MARINER APARTMENTS1101 E Main St, League City, TX 77573

LOGAN WALLER214.736.1502logan@loganwaller.com

WA L L E R G R O U P, L . L . C .5115 McKinney Ave

Dallas, TX 75205214.736.1500

wallergrouphomes.com

Presented By:

M U L T I F A M I L Y P R O P E R T Y F O R S A L E

OFFERING SUMMARY

Sale Price: $1,430,000

Number Of Units: 16

Cap Rate: 6.20%

NOI: $88,544

Lot Size: 1.0 Acres

Year Built: 1971

Building Size: 13,890

Renovated: 2017

Zoning: Multifamily

Price / SF: $102.95

Waller Group is proud to offer for sale this 16 unit garden-style multifamily property in historic League City, TX. The propertyis fully occupied, recently remodeled kitchens and bathrooms, on-site laundry, individually metered electric, and centralHVAC. There have been many recent improvements to the common areas and the units.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Current CAP 6.20%

• Pro Forma CAP 6.80%

• Under-market rents

• Each unit has a private balcony and remodeled kitchen/bathroom

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 2

E X E C U T I V E S U M M A R Y

1101 E Main St, League City, TX 77573Mariner Apartments

SALE PRICE $1,430,000

LOCATION INFORMATION

Building Name Mariner Apartments

Street Address 1101 E Main St

City, State, Zip League City, TX 77573

County/Township Galveston

BUILDING INFORMATION

Building Size 13,890 SF

Occupancy % 100.0

Number Of Floors 2

Year Built 1971

Last Renovated 2017

Load Factor Yes

Construction Status Existing

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning Multifamily

Lot Size 43,560 SF

PARKING & TRANSPORTATION

Parking Type Surface

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 3

P R O P E R T Y D E T A I L S

1101 E Main St, League City, TX 77573Mariner Apartments

A D D I T I O N A L P H O T O S

1101 E Main St, League City, TX 77573Mariner Apartments

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 4

A D D I T I O N A L P H O T O S

1101 E Main St, League City, TX 77573Mariner Apartments

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 5

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 6

L O C A T I O N M A P S

1101 E Main St, League City, TX 77573Mariner Apartments

WALLER GROUP || 5115 McKinney Ave || Dallas, TX 75205 || 214.736.1500 || wallergrouphomes.com 7

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

1 2 1 814 4/30/17 $750 $0.92 $850 $1.04

2 1 1 777 4/30/18 $750 $0.97 $750 $0.97

3 2 1 814 1/31/18 $735 $0.90 $895 $1.10

4 2 1 814 11/30/18 $850 $1.04 $850 $1.04

5 1 1 777 10/31/18 $695 $0.89 $750 $0.97

6 2 1 814 3/31/19 $775 $0.95 $850 $1.04

7 2 1 814 10/31/18 $775 $0.95 $850 $1.04

8 1 1 777 8/31/18 $685 $0.88 $750 $0.97

9 2 1 814 2/28/18 $745 $0.92 $850 $1.04

10 1 1 777 10/31/18 $695 $0.89 $750 $0.97

11 2 1 814 7/31/18 $775 $0.95 $850 $1.04

12 2 1 814 9/30/18 $800 $0.98 $895 $1.10

13 1 1 777 4/30/18 $750 $0.97 $750 $0.97

14 2 1 814 3/31/19 $825 $1.01 $895 $1.10

15 2 1 814 10/31/18 $825 $1.01 $825 $1.01

16 1 1 777 6/30/18 $700 $0.90 $750 $0.97

Totals/Averages 12,802 $12,130 $0.95 $13,110 $1.02

R E N T R O L L

1101 E Main St, League City, TX 77573Mariner Apartments

Summary Sheet - Profit & Loss Report Properties: Mariner Apartments Yearly recap 2013 - 2017 Rev. 1 3/5/2018

2013 2014 2015 2016 2017 2018w/ Current Rent(see Rent Role)

INCOME4400 Project Income4401 Rental Income 103,599.98 118,289.14 146,400.73 136,615.42 138,288.40 145,560.004421 Pet Deposit (non-refund) 2,100.00 0.00 0.00 0.00 150.00 150.004422 Security Deposit Forfeit 1,580.00 515.00 0.00 150.00 -41.00 0.004426 Service Fees 530.63 0.00 295.00 201.00 853.00 0.004429 NSF Fee 0.00 0.00 0.00 0.00 0.00 0.004430 Laundry / Vending Income 904.87 900.00 900.00 900.00 900.00 900.004400 Total Project Income 108,715.48 119,704.14 147,595.73 137,866.42 140,150.40 146,610.008000 Unallocated Prepays 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL INCOME 108,715.48 119,704.14 147,595.73 137,866.42 140,150.40 146,610.00

EXPENSE (monthly)6000 General & Administration6101 Management Fee 8,114.80 9,571.14 12,852.51 10,929.24 10,369.51 11,644.806102 Advertising 0.00 0.00 0.00 0.00 0.00 0.006103 Auto & Travel 0.00 0.00 0.00 0.00 0.00 0.006104 Renewal Fees / Comm. 4,502.38 0.00 700.00 600.00 1,395.00 600.006107 Leasing Fees 0.00 0.00 0.00 2,121.00 831.00 1,400.006111 Service Fees 0.00 0.00 0.00 687.55 251.55 0.006113 Eviction Costs 0.00 0.00 0.00 647.00 196.00 300.006180 Professional Fees 0.00 0.00 0.00 0.00 0.00 0.006000 Total General & Admini 12,617.18 9,571.14 13,552.51 14,984.79 13,043.06 13,944.80

6200 Building Maintenance6230 Building Maint- Labor 1,083.03 828.12 512.46 1,229.95 347.10 450.006240 Building Maint- Mat'l 0.00 0.00 0.00 79.69 288.96 200.006260 Plumbing Repairs 525.00 2,708.20 1,250.72 1,317.59 1,148.57 1,200.006265 HVAC Repair 601.95 993.47 690.00 1,021.75 463.70 1,200.006270 Appliance Repair 740.87 599.39 260.00 620.13 709.11 600.006275 Electrical Repairs 0.00 0.00 286.95 218.50 1,070.50 200.006280 Pest Control 3,869.68 649.50 1,217.81 1,393.13 1,102.79 1,200.006200 Total Building Mantena 6,820.53 5,778.68 4,217.94 5,880.74 5,130.73 5,050.00

6400 Common Area & Amenities6410 Grounds Maintenance 3,084.46 3,120.00 3,137.50 2,884.25 2,714.38 780.006411 Garbage Collection 1,812.22 1,800.52 1,223.52 644.46 790.11 650.006430 Gas 1,895.69 2,254.67 2,607.17 1,383.39 1,109.13 1,200.006435 Water 3,327.94 3,803.02 3,327.94 5,036.19 6,811.98 3,624.006440 Electricity 1,189.20 760.36 1,340.49 827.97 714.60 900.006400 Total Common Area & 11,309.51 11,738.57 11,636.62 10,776.26 12,140.20 7,154.00

6600 Re-Leasing Costs6601 Make Ready / Paint 1,586.59 942.30 625.31 1,651.60 1,110.69 1,200.006610 Carpet Cleaning 1,012.16 1,070.00 875.00 1,059.09 238.66 300.006620 Carpet Repair & Replac 553.60 0.00 0.00 0.00 450.00 450.006640 Cleaning Labor 0.00 1,061.95 0.00 690.00 490.00 450.006650 Vacant Unit Utilities 0.00 0.00 0.00 0.00 0.00 0.00

Profit Loss 12 month RecapPage 1 of 2

2013 2014 2015 2016 2017 2018w/ Current Rent

6660 Locks & Keys 190.78 1,087.12 494.39 1,460.17 661.25 300.006600 Total Re-Leasing Costs 3,343.13 4,161.37 1,994.70 4,860.86 2,950.60 2,700.00

SUB-TOTAL EXPENSE 34,090.35 31,249.76 31,401.77 36,502.65 33,264.59 28,848.80

EXPENSE (annual)9000 Insur - Gen'l Liab 786.57 777.38 989.31 892.51 892.51 892.519000 Insur - Hazard 4,270.89 4,176.47 2,341.59 3,684.70 3,734.70 3,734.709000 Insur - Wind (TWIA) 4,741.00 5,224.00 4,761.00 5,389.00 5,389.00 5,389.009000 Prop Tax - Real Prop. 7,508.45 8,070.96 8,161.61 8,171.28 8,324.90 8,324.909000 Prop Tax - Personal 0.00 0.00 0.00 0.00 0.00 0.00

17,306.91 18,248.81 16,253.51 18,137.49 18,341.11 18,341.11

NET INCOME SUMMARYIncome 108,715.48 119,704.14 147,595.73 137,866.42 140,150.40 146,610.00Expense (monthly) -34,090.35 -31,249.76 -31,401.77 -36,502.65 -33,264.59 -28,848.80Expense (annual) -17,306.91 -18,248.81 -16,253.51 -18,137.49 -18,341.11 -18,341.11

NET OPER. INCOME 57,318.22 70,205.57 99,940.45 83,226.28 88,544.70 99,420.09

5.5 CAP Rate 1,042,149 1,276,465 1,817,099 1,513,205 1,609,904 1,807,6386.0 CAP Rate 955,304 1,170,093 1,665,674 1,387,105 1,475,745 1,657,0026.5 CAP Rate 881,819 1,080,086 1,537,545 1,280,404 1,362,226 1,529,5407.0 CAP Rate 818,832 1,002,937 1,427,721 1,188,947 1,264,924 1,420,2877.5 CAP Rate 764,243 936,074 1,332,539 1,109,684 1,180,596 1,325,6018.0 CAP Rate 716,478 877,570 1,249,256 1,040,329 1,106,809 1,242,751

Profit Loss 12 month RecapPage 2 of 2

10,822.37

20,838.58

-20,838.58

96,922.62