Palm MP

Rare Coronado Opportunity
305 Palm Avenue

Coronado, CA 92118
For more information contact:
Brian Nelson, Broker

619-226-6011 x 102
nelson@scc1031.com
01409860
David Cameron
619-226-6011 x106
cashflowsandiego@gmail.com
●
Rare Coronado Opportunity
●
Seller financing Available
●
Garages
●
Large Lot
●
Pride of Ownership
Phone: 858-779-1000 ● Fax: 866-861-7803 ● 3405 Kenyon St #411 ● San Diego, CA 92110 ● www.scc1031.com
Table of Contents
Real Estate Investment Details ..................................................................................... 3
Property Description .................................................................................................... 4
Property Photos ............................................................................................................. 5
Maps and Aerials ........................................................................................................... 6
Executive Summary ...................................................................................................... 7
Pro Forma Summary .................................................................................................... 8
Cash Flow Analysis ...................................................................................................... 9
Unit Mix Report ............................................................................................................... 11
Cumulative Analysis .................................................................................................... 12
Property Equity Analysis ............................................................................................ 14
Gross Income Vs. Operating Expenses ...................................................................... 15
Sales Since 1/1/08 ........................................................................................ Attachment

Real Estate Investment Details
ANALYSIS
Analysis Date: May 2010
PROPERTY
Property: Rare Coronado Opportunity

Property Address: 305 Palm Avenue
Coronado, CA 92118
PURCHASE INFORMATION FINANCIAL INFORMATION
Property Type: Multi-Family Down Payment: $1,250,000

Purchase Price: $3,385,000 Closing Costs: $15,000
Fair Market Value: $3,385,000 LT Capital Gain: 34.00%
Units: 13 Federal Tax Rate: 15.0%
Total Rentable Sq. Ft.: 7,050 State Tax Rate: 10.0%
Resale Valuation 6.0% (annual appreciation) Discount Rate: 8.00%
Resale Expenses: 6.0%
LOANS
Debt Term Rate Payment LO Costs

Interest Only $2,135,000 30 yrs 6.0% $10,675
INCOME & EXPENSES CONTACT INFORMATION
Gross Operating Income: $214,390 Brian Nelson, Broker

Monthly GOI: $17,866 01409860
Total Annual Expenses: ($71,291) 619-226-6011 x 102
Monthly Expenses: ($5,941) nelson@scc1031.com
David Cameron
619-226-6011 x106
cashflowsandiego@gmail.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 15
Rare Coronado Opportunity Property Description
305 Palm Avenue Brian Nelson, Broker
Coronado, CA 92118 619-226-6011 x 102
Coronado is a unique market comprised of only

156 apartment buildings that rarely change
ownership. This opportunity is well located and
situated on a large lot. The majority of the units
are single story surrounded by lush landscaping.
This property has unique architectural details
throughout which have been maintained since its
original construction. The unit mix includes 12
one bedroom one bath units and 1 studio
apartment. Additional amenities include nine
single car garages and a common laundry
facility. Long term seller financing is available!
page 4 of 15
Rare Coronado Opportunity Property Photos
Coronado, CA 92118 619-226-6011 x 102
Coronado
page 5 of 15
Rare Coronado Opportunity Maps and Aerials
Coronado, CA 92118 619-226-6011 x 102
page 6 of 15
Rare Coronado Opportunity Executive Summary
Coronado, CA 92118 619-226-6011 x 102
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $3,400,000

Investment - Cash $1,265,000
First Loan $2,135,000
INVESTMENT INFORMATION
Purchase Price $3,385,000

Price per Unit $260,385
Price per Sq. Ft. $480.14
Income per Unit $16,952
Expenses per Unit ($5,484)
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income $220,380

Total Vacancy and Credits ($5,990)
Operating Expenses ($71,291)
Net Operating Income $143,099
Debt Service ($128,100)
Cash Flow Before Taxes $14,999
Total Interest (Debt Service) ($128,100)

Depreciation and Amortization ($48,467)
Taxable Income (Loss) ($33,469)
Tax Savings (Costs) $8,367
Cash Flow After Taxes $23,366
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes 1.19%

Optimal Internal Rate of Return (yr 20) 11.36%
Debt Coverage Ratio 1.12
Capitalization Rate 4.23%
Gross Rent Multiplier 15.36
Gross Income / Square Feet $31.26
Gross Expenses / Square Feet ($10.11)
Operating Expense Ratio 33.25%
page 7 of 15
Rare Coronado Opportunity Pro Forma Summary
Coronado, CA 92118 619-226-6011 x 102
UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Market Total
Studio 1 $8,880 $8,880 $9,600 $9,600
1 Br/1 Ba 12 $15,900 $190,800 $17,400 $208,800
TOTALS 13 $199,680 $218,400
ANNUALIZED INCOME
Actual Market
Gross Potential Rent $199,680 $218,400
INVESTMENT SUMMARY Less: Vacancy ($5,990) $0
Price: $3,385,000 Misc. Income $20,700 $20,700
Effective Gross Income $214,390 $239,100
Units: 13
Less: Expenses ($71,291) ($71,291)
Price/Unit: $260,385
Net Operating Income $143,099 $167,809
RSF: 7,050 Debt Service ($128,100) ($128,100)
Price/RSF: $480.14 Net Cash Flow after Debt Service $14,999 $39,709
Principal Reduction $0 $0
Cap Rate: 4.23%
Total Return $14,999 $39,709
Pro Forma Cap Rate: 4.96%
GRM: 15.4
Pro Forma GRM: 14.2
ANNUALIZED EXPENSES
Description Actual Market
Gas & Electric $3,600 $3,600
Water & Sewer $4,200 $4,200
FINANCING SUMMARY Landscaping $3,000 $3,000
Loan Amount: $2,135,000 Trash $2,112 $2,112
Down Payment: $1,250,000 Pest $624 $624
Maintenance $6,500 $6,500
Loan Type: Interest Only
Misc. $1,300 $1,300
Interest Rate: 6.00000% Insurance $2,952 $2,952
Term: 30 years Taxes $38,251 $38,251
Monthly Payment: $10,675.00 Management Fees $8,752 $8,752
Total Expenses $71,291 $71,291

Expenses Per RSF $10.11 $10.11
Expenses Per Unit $5,484 $5,484
page 8 of 15
Rare Coronado Opportunity Cash Flow Analysis
Coronado, CA 92118 619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
GROSS SCHEDULED INCOME $220,380 $230,364 $240,847 $251,855 $263,412 $275,548 $288,290 $301,670 $315,718 $330,469
Turnover Vacancy ($5,990) ($6,290) ($6,604) ($6,935) ($7,281) ($7,645) ($8,028) ($8,429) ($8,851) ($9,293)
Total Operating Expenses ($71,291) ($71,812) ($72,348) ($72,900) ($73,469) ($74,055) ($74,658) ($75,280) ($75,920) ($76,579)
NET OPERATING INCOME $143,099 $152,263 $161,895 $172,020 $182,662 $193,848 $205,604 $217,961 $230,948 $244,597
Loan Payment ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100)
NET CASH FLOW (b/t) $14,999 $24,163 $33,795 $43,920 $54,562 $65,748 $77,504 $89,861 $102,848 $116,497
Cash On Cash Return b/t 1.19% 1.91% 2.67% 3.47% 4.31% 5.20% 6.13% 7.10% 8.13% 9.21%
Depreciation ($48,467) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582)
Loan Interest ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100)
TAXABLE INCOME (LOSS) ($33,469) ($26,419) ($16,787) ($6,662) $3,980 $15,166 $26,923 $39,279 $52,266 $65,915
Income Taxes $8,367 $6,605 $4,197 $1,665 ($995) ($3,791) ($6,731) ($9,820) ($13,067) ($16,479)
CASH FLOW (a/t) $23,366 $30,767 $37,992 $45,585 $53,567 $61,956 $70,774 $80,041 $89,781 $100,018
Cash On Cash Return a/t 1.85% 2.43% 3.00% 3.60% 4.23% 4.90% 5.59% 6.33% 7.10% 7.91%
Footnotes: b/t = before taxes;a/t = after taxes
page 9 of 15
Rare Coronado Opportunity Cash Flow Analysis
Coronado, CA 92118 619-226-6011 x 102
GROSS SCHEDULED INCOME $345,958 $362,221 $379,297 $397,226 $416,053 $435,820 $456,576 $478,370 $501,254 $525,281
Turnover Vacancy ($9,758) ($10,246) ($10,758) ($11,296) ($11,861) ($12,454) ($13,076) ($13,730) ($14,417) ($15,137)
Total Operating Expenses ($77,259) ($77,958) ($78,679) ($79,421) ($80,185) ($80,973) ($81,784) ($82,619) ($83,480) ($84,366)
Loan Payment ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100)
NET CASH FLOW (b/t) $130,841 $145,917 $161,760 $178,410 $195,907 $214,294 $233,616 $253,921 $275,257 $297,678
Cash On Cash Return b/t 10.34% 11.53% 12.79% 14.10% 15.49% 16.94% 18.47% 20.07% 21.76% 23.53%
Depreciation ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($50,582) ($48,477)
Loan Interest ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100) ($128,100)
TAXABLE INCOME (LOSS) $80,260 $95,335 $111,178 $127,828 $145,325 $163,712 $183,034 $203,339 $224,676 $249,202
Income Taxes ($20,065) ($23,834) ($27,795) ($31,957) ($36,331) ($40,928) ($45,759) ($50,835) ($56,169) ($62,300)
CASH FLOW (a/t) $110,776 $122,083 $133,965 $146,453 $159,575 $173,366 $187,858 $203,086 $219,089 $235,378
Cash On Cash Return a/t 8.76% 9.65% 10.59% 11.58% 12.61% 13.70% 14.85% 16.05% 17.32% 18.61%
Footnotes: b/t = before taxes;a/t = after taxes
page 10 of 15
Rare Coronado Opportunity Unit Mix Report
Coronado, CA 92118 619-226-6011 x 102
UNIT MIXES
# Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
1 Studio 450 $740 $740 $800 $800
12 1 Br/1 Ba 550 $1,325 $15,900 $1,450 $17,400
13 7,050 $16,640 $18,200
UNIT MIX UNIT MIX SQUARE FEET
● Studio ● Studio
● 1 Br/1 Ba ● 1 Br/1 Ba
UNIT MIX INCOME UNIT MIX MARKET INCOME
● Studio ● Studio
● 1 Br/1 Ba ● 1 Br/1 Ba
page 11 of 15
Rare Coronado Opportunity Cumulative Analysis
Coronado, CA 92118 619-226-6011 x 102
Equity (appreciation) $203,100 $418,386 $646,589 $888,485 $1,144,894 $1,416,687 $1,704,788 $2,010,176 $2,333,886 $2,677,019
Equity (loan reduction) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
CASH FLOW (a/t) $23,366 $54,133 $92,125 $137,710 $191,277 $253,233 $324,007 $404,048 $493,830 $593,848
Totals - To Date $226,466 $472,519 $738,714 $1,026,195 $1,336,171 $1,669,921 $2,028,796 $2,414,224 $2,827,716 $3,270,867
Invested Capital ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000)
ROIC - To Date 17.90% 37.35% 58.40% 81.12% 105.63% 132.01% 160.38% 190.85% 223.53% 258.57%
Footnotes: a/t = after taxes; ROIC = Return On Invested Capital
page 12 of 15
Rare Coronado Opportunity Cumulative Analysis
Coronado, CA 92118 619-226-6011 x 102
Equity (appreciation) $3,040,741 $3,426,285 $3,834,962 $4,268,160 $4,727,349 $5,214,090 $5,730,036 $6,276,938 $6,856,654 $7,471,154
Equity (loan reduction) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
CASH FLOW (a/t) $704,624 $826,707 $960,672 $1,107,125 $1,266,700 $1,440,066 $1,627,924 $1,831,010 $2,050,099 $2,285,476
Totals - To Date $3,745,365 $4,252,992 $4,795,634 $5,375,285 $5,994,050 $6,654,157 $7,357,960 $8,107,948 $8,906,753 $9,756,630
Invested Capital ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000) ($1,265,000)
ROIC - To Date 296.08% 336.20% 379.10% 424.92% 473.84% 526.02% 581.66% 640.94% 704.09% 771.28%
Footnotes: a/t = after taxes; ROIC = Return On Invested Capital
page 13 of 15
Rare Coronado Opportunity Property Equity Analysis
Coronado, CA 92118 619-226-6011 x 102
$8,800,000
$7,920,000
$7,040,000
$6,160,000
$5,280,000
$4,400,000
$3,520,000
$2,640,000
$1,760,000
$880,000
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Legend
Initial Equity Equity (loan reduction) Equity (appreciation)
page 14 of 15
Rare Coronado Opportunity Gross Income Vs. Operating Expenses
Coronado, CA 92118 619-226-6011 x 102
$530,000
$477,000
$424,000
$371,000
$318,000
$265,000
$212,000
$159,000
$106,000
$53,000
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 15 of 15
Rare Coronado Opportunity Sales Since 1/1/08
305 Palm Avenue
Coronado, CA 92118
Address City Property Info Sale Info
200 C Ave Coronado 2,640 SF Multi-Family/Apartment Sold: $1,095,000 ($273,750/Unit)
1
Units - Subsidized
840 C Ave Coronado 3,850 SF Multi-Family/Apartment Sold: $1,450,000 ($362,500/Unit)
2
Units
505 D Ave Coronado 3,164 SF Multi-Family/Apartment Sold: $1,600,000 ($228,571.43/Unit)
3
Units
This copyrighted report contains research licensed to South Coast Commercial, Inc. - 457273. 4/27/2010
Page 1
Quick Stats Report
Comps Statistics
Low Average Median High Count
Sale Price $1,095,000 $1,381,667 $1,450,000 $1,600,000 3

Building Size 2,640 SF 3,218 SF 3,164 SF 3,850 SF 3
Price per SF $376.62 $429.36 $414.77 $505.69 3
Actual Cap Rate 2.37% 2.37% 2.37% 2.37% 1
Gross Income Multiplier - - - - -
Gross Rent Multiplier 26.00 26.00 26.00 26.00 1
# of Units 4 5 4 7 3
Price per Unit $228,571 $276,333 $273,750 $362,500 3
Days on Market 179 192 192 205 2
Sale Price to Asking Price Ratio 84.56% 92.28% 92.28% 100.00% 2
Totals
Sold Transactions Total Sales Volume: $4,145,000 Total Sales Transactions: 3
Survey Criteria
Location: Location method - ZipCode; Zip Codes - 92118 (Coronado)
Basic Criteria: Sale Status - Sold; Property Type - Multi Family; Sale Date - from 1/1/2008
Page 1
200 C Ave SOLD
Coronado, CA 92118 - Coronado Submarket
1 Sale on 09/25/2009 for $1,095,000 ($414.77/SF; $273,750/Unit) - Research Complete
4 Unit, 2,640 SF Apartment Units - Subsidized Building Built in 1968
Transaction Details ID: 1845705
Sale Date: 09/25/2009 (179 days on market) Sale Type: Investment

Escrow Length: 35 days Bldg Type: Apartment Units - Subsidized
Sale Price: $1,095,000-Confirmed Year Built/Age: Built in 1968 Age: 41
Asking Price: $1,295,000 RBA: 2,640 SF
Price/SF: $414.77 Land Area: 0.09 AC (3,999 SF)
Price/AC Land Gross: $11,928,104.58
Percent Leased: -
GRM/GIM: 26.00/- Percent Improved: 21.3%
Actual Cap Rate: 2.37% Total Value Assessed: $1,321,308 in 2009
Sale Conditions: None Improved Value Assessed: $280,908
- Land Value Assessed: $1,040,400
Land Assessed/AC: $11,333,333
Spacer
Financing: Chase Bank
Legal Desc: Lengthy legal refer to deed.
Parcel No: 536-161-29
Document No: 0534283
Spacer
# Units: 4 Price/Unit: $273,750
Avg Unit Size: 660 SF Spacer
SF of all Units: 2,640
Spacer
Unit Mix
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
4 1/1.0 660 100.0 - -
Page 1
200 C Ave SOLD
4 Unit, 2,640 SF Apartment Units - Subsidized Building Built in 1968 (con't)
Transaction Notes
Per the listing broker, this 4-unit multi-family property sold on September 24, 2009 for $1,095,000.
At the time of sale, the property was 100% occupied. The seller put the property on the market for estate planning purposes and reportedly
there was $5,000 in deferred maintenance. The property was under contract for 35 days while the seller secured financing.
The listing broker reported the buyer secured the financing through refinancing of other properties. The listing broker reported there was a
buyer broker, but was unable to recall the name or firm.
Current Building Information ID: 7006169
Bldg Type: Apartment Units - Subsidized Bldg Status: Built in 1968

# Units: 4 Bldg Size: 2,640 SF
Avg Unit Size: 660 SF Stories: 2
Bldg Vacant: 0 SF Typical Floor Size: 1,403 SF
Owner Type: Individual Rent/SF/Mo: -
Zoning: - Elevators: 0
Land Area: 0.09 AC
Parking: 2 free Surface Spaces are available; Ratio of 0.50/Unit

Site Amenities: Corner Lot, Washer/Dryer
Location Information
Metro Market: San Diego
Submarket: Coronado/Coronado
County: San Diego
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
Spacer
Page 2
840 C Ave SOLD
4 Unit, 3,850 SF Apartment Units Building Built in 1936
Sale Date: 05/29/2008 (205 days on market) Sale Type: Investment

Escrow Length: 150 days Bldg Type: Apartment Units
Asking Price: $1,450,000 RBA: 3,850 SF
Percent Leased: -
GRM/GIM: -/- Percent Improved: 58.2%
Transfer Tax: $1,595 Total Value Assessed: $1,188,218
- Improved Value Assessed: $692,000
Land Value Assessed: $496,218
Spacer
Financing: Down payment of $1,033,000.00 (71.2%)
$417,000.00 from National City Mortgage Co
Legal Desc: LOTS 9 & 10 BLK 48
Parcel No: 537-251-16
Sale History: Sold for $1,450,000 ($376.62/SF; $362,500/Unit) on 05/29/2008
Sold for $1,800,000 ($467.53/SF; $450,000/Unit) on 02/28/2007
Spacer
Avg Unit Size: 962 SF Avg Rent/Unit/Mo: $822
SF of all Units: 3,848 Avg Rent/SF/Mo: $0.85
Spacer Spacer
Unit Mix
4 1/1.0 962 100.0 $750 $895
Page 3
840 C Ave SOLD
4 Unit, 3,850 SF Apartment Units Building Built in 1936 (con't)
Transaction Notes
* Sales Information: The broker reported that 3,850 SF 4 unit Multi-Family building sold for $1,450,000 with escrow time of 150 days. The
buyer purchased the property for an investment.
Bldg Type: Apartment Units Bldg Status: Built in 1936

Avg Unit Size: 962 SF Stories: 2
Bldg Vacant: 0 SF Typical Floor Size: 4,079 SF
Owner Type: - Metering: Individually Metered
Zoning: R-3 Rent/SF/Mo: -
Land Area: 0.16 AC Elevators: 0
Parking: 4 One-Car Garage Spaces @ $100.00/mo; Ratio of 1.06/1,000 SF; 1.00/Unit

Expenses: 2007 Ops @ $5.99/sf
Site Amenities: Disposal, Laundry Facilities, Picnic Area
County: San Diego
DMA: San Diego, CA
Spacer
Page 4
505 D Ave SOLD
7 Unit, 3,164 SF Apartment Units Building Built in 1947
Sale Date: 05/11/2009 Sale Type: Investment

Escrow Length: 40 days Bldg Type: Apartment Units
Asking Price: - RBA: 3,164 SF
Percent Leased: -
GRM/GIM: -/- Percent Improved: 21.1%
Transfer Tax: $1,760 Total Value Assessed: $1,900,000 in 2008
- Improved Value Assessed: $400,000
Land Value Assessed: $1,500,000
Spacer
Financing: Down payment of $660,000.00 (41.3%)
$940,000.00 from GBC International Bank
Legal Desc: Lots 22 & 23 blk 108 Coronado Beach South Island Map #376
Parcel No: 536-372-03

Sale History: Sold for $1,600,000 ($505.69/SF; $228,571/Unit) on 05/11/2009
Spacer
Avg Unit Size: 542 SF Spacer
SF of all Units: 3,800
Spacer
Page 5
505 D Ave SOLD
7 Unit, 3,164 SF Apartment Units Building Built in 1947 (con't)
Unit Mix
4 0/1.0 350 (EST) 57.1 - -

2 2/1.0 700 (EST) 28.6 - -
1 2/2.0 1,000 (EST) 14.3 - -
Transaction Notes
Sales Price: The sales price of $1,600,000 was confirmed by buyer Osman Tatar.
Escrow Time: This propety was under contract for approximately 40 days prior to closing.
Market Time: Unable to determine how long this property was on the market.
Exchange: Unable to determine if there were any 1031 exchanges involved.
Conditions: There were no conditions to the sale.
Bldg Type: Apartment Units Bldg Status: Built in 1947

# of Bldgs: 1 Stories: 2
Avg Unit Size: 542 SF Typical Floor Size: 1,582 SF
Avg Vacancy: 3.0% Metering: Individually Metered
Bldg Vacant: 0 SF Rent/SF/Mo: -
Owner Type: Individual Elevators: 0
Zoning: R3, Coronado
Land Area: 0.16 AC
Parking: 4 One-Car Garage Spaces are available; Ratio of 0.67/1,000 SF; 0.57/Unit
Site Amenities: Laundry Facilities
County: San Diego
DMA: San Diego, CA
Map(Page): Thomas Bros. Guide 1288-J6
Spacer
Page 6

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Rare Coronado Opportunity

305 Palm Avenue

For more information contact:

Brian Nelson, Broker

Real Estate Investment Details ..................................................................................... 3

Property Description .................................................................................................... 4

Property Photos ............................................................................................................. 5

Maps and Aerials ........................................................................................................... 6

Executive Summary ...................................................................................................... 7

Pro Forma Summary .................................................................................................... 8

Cash Flow Analysis ...................................................................................................... 9

Unit Mix Report ............................................................................................................... 11

Cumulative Analysis .................................................................................................... 12

Property Equity Analysis ............................................................................................ 14

Gross Income Vs. Operating Expenses ...................................................................... 15

Sales Since 1/1/08 ........................................................................................ Attachment

Analysis Date: May 2010

Property: Rare Coronado Opportunity

PURCHASE INFORMATION FINANCIAL INFORMATION

Property Type: Multi-Family Down Payment: $1,250,000

Debt Term Rate Payment LO Costs

INCOME & EXPENSES CONTACT INFORMATION

Gross Operating Income: $214,390 Brian Nelson, Broker

Coronado is a unique market comprised of only

Purchase Price, Points and Closing Costs $3,400,000

Purchase Price $3,385,000

INCOME, EXPENSES & CASH FLOW

Gross Scheduled Income $220,380

Total Interest (Debt Service) ($128,100)

Cash on Cash Return Before Taxes 1.19%

UNIT MIX & ANNUAL SCHEDULED INCOME

Total Expenses $71,291 $71,291

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

Equity (loan reduction) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Footnotes: a/t = after taxes; ROIC = Return On Invested Capital

Equity (loan reduction) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Footnotes: a/t = after taxes; ROIC = Return On Invested Capital

Initial Equity Equity (loan reduction) Equity (appreciation)

GROSS SCHEDULED INCOME Total Operating Expenses

Sale Price $1,095,000 $1,381,667 $1,450,000 $1,600,000 3

Sold Transactions Total Sales Volume: $4,145,000 Total Sales Transactions: 3

Location: Location method - ZipCode; Zip Codes - 92118 (Coronado)

Transaction Details ID: 1845705

Sale Date: 09/25/2009 (179 days on market) Sale Type: Investment

4 1/1.0 660 100.0 - -

Current Building Information ID: 7006169

Bldg Type: Apartment Units - Subsidized Bldg Status: Built in 1968

Parking: 2 free Surface Spaces are available; Ratio of 0.50/Unit

Transaction Details ID: 1597438

Sale Date: 05/29/2008 (205 days on market) Sale Type: Investment

4 1/1.0 962 100.0 $750 $895

Current Building Information ID: 5669034

Bldg Type: Apartment Units Bldg Status: Built in 1936

Parking: 4 One-Car Garage Spaces @ $100.00/mo; Ratio of 1.06/1,000 SF; 1.00/Unit

Transaction Details ID: 1744280

Sale Date: 05/11/2009 Sale Type: Investment

Parcel No: 536-372-03

4 0/1.0 350 (EST) 57.1 - -

Exchange: Unable to determine if there were any 1031 exchanges involved.