CALL FOR OFFERS OFFERS DUE MAY 31, 2012

BOCA SOL APARTMENTS

200 N.E. 20th Street BOCA RATON, FL 33431

PROPERTY PREVIEWS TOURS ALREADY SET PLEASE CALL FOR APPOINTMENT!

REGISTER FOR PREVIEWS CONTACT: MANNY GUTIERREZ CALL: 561-352-9406 EMAIL: MANNY@DEFALCO.COM

Year built: 1969

# units: 90

Total RSF: 70,992

Avg. unit size: 765 SF

Site size: 5.19 acres

Avg. mkt. rent: $875

Rent/SF: $1.14

Occupancy: 98%

This exclusive listing offers the opportunity to purchase a stabilized, multifamily asset. Boca Sol Apartments is located in the renowned City of Boca Raton Florida. The property consist of 5 apartment buildings and 1 club house/leasing office. With 90

units and 3 different floor plans that include 36 small one bedroom/one bath units, 16 large one bedroom/one bath units, and 38 two bedroom/one bath units. Situated in East Boca Raton, Boca Sol is conveniently located to FAU and major employers.

For a detailed “Offering Memorandum” contact: Fred DeFalco 561-702-3757 Fred@defalco.com (or) Manny Gutierrez 561-352-9406 Manny@defalco.com

WWW.DEFALCO.COM WWW.PUBLICPRICING.COM

UNIT MIX AND UNIT RENT/SF

A

B

C

D

E MGMT OFFICE

BUILDING MAKE UP

Building (A) 18 units 15,536 RSF 1/1 small (4) 1/1 large (4) 2/1 (10) $900 Average Mo Rent Building (B) 20 units 15,574 RSF 1/1 small (8) 1/1 large (3) 2/1 (9) $885 Average Mo Rent Building (C) 20 units 15,574 RSF 1/1 small (8) 1/1 large (3) 2/1 (9) $885 Average Mo Rent Building (D) 20 units 15,574 RSF 1/1 small (8) 1/1 large (3) 2/1 (9) $885 Average Mo Rent Building (E) 12 units 8,734 RSF 1/1 small (8) 1/1 large (3) 2/1 (1) $842 Average Mo Rent Management Office: 1,110sqft

Unit Type No. of Units Approx. Sq. Ft. Current Rents Price / SF

Small 1 Bedroom / 1 Bath 36 713 $825.00 $1.16

Large 1 Bedroom / 1 Bath 16 725 $850.00 $1.17

2 Bedroom / 1 Bath 38 855 $950.00 $1.11

GRAND TOTAL 90 69,758

Sales

1/1 small

1/1 large

2/1

40%

18%

42%

Boca Sol Actual

2006 2007 2008 2009 2010 2011

INCOME

Apartment Rent 866,595$ 842,017$ 872,791$ 849,580$ 844,130$ 873,374$

Washer & Dryer Income 11,011$ 10,903$ 11,225$ 12,445$ 17,588$ 16,813$

Late Fees 8,946$ 6,823$ 7,008$ 9,911$ 12,074$ 8,390$

Forfeited Sec. Deposits 9,443$ 13,465$ 15,779$ 12,874$ 10,322$ 12,700$

Other Income 150$ 574$ 166$ 175$ 683$ 150$

Application Fees 3,170$ 4,350$ 4,130$ 2,795$ 2,461$ 2,827$

Collections 4,775$ 346$ 1,183$ 663$ -$ -$

Total Income 904,090$ 878,478$ 912,282$ 888,443$ 887,258$ 914,254$

EXPENSES

Advertising/Promotion 2,674$ 5,152$ 9,121$ 5,070$ 7,801$ 8,845$

Commissions 1,603$ 4,260$ 4,125$ 2,162$ 6,423$ 7,200$

Office Supplies 1,951$ 6,202$ 4,234$ 3,118$ 1,956$ 2,493$

Travel & Entertainment 213$ 149$ 28$ 688$ -$ -$

Meals 86$ 86$ 134$ 60$ -$ -$

Postage 495$ 642$ 715$ 486$ 387$ 311$

Management Wages 26,015$ 43,587$ 55,985$ 46,211$ 43,149$ 43,065$

Project Legal Expenses 1,496$ 1,395$ 3,332$ 3,500$ 1,388$ 6,156$

Telephone 2,195$ 2,339$ 2,931$ 3,260$ 3,578$ 4,655$

Dues & Subscriptions 914$ 1,663$ 1,896$ 1,255$ 759$ 879$

Employee Benefits 10,712$ 13,634$ 21,345$ 16,586$ 5,454$ 3,636$

Uniforms 385$ 319$ 285$ 135$ 372$ 128$

Gasoline 35$ 461$ 252$ 76$ 15$ 17$

Tools 627$ 198$ 663$ 1,014$ 498$ 1,288$

Electric 19,249$ 19,885$ 20,257$ 22,411$ 14,990$ 12,391$

Water 27,925$ 32,538$ 32,973$ 41,134$ 45,259$ 49,539$

Natural Gas 2,808$ 2,741$ 3,470$ 1,899$ 2,184$ 1,812$

Exterminating 4,676$ 5,366$ 4,715$ 7,390$ 7,224$ 7,240$

Garbage Removal 5,028$ 2,525$ 4,215$ 3,609$ 164$ 69$

Repairs & Replacement 484$ 2,358$ 2,546$ 562$ 736$ 1,379$

Flooring 6,866$ 7,578$ 5,708$ 4,489$ 5,425$ 8,159$

Plumbing 8,183$ 5,992$ 6,655$ 6,733$ 8,385$ 9,974$

Electrical 4,218$ 6,648$ 6,143$ 5,623$ 4,166$ 5,373$

Carpentry 3,746$ 3,127$ 5,142$ 3,469$ 2,957$ 3,663$

Roofing -$ -$ -$ 750$ 57$ -$

Janitorial 8,150$ 8,060$ 9,035$ 8,418$ 7,988$ 8,728$

Structural 5,607$ 6,432$ 3,450$ 2,950$ 6,472$ 5,135$

Appliances 2,376$ 2,668$ 2,846$ 1,556$ 2,036$ 3,138$

Security 271$ 658$ 602$ 650$ 515$ 476$

Landscaping 25,954$ 29,761$ 30,662$ 15,866$ 28,491$ 20,323$

Maintenance Wages 39,527$ 50,017$ 59,632$ 60,901$ 52,087$ 40,546$

Pool Maintenance & Repair 3,793$ 3,142$ 7,404$ 7,438$ 4,727$ 4,729$

Pool Miscellaneous 100$ 407$ 4,337$ 125$ 2,378$ 2,578$

Air Conditioning 3,286$ 4,292$ 3,660$ 4,631$ 6,981$ 6,890$

Fire Control 1,718$ 2,307$ 607$ 676$ 1,029$ 1,792$

Painting Supplies 3,108$ 3,459$ 4,128$ 2,300$ 1,313$ 5,463$

Painting Contract 4,671$ 4,200$ 5,875$ 6,780$ 7,102$ 3,230$

Parking Lot Maintenance -$ 49$ 450$ -$ 56$ 14,824$

Signs 167$ 697$ 252$ 480$ 660$ 619$

Paving -$ -$ 4,733$ -$ -$ -$

Utility Conservation (13,523)$ (13,249)$ (11,006)$ (11,200)$ (23,744)$ (14,770)$

Equipment Maint. & Repairs 2$ -$ 32$ -$ -$ 125$

Equipment Rental 226$ 348$ 245$ 1,099$ 198$ 362$

Total Operating Expenses 218,017$ 272,093$ 323,814$ 284,360$ 261,616$ 282,460$

Fixed Expenses

Real Estate Taxes 82,795$ 54,657$ 89,392$ 92,338$ 81,858$ 91,437$

Taxes Payroll 5,112$ 7,469$ 9,138$ 8,520$ 7,924$ 7,845$

Taxes Personal Property 1,165$ 955$ 766$ 1,043$ 975$ 653$

Taxes Workers Comp -$ 2,923$ 4,885$ 1,606$ 2,990$ 3,252$

Insurance 54,096$ 70,352$ 74,322$ 41,706$ 58,296$ 63,856$

Mortgage Interest -$ -$ -$ -$ -$ -$

Interest on Notes Payable -$ -$ -$ -$ -$ 3,701$

Accounting Entity 4,630$ 4,865$ 5,110$ 5,565$ 5,843$ 1,955$

Other Entity Taxes 105$ -$ 244$ -$ -$ -$

Other Entity Expenses 198$ 648$ 253$ 793$ 637$ 790$

Total Fixed Expenses 148,101$ 141,869$ 184,110$ 151,571$ 158,523$ 173,489$

TOTAL EXPENSES 366,118$ 413,962$ 507,924$ 435,931$ 420,139$ 455,949$

NET INCOME 537,972$ 464,516$ 404,358$ 452,512$ 467,119$ 458,305$

NAMES REMOVED FOR PRIVACY