Sales Comparables 1 Palm Trace 6870 103rd St, Jacksonville, FL 32210 Year Built Date of Sale # of Units Sale Price Price Per Unit Price/SF Cap Rate 1986 Aug-18 160 $15,325,000 $95,781 $128 n/a 2 Ortega Pines 4800 Ortega Farms Blvd, Jacksonville, FL 32210 Year Built Date of Sale # of Units Sale Price Price Per Unit Price/SF Cap Rate 1974 Jul-18 152 $10,750,000 $70,724 $73 6.60% 3 Bradford Place Townhomes 2150 Spencer Rd, Orange Park, FL 32073 Year Built Date of Sale # of Units Sale Price Price Per Unit Price/SF Cap Rate 1982 Apr-18 154 $13,927,780 $90,440 $67 5.49% 4 Pickwick 3580 Pall Mal Dr, Jacksonville, FL 32257 Year Built Date of Sale # of Units Sale Price Price Per Unit Price/SF Cap Rate 1984 Apr-17 152 $14,800,000 $97,368 $86 5.85% 5 Alexander Pointe 2121 Burwick Ave, Orange Park, FL 32073 Year Built Date of Sale # of Units Sale Price Price Per Unit Price/SF Cap Rate 1986 Feb-17 232 $20,400,000 $87,931 $83 6.55% COLLIERS INTERNATIONAL P. 10
Historicals and Pro Forma HISTORICAL OPERATING SUMMARY AND PROJECTIONS YEAR T-12 July 2018 T-6 July 2018 ANN T-3 July 2018 ANN Year 1 Pro Forma Stabilized Conclusions INCOME TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI Potential Rental Income $2,630,400 $10,275 100.0% $2,701,110 $10,551 100.0% $2,781,420 $10,865 100.0% $2,651,680 $10,358 100.0% $2,984,100 $11,657 100.0% ECONOMIC LOSS 0.0% Vacancy -$177,650 -$694 -6.8% -$132,400 -$517 -4.9% -$127,871 -$499 -4.6% -$132,584 -$518 -5.0% -$149,205 -$583 -5.0% Credit and Collection Loss -$48,521 -$190 -1.8% -$39,863 -$156 -1.5% -$11,797 -$46 -0.4% -$13,258 -$52 -0.5% -$13,258 -$52 -0.4% Concessions -$3,525 -$14 -0.1% -$2,900 -$11 -0.1% -$2,600 -$10 -0.1% -$2,652 -$10 -0.1% -$2,652 -$10 -0.1% Models and Employee Units -$10,760 -$42 -0.4% -$11,230 -$44 -0.4% -$11,160 -$44 -0.4% -$10,607 -$41 -0.4% -$10,607 -$41 -0.4% Loss-to-Lease -$171,126 -$668 -6.5% -$222,456 -$869 -8.2% -$286,963 -$1,121 -10.3% -$53,034 -$207 -2.0% $0 $0 0.0% TOTAL ECONOMIC LOSS -$411,581 -$1,608 -15.6% -$408,848 -$1,597 -15.1% -$440,391 -$1,720 -15.8% -$212,134 -$829 -8.0% -$175,722 -$686 -5.9% EFFECTIVE RENTAL INCOME $2,218,819 $8,667 84.4% $2,292,262 $8,954 84.9% $2,341,029 $9,145 84.2% $2,439,546 $9,529 92.0% $2,808,378 $10,970 94.1% OTHER INCOME ITEMS TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI TOTAL PER UNIT % OF PGI RUBS $117,211 $458 4.5% $120,304 $470 4.5% $122,684 $479 4.4% $122,880 $480 4.6% $130,363 $509 4.4% Other Income $91,353 $357 3.5% $93,920 $367 3.5% $95,862 $374 3.4% $96,000 $375 3.6% $101,846 $398 3.4% TOTAL OTHER INCOME ITEMS $208,564 $815 7.9% $214,224 $837 7.9% $218,547 $854 7.9% $218,880 $855 8.3% $232,210 $907 7.8% EFFECTIVE GROSS INCOME $2,427,382 $9,482 92.3% $2,506,486 $9,791 92.8% $2,559,576 $9,998 92.0% $2,658,426 $10,384 100.3% $3,040,588 $11,877 101.9% OPERATING EXPENSES TOTAL PER UNIT % OF EGI TOTAL PER UNIT % OF EGI TOTAL PER UNIT % OF EGI TOTAL PER UNIT % OF EGI TOTAL PER UNIT % OF EGI Advertising $43,295 $169 1.8% $44,000 $172 1.8% $45,448 $178 1.8% $44,800 $175 1.7% $47,528 $186 1.6% General and Administrative $87,511 $342 3.6% $85,920 $336 3.4% $82,066 $321 3.2% $87,040 $340 3.3% $92,341 $361 3.0% Payroll $378,774 $1,480 15.6% $406,890 $1,589 16.2% $419,448 $1,638 16.4% $307,200 $1,200 11.6% $325,908 $1,273 10.7% Repairs and Maintenance $333,163 $1,301 13.7% $350,886 $1,371 14.0% $374,105 $1,461 14.6% $192,000 $750 7.2% $203,693 $796 6.7% Utilities $190,431 $744 7.8% $194,644 $760 7.8% $205,221 $802 8.0% $200,960 $785 7.6% $213,198 $833 7.0% Property Insurance $102,344 $400 4.2% $104,506 $408 4.2% $108,830 $425 4.3% $106,240 $415 4.0% $112,710 $440 3.7% Management Fees $73,419 $287 3.0% $76,712 $300 3.1% $77,339 $302 3.0% $79,753 $312 3.0% $91,218 $356 3.0% Real Estate Taxes $236,879 $925 9.8% $226,538 $885 9.0% $226,538 $885 8.9% $344,934 $1,347 13.0% $365,940 $1,429 12.0% TOTAL OPERATING EXPENSES $1,445,817 $5,648 59.6% $1,490,096 $5,821 59.4% $1,538,995 $6,012 60.1% $1,362,927 $5,324 51.3% $1,452,537 $5,674 47.8% Reserves $0 $0 0.0% $0 $0 0.0% $0 $0 0.0% $64,000 $250 2.4% $64,000 $250 2.1% TOTAL EXPENSES $1,445,817 $5,648 59.6% $1,490,096 $5,821 59.4% $1,538,995 $6,012 60.1% $1,426,927 $5,574 53.7% $1,516,537 $5,924 49.9% NET OPERATING INCOME $981,565 $3,834 40.4% $1,016,390 $3,970 40.6% $1,020,581 $3,987 39.9% $1,231,499 $4,811 46.3% $1,524,051 $5,953 50.1% COLLIERS INTERNATIONAL P. 11
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