Pl



Page 13

1141 W Swain Rd - Parkview Terrace Club Apartments

Stockton, CA 95207


50 Unit, 51,011 SF Class B Apartments Building Built in 1985

SOLD

5


Recorded Buyer: Recorded Seller: Khosrow Roy Hifai

560 Newhall StSan Jose, CA 95110(408) 435-9360

James T. West & Linda Bowman

5561 Sandpiper CtStockton, CA 95207(209) 473-1904

Seller Contact: Parkview Terrace

Buyer Broker: Listing Broker: Century 21 Properties Unlimited

Rick Jeffrey

(209) 952-4334

Century 21 Properties Unlimited

Rick Jeffrey

(209) 952-4334

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$82.34


02/28/2003 (3 days on market)

Bldg Type:

Land Area:

Sale Conditions:

Year Built/Age:

RBA:

8.12%

Apartments


51,011 SF

2.54 AC (110,730 SF)

1031 Exchange

Percent Leased: -

Transaction Details

Asking Price: -





$2,513,537 in 2002

$1,765,803

$747,734





GRM/GIM: 8.05/8.05

ID: 737116

-

Spacer

Escrow Length: -

Parcel No:

Financing:

097-462-38

Down payment of $1,050,000.00 (25.0%)$3,150,000.00 from GMAC Commercial Mtg Corp:: due in 10 yrs

Document No: 045353

Sale History: Sold for $3,150,000 ($61.75/SF; $63,000/Unit) on 12/26/2012Sold for $4,200,000 ($82.34/SF; $84,000/Unit) on 2/28/2003Sold for $3,000,000 ($58.81/SF; $60,000/Unit) on 11/22/1991

Legal Desc: Lot 1 Greystone Meadows vol 26 pg 129

Spacer


Page 14

# Units:


50


$84,000Price/Unit:

Spacer

Spacer




2/1.0 2 4.0 - - - - - - - - - - -

2/1.5 12 24.0 - - - - - - - - - - -

2/2.0 36 72.0 - - - - - - - - - - -

Transaction Notes

Building(s):YrBuilt Bldgs Stories Construction Condition1986 8 2 Frame/wood Average1986 1 1 Frame/wood Average1986 1 1 Frame/wood Average

Income/Expense:Broker reported rents at time of sale of $522,000 per year. Market vacancy of 5% and pro forma expenses of $155,000 per year reported bybroker. Units are separately metered.

* Description: This transaction was for a 50 unit apartment complex and a dentist office.* Exchange: This was the seller's downleg in a 1031 exchange.Amenities include his and her sauna. 2002 Real Estate Tax: $42,000

Income Expense Data

($26,100)

$522,000

Effective Gross Income

- Vacancy Allowance

+ Other Income

Gross Scheduled IncomeIncome

$155,000

$42,000

Total Expenses


- TaxesExpenses

Cash Flow

$340,900

- Capital Expenditure

- Debt Service

Net Operating IncomeNet Income

1141 W Swain Rd - Parkview Terrace Club Apartments SOLD50 Unit, 51,011 SF Class B Apartments Building Built in 1985 (con't)


Page 15



50

830 SF

# Units:

Avg Unit Size:



51,011 SFBldg Size:


Stories: 2

Parking: 50 Surface Spaces are available; 50 Covered Spaces are available; Ratio of 2.00/1,000 SF; 2.00/Unit

Bldg Vacant: 0 SF

Owner Type: Individual

Zoning: R-3, Stockton

Rent/SF/Yr: -

Elevators: 0

Land Area: 2.54 AC

Expenses: 2012 Combined Tax/Ops @ $3903.86/unit

Site Amenities: Air Conditioning, Balcony, Cable Ready, Clubhouse, Dishwasher, Disposal, Fireplace, Heating, Kitchen,Oven, Pool, Range, Recycling, Refrigerator, Spa, Washer/Dryer Hookup

# of Bldgs: 8

Const Type: Wood Frame,

Metering: Individually Metered

Units per AC: 19

Property Mix:

ID: 4435456

General Retail (2.5%)


Stockton/Modesto


Metro Market:

Submarket:

County: San Joaquin

Map(Page): Thomas Bros. Guide 324-C6




Spacer


Page 16


Lot 1 Greystone Meadows vol 26 pg 129Legal Description:

County: San Joaquin

Plat Map: 1141 W Swain Rd



Page 17

207 S Union Rd - Vernal Apartments

Manteca, CA 95337



SOLD

6


Recorded Buyer: Recorded Seller: Ghafari Farzad & ShohrehContra Costa Commercial Llc

True Buyer: True Seller: Farzad & Shoreh Ghafari

Farzad Ghafari

PO Box 3683Los Altos, CA 94024(650) 468-7410

Gayle M Ml Ing

Gayle Ing

194 Eureka StSan Francisco, CA 94101(415) 431-8747

Buyer Type: Seller Type: IndividualIndividual


Jon Holmquist

(415) 625-2117

Marcus & Millichap

Jon Mimms

(559) 476-5580

Marcus & Millichap

Jon Mimms

(559) 476-5580


Jon Holmquist

(415) 625-2117

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$116.93


10/17/2018

Bldg Type:

Land Area:

Year Built/Age:

RBA:

10.14%

Apartments


51,312 SF

2.81 AC (122,595 SF)

Percent Leased: 100.0%

Transaction Details

Asking Price: -





$4,077,000 in 2017

$2,940,000

$1,110,000




GRM/GIM: -/-

ID: 4569085

-

Spacer

Escrow Length: -

Financing: Down payment of $6,000,000.00 (100.0%)

No. of Tenants: 1

Legal Desc: APN: 222-080-210-000

POR NE 1/4 SEC 6, TOWNSHIP 2 S, R 7 E, M.D.B. & M.;

SEC 6, NEC SEC 6 BEARS THE FOLLOWING 2 COURSES: (1) N 86 DEGREES 42' 00" E 54 FT (2) N 03DEGREES 18' 00" W 460.69 FT; S O3 DEGREES 18' 00" E 198.61 FEET; S 86 DEGREES 42'

Tenants at time of sale: Vernal Apartments


Page 18

Parcel No: 222-080-21

Document No: 115204

Sale History: Sold on 11/7/2018 Non-Arms LengthSold for $6,000,000 ($116.93/SF; $109,091/Unit) on 10/17/2018

Legal Desc: APN: 222-080-210-000

POR NE 1/4 SEC 6, TOWNSHIP 2 S, R 7 E, M.D.B. & M.;

SEC 6, NEC SEC 6 BEARS THE FOLLOWING 2 COURSES: (1) N 86 DEGREES 42' 00" E 54 FT (2) N 03DEGREES 18' 00" W 460.69 FT; S O3 DEGREES 18' 00" E 198.61 FEET; S 86 DEGREES 42'

Spacer

# Units:


55


$109,091Price/Unit:

Spacer

Spacer




2/1.0 55 100.0 860 - - - - - - - - - -


55

860 SF

# Units:

Avg Unit Size:



51,312 SFBldg Size:


Stories: 2

Bldg Vacant: 0 SF

Owner Type: -

Zoning: -

Rent/SF/Yr: -

Elevators: 0

Land Area: 2.81 AC


Site Amenities: Heating, Kitchen, Property Manager on Site

ID: 9530684


Stockton/Modesto

Manteca/Lathrop MF/Outer Manteca/Lathrop MF

Metro Market:

Submarket:

County: San Joaquin




Spacer

207 S Union Rd - Vernal Apartments SOLD55 Unit, 51,312 SF Class C Apartments Building Built in 1971 (con't)


Page 19

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