Greely MP

Greely Apartments
3254-60 Greely
San Diego, Ca 92113
❖ Recently Rehabbed
❖ Stabilized Rental Income
❖ Off Street Parking
❖ Low Operating Expenses
❖ All Two Bedrooms
Joe Ramos
6192266011 x 105
ramos@scc1031.com
Seth Watje
6192266011 x 107
Watje@scc1031.com
Phone: 858-779-1000 ● Fax: 866-861-7803 ● 3405 Kenyon St #411 ● San Diego, CA 92110 ● www.scc1031.com
Table of Contents
92113-92114 Comps .................................................................................... Attachment

Real Estate Investment Details
ANALYSIS
Analysis Date: May 2010
PROPERTY
Property: Greely Apartments

Property Address: 3254-60 Greely
San Diego, Ca 92113
PURCHASE INFORMATION FINANCIAL INFORMATION
Property Type: Multi-Family Down Payment: $212,500

Purchase Price: $850,000 Closing Costs: $8,000
Fair Market Value: $850,000 LT Capital Gain: 10.00%
Units: 8 Federal Tax Rate: 35.0%
Total Rentable Sq. Ft.: 6,240 State Tax Rate: 10.0%
Resale Valuation 5.0% (annual appreciation) Discount Rate: 8.00%
Resale Expenses: 6.0%
LOANS
Debt Term Rate Payment LO Costs

Fixed $637,500 30 yrs 5.8% $3,741 $6,375
INCOME & EXPENSES CONTACT INFORMATION
Gross Operating Income: $99,316 Joe Ramos

Monthly GOI: $8,276 01496498
Total Annual Expenses: ($20,950) 6192266011 x 105
Monthly Expenses: ($1,746) ramos@scc1031.com
Seth Watje
01805453
6192266011 x 107
Watje@scc1031.com
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections
and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or
other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting,
tax or other professional area before making any decisions.
page 3 of 20
Greely Apartments Property Description
3254-60 Greely Joe Ramos
San Diego, Ca 92113 6192266011 x 105
Greely Apartments
This eight unit apartment investment opportunity

is comprised of all two bedroom units and has
been recently rehabbed. Some of these
improvements include granite counter tops, tile
flooring, newer appliances and exterior stucco to
name a few. This building has very little
operating expenses in which the majority of the
tenants pay for all of the utilities including water
and sewer. Each fourplex is on its own parcel
which allows for two residential loans. This
could allow an investor to obtain 30 year money
with a much lower down payment compared to a
commercial loan. Each parcel is nearly 5,000
square feet which could potentially allow for the construction of tenant storage or other creative
uses.
Logan Heights is a densely populated neighborhood minutes from downtown, located in central San
Diego, California. It is bordered by Interstate 5 on the south and west, Interstate 15 on the east, and
Imperial Avenue on the north.
page 4 of 20
Greely Apartments Property Photos
San Diego, Ca 92113 6192266011 x 105
Greely Apartments
Street View Side Exterior
Kitchen Granite Bathroom
Living Room Bedroom
page 5 of 20
Greely Apartments Maps and Aerials
San Diego, Ca 92113 6192266011 x 105
page 6 of 20
Greely Apartments Executive Summary
San Diego, Ca 92113 6192266011 x 105
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $864,375

Investment - Cash $226,875
First Loan $637,500
INVESTMENT INFORMATION
Purchase Price $850,000

Price per Unit $106,250
Price per Sq. Ft. $136.22
Income per Unit $13,062
Expenses per Unit ($2,619)
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income $104,496

Total Vacancy and Credits ($5,180)
Operating Expenses ($20,950)
Net Operating Income $78,366
Debt Service ($44,887)
Cash Flow Before Taxes $33,480
Total Interest (Debt Service) ($36,761)

Depreciation and Amortization ($20,258)
Taxable Income (Loss) $21,347
Tax Savings (Costs) ($9,606)
Cash Flow After Taxes $23,874
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes 14.76%

Optimal Internal Rate of Return (yr 6) 21.62%
Debt Coverage Ratio 1.75
Capitalization Rate 9.22%
Gross Rent Multiplier 8.13
Gross Income / Square Feet $16.75
Gross Expenses / Square Feet ($3.36)
Operating Expense Ratio 21.09%
page 7 of 20
Greely Apartments Pro Forma Summary
San Diego, Ca 92113 6192266011 x 105
UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Market Total
2Br/1Ba 1 $12,600 $12,600 $15,000 $15,000
2Br/1Ba 1 $10,788 $10,788 $15,000 $15,000
2Br/1Ba 1 $12,600 $12,600 $15,000 $15,000
2Br/1Ba 1 $11,268 $11,268 $15,000 $15,000
2Br/1Ba 1 $14,952 $14,952 $15,000 $15,000
2Br/1Ba 1 $11,976 $11,976 $15,000 $15,000
2Br/1Ba 1 $16,200 $16,200 $15,000 $15,000
2Br/1Ba 1 $13,212 $13,212 $15,000 $15,000
INVESTMENT SUMMARY TOTALS 8 $103,596 $120,000
Price: $850,000
Units: 8
Price/Unit: $106,250 ANNUALIZED INCOME
RSF: 6,240 Actual Market
Price/RSF: $136.22 Gross Potential Rent $103,596 $120,000
Less: Vacancy ($5,180) $0
Cap Rate: 9.22%
Misc. Income $900 $10,800
Pro Forma Cap Rate: 13.54%
Effective Gross Income $99,316 $130,800
GRM: 8.1 Less: Expenses ($20,950) ($15,725)
Pro Forma GRM: 6.5 Net Operating Income $78,366 $115,075
Debt Service ($44,887) ($44,887)
Net Cash Flow after Debt Service $33,480 $70,188
Principal Reduction $8,125 $8,125
Total Return $41,605 $78,314
FINANCING SUMMARY
Loan Amount: $637,500
Down Payment: $212,500 ANNUALIZED EXPENSES
Loan Type: Fixed
Description Actual Market
Interest Rate: 5.80000% Property Management Fee $5,225 $0
Term: 30 years Water $1,800 $1,800
Monthly Payment: $3,740.55 SDG&E $900 $900
Insurance $1,800 $1,800
Grounds Maintenance $1,200 $1,200
Pest Control $420 $420
Taxes $9,605 $9,605
Total Expenses $20,950 $15,725

Expenses Per RSF $3.36 $2.52
Expenses Per Unit $2,619 $1,966
page 8 of 20
Greely Apartments Cash Flow Analysis
San Diego, Ca 92113 6192266011 x 105
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
GROSS SCHEDULED INCOME $104,496 $109,676 $115,115 $120,825 $126,822 $133,118 $139,729 $146,670 $153,958 $161,611
Turnover Vacancy ($5,180) ($5,439) ($5,711) ($5,996) ($6,296) ($6,611) ($6,941) ($7,288) ($7,653) ($8,036)
Total Operating Expenses ($20,950) ($21,671) ($22,421) ($23,202) ($24,015) ($24,861) ($25,742) ($26,659) ($27,615) ($28,610)
NET OPERATING INCOME $78,366 $82,566 $86,983 $91,627 $96,511 $101,646 $107,045 $112,722 $118,691 $124,966
Loan Payment ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887)
NET CASH FLOW (b/t) $33,480 $37,680 $42,096 $46,740 $51,624 $56,759 $62,159 $67,836 $73,804 $80,079
Cash On Cash Return b/t 14.76% 16.61% 18.55% 20.60% 22.75% 25.02% 27.40% 29.90% 32.53% 35.30%
Depreciation ($20,046) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920)
Amortization ($213) ($213) ($213) ($213) ($213) ($213) ($213) ($213) ($213) ($213)
Loan Interest ($36,761) ($36,277) ($35,764) ($35,221) ($34,645) ($34,035) ($33,389) ($32,704) ($31,978) ($31,209)
TAXABLE INCOME (LOSS) $21,347 $25,156 $30,085 $35,273 $40,733 $46,478 $52,524 $58,886 $65,580 $72,624
Income Taxes ($9,606) ($11,320) ($13,538) ($15,873) ($18,330) ($20,915) ($23,636) ($26,499) ($29,511) ($32,681)
CASH FLOW (a/t) $23,874 $26,359 $28,558 $30,867 $33,294 $35,844 $38,523 $41,337 $44,293 $47,399
Cash On Cash Return a/t 10.52% 11.62% 12.59% 13.61% 14.68% 15.80% 16.98% 18.22% 19.52% 20.89%
Footnotes: b/t = before taxes;a/t = after taxes
page 9 of 20
Greely Apartments Cash Flow Analysis
San Diego, Ca 92113 6192266011 x 105
GROSS SCHEDULED INCOME $169,647 $178,084 $186,944 $196,246 $206,013 $216,269 $227,037 $238,344 $250,216 $262,682
Turnover Vacancy ($8,437) ($8,859) ($9,302) ($9,767) ($10,256) ($10,768) ($11,307) ($11,872) ($12,466) ($13,089)
Total Operating Expenses ($29,647) ($30,727) ($31,853) ($33,027) ($34,250) ($35,526) ($36,856) ($38,243) ($39,690) ($41,200)
Loan Payment ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887) ($44,887)
NET CASH FLOW (b/t) $86,676 $93,611 $100,902 $108,565 $116,621 $125,088 $133,988 $143,342 $153,174 $163,507
Depreciation ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,920) ($20,054)
Amortization ($213) ($213) ($213) ($213) ($213) ($213) ($213) ($213) ($213) ($213)
Loan Interest ($30,395) ($29,531) ($28,617) ($27,648) ($26,621) ($25,533) ($24,380) ($23,158) ($21,864) ($20,493)
TAXABLE INCOME (LOSS) $80,036 $87,834 $96,039 $104,671 $113,754 $123,309 $133,362 $143,937 $155,063 $167,634
Income Taxes ($36,016) ($39,525) ($43,217) ($47,102) ($51,189) ($55,489) ($60,013) ($64,772) ($69,779) ($75,435)
CASH FLOW (a/t) $50,660 $54,086 $57,684 $61,463 $65,431 $69,599 $73,975 $78,570 $83,395 $88,071
Footnotes: b/t = before taxes;a/t = after taxes
page 10 of 20
Greely Apartments Unit Mix Report
San Diego, Ca 92113 6192266011 x 105
UNIT MIXES
# Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
1 2Br/1Ba 780 $1,050 $1,050 $1,250 $1,250
1 2Br/1Ba 780 $899 $899 $1,250 $1,250
1 2Br/1Ba 780 $1,050 $1,050 $1,250 $1,250
1 2Br/1Ba 780 $939 $939 $1,250 $1,250
1 2Br/1Ba 780 $1,246 $1,246 $1,250 $1,250
1 2Br/1Ba 780 $998 $998 $1,250 $1,250
1 2Br/1Ba 780 $1,350 $1,350 $1,250 $1,250
1 2Br/1Ba 780 $1,101 $1,101 $1,250 $1,250
8 6,240 $8,633 $10,000
UNIT MIX UNIT MIX SQUARE FEET
● 2Br/1Ba ● 2Br/1Ba
UNIT MIX INCOME UNIT MIX MARKET INCOME
page 11 of 20
Greely Apartments Detailed General Expenses
San Diego, Ca 92113 6192266011 x 105
Total Expenses ($20,950) ($21,671) ($22,421) ($23,202) ($24,015) ($24,861) ($25,742) ($26,659) ($27,615) ($28,610)
Property Management Fee ($5,225) ($5,484) ($5,756) ($6,041) ($6,341) ($6,656) ($6,986) ($7,333) ($7,698) ($8,081)
Water ($1,800) ($1,890) ($1,985) ($2,084) ($2,188) ($2,297) ($2,412) ($2,533) ($2,659) ($2,792)
SDG&E ($900) ($945) ($992) ($1,042) ($1,094) ($1,149) ($1,206) ($1,266) ($1,330) ($1,396)
Insurance ($1,800) ($1,854) ($1,910) ($1,967) ($2,026) ($2,087) ($2,149) ($2,214) ($2,280) ($2,349)
Grounds Maintenance ($1,200) ($1,260) ($1,323) ($1,389) ($1,459) ($1,532) ($1,608) ($1,689) ($1,773) ($1,862)
Pest Control ($420) ($441) ($463) ($486) ($511) ($536) ($563) ($591) ($621) ($652)
Taxes ($9,605) ($9,797) ($9,993) ($10,193) ($10,397) ($10,605) ($10,817) ($11,033) ($11,254) ($11,479)
page 12 of 20
Greely Apartments Detailed General Expenses
San Diego, Ca 92113 6192266011 x 105
Total Expenses ($29,647) ($30,727) ($31,853) ($33,027) ($34,250) ($35,526) ($36,856) ($38,243) ($39,690) ($41,200)
Property Management Fee ($8,482) ($8,904) ($9,347) ($9,812) ($10,301) ($10,813) ($11,352) ($11,917) ($12,511) ($13,134)
Water ($2,932) ($3,079) ($3,233) ($3,394) ($3,564) ($3,742) ($3,929) ($4,126) ($4,332) ($4,549)
SDG&E ($1,466) ($1,539) ($1,616) ($1,697) ($1,782) ($1,871) ($1,965) ($2,063) ($2,166) ($2,274)
Insurance ($2,419) ($2,492) ($2,566) ($2,643) ($2,723) ($2,804) ($2,888) ($2,975) ($3,064) ($3,156)
Grounds Maintenance ($1,955) ($2,052) ($2,155) ($2,263) ($2,376) ($2,495) ($2,619) ($2,750) ($2,888) ($3,032)
Pest Control ($684) ($718) ($754) ($792) ($832) ($873) ($917) ($963) ($1,011) ($1,061)
Taxes ($11,708) ($11,943) ($12,181) ($12,425) ($12,674) ($12,927) ($13,186) ($13,449) ($13,718) ($13,993)
page 13 of 20
Greely Apartments Financial Indicators
San Diego, Ca 92113 6192266011 x 105
Gross Rent Multiplier 8.54 8.54 8.55 8.55 8.55 8.56 8.56 8.56 8.56 8.57
Capitalization Rate 9.22% 9.71% 10.23% 10.78% 11.35% 11.96% 12.59% 13.26% 13.96% 14.70%
Debt Coverage Ratio 1.75 1.84 1.94 2.04 2.15 2.26 2.38 2.51 2.64 2.78
Gross Income per Sq. Ft. $16.75 $17.58 $18.45 $19.36 $20.32 $21.33 $22.39 $23.50 $24.67 $25.90
Expenses per Sq. Ft. ($3.36) ($3.47) ($3.59) ($3.72) ($3.85) ($3.98) ($4.13) ($4.27) ($4.43) ($4.58)
Net Income Multiplier 11.39 11.35 11.31 11.28 11.24 11.21 11.17 11.14 11.11 11.08
Operating Expense Ratio 21.09% 20.79% 20.49% 20.21% 19.93% 19.65% 19.39% 19.13% 18.87% 18.63%
Loan To Value Ratio 70.52% 66.24% 62.16% 58.26% 54.55% 51.00% 47.61% 44.37% 41.28% 38.32%
Footnotes: b/t = before taxes; a/t = after taxes
page 14 of 20
Greely Apartments Financial Indicators
San Diego, Ca 92113 6192266011 x 105
Gross Rent Multiplier 8.57 8.57 8.57 8.58 8.58 8.58 8.58 8.58 8.58 8.59
Capitalization Rate 15.48% 16.29% 17.15% 18.05% 19.00% 20.00% 21.04% 22.14% 23.30% 24.52%
Debt Coverage Ratio 2.93 3.09 3.25 3.42 3.60 3.79 3.99 4.19 4.41 4.64
Gross Income per Sq. Ft. $27.19 $28.54 $29.96 $31.45 $33.01 $34.66 $36.38 $38.20 $40.10 $42.10
Expenses per Sq. Ft. ($4.75) ($4.92) ($5.10) ($5.29) ($5.49) ($5.69) ($5.91) ($6.13) ($6.36) ($6.60)
Net Income Multiplier 11.05 11.02 10.99 10.97 10.94 10.92 10.89 10.87 10.84 10.82
Operating Expense Ratio 18.39% 18.16% 17.93% 17.71% 17.50% 17.29% 17.08% 16.89% 16.69% 16.51%
Loan To Value Ratio 35.50% 32.81% 30.23% 27.76% 25.41% 23.16% 21.00% 18.94% 16.96% 15.08%
Footnotes: b/t = before taxes; a/t = after taxes
page 15 of 20
Cap Rate Gross Rent Multiplier
Price per Unit Price per Sq. Ft.
page 16 of 20
Greely Apartments Sales Comparables
San Diego, Ca 92113 6192266011 x 105
page 17 of 20
Greely Apartments Equity vs. Debt
San Diego, Ca 92113 6192266011 x 105
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Legend
Equity Loan Principal Balance
page 18 of 20
Greely Apartments Cumulative Wealth Analysis
San Diego, Ca 92113 6192266011 x 105
$2,800,000
$2,520,000
$2,240,000
$1,960,000
$1,680,000
$1,400,000
$1,120,000
$840,000
$560,000
$280,000
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Legend
Equity (loan reduction) Equity (appreciation) CASH FLOW (a/t)
page 19 of 20
Greely Apartments Gross Income Vs. Operating Expenses
San Diego, Ca 92113 6192266011 x 105
$270,000
$243,000
$216,000
$189,000
$162,000
$135,000
$108,000
$81,000
$54,000
$27,000
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Legend
GROSS SCHEDULED INCOME Total Operating Expenses
page 20 of 20
Greely Apartments 92113-92114 Comps
3254-60 Greely
San Diego, Ca 92113
2-4 Units MLS #: 090067501 Status: Sold LP: $400,000
Media: 4 Sold Price: $400,000 Orig.Price: $350,000

Address: 645-651 65th St List Date: 11/28/2009 MT: 85
City: San Diego, CA Zip: 92113 MapCode: 1290D3 OMD: 01/12/2010 AMT: 70
APN: 549-101-09-00 Community: ENCANTO COE: 02/15/2010
# Units: 4 Neighborhood: San Diego Possession:
# Buildings: 1 Complex/Park: Unit#/Space#:
Year Built: 1960 Cross Streets: Brooklyn
Age Restrictions: N/K Jurisdiction:
Pets: Water District: CSD
Sign on Property: School District: Zoning:
Lot Size: 7,500-10,889 SF Acres:
REMARKS AND SHOWING INFO

Tremedous potential! Seller financing available.
Directions to Property:
UNIT INFORMATION
BD FB HB SqFt Act. Rent Proj. Rent Deposit Ldry Hook Up Excl. Use Yard
Unit: 645 2 1 0 720 $750 $500 No N
Unit: 2 2 1 0 720 $800 $800 $500 No N
Unit: 3 2 1 0 720 $800 $850 $500 No N
Unit: 4 2 1 0 720 $800 $850 $500 No N
Parking Garage Spaces Parking Garage Non Garaged Spaces Parking Non Garage
Unit: 645 1 Assigned 1 Assigned
# of Units With: Cooling Dishwshr Washer Dryer Fireplace Furnished Garage Patio Range/Oven Refrigerator
(Transfers) 0 0 0 0 0 0 4 0 4 4
Gross Scheduled Income Actual: $37,800 Net Operating Income Actual: $25,800 Cap Rate Actual: 7.00%
Gross Scheduled Income Projected: $40,800 Net Operating Income Projected: $28,000 Cap Rate Projected: 8.00%
Gross Rent Multiplier Actual: $9 Other Income Actual: $0 Annual Expense Actual: $12,000
Gross Rent Multiplier Projected: $8 Other Income Projected: Annual Expense Projected: $14,000
Prepared by: Seth Watje Information is not guaranteed. Monday, April 19, 2010
DRE Lic.#: 01805453 Copyright 2001 - 2010 SANDICOR, Inc. 04:56 PM

Address: 6206 Brooklyn Ave List Date: 07/31/2009 MT: 124
City: San Diego, CA Zip: 92114 MapCode: 1290D3 OMD: 12/02/2009 AMT: 124
APN: 543-232-28-00 Community: ENCANTO COE: 03/19/2010
# Units: 4 Neighborhood: Encanto Heights Possession:
Year Built: 1955 Cross Streets: 62nd
Pets: Water District:
Sign on Property: School District: Zoning:

Turn key, low maintenance, fully remodeled, ceramic tile, new baths, granite counters, with refrigerator & range, verifiable rental
income, great location to trolley & bus, new 30 year warranty roof, coin operated laundry , patio and yard
Directions to Property: Imperial to 60th to Brooklyn
UNIT INFORMATION
Unit: 6206 2 1 0 735 $1,071 $0 No N
Unit: Unit 2 2 1 0 735 $1,243 $0 Common N
Unit: 6208 2 1 0 735 $1,243 $0 Common N
Unit: Unit 4 2 1 0 $1,200 $0 Common N
Unit: 6206 1 N/K 1 N/K
Unit: Unit 2 1 N/K 1 N/K
Unit: 6208 1 N/K 1 N/K
Unit: Unit 4 1 N/K 1 N/K
(Transfers) 0 0 0 0 0 0 0 4 4 4
Gross Scheduled Income Actual: $57,600 Net Operating Income Actual: $0 Cap Rate Actual: 11.30%
Gross Scheduled Income Projected: Net Operating Income Projected: Cap Rate Projected:
Gross Rent Multiplier Actual: $12 Other Income Actual: $70 Annual Expense Actual: $8,500
Gross Rent Multiplier Projected: Other Income Projected: Annual Expense Projected:

Address: 725-731 West List Date: 08/29/2009 MT: 74
City: San Diego, CA Zip: 92113 MapCode: 1289J5 OMD: 11/09/2009 AMT: 64
APN: 551-122-05-00 Community: SAN DIEGO COE: 12/31/2009
# Units: 4 Neighborhood: Alta Vista Suburb Possession: Close of Escrow
Year Built: 1954 Cross Streets: T St.
Pets: Water District: CSD
Sign on Property: N School District: Zoning: 1

NOT shortsale or REO. Unique 4 unit/ 3 garage investment opportunity. 100% leased. 3 units have private front yards and back
patios. 3 one car garages and an additional space (2 rented for $75 each). Community laundryroom for additional income.
Immidiate income!!
Directions to Property:
UNIT INFORMATION
Unit: 725 1 1 0 560 $750 $500 Common Y
Unit: 727 1 1 0 560 $750 $500 Common Y
Unit: 729 1 1 0 560 $775 $500 Common Y
Unit: 731 2 1 0 720 $960 $500 Common N
Unit: 725 1 Attached 0 N/K
Unit: 727 1 Attached 0 N/K
Unit: 729 1 Attached 0
Unit: 731 0 1 Uncovered
(Transfers) 0 0 0 0 0 0 3 3 4 4
Gross Scheduled Income Actual: $0 Net Operating Income Actual: $0 Cap Rate Actual: 0.00%
Gross Scheduled Income Projected: Net Operating Income Projected: Cap Rate Projected:
Gross Rent Multiplier Actual: $0 Other Income Actual: $150 Annual Expense Actual: $0
Gross Rent Multiplier Projected: Other Income Projected: Annual Expense Projected:

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Greely Apartments

❖ Stabilized Rental Income

❖ Off Street Parking

❖ Low Operating Expenses

❖ All Two Bedrooms

92113-92114 Comps .................................................................................... Attachment

Analysis Date: May 2010

Property: Greely Apartments

PURCHASE INFORMATION FINANCIAL INFORMATION

Property Type: Multi-Family Down Payment: $212,500

Debt Term Rate Payment LO Costs

INCOME & EXPENSES CONTACT INFORMATION

Gross Operating Income: $99,316 Joe Ramos

This eight unit apartment investment opportunity

Street View Side Exterior

Kitchen Granite Bathroom

Living Room Bedroom

Purchase Price, Points and Closing Costs $864,375

Purchase Price $850,000

INCOME, EXPENSES & CASH FLOW

Gross Scheduled Income $104,496

Total Interest (Debt Service) ($36,761)

Cash on Cash Return Before Taxes 14.76%

UNIT MIX & ANNUAL SCHEDULED INCOME

Total Expenses $20,950 $15,725

Footnotes: b/t = before taxes;a/t = after taxes

Footnotes: b/t = before taxes;a/t = after taxes

UNIT MIX UNIT MIX SQUARE FEET

UNIT MIX INCOME UNIT MIX MARKET INCOME

Footnotes: b/t = before taxes; a/t = after taxes

Footnotes: b/t = before taxes; a/t = after taxes

Price per Unit Price per Sq. Ft.

Equity Loan Principal Balance

Equity (loan reduction) Equity (appreciation) CASH FLOW (a/t)

GROSS SCHEDULED INCOME Total Operating Expenses

Media: 4 Sold Price: $400,000 Orig.Price: $350,000

REMARKS AND SHOWING INFO

Media: 12 Sold Price: $400,000 Orig.Price: $439,000

REMARKS AND SHOWING INFO

Directions to Property: Imperial to 60th to Brooklyn

Media: 5 Sold Price: $367,500 Orig.Price: $394,900

REMARKS AND SHOWING INFO

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