3240 OLIVE STREET  ‐ LEMON GROVE , CA  ‐ 91945A 50‐UNIT MULTI‐FAMILY INVESTMENT OPPORTUNITY

DAVE SAVAGE ‐ PRINCIPAL ‐ ACI(619) 300‐9070  DAVESAVAGE777@GMAIL.COM  CalBRE# 00694099

MARK MORGAN ‐ SENIOR VICE PRESIDENT ‐ ACI(619) 300‐9070  MARKMORGAN@ACIAPARTMENTS.COM     CalBRE# 01339919

ONE OF 15 SUBSTANTIALLY UPGRADED UNITS

INVESTMENT SUMMARY UNIT MIX BREAKDOWN

Number of Units………………………………… 50Unit Size Average…………………………….. 790Net Rentable Square Feet…………………… 39,480Actual Rent / Unit……………………………. $1,330Actual Rent / Square Foot………………….. $1.68Year Built………………………………………. 1980

UNIT MIX SUMMARYUnit Type Units Unit Mix

1BR/1BA 34 68%2BR/1BA 16 32%

Total 50 100%Weighted Average

* Property is reporting 100% physical occupancy.

Monthly Rent

$1,522 $1.77 $24,352$42,160

$66,512

22,950858675 $1,240 $1.84

Actual Rent / SF

OLIVE AVENUE APARTMENTS3240 Olive Street

Lemon Grove, CA 91945

13,728

Actual Rent / UnitSquare Feet Net Rentable SF

INVESTM

ENT AN

D U

NIT M

IX SUM

MAR

Y

68%

32% 1BR/1BA

2BR/1BA

15 Substantially Upgraded Apartments

New Silicon Roof

New Energy Efficient Windows

New 100 Gallon Water Heaters

New Coinless Washers/Dryers

New Water Treatment System

Trip Hazard Concrete Work

Asphalt Work

Capital Improvements Improvement Cost

3240 Olive Street - Lemon Grove, CA

Over $290,000 spent in improvements since 2015

$72,000

$50,000

$13,385

$7,050

$4,225

$1,314

$900

$150,000

CAPITAL IMPROVEMENTS SINCE '15

# Units Zip50 91945

Current Market Current Market12.9 11.0 5.1% 6.4%

# Units Type Rent Total

34 1Br/1Ba $1,240 $42,160 Advertising $0 $30,00016 2Br/1Ba $1,522 $24,352 Gas & Electric $13,200 $30,000

Laundry $1,050 Water & Sewer $17,500 Licenses & Fees $1,500RUBS $1,550 Landscaping $12,000 Miscellaneous $6,000

Cox Revenue Split $90 Insurance $8,000 Reserves $5,000Total Monthly Income $69,202 General Admin $0 Pool $2,000

Trash Removal $11,000 Pest Control $0Maintenance & Repairs $13,600 Taxes $118,250

34 1Br/1Ba $1,450 $49,30016 2Br/1Ba $1,800 $28,800 Total Annual Operating Expenses $268,050

Laundry $1,250RUBS $2,100 Expenses Per: Est. Sq. Ft. $6.73

Cox Revenue Split $90 Unit $5,361Total Monthly Income $81,540 % of GSI 32%

Current MarketGross Scheduled Income $830,424 $978,480 Proposed Financing: $6,987,500 Interest Rate: 4.50%Less: Vacancy Factor 2% $16,608 $19,570Gross Operating Income $813,816 $958,910 Downpayment: $3,762,500 Debt Service Ratio: 1.28Less: Expenses 32% $268,050 $268,050 35%Net Operating Income $545,766 $690,860

Less: 1st TD Payments ($424,856) ($424,856)

Pre-Tax Cash Flow $120,910 $266,005Cash On Cash Return 3% 7% davesavage777@gmail.com markmorgan@aciapartments.com

CalBRE # 00694099 CalBRE # 01339919

Dave Savage Mark MorganACI - Principal ACI - Senior Vice President619-300-8090 619-300-9070

Address City Name Year Built

Owner has substantially upgraded 15 of the units in the past year

Price $/Unit$/Square Foot

Parcel Size3240 Olive Street Lemon Grove Olive Ave. Apts. 1980 1.74 Acres

$10,750,000 $215,000 $269.83 39,840(Approx.) (Approx.)

Market

Estimated Annual Operating Proforma Financing Summary

Income Detail Estimated Annual Operating Expenses

Current

Management (Off Site)

Contact:

Management (On Site)

Gross Sq. Ft. GRM CAP Rate

OLIVE AVENUE APARTMENTS

Hillside Terrace 1984 168 4 2%3262 College Place 1Br/1Ba $1,480 616 $2.40Lemon Grove 2Br/1Ba $1,875 800 $2.34

Golden Ave Apts 1986 25 1 4%8058 Golden Ave. 1Br/1Ba $1,350 550 $2.45Lemon Grove

Tierra Del Rey 1976 80 1 1%3675 King St. 1Br/1Ba $1,350 400 $3.38La Mesa

1968 58 1 2%7130 Waite Dr. 1Br/1Ba $1,300 500 $2.60La Mesa

The Duchess 1968 22 1 5%3717 69th St. 1Br/1Ba $1,345 600 $2.24San Diego 2Br/1Ba $1,595 900 $1.77

Year Built Units # Vacant Vacancy %

1976 71 2 3% 1Br/1Ba $1,365 533 $2.61

2Br/1Ba $1,735 850 $2.06

RentalAverages

# Photo Vacancy %Building Total Units # Units Vacant

Year Built

5

1

2

3

4

SpaGym

PoolA/C

Balcony/Patio

Spa

Laundry Room

Picnic Area

Unit Type

CarportsLaundry Room

Rent Per SF

Comments

Pool

Rents SqFt

Laundry RoomPool

Clubhouse

Courtyard SettingLaundr Room

Remodeled Units

RENTAL SURVEY

Rimrock Apts $14,100,000 Studio: 1973 $227,419 $323.22 N/A 3.88%8420 Buckland St. 5/24/2018 1Br/1Ba: 48La Mesa 2Br/1Ba:

2Br/2Ba: 14Total: 62

Willow Glen $17,900,000 Studio 1961 $182,653 $304.35 10.5 5.20%3635 College Ave. 2/13/2019 1Br/1Ba 51San Diego 2Br/1Ba 46

3Br/2Ba 1Total: 98

The Dalton Apts. $6,925,000 Studio 1965 $197,857 $368.27 11.6 5.25%4333 College Ave. 10/24/2018 1Br/1Ba 33San Diego 2Br/1Ba 1

3Br/2Ba 1Total: 35

Regency Centre $14,710,000 Studio 1 1976 $147,100 $192.38 N/A N/A4765 Home Ave. 11/15/2018 1Br/1Ba 60San Diego 2Br/1Ba

2Br/2Ba 39Total: 100

Enclave $10,250,000 Studio 1970 $292,857 $354.06 N/A 5.00%5476 Kiowa Dr. 8/2/2018 1Br/1Ba 24La Mesa 2Br/1Ba

2Br/2Ba 11 Total: 35

4

# Photo CAP RatePrice/UnitSales Price Price/SqFt

1

Year BuiltBuilding Unit Type

Mix GRM

5

100% Occupied ATOSGym & Laundry Room

No Deferred MaintenancePool & Laundry Room

2

3

Comments

100% Occupied ATOSNew Roofs on 1/2 of the

buildings

Property

100% Occupied ATOS

Owners spent $10,000per unit on renovations

No Income InformationAvailable

PoolLaundry Room

2013 Renovation100% Occupied ATOS

75% new windows

Fully Renovated

Gym, Pool, & Laundry Room

Pool & Laundry Room

COMPARABLE SALES

Malwick Manor $7,765,000 Studio: 4 1965 $215,694 $265.79 N/A 4.00%4461 Menlo Ave. 1/29/2019 1Br/1Ba:San Diego 2Br/1Ba: 23

2Br/2Ba: 9Total: 36

Trolley Palm Apts $14,000,000 Studio 1972 $186,667 $205.39 12.8 4.80%4302 Palm Ave. 8/31/2018 1Br/1Ba 14La Mesa 2Br/2Ba 25

3Br/2Ba 36Total: 75

Fleetwood Apts $12,877,000 Studio 16 1973 $189,368 $281.26 N/A N/A7200 Saranac St. 2/23/2018 1Br/1Ba 36La Mesa 2Br/1Ba

2Br/2Ba 16Total: 68

Casa Serena $7,535,000 Studio 1975 $203,649 $254.27 12 5.70%6433 Shaules Ave. 7/2/2018 1Br/1BaSan Diego 2Br/1Ba 37

3Br/2BaTotal: 37

Sales Price Age $ Per Unit $ Per SF GRM CAP

$11,784,667 1970 $204,807 $283.22 11.73 4.83%Sales

Averages

13 Garages

Deferred Maintenance5 Units Vacant ATOSPool & Laundry Room

6

7

Laundry RoomPlayground

8

Out Of Country SellerDeferred Maintenance

Pool, Clubhouse, Sauna,

9

96% Occupied ATOS

No Income Info Available

100% Occupied ATOS

property

Laundry Room

Buyer plans to reposition

Price/SqFt GRM CAP Rate CommentsUnit Type

Mix Year Built Price/Unit# Photo Building Sales Price

COMPARABLE SALES

OLIVE AVENUE APARTMENTS - LOCATION MAP

OLIVE AVENUE APARTMENTS - AERIAL MAP

OLIVE AVENUE APARTMENTS - AERIAL PHOTO