Hayward Apartments 2049 WEST HAYWARD AVENUE, PHOENIX, AZ 85021

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1 Hayward Apartments 2049 WEST HAYWARD AVENUE, PHOENIX, AZ For More Information Please Contact: Alon Shnitzer John Kobierowski Rue Bax Doug Lazovick Eddie Chang (480) (602) (480) (480) (480) HAYWARD APARTMENTS PHOENIX, ARIZONA 1

2 Executive Summary Investment Overview Hayward Apartments is a 15 unit, one-story apartment community located in Phoenix, Arizona. The property is individually metered for electricity and includes an on-site laundry facility. A buyer can choose to purchase the asset by either assuming the attractive in-place financing, placing new debt, or all cash. Additional upside exists for investors by bringing rents and economic occupancy in-line with the immediate submarket. Hayward Apartments is available individually (as a one off sale) or as a portfolio (along with Don Carlos Apartments in Tempe, Arizona). Offering Price: $520,000 $34,667 per Unit / $46.61 per SF Pro Forma CAP Rate: Address: Assessor Parcel Number: Total Units: Net Site Size: Year Built: Unit Mix: Number of Stories: 8.42% 2049 W. Hayward Avenue Phoenix, AZ E;014F;016; A 15 Units 35,263 SF Built in 1985 / Renovated in Bed/1Bath 720 SF 1 3Bed/1Bath 1,077 SF Exterior & Interior Upgrades Financial Analysis Unit Mix / Income & Expenses / Existing Debt Property Tax Calculations Property Overview Area & Local Maps Plat Map Property Photos Market Comparables Rent Comparables Map Rent Comparables Summary Sales Comparables Map Sales Comparables Summary Disclaimer Exterior: Stucco Frame: Wood Parking Surface: Asphalt Utilities Metering: Electricity (Individual) Common Area Amenities: On-site Laundry Facility Open Parking HAYWARD APARTMENTS PHOENIX, ARIZONA 2

3 Exterior & Interior Renovation Details Hayward Apartments Exterior & Interior Upgrades Exterior Painting Landscaping Mailboxes Interior 10 units have been turned and interior upgrades include new vinyl wood flooring, full paint, re-surfaced kitchen and bathroom countertops, new electrical fixtures (some units), and appliances. HAYWARD APARTMENTS PHOENIX, ARIZONA 3

4 FINANCIAL ANALYSIS HAYWARD APARTMENTS PHOENIX, ARIZONA 4

5 Financial Analysis UNIT MIX Type of Floor Plan Unit Percentage of Square Total Mix Community Feet Square Pro Forma Rents Rent/SF Two Bedroom/One Bath 14 93% ,080 $550 $0.76 Three Bedroom/One Bath 1 7% 1,077 1,077 $750 $0.70 Totals/Average % ,157 $563 $0.76 INCOME & EXPENSE Pro Forma Income Per Unit Scheduled Gross Income $101,400 $6, Vacancy/Loss to Lease/Non Rev. Units 20.0% ($20,280) ($1,352) Net Rental Revenue $81,120 $5,408 Other Income/RUBS* $3,500 $233 EFFECTIVE GROSS INCOME $84,620 $5,641 EXPENSES Payroll Pro Forma Expenses $6,000 $400 Landscaping $1,500 $100 General & Administrative $2,250 $150 Advertising & Marketing $1,125 $75 Repairs & Maintenance $6,375 $425 Utilities $12,000 $800 Controllable Expenses $29,250 $1,950 Management Fee 5.00% $4,231 $282 Real Estate Taxes $4,135 $276 Insurance $3,200 $213 Non Controllable Expenses $11,566 $771 Total Operating Expense $40,816 $2,721 NOI $43,804 $2,920 ASSUMABLE EXISTING DEBT Lender: Impac Commercial Capital Corporation Outstanding Principal Balance: $292,000 Terms: Currently 4% I/O, Commencing May 1, % I/O, Commencing June 1, % P&I, Commencing May 1, % over libor Maturity Date: April 2036 HAYWARD APARTMENTS PHOENIX, ARIZONA 5

6 Real Estate Tax Calculations HAYWARD APARTMENTS PHOENIX, ARIZONA 6

7 PROPERTY OVERVIEW HAYWARD APARTMENTS PHOENIX, ARIZONA 7

8 Area & Local Maps HAYWARD APARTMENTS PHOENIX, ARIZONA 8

9 Plat Map HAYWARD APARTMENTS PHOENIX, ARIZONA 9

10 Property Photographs HAYWARD APARTMENTS PHOENIX, ARIZONA 10

11 MARKET COMPARABLES HAYWARD APARTMENTS PHOENIX, ARIZONA 11

12 Rent Comparables Map N HAYWARD APARTMENTS S Rosa Vista 1 2 Granada Gardens 3 Bougainvillea Garden HAYWARD APARTMENTS PHOENIX, ARIZONA 12

13 Rent Comparables Summary RENT COMPARABLES SURVEY Occupancy 1 Bed / 1 Bath 2 Bed / 1 Bath 2 Bed / 2 Bath 3 Bed / 1 Bath Built Units SF Rent $/SF Units SF Rent $/SF Units SF Rent $/SF Units SF Rent $/SF 1 Granada Gardens 81% $525 $ $615 $ W. Morten Avenue Units Phoenix, AZ Rosa Vista 80% $500 $ $700 $ N. 21st Avenue Units 1 1,100 N/A Phoenix, AZ Concessions: $199 move-in Application Fee: $25 3 Bougainvillea Garden 100% $525 $ $620 $ $640 $ W. Orangewood Avenue Units Phoenix, AZ Averages 87% $516 $ $610 $ $640 $ N/A N/A N/A SUBJECT 80% N/A N/A N/A $550 $ N/A N/A N/A 0 1,077 $700 $0.65 HAYWARD APARTMENTS PHOENIX, ARIZONA 13

14 Sales Comparables Map N 7 Monte Vista HAYWARD APARTMENTS Glen Vista S 1 Rosa Vista 2 Huntington Gardens Silver Oaks Crest Parkway HAYWARD APARTMENTS PHOENIX, ARIZONA 14

15 Sales Comparables Summary SALES COMPARABLES 1 Rosa Vista Sold: 09/22/11 Price: $310,000 $32.29 per SF Buyer Location: CA 7537 N. 21st Ave 11 Units $28,182 per Unit Building SF: 9,600 Phoenix, AZ Built in 1961 Individually Metered Avg Unit: 873 SF Conditions: REO Sale 2 Glen Vista Sold: 02/15/12 Price: $1,275,000 $76.89 per SF Buyer Location: CA 7150 N. 27th Ave 35 Units $36,429 per Unit Building SF: 16,582 Phoenix, AZ Built in 1964 Individually Metered Avg Unit: 474 SF Conditions: Arms Length Transaction 3 Silver Oaks Sold: 11/07/11 Price: $421,000 $38.69 per SF Buyer Location: AZ 6817 N. 17th Ave 16 Units $26,313 per Unit Building SF: 10,880 Phoenix, AZ Built in 1962 Individually Metered Avg Unit: 680 SF Conditions: REO Sale 4 Crest Apartment Homes Sold: 07/25/11 Price: $1,090,000 $35.62 per SF Buyer Location: AZ 6702 N. 17th Ave 47 Units $23,191 per Unit Building SF: 30,602 Phoenix, AZ Built in 1979 Individually Metered Avg Unit: 651 SF Conditions: REO Sale 5 Huntington Gardens Sold: 03/30/12 Price: $572,000 $34.68 per SF Buyer Location: AZ 6542 N. 17th Ave 16 Units $35,750 per Unit Building SF: 16,496 Phoenix, AZ Built in 1964 Individually Metered Avg Unit: 1,031 SF Conditions: Arms Length Transaction 6 Parkway Sold: 08/05/11 Price: $432,000 $32.48 per SF Buyer Location: AZ 6516 N. 17th Ave 16 Units $27,000 per Unit Building SF: 13,300 Phoenix, AZ Built in 1964 Individually Metered Avg Unit: 831 SF Conditions: Arms Length Transaction 7 Monte Vista Sold: 08/17/11 Price: $350,000 $28.78 per SF Buyer Location: CA 1709 W. Mountain View Rd 16 Units $21,875 per Unit Building SF: 12,160 Phoenix, AZ Built in 1985 Individually Metered Avg Unit: 760 SF Conditions: Arms Length Transaction Averages: Built in Units Price: $635,714 $28,344 per Unit $40.59 per SF SUBJECT Built in 1985/ Renovated in Units Price: $520,000 $34,667 per Unit $46.61 per SF HAYWARD APARTMENTS PHOENIX, ARIZONA 15

16 Disclaimer All materials and information received or derived from ORION Investment Real Estate Solutions (hereinafter collectively ORION ), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by ORION its directors, officers, agents, advisors, or affiliates 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 ORION 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. ORION 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. ORION makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. ORION 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 ORION in compliance with all applicable fair housing and equal opportunity laws. HAYWARD APARTMENTS PHOENIX, ARIZONA 16