Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL Property Highlights: Sixteen 1-Bed/1-Bath Luxury Units. Well-Maintained Property

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1 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL Property Highlights: Sixteen 1-Bed/1-Bath Luxury Units Well-Maintained Property 3 Minutes from Interstate 4 CORPORATE OFFICE 3451 TECHNOLOGICAL AVENUE SUITE 11 ORLANDO, FL flarealtyinvestments.com JOE LAFLEUR Senior Associate joe@ipsfla.com

2 Table of Contents PROPERTY INFORMATION LOCATION INFORMATION FINANCIAL ANALYSIS SALE COMPARABLES RENT COMPARABLES DEMOGRAPHICS CONFIDENTIALITY & DISCLAIMER All materials and information received or derived from Florida Realty Investments its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Florida Realty Investments its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or 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 matters of significance to such party. Florida Realty Investments will not investigate or verify any such matters or conduct due diligence for a party unless otherwise 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 and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Florida Realty Investments makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Florida Realty Investments 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 or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Florida Realty Investments in compliance with all applicable fair housing and equal opportunity laws. flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

3 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL PROPERTY INFORMATION Executive Summary Property Description Property Details Additional Photos Additional Photos JOE LAFLEUR Senior Associate flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

4 PROPERTY INFORMATION Executive Summary OFFERING SUMMARY Sale Price: $1,650,000 Price / Unit: $103,125 Price / SF: $ Number Of Units: 16 Cap Rate: 5.5% Pro Forma Cap 6.9% Rate: PROPERTY OVERVIEW Essex Condos are located in beautiful Downtown Orlando. It is a 16-unit, multifamily community built in 1973 of concrete block construction. The property consists of square foot units that are one-bedroom/one-bath. PROPERTY HIGHLIGHTS Sixteen 1-Bed/1-Bath Luxury Units Well-Maintained Property 3 Minutes from Interstate Miles from Downtown Orlando 13 Miles from Orlando International Airport NOI: $90,839 Pro Forma NOI: $113,595 Year Built: 1973 Building Size: 7,584 SF flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

5 ESSEX MANOR CONDOS 813 IRMA AVENUE, ORLANDO, FL PROPERTY INFORMATION Property Description LOCATION OVERVIEW From Magic Kingdom to Orlando City Soccer games, Orlando offers something to do for the whole family. Orlando is nicknamed "The City Beautiful" and its symbol is the fountain at Lake Eola. Orlando is also known as "The Theme Park Capital of the World" and its tourist attractions draw more than 51 million tourists a year, including 3.6 million international guests. The Orlando International Airport (MCO) is the thirteenth busiest airport in the United States and the 29th busiest in the world. As the most visited American city in 2009, Orlando's famous attractions form the backbone of its tourism industry: Walt Disney World Resort, located approximately 21 miles southwest of Downtown Orlando in Lake Buena Vista, opened by the Walt Disney Company in 1971; the Universal Orlando Resort, which consists of the two parks of Universal Studios Florida and Islands of Adventure; City Walk; SeaWorld; Gatorland; and Wet 'n Wild Water Park. With the exception of Walt Disney World, most major attractions are located along International Drive. The city is also one of the busiest American cities for conferences and conventions. In 2010, Orlando was listed as the most visited city in the United States according to World Cities Study Group s inventory. According to 2009 Pew Research Center Study, Orlando ranks as the fourth most popular American city where people want to live. flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

6 PROPERTY INFORMATION Property Details PROPERTY NAME: PROPERTY ADDRESS: APN: LOT SIZE: BUILDING SIZE: ZONING: Essex Manor Condos 813 Irma Avenue Orlando, FL Multi Parcel.64 AC 7,584 SF Multifamily YEAR BUILT: 1973 NUMBER OF STORIES: 2 NUMBER OF UNITS: 16 FOUNDATION: CONSTRUCTION TYPE: LANDSCAPING: ROOF: HVAC: Concrete Slab Wood Frame Professional Pitched Shingle Central Air & Heat flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

7 PROPERTY INFORMATION Additional Photos flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

8 PROPERTY INFORMATION Additional Photos flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

9 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL LOCATION INFORMATION Regional Map Location Maps Aerial Map JOE LAFLEUR Senior Associate flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

10 LOCATION INFORMATION Regional Map 813 Irma Avenue flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

11 LOCATION INFORMATION Location Maps flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

12 ESSEX MANOR CONDOS 813 IRMA AVENUE, ORLANDO, FL LOCATION INFORMATION Aerial Page flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

13 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL FINANCIAL ANALYSIS Financial Summary Income & Expenses Unit Mix Summary JOE LAFLEUR Senior Associate flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

14 FINANCIAL ANALYSIS Financial Summary INVESTMENT OVERVIEW CURRENT PRO FORMA Price $1,650,000 $1,650,000 Price per Unit $103,125 $103,125 GRM CAP Rate 5.5% 6.9% Cash-on-Cash Return (yr 1) 2.62 % 8.14 % Total Return (yr 1) $39,410 $62,166 Debt Coverage Ratio OPERATING DATA CURRENT PRO FORMA Gross Scheduled Income $158,940 $182,400 Other Income - - Total Scheduled Income $158,940 $182,400 Vacancy Cost $4,768 $5,472 Gross Income $154,172 $176,928 Operating Expenses $63,333 $63,333 Net Operating Income $90,839 $113,595 Pre-Tax Cash Flow $10,806 $33,562 FINANCING DATA CURRENT PRO FORMA Down Payment $412,500 $412,500 Loan Amount $1,237,500 $1,237,500 Debt Service $80,033 $80,033 Debt Service Monthly $6,669 $6,669 Principal Reduction (yr 1) $28,604 $28,604 flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

15 FINANCIAL ANALYSIS Income & Expenses INCOME SUMMARY CURRENT PER UNIT PRO FORMA PER UNIT Gross Potential Rent $158,940 $9,933 $182,400 $11,400 GROSS INCOME $158,940 $9,933 $182,400 $11,400 EXPENSE SUMMARY CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes $28,297 $1,768 $28,297 $1,768 Insurance $6,601 $412 $6,601 $412 Utilities $960 $60 $960 $60 Repairs and Maintenance $7,261 $453 $7,261 $453 Contract Services $1,920 $120 $1,920 $120 Management Fee $15,894 $993 $15,894 $993 Reserves and Replacements $2,400 $150 $2,400 $150 GROSS EXPENSES $63,333 $3,958 $63,333 $3,958 NET OPERATING INCOME $90,839 $5,677 $113,595 $7,099 flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

16 FINANCIAL ANALYSIS Unit Mix Summary UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MIN RENT MAX RENT MARKET RENT MARKET RENT/SF DEPOSIT 1 Bdr 1 Ba $841 $1.77 $ $ $950 $2.00 Totals / Averages % 7,584 $13,456 $1.77 $12, $13, $15,200 $2.00 $0 flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

17 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL SALE COMPARABLES Sale Comps Summary Sale Comps Map Sale Comps JOE LAFLEUR Senior Associate flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

18 SALE COMPARABLES Sale Comps Summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS Essex Manor Condos 813 Irma Avenue Orlando, FL $1,650,000 7,584 SF $ $103, % SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE 1 2 Chateau Eola 609 North Eola Drive Orlando, FL Casa Bella 515 East Pine Street Orlando, FL $900,000 7,448 SF $ $112,500 N/A /17/2015 $820,000 6,984 SF $ $136,666 N/A /27/2014 PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS TOTALS/AVERAGES $860,000 $ $122, flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

19 SALE COMPARABLES Sale Comps Map SUBJECT PROPERTY 813 Irma Avenue Orlando, FL CHATEAU EOLA 609 North Eola Drive Orlando, FL CASA BELLA 515 East Pine Street Orlando, FL flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

20 ESSEX MANOR CONDOS 813 IRMA AVENUE, ORLANDO, FL SALE COMPARABLES Sale Comps SUBJECT PROPERTY 813 Irma Avenue Orlando, FL flarealtyinvestments.com Sale Price: $1,650,000 Year Built: 1973 Building SF: 7,584 SF Price PSF: $ No. Units: 16 Price / Unit: $103,125 GRM: Cap: 5.51% NOI: $90,839 CHATEAU EOLA 609 North Eola Drive Orlando, FL Sale Price: $900,000 Year Built: 1971 Building SF: 7,448 SF Price PSF $ No. Units 8 Price / Unit $112,500 Closed: 07/17/ CASA BELLA 515 East Pine Street Orlando, FL Sale Price: $820,000 Year Built: 1930 Building SF: 6,984 SF Price PSF $ No. Units 6 Price / Unit $136,666 Closed: 08/27/2014 Occupancy: 100% 2 CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

21 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL RENT COMPARABLES Rent Comps Map Rent Comps Summary Rent Comps JOE LAFLEUR Senior Associate flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

22 RENT COMPARABLES Rent Comps Map SUBJECT PROPERTY 813 Irma Avenue Orlando, FL THE LOFTS AT CONCORD 811 East Concord Street Orlando, FL NORTH EOLA DRIVE 614 North Eola Drive Orlando, FL flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

23 RENT COMPARABLES Rent Comps Summary SUBJECT PROPERTY RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY % Essex Manor Condos 813 Irma Avenue Orlando, FL $1.77 7,584 SF 7,584 SF % RENT COMPS RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY % 1 2 The Lofts at Concord 811 East Concord Street Orlando, FL North Eola Drive 614 North Eola Drive Orlando, FL $1.50 5,300 SF 5,300 SF 6 100% $1.97 1,030 SF 1,030 SF 2 100% RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY % TOTALS/AVERAGES $1.74 3,165 SF 3,165 SF 4 100% flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

24 RENT COMPARABLES Rent Comps SUBJECT PROPERTY 813 Irma Avenue Orlando, FL Year Built: 1973 No. Units: 16 Avg. Rent/SF: Avg. Rent: $1.77 $841 Avg. Size: 474 SF 1 THE LOFTS AT CONCORD 811 East Concord Street Orlando, FL Year Built: 1925 Bldg Size: 5,300 SF No. Units: 6 Occupancy: 100% Avg. Rent/SF Avg. Rent $1.50 $1,325 Avg. Size 883 SF NORTH EOLA DRIVE 614 North Eola Drive Orlando, FL Year Built: 1925 Bldg Size: 1,030 SF No. Units: 2 Occupancy: 100% Avg. Rent/SF Avg. Rent $1.97 $1,013 Avg. Size 515 SF 2 flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

25 Essex Manor Condos 813 IRMA AVENUE, ORLANDO, FL DEMOGRAPHICS Demographics Report Demographics Map JOE LAFLEUR Senior Associate flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

26 DEMOGRAPHICS Demographics Report 1 MILE 3 MILES 5 MILES Total households 5,898 38, ,675 Total persons per hh Average hh income $70,186 $73,484 $68,401 Average house value $322,860 $365,676 $329,748 1 MILE 3 MILES 5 MILES Total population 11,802 84, ,349 Median age Median age (male) Median age (female) * Demographic data derived from 2010 US Census flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL

27 DEMOGRAPHICS Demographics Map POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 11,802 84, ,349 MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 5,898 38, ,675 # OF PERSONS PER HH AVERAGE HH INCOME $70,186 $73,484 $68,401 AVERAGE HOUSE VALUE $322,860 $365,676 $329,748 * Demographic data derived from 2010 US Census flarealtyinvestments.com CORPORATE OFFICE TECHNOLOGICAL AVENUE - SUITE 11 - ORLANDO, FL