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INVESTMENT ADVISORS SINCE 1989

VOL 2 3/1/2007 PROPERTY WATCH

Property Watch Hot List,

Θ Real Estate Developments

Θ Office & Medical Buildings

Θ Industrial & Warehouse

Θ Retail and Commercial Offerings

Θ Hotel and Resort.

Θ Retirement Living

Θ Ira/401k rollover management

Θ Fee based asset management

Stocks & Bonds.
Robert Setser, CEO & Founder NEA
Robyn Lee, Dir. Wealth Management NEA
In This Issue:
We have gathered some of our favorite offerings for your review. Please take a
look and call us with any questions you may have.
Seminar Schedule:
Our Advanced Seminars are in full swing. We have an exciting lineup this year
so please see our schedule for 3/07 through 4/07 and reserve your seat today
All comments and content contained in this newsletter are those of Net Equity Associates and do not necessarily represent the opinions of Berthel Fisher & Company
Financial Services Inc, (BFCFS) Member NASD/SIPC. Securities are offered through, Berthel Fisher & Company Financial Services Inc, (BFCFS) Member NASD/
SIPC. Net Equity Associates is an independent entity and is not associated with BFCFS.
 CALL NOW, 1-800-974-8124 SEMINAR RESERVATION LINE
HS Lordships
199 Seawall Drive Seminars include
Berkeley, CA 94710
Free workshop on investment strategies.
Claremont Resort & Spa
41 Tunnel Road Expert Guest Speakers.
Berkeley, CA 94705
Private Placement offerings.
Willow Park Restaurant
17007 Redwood Rd.
Free portfolio investment consultation.
Castro Valley, CA 94546 Complimentary Dinner.
Concord Hilton *Dates subject to change without notice. You must call for availability. Seating is limited
1970 Diamond Blvd. Please leave a message for your preferred seminar dates and we will return your call ASAP.
Concord, CA 94520

Massimo’s
5200 Mowry Avenue
Fremont, CA 94538
ADVANCED SEMINAR March 2007
Lafayette Park Hotel & Spa
3287 Mount Diablo Boulevard Sun Mon Tue Wed Thu Fri Sat
Lafayette, CA 94549 1 Willow Park 2 3
Crowne Plaza Cabana Restaurant
4290 El Camino Real
Palo Alto, CA 94306 4 5 6 7 8 Hilton 9 10
Concord
Hotel Sofitel
223 Twin Dolphin Drive
Redwood City, CA 94065 11 12 13 14 15 16 17
Lafayette Park
Silver Creek Valley Country
Club 18 19 20 21 22 23 24
5460 Country Club Parkway
HS Lordships
San Jose, CA 95138

Hotel Valencia Santana Row 25 26 27 28 29 30 31

355 Santana Row Hotel Valencia
San Jose, CA 95128

Dominic’s at Poplar Creek

1700 Coyote Point Drive
San Mateo, CA 94401
ADVANCED SEMINAR April 2007
The Plumed Horse Sun Mon Tue Wed Thu Fri Sat
14555 Big Basin Way
Saratoga, CA 95070 1 2 3 4 5 6 7

Marriot San Ramon

2600 Bishop Drive
San Ramon, CA 94583 8 9 10 Marriot 11 12 13 14
San Mateo
United Irish Cultural Center
2700-45th Avenue
San Francisco, CA 94118 15 16 17 Presidio 18 19 20 21
San Francisco
Presidio Golf Club
#8 Presidio Terrace
San Francisco, CA 94118 22 23 24 Marriot 25 26 27 28
San Ramon Crowne Plaza Claremont
Marriot San Mateo
1770 South Amphlett Boulevard |
San Mateo, CA 94402 29 30
 Investment Property Watch 111 Anza Blvd, Suite 330
Burlingame, CA 94010
3/2/2007 Tel: (800) 892-1650
These properties are ideal for a 1031 Exchange or a Direct Investment as a Tenant in Common
(TIC) or as a Limited Liability Company (LLC) for non-1031 exchanges. They appeal to investors Fax: (650) 696-1653
who want passive management, tax-sheltered cash flow and more total return potential.
Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Apartments
Cottonwood Capital 6-12 months $113.75 6.5% $271,350
Cottonwood Apartments 10 yrs 215,776 6.65% 75%
Salt Lake City, UT $25,045,000 $751,350 6.8-10.7% $9,045,000
MAJOR TENANTS: Apartment complex
NOTES: Class B property in fully developed neighborhood. Moderate population growth expected through 2011. Low new
construction currently provides for less concessions and easier rent growth.
Cottonwood Capital 12 months $69.20 7% $177,000
Watersong Apartments 10 years 179,585 7.25% 73%
Houston, TX $14,450,000 fully loaded $432,000 8-10% $215,000
MAJOR TENANTS: Middle income singles, couples w/o children
NOTES: Currently mismanaged. New management, $417,000 of improvements in year 1. Conservative 15% vacancy
projections through year 10. Houston average 90% occupancy. Area of property 95% developed, (barrier to entry).
Eliason 6-12 months $69 7% $435,750
The Falls at Highpoint 10 years 96% 7.26% 70%
Dallas, TX $40,525,000 $1,215,750 10-12% $14,525,000
MAJOR TENANTS: Multi Family apartments.
NOTES: Property is being purchased from institution which purchased the property 6 years ago for the same price they are
selling today. Institution put several million $$ in upgrades. Eliason Master Lease is hard to understand when
reading projections and Eliason should be contacted for clarification.
Triple Net Properties 12 months $102 6.35% $228,000
Springfield Apts 10 years 199,392 7.22% 75%
Durham, NC $21,175,000 $635,250 13.22% $7,260,052
MAJOR TENANTS: Multi family apartments
NOTES: Located approx. 1 mile from Duke University. Solid absorbtion is planned for the next 5-9 years according to REIS.
Moderate rent growth. Property had $1.6 million in upgrades in 2004-2005.
Triple Net Properties 12 months $98.38 6.24% $342,000
Vineyard Springs 10 years 317,455 7.31% 75%
San Antonio, TX $33,225,000 $996,750 8% - 13% $5,310,120
MAJOR TENANTS: Apartment complex
NOTES: Built in 2001, Class A. Solid occupancy. San Antonio market has consistently had positive absorbtion for the past
few years. Outlook is continuing to show steady support for multi family.
US Advisor 6-12 months $139.22 5.91% $100,000
Broadstone, DST 10 years 93% 6.17% 68%
Dallas, TX $48,153,000 $269,719 8.5% - 12% $17,853,000
MAJOR TENANTS: Upper middle class retiring baby boomers and young professional echo boomers.
NOTES: Low cap rate at exit. Very modest annual rent growth projected, (could be higher in actual market). Brand new
2006 construction. Interest only debt. DST.

Land
DBSI 3 years maximum $1.35 6.5% $150,000
Thorton Rd 3 years 0 N/A 0
Casa Grande, AZ. $3,548,898 $150,000 9.5-11% $1,272,677
MAJOR TENANTS: Raw Land, no tenants. Located 1/4 mi south of the I-8 interchange the property is just southwest of Casa Grande,
50 miles southeast of Phoenix. Considered to be in the path of growth and is listed in Casa Grande's future
renovation.
NOTES: DBSI has option to purchase in 24 months with 1, 12 month extension for $1.45 psf, ($3.86MM). DBSI will pay an
option fee annually to the investors of $230,000+ through the option period and extension.

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 1 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.
 Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Medical
DBSI Dec 2019 $222.54 6.5% $150,000
Mercy Medical Center 8-13 yrs 26,901 6.5% 72%
Des Moines, IA $5,986,500 $401,509 8.5-11% projec $2,236,500
MAJOR TENANTS: Mercy Hospital. Lease is triple net until 2019. Several sub tenants all affiliates of Mercy. $317MM net worth with
$39 million net profit 06.
NOTES:

First Guardian Group 2013, 2018 201.56 8% $200,000

Midland Rehab Hospital 7 years 64,000 8.25% 72%
Midland, TX $12,900,000 $560,884 8.15% - 10.2% $0
MAJOR TENANTS: RehabCare Group of Texas, LLC for 7 years absolute triple net lease. Memorial Hospital original lease 12 years,
NNN. Guaranteed by RehabCare Group, Inc., NYSE listed.
NOTES: Memorial Hospital is a county tax supported hospital and has guaranteed the original lease on a triple net basis.
Triple Net Properties 2010 $151 7% $471,300
Durham Office Portfolio 6 years 273,565 7.8% 76%
Durham, NC $41,700,000 $1,251,300 8.5-11.4% $2,145,671
MAJOR TENANTS: Duke University Medical or affiliates lease 65% of the 5 buildings. Leases expire 2009/2010. Duke has been in the
buildings almost since construction in 1984-1985.
NOTES: Duke willl most likely continue to negotiate below market rents. Close proximity to Regional Medical Center, (1 mile)
and Duke University, (7 miles). Interest only debt, above average leverage.

Medical practices
DBSI 2008 - 2016 $278 fully loaded 6.5% Master L $215,706
Riverstone Medical 10 years 55,317 6.76% 68%
Houston, TX $16,714,000 fully loaded $491,588 7.3% - 10.8% $0
MAJOR TENANTS: 12 tenants / 92% leased with Seller providing 100% lease guarantee for first two years. Major tenant is First Street
Surgical Center, outpatient surgery unit. 23% of the property through August, 2012.
NOTES: DBSI Master Lease. Cash flow does not currently meet master lease payment. DBSI anticipates moving tenants to
NNN leases and average 4.5% vacancy.

Multi-Family
Meridian Mostly 12 month leases w $95.98 6.0% $390,210
Carmel Center 10 years 350,072 6.4% 70.3%
Indianapolis, IN $33,600,000 $1,083,081 at 6.7% cap - 9 $1,263,018
MAJOR TENANTS: Currently 95% occupied.
NOTES:

Meridian Mostly 12 month leases w $74.53 5.75% $299,070

Conner Farms 10 years 327,396 6.5% 75.0%
Indianapolis, IN $24,400,000 $826,509 at 6.8% cap rat $3,525,609
MAJOR TENANTS: 95% occupied.
NOTES:

Meridian Mostly 12 month leases w $75.18 6.1% $407,920

Spring Mill 10 years 446,940 6.4% 78.3%
Indianapolis, IN $33,600,000 $1,179,364 at 6.0% cap rat $8,431,409
MAJOR TENANTS: Currently 95% occupied.
NOTES:

Sagebrush Realty Holdings various $104,639/unit (spon 6.1% $180,453

Stonegate Apartments 10 years 167 units 6.4% 74%
Stockbridge, GA (Atlanta) $17,474,742 $551,882 $0
MAJOR TENANTS: Apartment complex
NOTES:

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 2 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.
 Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Multi-Family
Triple Net Properties $56.59 6.3% $411,000
Mt. Moriah Apartments 10 years 538,972 9.49% 75%
Memphis, TN $30,500,000 $1,097,250 11.11-12.77% $0
MAJOR TENANTS: Apartments are 90% occupied.
NOTES:

Multiple tenants, office

DBSI 2009-2013 $141.70 6.5% Master L $533,662
North Park Office Center 10 years 220,526 6.76% 64%
Omaha, NE $31,250,000 $1,120,427 10%-8% $208,274
MAJOR TENANTS: Convergys, (NYSE: CVG), Cable Services Group, (NASDAQ: CSCS), EMC Insurance, Travelex, Lumetra
NOTES: Two properties, two id's. CSCS leases 100% of building 3. The other four tenants lease building 6. CVG leases
50% of the building, the other three tenants lease between 16 - 18% each. Rents are average for the property's
area. $2.4MM in reserves for TI / LC's.

Multi-Tenant Office
BIG 2007-2014 $151 7.1% $472,968
One American Place 10 years 99% 7.36% 73%
Baton Rouge, LA. $48,832,841 for 97% $1,507,968 8-16.7% $7,000,000
MAJOR TENANTS: 70% leased to five tenants. Four are large area law firms with leases from 2008-2014. The other major tenant is
Hancock Bank w/$2.2 billion in assets and leases from 2008-2010.
NOTES: PPM projections appear somewhat lofty, however using a 7% vacancy, 2.5% annual rent growth, 45% op exp., the
project still provides good cash flow and reasonable exit cap rate.
Direct Invest various $135 6.5% $189,300
1 Clarks Hill 6 years 97,883 7.5% 72%
Framingham, MA (Boston) $13,150,000 $466,000 Not available $6,500,000
MAJOR TENANTS: Advocates, Inc., Kadence, Inc., Lifeline (subsidiary of Philips Electronics), StatSure Diagnostic Systems, and Tenet
MetroWest Healthcare System
NOTES:

Exchange Point Properties 2006-2014 $92.42 7.1% $379,760

Barrett Woods Corporate Center 10 years 216,403 7.6% 78.8%
Ballwin, Missouri (Saint Louis) $20,000,000 $1,019,760 $926,449
MAJOR TENANTS: Currently 83.3% leased to 31 tenants. The four largest tenants (28.5%) are Heidman & Associates, Moloney
Securities Co., Inc., Marston & Marston, Inc. and Healthsouth Holdings, Inc.
NOTES: The property consists of two 2-story and two 3-story class B office buildings built in 1982 and 1983 respectively. It is
located in Ballwin, Missouri, a suburb of Saint Louis, and is in a mature suburban office market with good access.
Griffin Capital various $195 6.75% $760,000
Westwood 10 years 296,486 7.00% 78%
Lisle, IL (Chicago) $57,750,000 $2,075,385 between 10.26 $10,500,000
MAJOR TENANTS: GSA/US Nuclear Regulatory Commission, SXC Helath Solutions, Fireman's Fund Insurance Company, Multiple
Listing Service of Northern Illinois, De La Rue Cash Systems
NOTES:

Meridian various $135 7.2% $450,000

Springs Office Portfolio 10 years 321,347 7.6% 77%
Louisville, KY $43,400,000 $1,429,540 8.71%-10.98% $0
MAJOR TENANTS: 27 tenants in the medical office building and 11 tenants in the office building.
NOTES: This is two non-contiguous office buildings and will require two identifications.

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 3 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.
 Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Multi-Tenant Office
Moody National Realty various $140 7% $285,570
Weatherford Plaza 7 years 216,215 7.5% 80%
Houston, TX $30,250,000 (sponsor's c $1,017,570 estimated 5.3- $3,000,000
MAJOR TENANTS: Weatherford US (39%), Kraton Polymers US (14%), and FMC Technologies, Inc. (18%)
NOTES: This deal is highly leveraged at 80% based on the sponsor's cost of the property and is interest only for the entire
loan term of 7 years. These factors create additional risk.
Principle Equity Management $138.06 7% $506,220
121 Airport Centre 10 years 251,168 7.58% 77.5%
Bedford, TX (Dallas) $34,677,500 $1,313,220 $11,889,252
MAJOR TENANTS: Tenants are: Citifinancial, Wells Fargo Home Mortgage, State Farm Mutual Automobile Insurance Company, Lanier
Worldwide, and Warrantech
NOTES:

Triple Net Properties various $292 6.75% $483,450

North Scottsdale Medical 10 years 154,136 8% 81%
Scottsdale, AZ $45,000,000 $1,578,450 10.4-12.4% $16,115,000
MAJOR TENANTS: Scottsdale Medical Imaging Ltd., 20% of square footage
Scottsdale Healthcare Realty Corp., 10% of square footage
NOTES: The property consists of three medical office buildings, one of which is noncontiguous to the other two. This will
require two identifications. The debt is interest only for the entire term of ten years.
Wells Real Estate 2008 - 2014 $164 psf 6.23% $625,000
Westway One 10 years 97% 5.29%, conser 23% on appraised valu
Dallas / Fort Worth $27.167MM, fully loaded $796,000 N/A $15,876,689
MAJOR TENANTS: Lennar Homes, 38%; University of Phoenix, 29%; Ind
NOTES: Located in Las Colinas MSA of Dallas / Fort Worth. Built in 2001, three story multi tenant office. IndyMac Bank
lease is not guaranteed by Indy Mac parent. Lennar Homes and University of Phoenix are guaranteed by both
parent companies.

Multi-Tenant Office, Retail

Core Realty 2006 - 2014 $159 before load an 7% projected $960,000
Brookfield Lakes 10 years 440,952 of 506,842. 7.2% projected 74% using loan and ap
Millwaukee, WI $80,587,900 $2,776,890 10.7% using S $2,585,640
MAJOR TENANTS: AT&T, Hydrite Chemical, Country Wide, ADT, UBS, JC Penny, Fiserv and others. 33% of the leases roll over within
the next two years.
NOTES: 11 buildings in a large office park. 200% rule for identification.

Multi-Tenant Retail
Silver Oak Real Estate 2016, triple net leases $171.74 6.4% $250,000
Meadow Woods 10 years 46,000 6.1% unknown
Sioux Falls, SD $7,900,000 $592,323 unknown $1,800,000
MAJOR TENANTS: 61% leased to Linens 'N Things and 39% leased to Cost Plus, Inc
NOTES:

TIC Capital various $292 7% $100,000

Tyler Plaza 10 years 24,002 7%
Yulee, FL $7,013,424 $292,700 estimated 9.53 $1,375,000
MAJOR TENANTS: Nine retail tenants
NOTES:

US Advisor $273.19 6.5% $682,687

Grande Promenade 10 years 203,152 6.8% 61%
Charlotte, NC $55,500,000 $1,742,125 10.93% averag $10,000,000
MAJOR TENANTS: The property is currently 88% occupied by 43 tenants.
NOTES:

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 4 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.
 Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Office
DBSI 2008-2012 $173.64 6.5% Master L $386,809
Northpark Office III 10 years 167,402 6.83% 55% based on fullly loa
Omaha, NE $29,066,000 $854,915 7-11% $5,865,935
MAJOR TENANTS: Omni Hotels, CSG Systems, GMAC, Employers Mutual Insurance, World Insurance, KVI Associates
NOTES:

Geneva 2007-2013 $110 7% $350,000

IMS 7-10 years 292,455 7.3% 63%
Minneapolis, MN $30.3 million (92%) $845,956 9.7-12.3% $3,500,000
MAJOR TENANTS: No major tenants. 130+ home designers, architects, general contractors, etc.
NOTES: Historical occupancy has been 96.3% over the last ten years. Geneva has received unsolicited offers to sell the
property at well above the purchase price. Using the NOI from 2006 and a cap rate of 6.5% the value of the
property would be $35.7MM.
Griffin Capital 2022 $507 fully loaded 6.75% $400,000
DPR Construction 10 yrs 53,000 8% 65%
Redwood City, CA $26,880,000 fully loaded $945,055 9-12% $6,000,000
MAJOR TENANTS: DPR Construction, Inc. $1.5 billion revenue annually, general contracting firm. Built property to suit. 15 year triple
net lease with annual increases of 2.5%. Tenant responsible for all expenses.
NOTES:

Oil & Gas

Noble Royalties N/A N/A 6.5% $100,000
Castle Properties ??? N/A unknown 0%
multiple states $16,710,252 for 100% $100,000 target 11% $3,500,000
MAJOR TENANTS: No tenants. Royalty interests in 2,000 oil and gas wells in 13 states. 60% of current production comes from the top
40 wells.
NOTES: Many undeveloped sites and sites drilled but not yet producing which will provide additional revenue sources in the
future. Yield is heavily weighted to amount of production and commodity price of natural gas and oil. 73% of
production comes from natural gas.

Raw Land
DBSI $5.00 6.5% $150,000
Ridgeview Drive 3 years 0 0 0%
Allen, TX $2,689,751 $150,000 9-15% $218,172
MAJOR TENANTS: None, raw land for development
NOTES: Option fee payable to investors for Option to purchase by DBSI for up to three years at $174,834 annually. DBSI
Option is for $5.43 p/sf.

Restauarant
Griffin Capital June 1, 2023 $450 6.5% $200,000
ARG Black Angus 7 - 10 years 100% 6.75% 67.5%
California $39.9MM fully loaded $744,186 12.95% $7,800,000
MAJOR TENANTS: American Resturant Group is sole owner of the 9 Black Angus resturants in the offering. ARG will master lease the
properties triple net from the investors. Long term lease with rent bumps. Significant net worth of ARG and
profitable operation.
NOTES:

Retail
Cole 2007-2027 $110.50 6% $663,000
Centerpointe at Woodbridge 10 years 441,309 6.7% 64%
Chicago, IL. $51,500,000 $1,545,390 Not listed $18,950,750
MAJOR TENANTS: Sam's Club, Home Depot, JC Penny, Office Max, Sports Authority make up 61% of the property. A resturant chain
adds another 18%.
NOTES: If vacancy or expenses increase to 7% and 35% respectively the cash flow will be affected to the 4% range for the
first 4-5 years. Using those assumptions and 2.5% annual rent growth the breakeven exit cap is 6.9%.

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 5 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.
 Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Retail
DBSI 2010 - 2020 $263.00 fully loaded 7.5% $164,538
Shops at East West 10 years 30,409 7.38% 60%
Smyrna, GA. $8,418,000 $323,768 6.5% - 12% $255,865
MAJOR TENANTS: World's Gym at 68.7% of the property through 2020 with 3% or CPI increases annually. Currently has 2,000
members at this facility.
NOTES: This property will not be Master Leased by DBSI. Majority leased by one tenant. Other tenants have minor spaces.
SRS Investments 2007-2011 $189.25 fully loaded 7% $300,000
Home Design Center 10 years 95.6% 7.7% 61%
Kansas City, MO $7,440,000 $668,354 9.3 - 11.6% $1,600,000
MAJOR TENANTS: Complete Home Concepts, Inc. Home designer remodel, has 9,400 sf. Just signed new 36 month for $16 p/sf
gross. Factory Direct Appliance has 8,277 sf.until August, 2009. Sells name brand appliances.
NOTES: Upscale single tenant homes and multi family neighborhood with close proximity to major big box retail and malls.
Conservative underwriting by Sponsor. Market rents currently $16 psf, property averages about $13.75 psf.
TSG Real Estate August, 2016 $37.71 fully loaded 6.1% $320,000
Carmax Greenville 10 years 646,120 (includes la 6.12% 69%
Greenville, SC $24,365,835 $843,762 7-14% $9,240,835
MAJOR TENANTS: Carmax. NYSE: KMX, triple net lease. Almost $5 billion in annual sales. Close to $100M net income.
NOTES:

TSG Real Estate 2016-2018 $365.27 6.0% $400,000

Tennessee Portfolio 10 years 104,860 6.06% 68.6%
Memphis, Nashville, TN $38,301,935 $1,138,406 unknown $8,324,710
MAJOR TENANTS: CarMax is the only tenant.
NOTES:

Single Tenant
Direct Invest 2012-2013 $165.40 6.75% $366,600
2,4 & 6 Omni Way 8 years 215,477 7% 72%
Chelmsford, MA. $35,640,000 $1,037,600 10.4% $9,773,400
MAJOR TENANTS: Kronos, Inc. NASDAQ KRON. 100% leased
NOTES: Kronos develops software and hardware for solutions regarding payroll, HR, management, etc. Many Fortune 500
companies as clients. 2005 revenue was $575 million. Net income was $41 million.

Single Tenant Office

Wells Real Estate 2013 $198.73 5% $500,000
410 Warrenville Rd 7-10 years 60,434 5.4% 0%
Chicago, IL $12,010,000 $500,000 unknown $5,332,072
MAJOR TENANTS: 100% leased to IKON Office Solutions, Inc.
NOTES:

Single Tenant Retail

RM Crowe 2019 $203.51 7% $250,000
RMC Autosonic BMWN 7 years 105,786 7.0% 68.0%
Houston, TX $21,529,000 $623,990 10.2% $6,000,000
MAJOR TENANTS: Sonic Clear Lake N, L.P. and Sonic Momentum B, L. P., two of Sonic Automotive, Inc.'s dealership franchises.
NOTES:

TSG Real Estate triple net leased on long-t $447 6.1% $350,000
Carmax Florida 10 years 63,996 6.12% 73% based on sponsor'
Clearwater & Orlando $28,599,750 $1,060,033 unknown $7,862,343
MAJOR TENANTS: Carmax is the only tenant.
NOTES: This is will require two identifications.

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 6 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.
 Projected
SPONSOR Lease Duration Price Per Sq Ft 1st Yr Yield Min (Est.) EquityTIC Inv
Property Estimated Hold Total Sq Ft Occupancy 5 Yr Avg CF Loan to Value
Location Approx. Acquisition Price Total Min Investment Total Return Equity Remaining

Single Tenant Retail

TSG Real Estate 2035, unless earlier termi $634.37 6.6% $250,000
Texas Portfolio 10 years 28,184 6.06% 70.9%
Houston & Plano, TX $17,878,947 $722,061 unknown $3,208,363
MAJOR TENANTS: CarMax is the only tenant.
NOTES:

Storage Units
US Advisor $247 5.5% $100,000
San Francisco Self Storage 10 years 78,000 6% 55%
San Francisco, CA $19,250,000 $188,830 $1,500,000
MAJOR TENANTS: Self Storage
NOTES:

Disclaimer The properties shown are subject to availability and change. The property summaries and analysis date is provided for
informational purposes only and does not constitute an offer to buy or sell any security. Such offers can only be made through
Page 7 of 7
a private placement memorandum or prospectus. There are significant risks associated with 1031 Tenant in Common 3/2/2007
investments. Please consult with your tax or legal professional if considering a 1031 investment
Securities offered through Berthel Fisher Company Financial Services, Inc. Member NASD/SIPC.
Net Equity Associates is an independent entity and not associated with Berthel Fisher and Company Financial Services, Inc.