2 Teson Garden Apartments

Hazelwood all brick 64-unit apartment com-plex consisting 9 buildings, 40 one-bedroom

one-bath units and 24 two-bedroom one and half bath units. All units have individual

gas forced air and central A/C units, washer/dryer hookups and private storage in base-

ment. Grounds include in-ground swimming pool and ample resident parking.

Offered for $2,595,000

A MULTI-FAMILY OFFERING FROM DAVID VOGES

DAVID VOGES: 314-973-0719 PRUDENTIAL ADVANTAGE

MIKEVOGES@AOL.COM

Multi Family 5+ Agent Standard ReportML#: 774542 AD: 2 Teson Garden Hazelwood 63042 Area: 48 Active LP: $2,595,000

Agent ID: SMVOGESBC: PRAD02 Brkr: Prudential Advantage, REALTORS Ph: 314-962-1100

Tax Juris: STLCO TI#: 08L-23-0914 DA: NTran: SSubdiv: St. Ferdinand Common Fields MC: R07-08 Taxes/Yr: /EL: HAZELWOOD JR: HAZELWOOD SR: HAZELWOOD Agrmt Type: XR /

NOTASA: 1.5 BA: 1.5 TA: NO AF$: / None

Description

Type: Apartment Complex Location: City Total Units: 64Const: Brick Veneer Predom Age:+/- 44 Bld Style: Low/1-2 #Bldgs: 12 #Units Baths Unit

IncludesTypical

RentEfficiency1 Bdrms 40 1 Per

UnitDishwasher, Eat-In Kitchen, Living/Great

Room, Refrigerator, Range/Oven465

2 Bdrms 24 1 1/2 Per Unit

Dishwasher, Eat-In Kitchen, Living/Great Room, Refrigerator, Range/Oven

565

3 BdrmsBldgParking: Parking Lot/Off Strt, Not Assigned LS:+/- 505X299

Dir: NORTH OF 270 ON MC DONNELL BLVD WHICH BECOMES HOWDERSHELL ROAD, LEFT ON TESON TO COMPLEX.

Rem: NEW PRICE!!! BACK ON THE MARKET... Best Buy in North County!! This Hazelwood apartment complex consists of 9 buildings, 40 1-bedroom, 1-bath units and 24 2-bedroom, 1-bath units. Tons of green space, fenced in-ground pool and tons of parking. Second floor units have beautiful vaulted ceilings. All new roofs in 2001. Newer appliances, a/c units and water heaters. Individual private storage and washer/dryer hookups in basement. Rents are below market, which are $500 for 1-bedroom units, and $600 for 2-bedroom units.

Agt Rem: PLEASE DO NOT DISTURB TENANTS - CALL DAVID VOGES FOR ADDITIONAL INFORMATION AND APPOINTMENTS TO VIEW PROPERTY 973-0719.

Room Dimensions & Additional Information

Unit#1: Liv Rm: Great Rm: DinRm: Kitch: Break: Fam Rm: 1st Br: 2ndBr: 3rdBr: 4thBr: Lnd: Unit#2: Liv Rm: Great Rm: DinRm: Kitch: Break: Fam Rm: 1st Br: 2ndBr: 3rdBr: 4thBr: Lnd: Bldg Ext Amen: In Ground Pool Laundry: Prvt Laund some unitBldg Int Amen:Bldg Unit Info: Smoke/Alarm DetectorTenancy: Tenancy Pays: Electric, GasSale Includes: Building & LandBldg Fin Info: Insurance, Maintenance/RepairsDiscl: Code Compliance Reqd Cond: Unknown

Utilities

Cooling: Central-Electric Sewer: PublicHeating: Forced Air Water: PublicSource: Gas Cable Avl: Yes Wtr Heater: Gas

Financial Information

1st Assumable: No Assumption Bal: Payment: Payment Inc:

Years Remain: Assump Int Rate: Assump Fee: 2nd Morgage:Equity: 0 Gross Oper Inc: $347,386 Expenses: $151,783 Net Income: $195,199Existing Loan: Orig List

Price:3,200,000

Selling Terms: Cash, Conventional Entry Date: 10/29/07Office information

Agent Name: Mike Voges Contact Phones: Primary:314-841-5125 Secondary:314-962-1100Email Addr: mikevoges@aol.com Fax: 314-962-9090Ownr Name: Owner Phone:Occup Name:

Phone To Show:

List Assoc#:

Possession:Tenants Rights Licensee Assist'g Seller: Designated Agent

Ad Code:

Show: Listg Agt Accompany, By Appointment Only, Don't Disturb Ten'ts

CDOM: 307 #BR: #GL:

Presented By: Peter Vishion/ Prudential Advantage, REALTORS All information herein has not been verified and is not guaranteed.

Copyright ©2008 Rapattoni Corporation. All rights reserved.

Income

Current Rent Proforma Proforma at Market Rent

Rent roll 12/22/081-BR @ $500 and 2-BR @

$600$361,860 $412,800

Less: 4% Vacancy $14,474 $16,512

Total $347,386 $396,288

Expense

Advertising $2,796 $2,796* Insurance $14,900 $14,900Legal and Accounting $3,498 $3,498General Maintenance $25,063 $25,063** Real Estate Taxes $40,635 $40,635Water $7,770 $7,770Sewer $8,947 $8,947Trash $5,645 $4,000Gas $652 $652Electric $4,372 $4,372Phone $2,644 $2,644Reserve $250/unit $16,000 $16,000Manager $18,000 $18,000

Total $150,922 $149,277

Net Income $196,464 $247,011

Debt Service $152,982 $152,982$2,076,000 (80% 25 Year Loan @ 5.5%)

Cash Flow $43,482 $94,029

Cash on cash 8.38% 18.12%$519,000

* New insurance bid from Columbia Insurance for 9-01-08 is $14,900** New tax assessment @ $2,595,000 sale price vs. current assessed value of $3,029,500

List Price $2,595,000

2 Teson Garden WalkSt. Louis, MO 63042

TESON GARDENS

Updated 12/22/08

Unit Number Lease Exp. Bedrooms Current Rent Market Rent Deposit2A 12/31/08 1BR $450 $500 $4502B 1/31/09 1BR $390 $500 $2002C 8/31/09 1BR $450 $500 $6752D office 1BR $465 $500 $02E 10/31/09 1BR $450 $500 $4302F 2/28/09 1BR $415 $500 $3002G 8/31/09 1BR $450 $500 $4502H m/m 1BR $415 $500 $05A 1/31/09 1BR $445 $500 $4005B m/m 1BR $465 $500 $3505C 4/30/09 1BR $420 $500 $6505D 1/31/09 1BR $425 $500 $4155E m/m 1BR $455 $500 $4155F m/m 1BR $425 $500 $3205G 6/30/09 1BR $420 $500 $3755H 5/31/09 1BR $450 $500 $4508A m/m 1BR $430 $500 $3208B 8/31/09 1BR $420 $500 $4008C 12/31/08 1BR $415 $500 $7708D 5/31/09 1BR $425 $500 $4008E 7/31/09 1BR $405 $500 $3208F 3/31/09 1BR $410 $500 $3208G 4/30/09 1BR $450 $500 $4508H 8/31/09 1BR $430 $500 $41515A vacant 1BR $465 $500 $38515B 11/30/09 1BR $435 $500 $37515C 9/30/09 1BR $445 $500 $43015D 5/31/09 1BR $410 $500 $58015E m/m 1BR $445 $500 $37515F 4/30/09 1BR $415 $500 $37515G 4/30/09 1BR $450 $500 $45015H 8/31/09 1BR $450 $500 $45016A 11/30/09 1BR $465 $500 $46516B 9/30/09 1BR $420 $500 $32016C 9/30/09 1BR $420 $500 $016D 4/30/09 1BR $415 $500 $41516E m/m 1BR $460 $500 $40016F m/m 1BR $430 $500 $60016G vacant 1BR $465 $500 $016H 3/31/09 1BR $450 $500 $45023A 9/30/09 2BR $525 $600 $47523B 2/28/09 2BR $550 $600 $550

23C 1/31/09 2BR $495 $600 $49523D 7/31/09 2BR $550 $600 $55031A 9/30/09 2BR $565 $600 $56531B 1/31/09 2BR $510 $600 $67531C 6/30/09 2BR $495 $600 $92031D 9/30/09 2BR $545 $600 $54039A 6/30/09 2BR $525 $600 $80039B 3/31/09 2BR $520 $600 $1,00039C m/m 2BR $500 $600 $47539D 9/30/09 2BR $565 $600 $55045A m/m 2BR $520 $600 $41045B 4/30/09 2BR $535 $600 $46545C 10/31/09 2BR $515 $600 $79045D 3/31/09 2BR $515 $600 $47549A 12/31/09 2BR $515 $600 $50049B 5/31/09 2BR $520 $600 $47549C 5/31/09 2BR $565 $600 $48549D 1/31/09 2BR $495 $600 $49554A 5/31/09 2BR $520 $600 $50054B 10/31/09 2BR $565 $600 $50054C m/m 2BR $550 $600 $52054D 10/31/09 2BR $565 $600 $0

monthly income $30,140 $34,400 $28,555yearly income $361,680 $412,800

Air Conditioners (33 units) $26,489

AppliancesStoves (40 stoves) $13,897

Refrigerators (27 fridges) $11,636

Furances (28 units) $26,924

Hot Water Heaters (19 units) $7,480

Asphalt Replacement $31,352

Pool Renovation $20,167

New Roofs $21,012

Office Renovation $7,500

Total Capital Expenses $166,457

Teson GardensCapital Expenditures for 2001-2007

Hazelwood Area Apartmental Rent Comps 10/5/08Teson Garden Walk Apartments (Subject)

Sqft Rent Rent/Sqft Sqft Rent Rent/Sqft1 BR, 1 BA 620 $465 $0.75 2 BR, 1.5 BA 750 $565 $0.75

Knollwood Apartments1 BR, 1 BA Sqft Rent Rent/Sqft 2 BR, 1 BA Sqft Rent Rent/SqftA 555 $515 $0.93 E 808 $635 $0.79B 587 $535 $0.91 F 851 $650 $0.76C 621 $540 $0.87 G 855 $675 $0.79D 659 $560 $0.85 H 899 $680 $0.76

River Chase Apartments1 BR, 1 BA Sqft Rent Rent/Sqft 2 BR, 1 BA Sqft Rent Rent/SqftManchester 620 $534 $0.86 Chesterfield 742 $594 $0.80Brentwood 650 $544 $0.84 Kirkwood 783 $634 $0.81

Chez OrleansSqft Rent Rent/Sqft 2 BR, 1 BA Sqft Rent Rent/Sqft

1 BR, 1 BA 600 $500 $0.83 900 $600 $0.67

Dunwood Acres ApartmentsSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 630 $490 $0.78 2 BR, 1 BA 750 $545 $0.73

Chez PareeSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 770 $570 $0.74 2 BR, 1 BA 844 $640 $0.76

Parkwood PlaceSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 700 $535 $0.76 2 BR, 1 BA 825 $635 $0.77

Village SquareSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 650 $455 $0.70 2 BR, 1 BA 750 $605 $0.81

French QuarterSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 756 $603 $0.80 2 BR, 1 BA 915 $700 $0.77

Hazelwood ForestSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 725 $550 $0.76 2 BR, 1 BA 870 $660 $0.76

Bridgeport CrossingSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 610 $555 $0.91 2 BR, 1 BA 850 $725 $0.85

Cedar TraceSqft Rent Rent/Sqft Sqft Rent Rent/Sqft

1 BR, 1 BA 688 $620 $0.90 2 BR, 1 BA 901 $710 $0.79

Average $0.83 $0.77