LAKEVIEW CONDO DECONVERSION

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1 Offering Memorandum LAKEVIEW CONDO DECONVERSION W ROSCOE ST CHICAGO, IL 60657

2 Exclusive Agent Colliers International ( Seller s Agent ) is the exclusive agent for the owner and seller ( Seller ) of W Roscoe St ( Property ). Please contact us if you have any questions. No cooperating brokerage commission shall be paid by Colliers or the Seller. Buyer s Broker, if any, shall seek commission compensation from the Buyer only. Designated Agents The designated agents for the Seller are: Tyler Hague Vice President Direct Jack Maloney Associate Direct Colliers International Disclaimer This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL

3 Table of Contents > EXECUTIVE SUMMARY... 1 Investment Opportunity... 2 Rent Roll & Unit Mix... 4 Exterior Photographs... 5 Unit Photographs... 6 Area Map... 7 > MARKET OVERVIEW... 8 Market Rent Survey... 9 Comparable Property Sales > PRICING & CASH FLOW Valuation Summary & Proforma Confidentiality & Disclaimer Statement W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL

4 Offering Memorandum W Roscoe St Chicago, Illinois > Executive Summary

5 EXECUTIVE SUMMARY Investment Opportunity COLLIERS INTERNATIONAL is pleased to exclusively offer for sale, this rare condominium deconversion opportunity located at West Roscoe Street in Chicago, IL. Just one block west of Lake Michigan in the notable Lakeview submarket, the Property offers the unique ability for an investor to immediately deconvert a 22 unit, courtyard style condo building into apartments in one of the historically strongest rental submarkets in Chicago. The property was converted from apartments to condominiums 15 years ago and due to excellent upkeep by the current owner-occupiers; unit finishes and common areas are in superior condition compared to similar apartment properties of this vintage. Comprised of 16 one bedroom + den units and 6 two bedroom units, the unit orientation is ideal for young professionals and couples looking for higher end units in a neighborhood with typically older apartment product, yet at a lower price point than newer Class A high-rise rents. In a submarket that hasn t seen any new inventory over the last four quarters, demand is projected to outpace supply over the next year making Lakeview one of the most stable multifamily markets with occupancy at market highs. The strength of Chicago s Lakeview INVESTMENT HIGHLIGHTS Good long-term rental sustainability Minimal deferred maintenance Condo-quality finishes neighborhood speaks to the potential long term rent growth and sustainability of this asset. Takes advantage of Wrigleyville facelift and Southport Corridor emergence No inventory delivered in last four quarters the lowest supply of Chicago submarkets Occupancy 2 nd highest submarket in Chicago Rents 3 rd highest submarket in Chicago The Property s proximity to area recreation and transportation is excellent: CTA Bus System Lake Michigan Lake Shore Drive CTA L Red/Brown Line... Chicago Loop Immediate Immediate Immediate 0.6 miles 4 miles LAKEVIEW Boasting a diverse mix of local boutique retailers, bars and restaurants, and music venues, the Lakeview submarket thrives off a diverse population mix. Young urban professionals, families, and baby boomers alike take advantage of a myriad of social and cultural amenities in the area and are additionally attracted to the proximate lakefront access which make this one of the Walkers Paradise 93 SOURCE: Excellent Transit 84 Very Bikeable 84 most desirable places to live in Chicago. Home to Wrigley Field and the Southport, Clark, and Broadway retail corridors, the neighborhood offers a diverse mix of retail, residential, and hotel properties. Residential space and street level retail dominate the main thoroughfares while side streets are lined with historic Chicago brownstones and Victorian walkups. With tree lined streets intermixed with busy bar and shopping distance, all with access to mass transit and Chicago s popular lakefront trail, it s no wonder this submarket ranks near the top in rents and occupancy in Chicago W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2

6 EXECUTIVE SUMMARY PROPERTY DETAILS PROPERTY ADDRESS W Roscoe Street Chicago, Illinois Cook County YEAR BUILT 1925/2001 TYPE Garden Courtyard PARKING 0 Spaces BUILDING EXTERIOR Brick Solid Masonry Construction UNIT DETAILS DWELLING UNITS 22 UNIT MIX Sixteen 1 bed / 1 bath 600 SF Three 2 bed / 1 bath 700 SF Three 2 bed / 2 bath 800 SF UNIT AMENITIES 9 FT Ceilings Granite Countertops Stainless Steel Appliances ASSESSOR PARCEL NUMBERS 628 W Roscoe St thru W Roscoe St thru W Roscoe St thru W Roscoe St thru W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 3

7 EXECUTIVE SUMMARY Rent Roll & Unit Mix IN PLACE RENTAL RATES & PROFORMA RENTAL SUMMARY W ROSCOE RENTED UNITS UNIT LEASE EXP TYPE MARKET RENT ACTUAL RENT 628 1N 5/31/17 1 Bed+ /1 Bath $1,700 $1, N 3/31/17 1 Bed+ /1 Bath $1,700 $1, S 11/30/17 1 Bed+ /1 Bath $1,700 $1, N 6/1/17 1 Bed+ /1 Bath $1,700 $1, N 7/31/17 1 Bed+ /1 Bath $1,700 $1,550 $1,700 $1, W ROSCOE PROFORMA RENTS TYPE QUANTITY MARKET RENT SQUARE FEET RENT/SF 1 Bed+ / 1 Bath 16 units $1, $ Bed / 1 Bath 3 units $2, $ Bed / 2 Bath 3 units $2, $2.81 $1, $ W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4

8 EXECUTIVE SUMMARY Exterior Photographs W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5

9 EXECUTIVE SUMMARY Unit Photographs W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6

10 EXECUTIVE SUMMARY Area Map W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7

11 Offering Memorandum W Roscoe Chicago, Illinois > Market Overview

12 MARKET OVERVIEW Market Rent Survey ONE BEDROOMS PROPERTY SF MARKET RENT MARKET RENT/SF The Van der Rohe 690 $1,730 $2.51 The Van der Rohe 690 $1,695 $2.46 Belmont by Reside 555 $1,595 $2.87 Belmont by Reside 629 $1,726 $2.74 Belmont by Reside 638 $1,865 $2.92 Reside on Barry 612 $1,600 $2.61 Hawthorne House 860 $1,910 $ N LSD 650 $1,675 $2.58 Halsted Flats 590 $1,892 $3.21 Reside on Surf 628 $1,555 $2.48 Reside on Surf 653 $1,535 $2.35 Reside $1,573 $2.36 Reside $1,622 $2.41 Average 656 $1,690 $2.59 TWO BEDROOMS PROPERTY SF MARKET RENT MARKET RENT/SF The Van der Rohe 775 $2,375 $3.06 Belmont by Reside 1,068 $2,603 $ N LSD 950 $2,273 $2.39 Reside on Barry 805 $2,186 $2.72 Maynard at Elaine 760 $1,897 $2.50 Maynard at Elaine 947 $2,325 $2.46 Average 884 $2,277 $ W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 9

13 MARKET OVERVIEW Comparable Property Sales RECENT MULTIFAMILY SALES DATE PROPERTY UNITS SF TOTAL PRICE ($) PRICE PER SF ($) PRICE PER UNIT CAP RATE W Addison 12 43,560 $3,600,000 $82.64 $300, W Barry 16 15,708 $3,625,100 $ $226, W Barry ,520 $30,000,000 $ $272, W Aldine 67 52,075 $13,735,000 $ $205, W Grace 12 11,175 $3,030,000 $ $252, % W Belmont ,368 $64,629,500 $ $233, W Newport 23 13,800 $3,230,000 $ $140, N Orchard 19 13,719 $6,275,500 $ $330, % W George 46 46,000 $8,500,0000 $ $184, W George 13 11,264 $3,800,000 $ $292, % W Grace 16 18,450 $4,909,000 $ $306, N Elaine ,764 $50,500,000 $ $290, W Dakin 36 23,950 $6,462,500 $ $179, N Pine Grove 16 16,000 $4,800,000 $ $300, % N Clark 23 23,966 $8,975,000 $ $390, % N Sheffield 31 51,056 $7,600,000 $ $245, N Broadway 18 27,168 $5,000,000 $ $277, W Diversey 12 9,300 $6,000,000 $ $500, W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 10

14 MARKET OVERVIEW RECENT MULTIFAMILY APPRAISALS PROPERTY UNITS SF TOTAL PRICE ($) PRICE PER SF ($) PRICE PER UNIT CAP RATE 1142 W Wellington 6 5,777 $1,575,000 $ $262, % 703 W Melrose 5 10,510 $2,750,000 $261,66 $550, % 710 W Buckingham 14 19,537 $5,100,000 $ $364, % 953 W Fletcher 21 20,340 $6,550,000 $ $311, % 1040 W School 12 12,844 $3,625,000 $ $302, % 652 W Roscoe 14 11,792 $3,645,000 $ $260, % 3045 N Racine 5 4,089 $1,250,000 $ $250, % 922 W George 12 8,623 $2,700,000 $ $236, % 736 W Cornelia 6 6,597 $1,450,000 $ $241, % 3356 N Seminary 6 4,985 $1,420,000 $ $236, % 3514 N Lakewood 13 14,547 $3,050,000 $ $234, % 3521 N Wilton 6 6,265 $1880,000 $ $313, % 350 N Janssen 6 12,858 $2,300,000 $ $383, % 3118 N Clifton 6 7,214 $1,625,000 $ $270, % 3236 N Clifton 7 7,220 $2,080,000 $ $297, % 639 W Oakdale 18 23,359 $5,650,000 $ $313, % W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11

15 Offering Memorandum W Roscoe St Chicago, Illinois > Pricing & Cash Flow

16 PRICING & CASH FLOW Valuation Summary & Proforma FINANCIAL SUMMARY PROPERTY DESCRIPTION Property W Roscoe Property Address W Roscoe St Chicago, IL Number of Units 22 Units Net Rentable Area 14,100 SF Year Renovated 2001 PRICING Proposed sales Price $6,500,000 Total Unleveraged Acquisition Cost $6,500,000 Unleveraged Sales Price per Unit $295,455 Unit Unleveraged Sales Price per SF $ SF Leveraged Acquisitions Cost $6,545,500 Leveraged Acquisitions Cost per Unit $297,523 Unit Leveraged Acquisitions Cost per SF $ SF RESALE ASSUMPTIONS Terminal cap Rate Cost of Sale 6.00% 2.00% PROJECTED PRICING INDICATORS & RETURNS Year 1 NOI $339,319 Year 1 Net Cash Flow before DS $339,319 Year 1 Net Cash Flow after DS $78,651 Year 1 GRM Year 1 CAP Rate 5.22% Year 1 Unleveraged Cash-on-Cash 5.22% Year 1 Leveraged Cash-on-Cash 3.94% First 5 Years Unleveraged Average Cash-on-Cash 5.61% First 5 Years Leveraged Average Cash-on-Cash 5.22% 10 Year Unleveraged IRR 7.18% 10 Year Leveraged IRR 11.96% DEBT FINANCING* Loan Amount $4,550,000 Loan-to-Sales Price Ratio 70.00% Effective Interest Rate (over Analysis Period) 4.00% Effective Loan Constant % Year 1 Annual Debt Service Payment (P&I only) $260,669 PROPERTY OPERATING PARAMETERS Current Weighted-Average Market Rent per Unit ** $1,830 Unit Year 1 Operating Expenses per Unit $7,070 Unit Year 1 Operating Expenses per SF $11.03 SF Year 1 Income Loss *** 4.00% 10 Year Average Income Loss *** 4.00% W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 13

17 PRICING & CASH FLOW UNIT SUMMARY Rentable Total Sep-2016 Sep-2016 Sep-2016 No. of Square Rentable Market Market Total Market Unit Type Units Feet Sq. Ft. Rent/Unit Rent/SF Rent Potential Units 600 SF 9,600 SF $1, $2.83 SF $27, Units 700 SF 2,100 SF $2, $3.00 SF $6, Units 800 SF 2,400 SF $2, $2.81 SF $6,750 Totals / Wtd. Averages 22 Units 641 SF 14,100 SF $1, $2.85 SF $40,250 Most Current Rent Roll Date 9/15/2016 Collected Month Rent $ 40,250 Vacant Units at Market $ - Potential Gross Rent $ 40,250 (Loss) or Gain to Lease $ - % of All Units At Market 0.00% YEAR 1 PRO FORMA INCOME Year 1 Year Ending Sep-2017 Annual % Total $ EGI Per Unit Per SF INCOME All Units at Market Rent $507,150 $23,052 $35.97 Gain (Loss)-to-Lease $0 $0 $0.00 GROSS POTENTIAL RENT $507,150 $23,052 $35.97 OTHER INCOME RUBS $0 0.0% $0 $0.00 Non-Refundable Move-in fee $5, % $250 $0.39 Application Fee $0 0.0% $0 $0.00 Termination Fees $0 0.0% $0 $0.00 Miscellaneous/Other Income $2, % $114 $0.18 Late Charges $0 0.0% $0 $0.00 Parking $0 0.0% $0 $0.00 Total Other Income $8, % $364 $0.57 GROSS POTENTIAL INCOME $515, % $23,416 $36.54 Vacancy/Collection Allowance (% of GPR) -4.00% ($20,286) -4.1% ($922) ($1.44) Model Apartments 0.00% $0 0.0% $0 $0.00 Employee Apartment Discount 0.00% $0 0.0% $0 $0.00 Concessions (% of GPR) 0.00% $0 0.0% $0 $0.00 Bad Debt Allowance 0.00% $0 0.0% $0 $0.00 EFFECTIVE GROSS INCOME $494,864 (100.0%) $22,494 $ W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 14

18 PRICING & CASH FLOW YEAR 1 PRO FORMA EXPENSES Year 1 Year Ending 9/14/2017 Annual % of Total $ EGI Per Unit Per SF EXPENSES Real Estate Taxes Real Estate Taxes $75,000 (15.2%) $3,409 $5.32 Total Real Estate Taxes $75,000 (15.2%) $3,409 $5.32 Insurance Insurance $11,000 (2.2%) $500 $0.78 Total Insurance $11,000 (2.2%) $500 $0.78 Utilities Electricity $3,500 (0.7%) $159 $0.25 Water/Sewer $4,500 (0.9%) $205 $0.32 Trash Removal $5,500 (1.1%) $250 $0.39 Gas $4,000 (0.8%) $182 $0.28 Total Utilities $17,500 (3.5%) $795 $1.24 Contract Services Janitorial $7,500 (1.5%) $341 $0.53 Landscaping $3,250 (0.7%) $148 $0.23 Snow Removal $2,500 (0.5%) $114 $0.18 Total Contract Services $13,250 (2.7%) $602 $0.94 Repairs & Maintenance $10,000 (2.0%) $455 $0.71 Turnover Expense $0 (0.0%) $0 $0.00 Marketing & Promotion $1,500 (0.3%) $68 $0.11 On-Site Payroll $0 (0.0%) $0 $0.00 Payroll Taxes & Benefits (% of Payroll Expense) 0.00% $0 (0.0%) $0 $0.00 General & Administrative $2,000 (0.4%) $91 $0.14 Management Fee (% of EGI) 4.00% $19,795 (4.0%) $900 $1.40 Replacement & Reserves $5,500 (1.1%) $250 $0.39 TOTAL EXPENSES $155,545 (31.4%) $7,070 $11.03 NET OPERATING INCOME $339,319 (68.6%) $15,424 $24.07 ANNUAL DEBT SERVICE $260,669 CASH FLOW AFTER DEBT SERVICE $78,651 NET OPERATING INCOME RETURN Going-In CAP PURCHASE PRICE (Unleveraged) $6,500, % UNLEVERAGED ACQUISITION COST $ 6,500, % LEVERAGED ACQUISITION COST $ 6,545, % W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 15

19 PRICING & CASH FLOW YEAR 1 PRO FORMA FINANCING SUMMARY Loan Origination Date Sep-16 Purchase Price $6,500,000 LTV 70.00% Required Equity $ 1,950, Loan Fee 1.00% Loan Amount $ 4,550, Interest Rate 4.00% Loan Constant % Loan Acquisition Fee $ 45,500 Amortization Loan Term 30 Years 10 Years Monthly P&I Pmt. $21, Annual Debt Service $260, Maturity Date Sep-26 Balance at Maturity $ 3,574, Acquisition Reserves Due Diligence $ - Unit/Common Area Rehab $ - Roof Replacement $ - Other $ - Loan Fee $ 45, Total Unleveraged Acquisition Cost $ 6,500, Required Equity $ 6,500, Total Leverage Acquisition Cost $ 6,545, Required Equity $ 1,995, Loan % of Total Acquisition Cost 69.51% Month Interest Principle Balance Sep-16 1 $ 15, $6, $ 4,543, Oct-16 2 $ 15, $6, $ 4,536, Nov-16 3 $ 15, $6, $ 4,530, Dec-16 4 $ 15, $6, $ 4,523, Jan-17 5 $ 15, $6, $ 4,517, Feb-17 6 $ 15, $6, $ 4,510, Mar-17 7 $ 15, $6, $ 4,503, Apr-17 8 $ 15, $6, $ 4,496, May-17 9 $ 14, $6, $ 4,490, Jun $ 14, $6, $ 4,483, Jul $ 14, $6, $ 4,476, Aug $ 14, $6, $ 4,469, Year 1 Principal Reduction $80, W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 16

20 PRICING & CASH FLOW GROWTH RATES Fiscal Year Ending: Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 INCOME \ Market Rent 5.00% 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Loss to Lease (as % of Market Rent) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% OTHER INCOME RUBS 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Non-Refundable Move-in fee 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Application Fee 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Termination Fees 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Month to Month fee 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Corporate Premiums 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Miscellaneous/Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Transfer Fees 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Late Charges 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Service Charge 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Laundry Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Vending Machine Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Cox Cable Revenue 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Parking 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Damages Reimbursement 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Reinstatement Fee 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Legal Reimbursement 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% GROSS POTENTIAL INCOME Vacancy/Collection Allowance (% of GPR) 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Model Apartments 5.00% 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Employee Apartment Discount 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Concessions (% of GPR) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% EXPENSES Total Real Estate Taxes 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Total Insurance 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Total Utilities 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Total Contract Services 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Repairs & Maintenance 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Turnover Expense 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Marketing & Promotion On-Site Payroll 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Payroll Taxes & Benefits (% of Payroll Expense) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% General & Administrative 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Management Fee (% of EGI) 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Replacement & Reserves 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 17

21 PRICING & CASH FLOW 10 YEAR CASH FLOW Fiscal Year Ending Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Financial Analysis All Units at Market Rent $507,150 $527,436 $543,259 $559,557 $576,344 $593,634 $611,443 $629,786 $648,680 $668,140 $688,184 Gain (Loss)-to-Lease GROSS POTENTIAL RENT $507,150 $527,436 $543,259 $559,557 $576,344 $593,634 $611,443 $629,786 $648,680 $668,140 $688,184 OTHER INCOME RUBS Non-Refundable Move-in fee 5,500 5,665 5,835 6,010 6,190 6,376 6,567 6,764 6,967 7,176 7,392 Application Fee Termination Fees Month to Month fee Corporate Premiums Miscellaneous/Other Income 2,500 2,575 2,652 2,732 2,814 2,898 2,985 3,075 3,167 3,262 3,360 Transfer Fees Late Charges Service Charge Laundry Income Vending Machine Income Cox Cable Revenue Parking Damages Reimbursement Reinstatement Fee Legal Reimbursement TOTAL OTHER INCOME $8,000 $8,240 $8,487 $8,742 $9,004 $9,274 $9,552 $9,839 $10,134 $10,438 $10,751 POTENTIAL GROSS INCOME $515,150 $535,676 $551,746 $568,299 $585,348 $602,908 $620,995 $639,625 $658,814 $678,578 $698,936 Vacancy/Collection Allowance (% of GPR) Model Apartments Employee Apartment Discount Concessions (% of GPR) ($20,286) ($21,097) ($21,730) ($22,382) ($23,054) ($23,745) ($24,458) ($25,191) ($25,947) ($26,726) ($27,527) EFFECTIVE GROSS INCOME $494,864 $514,579 $530,016 $545,916 $562,294 $579,163 $596,538 $614,434 $632,867 $651,853 $671,408 EXPENSES Total Real Estate Taxes Total Insurance Total Utilities Total Contract Services Repairs & Maintenance Turnover Expense Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits (% of Payroll Expense) General & Administrative Management Fee (% of EGI) INPUT INPUT INPUT Replacement & Reserves TOTAL EXPENSES $75,000 $77,250 $79,568 $81,955 $84,413 $86,946 $89,554 $92,241 $95,008 $97,858 $100,794 11,000 11,330 11,670 12,020 12,381 12,752 13,135 13,529 13,934 14,353 14,783 17,500 18,025 18,566 19,123 19,696 20,287 20,896 21,523 22,168 22,834 23,519 13,250 13,648 14,057 14,479 14,913 15,360 15,821 16,296 16,785 17,288 17,807 10,000 10,300 10,609 10,927 11,255 11,593 11,941 12,299 12,668 13,048 13,439 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 2,000 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2,688 19,795 20,388 21,000 21,630 22,279 22,947 23,636 24,345 25,075 25,827 26,602 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 $155,545 $160,001 $164,591 $169,319 $174,188 $179,204 $184,370 $189,691 $195,172 $200,817 $206,631 NET OPERATING INCOME $339,319 $354,578 $365,425 $376,598 $388,106 $399,959 $412,168 $424,743 $437,695 $451,036 $464,777 CAPITAL COSTS TBD TOTAL CAPITAL ITEMS $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 NET CASH FLOW BEFORE DEBT SERVICE $339,319 $354,578 $365,425 $376,598 $388,106 $399,959 $412,168 $424,743 $437,695 $451,036 DEBT SERVICE Principal Payments Interest Payments TOTAL DEBT SERVICE $80,127 $83,392 $86,789 $90,325 $94,005 $97,835 $101,821 $105,969 $110,287 $114, ,542 $ 177,277 $ 173,880 $ 170,344 $ 166,664 $ 162,834 $ 158,848 $ 154,699 $ 150,382 $ 145,889 $260,669 $260,669 $260,669 $260,669 $260,669 $260,669 $260,669 $260,669 $260,669 $260,669 NET CASH FLOW AFTER DEBT SERVICE $78,651 $93,909 $104,756 $115,929 $127,437 $139,290 $151,499 $164,074 $177,026 $190,367 DEBT SERVICE COVERAGE RATIO Unleveraged Cash on Cash Leveraged Cash on Cash 5.22% 5.46% 5.62% 5.79% 5.97% 6.15% 6.34% 6.53% 6.73% 6.94% 3.94% 4.71% 5.25% 5.81% 6.39% 6.98% 7.59% 8.22% 8.87% 9.54% Net Resale Value $ 5,791, $ 5,968, $ 6,151, $ 6,339, $ 6,532, $ 6,732, $ 6,937, $ 7,149, $ 7,366, $ 7,591, Year Unleverage IRR 10 Year Leveraged IRR -5.68% 1.28% 3.70% 4.94% 5.68% 6.18% 6.54% 6.80% 7.01% 7.18% % -6.17% 2.39% 6.49% 8.74% 10.06% 10.89% 11.41% 11.74% 11.96% W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 18

22 Confidentiality & Disclaimer Statement This Offering Memorandum contains select information pertaining to the business and affairs of the property at W Roscoe St, Chicago, IL. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Peter Block from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; and 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of W Roscoe St, Chicago, IL. or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum W ROSCOE STREET CHICAGO, IL OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 19

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