KW COMMERCIAL WEST CHESTER300 Willowbrook Ln, Suite 310West Chester, PA 19382 BRADY CARROLL

0: 610.291.9895C: 610.291.9895bcarroll@kwcommercial.com

SEAN GWINNERO: 484.753.2290C: 484.753.2290sgwinner@kwcommercial.com

107 Unit Scattered Site Multifamly Portfolio In Philadelphia

OFFERING MEMORANDUM

PRESENTED BY:

PHILADELPHIA, PA

OFFERING MEMORANDUM

Each Office Independently Owned and Operated crownstonegroup.com/ 2

OFFERING SUMMARY

SALE PRICE: $10,700,000

NUMBER OF UNITS: 107

CAP RATE: 6.5%

NOI: $695,486

MARKET: Philadelphia

PRICE / SF: $90.52

PROPERTY OVERVIEWKW Commercial is pleased to present the opportunity to purchase this fullyoccupied 107 unit residential scattered-site rental portfolio in five ofPhiladelphia's most up and coming neighborhoods. 84 units are Section 8voucher leases with the Philadelphia Housing Authority being responsible for60% of the total income. Collections have been historically strong with lessthan 9% vacancy on collections. The portfolio has been accumulated over25+ years, and it has been well maintained and self-managed for that timeperiod. At an NOI of approximately $695,000, this portfolio is a greatinvestment opportunity for those looking to achieve an above-market returnwhile investing in multifamily product in Philadelphia. The asking cost perunit is $100,000, and the average price per unit in these areas ranges from$120,000-$400,000 instantly providing upside in the sale of individualproperties. Plus there is significant upside in increasing rents with minimalcapital expenditures. During the Covid period, rent collection has remainedconsistently strong and maintenance costs have been favorably lower.

LOCATION OVERVIEWAll units in this portfolio are located in the largest city in Pennsylvania -Philadelphia. As the sixth largest city in the United States, Philadelphiaoffers it's 1,584,138 residents an urban/suburban mix feel with immediateaccess to rich history and culture not found anywhere else in the country.All 107 units are located in Southwest Philly, Brewerytown, University City,Germantown, Grays Ferry, Frankford/Kensington, and Point Breeze.

Executive Summary

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

*2014 S Larry Street 3 1 900 07/08/2015 06/30/2017 $950 $1.06

2102 S Simpson Street 3 1 1,200 03/01/2018 02/28/2019 $750 $0.63

*2231 S Felton Street 3 1 1,128 05/04/2012 $880 $0.78

*2303 S 63rd Street 2 1 728 07/22/2011 $735 $1.01

*2508 S 67th Street 3 1 960 1/11/2018 12/31/2019 $975 $1.02

*2512 S Holbrook Street 3 1 1,010 10/02/2012 $795 $0.79

*2516 S 68th Street 3 1 960 06/17/2011 $945 $0.98

*2518 S Millick Street 2 1 992 11/21/2017 11/1/2018 $850 $0.86

*2521 S Gross Street 3 1 932 08/14/2019 07/31/2021 $876 $0.94

*2523 S Dewey Street 2 1 1,024 06/10/2011 $955 $0.93

*2524 S Gross Street 3 1 932 03/31/2012 $775 $0.83

*2527 S Millick Street 3 1 992 11/10/2017 11/30/2018 $850 $0.86

*2531 S Gross Street 3 1 980 12/08/2015 11/30/2017 $850 $0.87

*2538 S Dewey Street 2 1 1,024 12/31/2013 $1,112 $1.09

*2558 S Shields Street 3 1 1,008 09/22/2011 $955 $0.95

*2610 S Hobson Street 3 1 960 12/09/2011 $860 $0.90

*2611 S Hobson Street 3 1 960 01/12/2012 $825 $0.86

2612 S Dewey Street 3 1 960 05/30/2019 04/30/2021 $1,004 $1.05

*2616 S Holbrook Street 3 1 1,114 06/27/2012 $963 $0.86

*2618 S Hobson Street 3 1 960 01/12/2012 $875 $0.91

*2629 S Lloyd Street 3 1 1,024 08/27/2019 07/31/2021 $1,200 $1.17

*2634 S 61st Street 3 1 1,111 03/02/2017 01/31/2019 $1,050 $0.95

*2638 S Massey Street 3 1 960 11/19/2014 10/31/2016 $998 $1.04

*2653 S Robinson Street 2 1 960 12/13/2018 11/30/2020 $1,050 $1.09

6034 Lindberg Blvd - 2nd 2 1 625 07/18/2018 07/31/2019 $575 $0.92

6034 Lindberg Blvd - 1st 2 1 624 01/01/2016 $625 $1.00

Rent Roll

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

6233 Reedland Street 3 1 1,200 02/01/2019 01/31/2020 $875 $0.73

*6234 Reedland Street 3 1 1,200 04/21/2016 03/31/2018 $1,075 $0.90

6308 Reedland Street 3 1 1,350 06/01/2012 $765 $0.57

*6316 Theodore Street 3 1 900 11/24/2015 10/31/2017 $820 $0.91

6321 Dickens Avenue 3 1 1,363 06/01/2016 $850 $0.62

*6322 Theodore Street 3 1 1,220 02/22/2017 01/31/2019 $975 $0.80

*6327 Theodore Street 3 1 998 07/11/2011 $855 $0.86

*6348 Theodore Street 3 1 900 07/02/2013 $795 $0.88

*6404 Garman Street 3 1 1,223 10/12/2018 09/30/2019 $900 $0.74

*6419 Chelwynde Avenue 3 1 1,222 01/12/2012 $825 $0.68

*6436 Guyer Avenue 3 1 1,044 08/01/2016 07/31/2018 $825 $0.79

*6533 Reedland Street 3 1 1,120 03/28/2016 03/31/2018 $1,040 $0.93

*6549 Allman Street 3 1 1,238 11/27/2017 09/30/2019 $1,125 $0.91

*6730 Linmore Avenue 3 1 1,216 08/23/2018 07/31/2020 $1,025 $0.84

*6850 Guyer Avenue 3 1 992 09/28/2011 $890 $0.90

*7006 Wheeler Street 3 1 992 12/11/2015 $1,000 $1.01

*7042 Greenway Avenue 3 1 1,440 08/01/2012 $1,302 $0.90

*7326 Garman Street 3 1 1,088 06/05/2013 $765 $0.70

*5638 Elmwood Avenue 3 1 1,024 06/30/2011 $955 $0.93

*5706 Reedland Street 3 1 864 06/23/2011 $745 $0.86

*5718 Reedland Street 3 1 864 02/29/2016 02/28/2018 $746 $0.86

*44 E Collom St 4 1 1,787 1/31/18 $1,685 $0.94

*66 W Manheim St 4 1 1,434 12/31/15 $1,407 $0.98

267 E Collom St 1,350

269 E Collom St 3 1 996 10/3/19 9/31/20 $900 $0.90

*345 E Armat St 4 1 1,330 3/22/18 2/28/20 $1,552 $1.17

Rent Roll

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

*454 E Mechanic St 4 1 1,086 4/11/17 $1,400 $1.29

*538 E Tulpehocken 3 1 1,408 10/15/01 $885 $0.63

*543 E Ashmead St 3 1 944 5/1/09 $850 $0.90

*1424 N 27th St 4 1 1,200 8/14/15 $1,334 $1.11

1427 S Patton St 3 1 1,088 10/8/12 $750 $0.69

1429 S Patton St 3 1 1,088 3/25/19 $950 $0.87

1511 W Wingohocking St 3 1 1,203 1/1/19 $800 $0.67

1518 S Marston St 3 1 1,098 7/29/19 6/30/21 $1,200 $1.09

1520 S Marston St 3 1 1,098 11/10/17 $850 $0.77

*1522 S Taney St 2 1 784 5/15/18 $1,000 $1.28

1524 S Taney St 2 1 784 7/22/19 6/30/21 $1,000 $1.28

*1542 N Dover St 3 1 1,050 5/30/14 $1,180 $1.12

*1620 N 25th St 5 1 1,088 7/27/11 $1,500 $1.38

*1627 S Taney St 3 1 956 1/14/15 $969 $1.01

*1629 N 60th St 3 1 1,167 4/1/20 3/31/22 $1,250 $1.07

*1640 W Mentor St 3 1 1,024 6/20/16 $1,025 $1.00

1643 N Newkirk 3 1 1,058 8/1/19 7/31/20 $900 $0.85

*1723 Harrison St 4 1 1,880 7/18/18 $1,300 $0.69

*1818 N 27th St 4 1 1,434 12/5/17 $1,600 $1.12

*1844 Hoffman St 3 1 980 5/31/17 $1,154 $1.18

*2051 E Granite St 3 1 1,036 7/30/18 6/30/20 $1,000 $0.97

*2057 N 9th St 3 1 1,230 1/31/18 $1,601 $1.30

*2061 Sigel St 3 1 840 8/23/10 $850 $1.01

2147 N 9th St 4 1 1,700 6/15/20 6/30/21 $1,600 $0.94

*2211 N Delhi St 3 1 990 3/21/17 $1,195 $1.21

*2240 Seybert St 3 1 1,000 5/14/02 $865 $0.87

Rent Roll

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

2330 Seybert St 3 1 1,000 6/2/15 $800 $0.80

*2338 McClellan St 2 1 1,008 8/1/11 $650 $0.64

*2419 N 33rd St 4 1 1,402 4/15/19 3/31/21 $1,540 $1.10

2422 Arlington St 4 1 1,256 10/2/12 $925 $0.74

*2423 Arlington St 4 1 1,100 11/24/15 $1,448 $1.32

*2442 Seybert St 3 1 992 12/1/14 $1,200 $1.21

*2455 Harlan St 5 1 1,440 5/31/17 $1,680 $1.17

*2516 Seybert St 3 1 1,098 11/3/15 $1,095 $1.00

2614 Ingersoll St 3 1 864 6/1/20 5/31/21 $1,350 $1.56

2619 Titan St 2 1 766 11/6/19 10/31/21 $1,000 $1.31

*2620 Wilder St 3 1 986 12/18/18 $1,042 $1.06

*2621 Earp St 3 1 1,026 10/15/15 $1,200 $1.17

*2717 W Glenwood St 5 1 1,587 11/5/18 10/31/20 $1,481 $0.93

*2721 W Thompson St 2 1 972 5/2/17 $1,064 $1.09

*2738 W Glenwood St 5 1 1,440 3/27/19 2/28/21 $1,544 $1.07

*2908 Master St 3 1 1,292 6/1/08 $725 $0.56

*3128 W Euclid St 5 1 1,640 6/12/19 5/31/21 $1,441 $0.88

*3546 Ella St 2 1 1,160 12/1/09 $700 $0.60

*3854 N 6th St 3 1 1,038 1/15/13 $755 $0.73

*3957 Percy St 2 1 960 3/6/18 $760 $0.79

4046 Franklin St 3 1 1,200 2/1/11 $675 $0.56

*4536 N Gratz St 3 1 1,186 7/31/18 7/31/20 $995 $0.84

*4543 N Gratz St 3 1 1,186 4/15/18 $925 $0.78

*4811 N Hutchinson St 3 1 1,270 10/17/18 $1,150 $0.91

4923 N 16th St 3 1 960 6/1/16 $850 $0.89

*5246 Delancey St 3 1 1,246 10/19/16 $1,197 $0.96

Rent Roll

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

*5604 N Marvine St 3 1 1,096 12/23/19 11/30/21 $1,025 $0.94

*6217 Clearview St 3 1 1,396 4/13/99 $663 $0.47

*1761 N Newkirk St 3 1 1,044 6/27/16 $1,160 $1.11

Totals/Averages 118,208 $108,023 $0.91

Rent Roll

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INCOME SUMMARY 107 UNIT MULTIFAMILY PORTFOLIO (SCATTERED SITE)

Gross Income $1,176,553

EXPENSE SUMMARY 107 UNIT MULTIFAMILY PORTFOLIO (SCATTERED SITE)

Taxes $96,390Insurance $39,390Water & Sewer $91,975Repairs & Maintenance 15% $186,413Management 5% $59,474Licenses/Permits/Legal $7,425

Gross Expenses $481,067

Net Operating Income $695,486

Income & Expenses

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INVESTMENT OVERVIEW 107 UNIT MULTIFAMILY PORTFOLIO (SCATTERED SITE)

Price $10,700,000

Price per Unit $100,000

GRM 8.3

CAP Rate 6.5%

Cash-on-Cash Return (yr 1) 6.67 %

Total Return (yr 1) $296,925

Debt Coverage Ratio 1.35

OPERATING DATA 107 UNIT MULTIFAMILY PORTFOLIO (SCATTERED SITE)

Gross Scheduled Income $1,292,916

Other Income -

Total Scheduled Income $1,292,916

Vacancy Cost $116,362

Gross Income $1,176,553

Operating Expenses $481,067

Net Operating Income $695,486

Pre-Tax Cash Flow $178,527

FINANCING DATA 107 UNIT MULTIFAMILY PORTFOLIO (SCATTERED SITE)

Down Payment $2,675,000

Loan Amount $8,025,000

Debt Service $516,959

Debt Service Monthly $43,079

Principal Reduction (yr 1) $118,397

Financial Summary

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Portfolio Location Map

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SW Philadelphia & Point Breeze/Grays Ferry Maps

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Brewerytown Map

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Germantown & North Philadelphia Maps

107 UNIT MULTIFAMLY PORTFOLIO IN PHILADELPHIA |

Comp Properties Total Comps Unit Mix Comp Distance Comp Range

60 180 2bd/3bd/4bd .2 Mile 1 Year(Radius) (Closed)

Neighborhood PropertiesComped

Current Market ValueAverage

Market Resale ValueOnce Improved

Brewerytown 21 $171,976 $273,000 - $400,000

Germantown 10 $130,640 $179,000 - $295,000

Grays FerryPoint Breeze 13 $147,261 $230,000 - $350,000

North Philadelphia 16 $129,413 $138,000 - $320,000

Sales Comp Summary

Comp Areas Comp Zip Codes Unit Mix Comp Distance Comp Range

5 13 2bd/3bd/4bd Zip Code Active/Closed(Area) 1 Year

Unit Size Portfolio Avg Portfolio High

2 Bd /1 Bath $1,135/ Month $3,500/ Month

3 Bd /1 Bath $1,465 / Month $4,250 / Month

4 Bd /1 Bath $1,704/ Month $4,500 / Month

Rent Comp Summary

Rent Comps Map

19142

19143

19153

19146

19145

1913219121

19122

1912419140

19134

1914419141

Zip Code Areas Zip Code Rental Comps

3 19142 / 19143 / 19153

UNIT SIZE AVG HIGH

2 Bd /1 Bath $975 $1,250

3 Bd /1 Bath $1,225 $1,350

4 Bd /1 Bath $1,000 $1,200

Southwest Philadelphia46 Properties

Rental Comps

19142

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,050 $1,350

3 Bd /1 Bath $1,350 $2,000

4 Bd /1 Bath $1,750 $3,500

19143

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,150 $1,600

3 Bd /1 Bath $1,250 $1,500

4 Bd /1 Bath N/A N/A

19153

19142

19153

RENT COMPARABLES

Zip Code Areas Zip Code Rental Comps

2 19145 / 19146

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,350 $2,200

3 Bd /1 Bath $1,750 $3,100

4 Bd /1 Bath $1,850 $3,500

Rental Comps

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,650 $3,500

3 Bd /1 Bath $2,100 $4,250

4 Bd /1 Bath $2,900 $4,500

19146

19145

RENT COMPARABLES

Grays FerryPoint Breeze14 Properties

Zip Code Areas Zip Code Rental Comps

3 19132 / 19121 / 19122

UNIT SIZE AVG HIGH

2 Bd /1 Bath $990 $1,200

3 Bd /1 Bath $1,240 $1,650

4 Bd /1 Bath $1,520 $2,000

Rental Comps

19142

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,250 $2,100

3 Bd /1 Bath $2,050 $2,400

4 Bd /1 Bath $2,100 $2,800

19121

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,450 $2,800

3 Bd /1 Bath $2,150 $3,195

4 Bd /1 Bath $2,200 $2,695

19153

19132

19122

RENT COMPARABLES

Brewerytown/Temple23 Properties

Zip Code Areas Zip Code Rental Comps

3 19124 / 19140 / 19134

UNIT SIZE AVG HIGH

2 Bd /1 Bath $900 $1,300

3 Bd /1 Bath $1,175 $1,500

4 Bd /1 Bath $1,380 $1,500

Rental Comps

19142

UNIT SIZE AVG HIGH

2 Bd /1 Bath $850 $1,250

3 Bd /1 Bath $900 $1,350

4 Bd /1 Bath $1,360 $1,750

19140

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,000 $1,500

3 Bd /1 Bath $1,250 $2,500

4 Bd /1 Bath $1,375 $1,950

19153

19124

19134

RENT COMPARABLES

Northeast Philadelphia8 Properties

Zip Code Areas Zip Code Rental Comps

2 19141 / 19144

Rental Comps

RENT COMPARABLES

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,000 $1,250

3 Bd /1 Bath $1,225 $1,700

4 Bd /1 Bath $1,450 $1,450

UNIT SIZE AVG HIGH

2 Bd /1 Bath $1,150 $1,650

3 Bd /1 Bath $1,380 $2,050

4 Bd /1 Bath $1,560 $1,950

19144

19141

Northwest PhiladelphiaGermantown14 Properties

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2538 S Dewey St (SW Philadelphia) - Interior

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2620 Wilder St (Grays Ferry/Point Breeze - Interior

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2057 N 9th St (Brewerytown/Temple) - Interior

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1723 Harrison St (NE Philadelphia) - Interior

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44 E Collum St (NW Philadelphia) - Interior

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Property Photos

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Property Photos

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Property Photos

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KW COMMERCIAL WEST CHESTER

300 Willowbrook Ln, Suite 310

West Chester, PA 19382

Confidentiality & Disclaimer

BRADY CARROLL0: 610.291.9895C: 610.291.9895bcarroll@kwcommercial.com

SEAN GWINNERO: 484.753.2290C: 484.753.2290sgwinner@kwcommercial.com

All materials and information received or derived from Crownstone Investment Group its directors, officers, agents, advisors, affiliates and/or any thirdparty sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.

Neither Crownstone Investment Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, asto accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether writtenor verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other mattersof significance to such party. Crownstone Investment Group will not investigate or verify any such matters or conduct due diligence for a party unlessotherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. CrownstoneInvestment Group makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions.Crownstone Investment Group does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Crownstone Investment Group in compliance with all applicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

PHILADELPHIA, PA