Flamingo Courtyard3055, 3075 & 3085 E Flamingo RdLas Vegas NV 89121Remax ExcellencePhilip Marcus(702) 526-6666 cellphilipmarcus@hotmail.com

Offering Memorandum

INVESTMENT OVERVIEW 3

PROPERTY OVERVIEW 6

MARKET OVERVIEW 9

RENT ROLL 10

FINANCIAL OVERVIEW 11

LEASE ABSTRACT 12

TABLE OF CONTENTS

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April 2015

LIMITING CONDITIONSThe material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of the property described herein (the “Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of the owner (the “Owner”) or Ten-X. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. The material in this Offering Memorandum has been compiled by Ten-X from sources considered reliable and has not been independently verified by Ten-X. Summaries contained herein of any legal 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. Qualified prospective purchasers should conduct appropriate due diligence and review all legal documents, which are available from Ten-X, and make their own conclusions. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor Ten-X, nor any of their respective officers, agents or employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum, or any additional verbal or written information provided. This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property. Each prospective purchaser is to rely solely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. No liability is assumed by and none shall be asserted against the Owner or Ten-X on account of any statements, descriptions or information, or projections or estimates, contained herein or omitted here from. The Owner reserves the right, at its sole discretion, to reject any or all offers to acquire the Property and/or to terminate discussions with any prospective purchaser, at any time, with or without notice or cause. The Owner expressly reserves the right to sell the Property on any basis or using any criteria. In addition, the Owner expressly reserves the right, at its sole discretion, to withdraw, supplement, change, amend, bifurcate, or reduce the Offering Memorandum and/or the Property.

3

INVESTMENT DETAILS

Property Address 3055, 3075 & 3085 East Flamingo Road

Number of Units/Suites 8

Property Type/Subtype Retail / Neighborhood Center

Assessor's Parcel Number 162-24-501-002

Year Built 1985 Lot Size (Acres) 4.40Gross Square Footage 48,500 Occupancy 100.00%Net Rentable Area 48,500 Occupancy As of Date 10/1/2018Number of Buildings 3 Most Recent NOI* $669,551Number of Stories 1 Year One As-Is NOI** $680,894

*NAV: Not Available NAP: Not Applicable

FLAMINGO COURTYARD

INVESTMENT OVERVIEW

The opportunity is a multi-tenant, retail neighborhood center located in Las Vegas, Nevada. The Property islocated at 3055, 3075 & 3085 East Flamingo Road, minutes from Highway 593 and Interstate 11. Built in 1985, thethree buildings total 48,500 sq. ft. and are currently 100.00% occupied by eight tenants. The anchor tenant isUniversal Fitness Club, (50.45% of NRA; 47.67% of total revenue) whose lease expires in February 2019. Access toHealthcare, Inc., the second largest tenant, leases 13.30% of the net rentable area with a lease expiration date of3/31/2023. The associated parcel number for this Property is 162-24-501-002, and is zoned C-2, GeneralCommercial. The average daily traffic count at the intersection of East Flamingo Road and Pecos Road, locatedapproximately 0.34 miles away, averages over 44,000 vehicles per day.

The Property is conveniently located on East Flamingo Road (Highway 592), which gives service to Interstate 11,1.5 miles to the east, and direct service to downtown Las Vegas, 4.0 miles to the west. It also has access toInterstate 15, approximately 4.5 miles to the west. Interstate 11 provides direct access from Las Vegas, Nevada toPhoenix, Arizona (approximately 300 miles). Interstate 15 provides direct access to downtown Las Vegas, withservice to a heavy casino and entertainment district containing resorts and attractions such as Caesar’s Palace,Planet Hollywood Resort & Casino, The Mirage, Bellagio Hotel and Casino, MGM Grand, and others.

McCarran International Airport is three miles southwest of the Property. Immediate surrounding land uses consistprimarily of commercial and retail to the east and west along East Flamingo Road, with residential uses further tothe north and south. The area’s demographics include an estimated 2018 population of 192,081 people with anaverage household income of $50,920 within a 3-mile radius of the Property.

The most recent NOI for the period ending December 31, 2017 was $669,551 with an estimated Year One As-Is of$680,894.

INVESTMENTOVERVIEW

*Most Recent NOI: Reflects the most recent operating performance for the period ending December 31, 2017.**Year One As-Is NOI: Reflects current in-place rents for the next 12 months, 2017 reimbursements, 2017 taxes paid, and 2017 actual expenses.

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AREA MAPS

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FLAMINGO COURTYARDINVESTMENT OVERVIEW

Local

Regional

5

AERIAL PHOTOS

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FLAMINGO COURTYARDINVESTMENT OVERVIEW

6

PROPERTY DESCRIPTION

PROPERTY SPECIFICATIONS

Property Address 3055, 3075 & 3085 East Flamingo Road

Building Class C

City, ST ZIP Las Vegas, Nevada 89121 Gross Square Footage 48,500

County Clark Net Rentable Area 48,500Property Type/Subtype Retail / Neighborhood

CenterNumber of Bldgs. 3

Ownership Type Fee Simple Number of Stories 1Number of Units/Suites 8

SITE DESCRIPTION

Lot Size (Acres) 4.40 AccessParking Type SurfaceParking Spaces 240 Traffic Counts (VPD)Parking Ratio 4.95Ground Lease No Landscaping Trees and shrubsParking Surface Asphalt Flood Zone XExterior Lighting Building and pole mounted Zoning C-2 (General Commercial)Elevator NAP Assessor's Parcel

Number*NAV: Not Available NAP: Not Applicable

FLAMINGO COURTYARD

162-24-501-002

Curb cuts off E Flamingo Rd and Hildebrand Ln

44,500 (E Flamingo Rd / S Pecos Rd)

PROPERTYOVERVIEW

3055, 3075 & 3085 East Flamingo Road (the “Property”) is a 48,500 gross sq. ft., neighborhood shopping centerlocated in Las Vegas, Nevada. Constructed in 1985, the Property is currently 100.00% occupied by eight tenants. Allof the tenants have been in the Property between one and five years. One tenant, Universal Fitness Club, has beenat the Property since 2014, with two other tenants, Vasquez & Associates and Abundant Living Word Ministries,occupying space since 2015 and have expiration dates in 2020. The other tenants include Access to Health Care,Putter’s Bar & Grill, In House Home Health, Future Builders, and Fama Deme.

The Property is situated with road frontage on and access from Flamingo Road (Highway 592). Access to Interstate11 is 1.5 miles to the east and Interstate 15 is 4.5 miles to the west. The Property is less than one mile from DesertSprings Hospital Medical Center and Kindred Hospital Las Vegas – Flamingo. Immediate surrounding land usesconsist primarily of commercial and retail to the east and west along East Flamingo Road, with residential uses furtherto the north and south. McCarran International Airport is approximately three miles to the southwest of the Property.The new Raider’s Stadium, located at 3333 Al Davis Way and scheduled to be completed in 2020, is 6.1 miles to thesouthwest of the Property. There are eight bus stops within a half mile radius of the Property.

The Property is within easy access to many shops, restaurants, and businesses along E Flamingo Road. Nearby diningoptions include Panda Express, Sonic Drive-In, American Gypsy Café, Subway, La Parilla, Carl’s Jr., Dunkin’ Donuts,and Little Caesar’s Pizza. Other area amenities include Walgreens, Planet Fitness, CJ Auto Repair, Vegas Audio &Customs, Vegas Flowers, Flamingo Pet Clinic, and Rochelle Pines Senior Apartments, all within approximately onemile of the Property. The only hotel in the immediate area is Siegel Select – Flamingo. The Las Vegas Strip is fourmiles to the west which includes casinos and resorts including the Tropicana Las Vegas, MGM Grand, Luxor Hotel &Casino, The Cosmopolitan of Las Vegas and Paris Las Vegas.

7

PROPERTY PHOTOS

FLAMINGO COURTYARDPROPERTYOVERVIEW

8

PROPERTY PHOTOS

FLAMINGO COURTYARDPROPERTYOVERVIEW

9

MARKET HIGHLIGHTS

MARKET DETAILS

DEMOGRAPHICS

*NAV: Not Available NAP: Not Applicable

FLAMINGO COURTYARDMARKET

OVERVIEW

• The Property is located in the Las Vegas retail market and the Central East Las Vegas retail submarket cluster.• Vacancy rates in the retail market ranged from 6.45% - 6.95 %as of 2Q 2018, which have decreased since the

same period one year earlier.• Asking rents in the market ranged from $17.30 to $17.80 as of 2Q 2018, up from $16.60 to $17.10 in the previous

quarter.

Market:3055, 3075 & 3085 East Flamingo Road is located in the Las Vegas retail market and the Central East Las Vegas retailsubmarket cluster. The Las Vegas retail market reported vacancy rates ranging from 6.45% - 6.95% as of 2Q 2018, the sameas the previous quarter. During the same period one year earlier, vacancy rates ranged from 7.55% to 8.05%. The totalretail inventory consisted of 116.00 - 116.50 million sq. ft. across 7,250 - 7,750 buildings. Asking rents ranged from $17.30 -$17.80 per sq. ft. for 2Q 2018, up from the $16.60 to $17.10 the previous quarter, and down from the $17.65 to $18.05 per sq.ft. during the same period one year earlier. Net absorption ranged from 62,000 to 92,000 sq. ft. during 2Q 2018. There were40,000 to 70,000 sq. ft. delivered to the market during 2Q 2018 with 780,000 to 830,000 sq. ft. of new construction reportedat the end of the quarter.

Submarket:3055, 3075 & 3085 East Flamingo Road is located in the Central East Las Vegas retail submarket cluster. Vacancy ratesranged from 9.45% - 9.95% as of 2Q 2018, with asking rents ranging from $14.30 to $14.80 per sq. ft. The inventory in thesubmarket consisted of 15.60 to 16.10 million sq. ft. across 950 to 1150 buildings. There was negative 80,000 to negative50,000 sq. ft. net absorption at the end of 2Q 2018. There were 3,000 to 13,000 sq. ft. delivered to the market during 2Q2018 with 5,000 to 15,000 sq. ft. of new construction reported at the end of the quarter.

Population (2018 Est.) 16,306 192,081 469,869

2018 - 2023 Forecasted Change (%) 3.29% 4.53% 4.98%

Average Household Income $61,541 $50,920 $56,411

Median Household Income $43,005 $36,187 $39,644

# of Persons per Household 2.18 2.44 2.60

Median Age of Population/Distribution by Age 47.1 39.2 37.5

Percent of owned residences 53.54% 39.98% 43.15%Source: Claritas 2018

Demographics 1 Mile 3 Mile 5 Mile

Las VegasRetail Market

Central East Las Vegas Retail Submarket Cluster

Existing Inventory (Sq. Ft.) 116.00 MM - 116.50 MM 15.60 MM - 16.10 MMVacancy 6.45% - 6.95% 9.45% - 9.95%Market Rent $17.30 - $17.80 $14.30 - $14.80Absorption 62,000 - 92,000 (80,000) - (50,000)Delivered 40,000 - 70,000 3,000 - 13,000Under (New) Construction 780,000 - 830,000 5,000 - 15,000

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RENT ROLL

ROLLOVER SCHEDULE

FLAMINGO COURTYARD

RENT ROLL

MTM 0 0 0.0% 0 0.0% $0 $0.00

2018 0 0 0.0% 0 0.0% $0 $0.00

2019 1 24,470 50.5% 24,470 50.5% $311,523 $12.73

2020 2 6,434 13.3% 30,904 63.7% $71,265 $11.08

Thereafter 5 17,596 36.3% 48,500 100.0% $270,744 $15.39

Vacant 0 0 0.0% 48,500 100.0% $0 $0.00

Totals / Wtd. Avg. 8 48,500 100% 48,500 100.00% $653,532 $13.47

No. of Tenants Expiring

YearExpiring

Sq. Ft.% of Total

Sq. Ft.

Cumulative of Total

Sq. Ft.

Cumulative % of Total Sq.

Ft.

Annual Base Rent Per Sq.

Ft.Annual Base Rent

Rent Roll as of October 1, 2018.

100A-114 Universal Fitness Club Retail 24,470 50.45% 3/1/2014 2/28/2019 $311,523 $12.73 47.67%

116A-118 Innovative Health and Wellness Retail 2,355 4.86% 9/1/2016 8/31/2021 $26,535 $11.27 4.06%

3055 Putter's Bar & Grill Retail 3,565 7.35% 9/26/2016 9/26/2026 $87,699 $24.60 13.42%

3075-100 Abundant Living Word Ministries Retail 3,075 6.34% 7/15/2015 7/14/2020 $36,309 $11.81 5.56%

3075-116 In House Home Health Retail 3,342 6.89% 2/1/2016 1/31/2021 $34,037 $10.18 5.21%

3075-120 Vasquez & Associates Retail 3,359 6.93% 6/1/2015 5/31/2020 $34,956 $10.41 5.35%

3085AB Access to Healthcare, Inc. Retail 6,449 13.30% 4/1/2018 3/31/2023 $96,911 $15.03 14.83%

3085C Fama Deme Retail 1,885 3.89% 8/1/2017 7/31/2022 $25,562 $13.56 3.91%

48,500 100.00% $653,532 $13.47 100.00%

0 0.00% $0 $0.00 0.00%

48,500 100.00% $653,532 $13.47 100.00%

Unit/Suite No.

Tenant Name Tenant Type Sq. Ft.

Total Vacant

Total

% of Total Sq.

Ft.

Lease Start

Lease End Annual RentAnnual

Rent per Sq. Ft.

% of Total Revenue

Total Leased

11

CASH FLOW SUMMARY

Comments / Assumptions

FLAMINGO COURTYARDFINANCIAL OVERVIEW

Revenues:• In-Place Rents: Based on the in-place rents per the October 1, 2018 rent roll for the next twelve months.• Reimbursements: Based on 2017 actual.• Other Income: Based on 2017 actual. Other Income includes late fees and other income.

Expenses:• Real Estate Taxes: Based on 2017 tax bills.• Property Insurance: Based on 2017 actual.• Utilities: Based on 2017 actual.• Repairs and Maintenance: Based on 2017 actual.• Management Fee: Typical management fee is 4% of EGI for buildings with five (5) or more tenants.

Management fee would be roughly $29,300.• General & Admin: Based on 2017 actual.• Other Expenses: Based on 2017 actual. Other Expenses include miscellaneous expense.• Excluded expenses include: Interest expense, amortization expense, and depreciation expense.

Capital Items:• Leasing Commissions: Based on 2017 actual. Typical industry standard is 4% for new and 2% for renewals,

assuming 65% renewal probability. Leasing commissions would be roughly $14,948.• Tenant Improvements: Typical industry standard is 1/3 of in-place rents for new tenants and 1/2 of that for

renewals. Tenant improvements would be roughly $12,457.• Capital Reserve: Typical industry standard is $0.20/sq. ft. Capital reserves would be roughly $9,700.

*Year One As-Is: Reflects current in-place rents for the next 12 months, 2017 reimbursements, 2017

As Of: 12/31/2017 As Of: 8/31/2018

TotalsPer

Sq. Ft.% of EGI Totals

Per Sq. Ft.

% of EGI TotalsPer

Sq. Ft.% of EGI

INCOME

In-Place Rent $637,893 $0.00 80.0% $410,445 $8.46 83.1% $653,532 $13.47 80.4%

Reimbursements $135,354 $0.00 17.0% $82,518 $1.70 16.7% $135,354 $2.79 16.7%

Other Income $23,865 $0.00 3.0% $1,165 $0.02 0.2% $23,865 $0.49 2.9%

Effective Gross Income $797,113 $0.00 100.0% $494,128 $10.19 100.0% $812,751 $16.76 100.0%

EXPENSE

Real Estate Taxes $20,211 $0.00 2.5% $300 $0.01 0.1% $20,211 $0.42 2.5%

Property Insurance $9,616 $0.00 1.2% $6,321 $0.13 1.3% $9,616 $0.20 1.2%

Utilities $36,499 $0.00 4.6% $25,993 $0.54 5.3% $36,499 $0.75 4.5%

Repairs & Maintenance $13,464 $0.00 1.7% $28,821 $0.59 5.8% $13,464 $0.28 1.7%

Management Fee $23,352 $0.00 2.9% $0 $0.00 0.0% $32,510 $0.67 4.0%

Payroll & Benefits $0 $0.00 0.0% $1,383 $0.03 0.3% $0 $0.00 0.0%

Marketing $285 $0.00 0.0% $0 $0.00 0.0% $285 $0.01 0.0%

Professional Fees $10,798 $0.00 1.4% $29,352 $0.61 5.9% $10,798 $0.22 1.3%

General & Admin $8,130 $0.00 1.0% $10,751 $0.22 2.2% $8,130 $0.17 1.0%

Other Expenses $343 $0.00 0.0% $0 $0.00 0.0% $343 $0.01 0.0%

Total Operating Expenses $122,698 $0.00 15.4% $102,921 $2.12 20.8% $131,857 $2.72 16.2%

Net Operating Income $674,414 $0.00 84.6% $391,206 $8.07 79.2% $680,894 $14.04 83.8%

Leasing Commissions $4,863 $0.00 0.6% $0 $0.00 0.0% $4,863 $0.10 0.7%

Total Capital Items $4,863 $0.00 0.6% $0 $0.00 0.0% $4,863 $0.10 0.7%

Net Cash Flow $669,551 $0.00 84.0% $391,206 $8.07 79.2% $676,031 $13.94 83.2%

2017 2018 Year One As-Is*

12

LEASE ABSTRACTS

FLAMINGO COURTYARDDUE DILIGENCE

OVERVIEW

These Summaries are to be considered solely as an overview document summarizing certainmaterial economic terms of the leases and necessarily contain abridgements and paraphrasingfrom the leases, which are substantially larger and more detailed. As such, these summaries areintended to be read in conjunction with the leases and not in isolation. Additionally, thesesummaries are not a legal analysis and the leases have not been subjected to any legal review.Legal counsel should be separately consulted for any such review. No representation or warranty ismade as to the completeness of any documents reviewed or the existence or nonexistence of anyother documents that purport to modify, amend, supplement or supercede the documentsreviewed.

T Tenant LY Lease YearLL Landlord FMV Fair Market ValueLCD Lease Commencement Date ROFR Right of First RefusalRR Rent Roll ROFO Right of First OfferPRS Prorated Share NAV Not Available

Key

Space # 100A-114B

Property Flamingo Courtyard

Tenant Universa l Fi tness Club, Flamingo, LLC

Lease Square Footage 24,470

Lease Commencement Date (LCD) 03/01/14

Lease Expiration Date (LED) 02/28/19

Renewal Option(s) T has two 5-yr options w/ at least 90 days ' notice at $293,640.00/yr.

(1/§1.C; 3/§3(a); 23/§30(x))

Lease Annual Rent $293,640.00

Date: Rent Increase/Decrease ($) None

Other Income (e.g. Promo) None

Percentage Rent (% over $) None

Real Estate Taxes No recovery

Insurance No recovery

CAM

Lease s tates that PRS i s 50.35%. Lease s tates that Base Year i s 2014.

Lease s tates that estimated cost to T i s $0.20/s f/mo.

However, Lease does not actua l ly s tate that T pays PRS and Lease i s

s i lent as to Common Area inclus ions or exclus ions .

(1/§1.D-E)

Mgmt/Admin Fees None

Utilities

Common Areas : T pays share of uti l i ties servicing the project.

(22/§30(q))

Premises : T pays for a l l Premises Uti l i ties

(7/§11)

Co-Tenancy (Y/N, if Y, cite) No

Purchase Rights/ROFR/ROFO (Y/N, cite) No

T Right to Terminate None

Comments None

Issues

1. Regarding CAM, Lease s tates that PRS i s 50.35%. Lease s tates that

Base Year i s 2014. Lease s tates that estimated cost to T i s $0.20/s f/mo.

However, Lease does not actua l ly s tate that T pays PRS and Lease i s

s i lent as to Common Area inclus ions or exclus ions .

2. Renewal Option must be exercised by 12/01/18.

Tenant Reimbursements

Flamingo Courtyard3055, 3075 & 3085 E Flamingo RdLas Vegas NV 89121Remax ExcellencePhilip Marcus(702) 526-6666 cellphilipmarcus@hotmail.com