SEVEN UNIT MULTIFAMILY

CONFIDENTIAL OFFERING MEMORANDUM

120 Marsh Avenue

TABLE OF CONTENTS

120 MARSH AVENUE120 Marsh Avenue 4Investment Summary 5Aerial 6Property Overview 8Fiveplex Photos 10Rent Roll 12Financial Overview 13Fiveplex Photos 14Duplex Photos 15Aerial 16

MARKET OVERVIEWParcel Map 18Demographics 19On Market Comparables 20Sold Comparables 22Rent Comparables 24

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DISCLOSURE

CO N TAC T:

John Pinjuv, SIORNV RE # B.0011720.CORPManaging Director775.332.7300john.pinjuv@avisonyoung.com

Avison Young (“Agent”) has been engaged by Ownership (“Seller”) as the exclusive agent for the sale of 120 Marsh Avenue (“Property”).

The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information that is being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Avison Young as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor”. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum.

The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence, for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserve the right at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by owner and any conditions to owner’s obligations there under have been satisfied or waived.

By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property or Seller directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent. Seller will be responsible for any commission due to Agent in Connection with the sale of the Property.

The information contained herein was obtained from sources believed reliable; however, Avison Young makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior to sale or lease, or withdrawal without notice.

OFFER PROCESSOffers should be presented in the form of a non-binding Letter of Intent delineating the significant terms and conditions of the Purchaser’s offer including, but not limited to:

1. Purchase Price

2. Due diligence and closing time frame

3. Earnest money deposit

4. Qualifications to close

Jessie Rich-Greer, MSRE, CCIM, CPMNV RE # BS.0144956Vice President, Multi-Family Specialist775.332.7309jessie.greer@avisonyoung.com

120 MARSH AVENUE $1,200,000 MULTIFAMILY7 UNITS

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120 MARSH AVENUE

VALUE ADD OPPORTUNITY

Despite the significant upgrades to both the interior and exterior of the properties, rents are significantly below market. The following rent roll summary summarizes the below market rents due to longevity of existing tenants. Additionally, an opportunity can be explored to pass back the cost of water, sewer and trash to tenants.

Located in “Midtown”, and a short distance to downtown, this well maintained 7 unit Multifamily encompasses what it means to own in the most sought-after area of Reno, Nevada. Boasting more than 250 businesses that are within a 2 mile radius of this property, Midtown is ground zero for the ever changing Reno landscape. Tenants can enjoy the Reno nightlife of Midtown and walk/bike ride commute to the heart of the downtown business district. 120 Marsh street consists of two improvements on one APN. The first building consists of 5 units with two downstairs units and three upstairs units. Downstairs unit numbers 4 and 5 consist of one bedroom one bath units ranging from approximately 650-700 square feet. The remaining units consist of two studios and 1 one bedroom one bath. The basement houses the washer and dryer for all seven units. The second building is a duplex situated behind the main building amongst a patio and garden area. Unit types consist of a two-bedroom one bath and studio unit. Pride of ownership can be seen throughout the interior and exterior of the both buildings. Assorted units have been recently updated to include new appliances, countertops and flooring. Explore what it means to own in Midtown!

https://www.renomidtowndistrict.com/

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INVESTMENT SUMMARY

INVESTMENT HIGHLIGHTS

Downtown Reno

20 + Local Restaurants

20 + Professional Services

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120 MARSH AVENUE

Subject Property120 Marsh Avenue

Midtown

40 + Boutique Stores30 + Beauty Supplies or Wellness Stores

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PROPERTY OVERVIEW

PROPERTY DESCRIPTION

PROPERTY PRICE $1,200,000.00

PROPERTY ADDRESS120 Marsh Avenue Reno, NV 89509

APN011-224-03

ZONINGMixed Use Downtown Regional Center (MUDR)

NO. OF UNITSDuplex: Five (5)Fiveplex: Two (2)Total: Seven (7)

PRICE PER UNIT$171,428.57

NO. OF BUILDINGSTwo (2)

NO. OF STORIESTwo (2)

YEAR BUILT1916

TOTAL BUILDING SQUARE FEETDuplex: 979 Sq FtFiveplex: Gross Square Feet: 3,534 Sq FtRentable Square Feet: 2,359 Sq FtStorage & Laundry Area: 1,175 Sq FtTotal Duplex and Fixplex: 3,338 Sq Ft

PRICE PER SQUARE FOOT$359.50

LOT SIZE0.092 Acres4,008 Sq Ft

TYPE OF OWNERSHIPFee Simple

TOPOGRAPHYFlat

UPGRADESNew appliancesNew counter tops Granite and tile updates throughout Duplex- New HVAC units New Paint New Eaves and Gutters New Roof New Insulations Fiveplex- New HVAC window units Roof 12 years old with a 50 year warranty

UTILITIESWater Truckee Meadows Water Authority

Phone Spectrum

Electric NV Energy

Heat Steam Boiler (for the five unit)

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PROPERTY OVERVIEW

Unit 5 KitchenUnit 5 Living Room

Fiveplex Unit 4 and 5 DownstairsFiveplex Entrance Unit 4 Living Room

Unit 4 Kitchen

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FIVEPLEX DOWNSTAIRS PHOTOS

Fiveplex Unit 1,2 and 3 Upstairs Unit 1 Studio Unit 1 Kitchen Unit 2 Studio

Unit 2 Kitchen Unit 1 Separate bathroom Entrance

Unit 3 Bedroom Unit 3 Kitchen

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FIVEPLEX UPSTAIRS PHOTOS

Unit# Unit Type Square Feet Term Actual Proforma

122 2x1

Full kitchen, Bathroom, Owner pays Water and Sewer,

Trash,Tenant pays Gas and Electric

Month to Month $880 $1,200

126 Studio

Full kitchen, Bathroom, Own-er pays Water and Sewer,

Trash,Tenant pays Gas and Electric

Month to Month $450 $950

DUPLEX RENT ROLL

Unit# Unit Type Square Feet Term Actual Proforma

1 Studio ~200 Sq Ft

Upstairs, hot plate/microwave, private bathroom, shared 70 gallon water tank (units 1,2,3), Owner pays Water, Sewer,

Trash, Gas and Electric, Separate Metered

6 Month Lease

March 2020 Start

$700 $750

2 Studio ~400 Sq Ft

Upstairs, Full Kitchen, Own Bathroom, Owner pays Water, Sewer and

Trash,Tenant pays Gas and Electric, Separate Metered, Shared 70 gallon

water tank (units 1,2,3)

Vacant $920

3 1x1 ~450 Sq Ft

Upstairs, Full Kitchen, new carpet, Owner pays Water, Sewer and Trash,Tenant

pays Gas and Electric, Separate Metered, Shared 70 gallon water tank (units 1,2,3)

Month to Month $975 $1,100

4 1x1 ~700 Sq FtDownstairs, Full Kitchen, rear entrance,

Owner pays Water, Sewer, Trash, Gas and Electric, Own 50 gallon water tank

6 Month Lease

March 2020 Start

$1,200 $1,300

5 1x1 ~650 Sq Ft

Downstairs, Full Kitchen with granite counter tops and stainless steal

appliances, Owner pays Water, Sewer, Trash and Electric, Tenant pays Gas, Own

50 gallon water tank

1 Year Lease July Start $1,200 $1,300

FIVEPLEX RENT ROLL

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RENT ROLL

PROFIT & LOSS

7 Units Actual ProformaIncome

Rent $75,900* $90,240 Laundry Income $677 $677

Potential Gross Income $76,577 $90,917

Vacancy @ 2% $1,532 $1,818 Effective Gross Income $75,045 $89,099

Expenses Management @ 8% Owner Managed $7,219 Utilities $2,699 $2,780 Licenses, Fees & Taxes $104 $107 Sewer Assessment $2,675 $2,755 Trash Service $616 $634 Insurance $2,112 $2,175 Property Taxes $1,748 $1,800 Repairs and Maintenance $1,000 $1,030

Total Operating Expenses $10,954 14% $18,500 20%Net Operating Income $64,091 $70,599

5.3% CAP 5.9% CAP

* Rental income includes unit 2 vacancy calculated at proforma rate of $920 a month.

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FINANCIAL OVERVIEW

Entrance off Alleyway Back Entrance Back Entrance

Shared Laundry for all Seven Units

Basement to Washer & Dryer

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FIVEPLEX PHOTOS

Duplex Unit 122 Unit 122 Stairs Unit 122 Bedroom Unit 122 Kitchen

Duplex Unit 126 Unit 126 Bedroom Unit 126 Kitchen

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DUPLEX PHOTOS

Downtown Reno

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120 MARSH AVENUE

Subject Property120 Marsh Avenue

20 + Local Restaurants

40 + Boutique Stores20 + Professional Services

Midtown

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120 MARSH AVENUE

5D

9

15.79

11

2925 sf

011-221-02

7000 sf7

75

8

6999 sf

7000 sf

011-221-07

41

9

7013 sf

011-221-04

11

011-221-14

140

2925 sf011-221-06

99

45

3825 sf

011-221-01

7000 sf

11

011-221-08

011-222-06

011-221-15

3

011-222-10

149

.94

45

7500 sf

77.72

12

011-221-16

011-221-09

9

6

2

61.33

7000 sf

7000 sf

3900 sf

14000 sf

7000 sf

4

011-221-13

011-222-14

100

011-221-05

90

32

100

7000 sf

4

011-224-22

140

011-222-02

46.66

3825 sf

221

50

140

011-222-07

70

011-222-09

100.00

PAR. 1P.M. 433

2400 sf

12

50

6979 sf

3500 sf

8

15.71

51.1

6

140

70

011-222-11

10

100

140

4

PAR. 4

6.93

7000 sf

4

2011-222-13

78

7000 sf

70

011-222-08

140

11

011-224-19

3

011-222-12

50

4600 sf

8

7000 sf

PAR. 2P.M. 433

5000 sf

10

223

6228 sf

140

3100 sf

9

100

PAR. 3

8.33

B

57.25

7000 sf

PAR. A

62

011-224-15

3914 sf

PM 3843

011-226-09

49.9

461.63

011-221-116

2227000 sf

3919 sf51

.18

100.00

587

50

011-223-24

5

011-221-03

011-224-13

PAR. 1P.M. 4916

61.63

80.07

450

011-221-10

2050 sf

3

40

48.2

3

011-224-09

5

40

PM 4916

011-224-25

1

60

ST. LAWRENCE

49.9

8

011-224-05

1

(#76)MARSH'S ADDITION

140

49.9

8

C

R.S. 4278

227

42.5

224

84.73

HUMB

OLDT

124.06

THOMAST.

100

49.9

8

011-223-23

140

50.3

8

50

CALIFORNIA

3027 sf

7000 sf

STREET

11

4000 sf

49.9

5

49.9

8

3

7896 sf

10000 sf

150

011-225-02

100

110AVENUE

50

110

7000 sf

71.1

0

50

SOUTH SIERRASTREET

8.56

3

15069 sf

73

9

011-224-24

78.42

5150 sf

MORAN STREET

011-226-39

4000 sf

82.32

STRE

ET

55.80

011-224-26

4950 sf

011-222-16

93.5

10

5

14000 sf

70

PAR. 2P.M. 4916

50.4

4

70

2000 sf

140

011-224-20

4

2

14000 sf

011-225-01

60

50

7

1

140

2

78.44

143.02

011-224-21

011-223-19

AVENUE

011-224-27

011-223-22

011-222-1596

26735 sf

100

FORE

ST

TAHOE STREET

11844 sf

84.72

2971 sf

SOUTHVIRGINIA

STREET

.26

011-221-12

011-224-02

607011-224-10

62.28

48.2

3

HILL STREET

60

AVENUE

226

71.46PAR. B

7

6

62.6

0

011-223-16

1

11

41.6

7

85

21.34

6

90

100.00

4996 sf

011-224-14

7000 sf

PM 3843

6

12

PM 4916

49.93

50.14

140

50

65

011-222-05

50

8

011-226-17

33.3

3

2

148

6696 sf

49.9

8

011-225-03

6140

STRE

ET

28.4

MARSH

011-223-07

78.3

7

3154 sf

50.76

56.05

7000 sf

011-224-03

011-226-13

72.81

6696 sf

2

7550

50

50

6696 sf10992 sf

10

3

PLUM

AS

3500 sf

4007 sf

8

5

6

61.63

10

159.

225

0

2490sf

011-226-15

50

3

120.00

1

(#15)CRAMPTON ADDITION

011-226-18

2165 sf

011-226-16

4

12

5

4

55.80

60

POR. SE 1/4 SEC. 11 & NE 1/4 SEC. 14T19N - R19E

7777 sf

011-223-17

50

9

50

9966 sf

5

6696 sf

41.41

36.19

220

10

4996 sf

89.0

168.

3739514 sf

55.80

3348 sf

011-226-11

011-226-14

18.9

7

.507 6696 sf

6696 sf

12

50

62.50

011-226-34

90

65.75

50

100

011-226-12

011-227-01

130.04

260.07

57.68

225

86583 sf150

42.5

46.4

2041 sf

60

120.00

278.59

011-226-07

011-226-10011-226-19

3348 sf

55.80

011-226-41

011-226-40

10859 sf

4519 sf

60.61

PAR. BR.S.5796

PAR. AR.S.5796

186.56

55.80

120.00

186.65

73.42

73.44

WASHOE COUNTYASSESSOR'S OFFICE

STATE OF NEVADA

NOTE: This map was prepared for the use of theWashoe County Assessor for assessment and illustrative purposes only. It does not represent a survey of the premises. No liability is assumedas to the sufficiency or accuracy of the data delineated hereon.

Michael E. Clark, Assessor1001 East Ninth Street

Building DReno, Nevada 89512

(775) 328-2231

created by: __________________________

last updated: _________________________

area previously shown on map(s)

____________________________________

Assessor's Map Number

011-22

1 inch = 100 feet

Å

011-21

011-16

011-19011-18

011-23

011-26

011-22

011-27

Reno

Sparks

0 25 50 75 100

Feet

TWT 03/21/2013

SR 01/11/17

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DEMOGRAPHICS

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DEMOGRAPHICS

TAPESTRYSEGMENTATIONThe Fabric of America's Neighborhoods

Key Facts

$350,904Median Home Value

9.6Home Value to Income Ratio

$36,536Median HH Income

43.9Median Age

11,793Households

Education

13%No HS Diploma

23%HS Graduate

34%Some College

30%Degree or Higher

120 Marsh Ave, Reno, Nevada, 89509

Tapestry LifeModelearn more...

Households HHs % % US HHs Index

Affluent Estates (L1) 0 0.00% 9.9% 0

Upscale Avenues (L2) 0 0.00% 5.7% 0

Uptown Individuals (L3) 0 0.00% 3.8% 0

Family Landscapes (L4) 0 0.00% 7.5% 0

GenXurban (L5) 1,674 14.19% 11.4% 125

Cozy Country Living (L6) 0 0.00% 12.0% 0

Ethnic Enclaves (L7) 41 0.35% 7.1% 5

Middle Ground (L8) 405 3.43% 10.9% 32

Senior Styles (L9) 4,309 36.54% 5.8% 631

Rustic Outposts (L10) 0 0.00% 8.2% 0

Midtown Singles (L11) 4,803 40.73% 6.2% 657

Hometown (L12) 0 0.00% 6.1% 0

Next Wave (L13) 561 4.76% 3.9% 123

Scholars and Patriots (L14) 0 0.00% 1.6% 0

Age Profile

0-4 5-910-1

415-1

920-2

425-2

930-3

435-3

940-4

445-4

950-5

455-5

960-6

465-6

970-7

475-7

980-8

4 85

Perc

ent

0%

2%

4%

6%

8%

Dots show comparison to Washoe County

Households By IncomeThe largest group: <$15,000 (20.0%)

The smallest group: $150,000 - $199,999 (2.7%)

Indicator Value Difference

<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

20.0%

$75,000 - $99,999

15.2%

$100,000 - $149,999

12.8%

$150,000 - $199,999

14.4%

$200,000+

16.9%

+12.2%

6.8%

+7.2%

7.7%

+4.8%

2.7%

+1.3%

3.5%

-3.5%

-6.5%

-9.5%

-3.0%

-3.0%

Bars show deviation from

Washoe County

Tapestry Segments

Social Security Set

Set to Impress

Young and Restless

9F

4,309 households

11D

3,476 households

11B

1,328 households

36.5%

29.5%

11.3%

of Households

of Households

of Households

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ON MARKET COMPARABLES

Adress City Days On Market Asking Price Units Sale Price/Unit Square Footage Sale Price/SF

400-420 F St Sparks 1 $1,225,000 6 $204,167 5,974 $205.06

140 Brinkby Ave Reno 7 $2,400,000 12 $200,000 9,660 $248.45

831 Wheeler Ave Reno 4 $1,800,000 10 $180,000 4,800 $375.00

131 E Arroyo St Reno 79 $1,200,000 7 $171,429 2,071 $579.43

1365 Stardust St Reno 766 $1,250,000 8 $156,250 6,272 $199.30

1036 Bell St Reno 62 $975,000 7 $139,286 5,160 $188.95

40 La Rue Ave Reno Pending $1,450,000 12 $120,833 6,400 $226.56

462 Evans Ave Reno Pocket Listing $899,000 10 $89,900 3,388 $265.35

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COMPARABLES

140 Brinkby Ave

131 E Arroyo St

462 Evans Ave

1036 Bell St

1365 Stardust St

40 La Rue Ave 831 Wheeler Ave

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SOLD COMPARABLES

Address City Sale Date Sale Price Units Sale Price/Unit Square Footage Sale Price/SF721 S Virginia St Reno 7/25/2019 $1,062,150 5 $212,430 3288 $323.04217 E Taylor St Reno 8/2/2019 $3,475,000 20 $173,750 13082 $265.63342 Roberts St Reno 9/18/2019 $975,000 6 $162,500 3740 $260.70

715 Wheeler Ave Reno 3/27/2019 $805,000 5 $161,000 3550 $226.76630 Sinclair St Reno 10/9/2019 $1,150,000 8 $143,750 3484 $330.08

521 Sinclair Reno 2/6/2019 $975,000 8 $121,875 3840 $253.91

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COMPARABLES

521 Sinclair St

630 Sinclair St 342 Roberts St

715 Wheeler Ave

217 E Taylor St721 S Virginia St

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RENT COMPARABLES

Address City Square Feet Unit Type Monthly Rent114-118 Saint Lawrence Reno 570 1x1 $1,095

247 Marsh Ave Reno 500 1x1 $1,142628 Plumas St Reno 670 1x1 $1,847

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COMPARABLES

247 Marsh Ave

628 Plumas St

114 Saint Lawrence Ave

SEVEN UNIT MULTIFAMILY

120 Marsh Avenue

John Pinjuv, SIORNV RE # B.0011720.CORPManaging Director775.332.7300john.pinjuv@avisonyoung.com

Jessie Rich-Greer, MSRE, CCIM, CPMNV RE # BS.0144956Vice President, Multi-Family Specialist775.332.7309jessie.greer@avisonyoung.com

CONTACT

Avison Young | Western Alliance Commercial, inc.6151 Lakeside DriveSuite 1000Reno, Nevada 89511