Cliffside Apartments FOR SALE $2,250,000. Property Highlights. 720 North Wall Street l Salt Lake City l Utah l 84103

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1 FOR SALE $2,250,000 Property Highlights Located in the heart of Salt Lake City s Historic Marmalade District 27 Units 1 Bedroom and 2 Bedroom Townhome Floorplans Most Units Have Been Renovated Off-Street Covered Parking Contact Mark Jensen mjensen@ngacres.com Greg Ratliff gratliff@ngacres.com Community Laundry Facilities

2 The Opportunity The Cliffside Apartments is a rare opportunity to acquire a multifamily community in the desirable, historic Marmalade District in Salt Lake City. The Greater Salt Lake Area is among the most solid of any submarkets in the United States from occupancy, rental growth and rising renter demographic standpoints. The Greater Salt Lake Market continues to outperform most rental markets in the US with sub-4% vacancies, the new norm. Rental growth in these markets is expected to average 8% overall and in some select submarkets will eclipse 10%. The Cliffside Apartments provides a qualifi ed investor a great opportunity in riding the crest of market rent increases and the implementation of resident utility bill-backs and ancillary incomes. The overall condition of The Cliffside Apartments is very good as current ownership has responsibly managed and maintained the property. The Market Utah continues to be among the nation s leading economies and due to its diversity it is well positioned for several years ahead. Utah continues to rank high across many economic and demographic categories with Salt Lake City being as a Top 10 Growth Market and ranked #4 by Forbes as one of the best cities for tech jobs. Demand for rental product along the Wasatch Front is outpacing new supply at an almost 2-1 basis between 2010 and 2020 and despite new construction in the Salt Lake Downtown submarket of over 650 units, the rental market will continue to tighten in the foreseeable future. The Property The Cliffside Apartments consists of 1 well-constructed 3-story wood frame and stucco building with off-street covered parking for 22 vehicles. The property consists of 20-1 Bedroom/1 Bath fl oorplans approximating 580 square feet and 7-2 Bedroom/1 Bath townhome-style fl oorplans approximating 865 square feet. All 1 Bedroom fl oorplans have gas forced air furnaces and wall mounted air conditioning with separate utility rooms. The 2 Bedroom town home units have electric baseboard heating. All dwelling units have separate electric and gas metering. Most of the units at Cliffside have been renovated with new fl oorcoverings, counter tops, accent paint and window coverings.

3 State S treet Cliffside Apartments N Vict ory Roa d 600 North 1 1th A venue 300 North 400 West 300 West Main Street Colu mbus St reet 500 North Utah State Capitol East Capitol Boulevard B S treet 3rd Avenue North Tem ple 2nd A venue 200 West West Temple East South Temple 100 South

4 PROPERTY INFORMATION SUMMARY Parking: 22 Covered, 2 Uncovered Square Feet: Approximately 17,655 Age: 1974 Utilities: Individually Metered Electricity Paid by Residents; NEW DEBT First Loan (67%): $1,511,000 Rate: 4.95% Term: 25 Years Annual Payment: $105,470 ESTIMATED ANNUALIZED OPERATING DATA 2013 Actual Proforma Scheduled Gross Income: $213,000 $221,100 Vacancy: $6,390 $6,633 Other Income: $22,000 $30,000 Total Operating Income: $228,610 $248,541 Expenses: $96,642 $96,642 Net Operating Income: $131,968 $151,899 Less Loan Payments: $105,470 $105,470 Pre-Tax Cash Flow: $26,498 $46,429 Pre-Tax Cash Flow: 3.6% 6.3% FINANCIAL INDICATORS Price: $2,250,000 Down Payment: $739,000 Down Payment %: 33% Annualized CAP 5.9% Annualized GRM: Cash on Cash T-12: 3.99% Expenses/Unit/Year $3,579 SOURCE OF INCOME (RENT AND OTHER INCOME) Effective Gross Annual Income: $228,610 UNIT MIX UNITS SF 1 Bedroom, 1 Bath Bedroom, 1 Bath Totals 27 17,655 PROPERTY ABSTRACT Number of Units: 27 Age: 1974 Lot Size SF: 20,909 Rentable SF: 17,655 (approx.) Cost Per Unit: $85,333 AVAILABLE FINANCING OPTIONS New 10-year recourse loan at 4.95% fi xed for 10 years with 25-year amortization in the amount of $1,511,000 (1.25 DCR constrained). No prepayment penalties, 1% origination fee, 1% funding fee with $1,500 closing cost, plus third party fees. New 5-year recourse loan at 4.30% fi xed for 5 years with a 25-year amortization in the amount of $1,590,000 (70% LTV constrained). 1% origination fee, 1% funding fee, closing costs of $1,500, plus third party fees.

5 PROPERTY UNIT TYPE UNIT SF RENT RENT/SF NOTES Subject Property: Cliffside Apartments 720 North Wall Street Salt Lake City, Utah 2 x 1 TH $650 $750 $1.12 $ Units Marmalade Hill Apartments 439 North 200 West Salt Lake City, Utah x ,050 $650 - $716 $829 - $914 $ $0.80 $ $ Units West Temple Apartments 185 North West Temple Salt Lake City, Utah x 2 1,150-1,175 1,350-1,450 $917 - $1,057 $1,096 - $1,230 $ $0.90 $ $ Units Park Capitol Apartments 215 North Main Street Salt Lake City, UT x $869 - $1,029 $1,049 - $1,200 $ $1299 $ $1500 $ $1.24 $ $1.26 $ $1.30 $ $ Units