offered exclusively by Shawn Willis 925.988.0502

Shawn@IPSrealestate.com

INCOME PROPERTY SERVICES 1343 Locust Street, Suite 204

Walnut Creek, CA 94596

$1,100,000 16 Units

3142 Grant Street Concord, CA 94520

SUBJECT PROPERT Y

Narrative ...............................................................Page 1 Property Highlights...............................................Page 2

MARKET INFORMATION

Income & Expenses ............................................Page 3 Market Value Analysis ........................................Page 4 Property Photos ............................................... Page 5-6 Rental Comparables ...........................................Page 7 Rental Comparable Photos ................................Page 8 Rental Comparables Map ..................................Page 9 Sales Comparables .......................................... Page 10 Sales Comparable Photos ............................... Page 11 Sales Comparables Map ................................. Page 12 MAPS

Neighborhood Aerial View ............................... Page 13 Concord City Map ............................................. Page 14 Regional Map .................................................... Page 15 Parcel Map .........................................................Page 16

CONTENTS

Page 1

The subject property 3142 Grant Street in Concord represents a rare opportunity to own a “value add” apartment property with the ability to build considerable equity through re-positioning of the property. The complex has been owned for the past 20 years by a non-profit firm that used the site as transitional housing for its clients. With funding for its programs no longer available, the property is being offered for sale to both “non-profit” and “for profit” buyers. A “non-profit” buyer may be able to take advantage of three existing loans that currently exist on the property and total approximately $300,000. Additionally, there may be other financing sources available for a “non-profit” developer through various governmental programs. A “for profit” purchaser will most likely need to seek conventional financing sources. The property consists of a 16 unit building with (15) 2 BR / 1 BA units and one 1 BR / 1 BA unit. Tax records indicate that the complex was built in 1958. Common area amenities include a laundry room, playground and on-site parking. There are also various storage facilities and closets on site. The complex sits on a concrete slab and has low maintenance stucco siding and a flat, rolled composition roof. It features low maintenance steel and concrete staircases as well as covered second story walkways that are concrete. The units are separately metered for PG&E and the water service is master metered. The units feature: individual water heaters, wood cabinetry, Formica countertops, electric ranges, refrigerators, garbage disposals, and range hoods. There is gas, wall heating and wall unit air conditioning. The bathrooms feature vanities and fiberglass tub/shower surrounds. The property is located in North Concord in one of the best locations in town. There is no other competing multi-family property near the subject property. The neighborhood includes two churches, a beautiful public park, and single family homes, and condominiums. The property is a block away from Highway 242, minutes away from Highways 4 and I-680 and a five minute drive to North Concord BART.

NARRATIVE

SALE PRICE $1,100,000

NO. OF UNITS 16

ADDRESS 3142 Grant Street, Concord

APN 110-100-029 BUILDING approx. 11,859 square feet (per Hulberg & Associates)

LAND approx. 27,443 square feet (per County)

YEAR BUILT 1958 (per County)

ZONING “PD” Planned District

PG&E Separately metered

WATER Master Metered

WATER HEATER (s) Individual FOUNDATION Concrete slab

ROOF Rolled composition

SIDING Stucco

PARKING 14 open on-site spaces (space to develop more)

COMMON AREA Laundry facility, playground & additional storage HVAC Gas, wall heat & wall A/C

UNIT MIX (14) 2 BR / 1 BA units (approx. 732 square feet) (1) 2 BR / 1 BA unit (approx. 975 square feet) (1) 1 BR / 1 BA unit (approx. 636 square feet)

Page 2

PROPERTY HIGHLIGHTS

Page 3

PROJECTED INCOME & EXPENSES

UNITS TYPE ESTIMATED

SQUARE FEET CURRENT

RENTS PROJECTED

RENTS

14 2 BR x 1 BA 732 $0 $1,095 1 2 BR x 1 BA 975 $0 $1,195 1 1 BR x 1BA 636 $0 $945

16 Total rentable square feet 11,859 INCOME

Monthly Rent $0 $17,470 Estimated Laundry Income $0 $240 Total Monthly Income $0 $17,710

ANNUALIZED TOTAL INCOME $0 $212,520 Scheduled Gross Income $0 $212,520 Less Vacancy Reserve (5.00%) $0 ($10,626)

GROSS OPERATING INCOME $0 $201,894 EXPENSES

Taxes (New @ 1.0688%) $0 ($11,757) Levies and Assessments $0 ($1,138) Insurance (Estimated at $.25/s.f.) $0 ($2,965) Water (Estimated @ $35/unit/month) $0 ($6,720) Garbage (Estimated @ $31.50/unit/month) $0 ($6,048) PG&E (Estimated @ $40/unit/month) $0 ($7,680) Repairs & Maintenance (Estimated at $750/unit/year) $0 ($12,000) Off-Site Management Fees (Est. 5% Offsite) $0 ($10,095) On-Site Manager (Esimated at $250/month) $0 ($3,000) Capital Improvements (Est. @ $250/unit) $0 ($3,000) Landscaping (Estimated @ $250/month) $0 ($3,000) Pest Control (Estimated @ $42/month) $0 ($500) Business License, Miscellaneous and Other $0 ($1,000)

TOTAL EXPENSES $0 ($68,903) NET OPERATING INCOME $0 $132,991

Expenses as % of Gross Income 32.42% Expenses per Unit $0 $4,306 Expenses per Square Foot $0.00 $5.81

MARKET VALUE ANALYSIS

Page 4

SALE PRICE $1,100,000

Down Payment $1,100,000 100%

First Loan [1] $0 0%

PROJECTED NET OPERATING INCOME $132,991

Estimated Debt Service (first loan) $0

Cash Flow $132,991

Return on Investment 12.09%

Gross Rent Multiplier 5.18

Capitalization Rate 12.09%

Price per square foot $92.76

Price per unit $68,750

[1] After renovation using 1.2 DCR, 6.5% Qualifying rate, 30 year amortization, property should qualify for new first loan in the amount of $1,450,000.

PROPERTY PHOTOS

Page 5

PROPERTY PHOTOS

Page 6

RENTAL COMPARABLES

Page 7

SUBJECT: 3142 Grant St (projected)

Benton Arms 2761 Grant St

Sun Terrace Apts 3401 Hillsborough Drive

Broadway Towers 1601 Broadway St

Whispering Oaks 3718 Willow Pass Road

Castilian Apts 2520 Walters Way

Laundry facility, gas heat, and separate water heaters

Laundry facility, water, gas, heat, and garbage included.

Laundry facility and 1 covered parking space. $40/month for extra parking.

Big laundry facility, covered parking, electric gate, security cameras, and entry code.

No concessions, laundry facility, playground, controlled access, and covered parking.

Pool, on-site laundry facility, covered parking and gated entrance.

Studio $920 Rent 475 square feet $1.94/s.f.

1 BD / 1 BA $945 Rent 636 square ft. $1.49/s.f.

1 BD / 1 BA $830-850 Rent 492 square feet $1.69-1.73 s.f.

1 BD / 1 BA $995 Rent 700 square feet $1.42/s.f.

1 BD / 1 BA $1,000 Rent 700 square feet $1.43/s.f.

1 BD / 1 BA $995 Rent 680 square feet $1.46/s.f.

2 BD/1 BA $1,095 732 square ft. $1.49/s.f.

2 BD / 1 BA $1,195 Rent 800 square feet $1.49/s.f.

2 BD / 1 BA $1,200 Rent 795 square feet $1.51/s.f.

2 BD / 1 BA $1,095 Rent 800 square feet $1.37/s.f.

2 BD / 1 BA $1,195 Rent 880 square feet $1.36/s.f.

2 BD / 2 BA $1,470 Rent 1,000 square feet $1.47/s.f.

Page 8

2520 Walters Way 3718 Willow Pass Road

1601 Broadway Street 2761 Grant Street 3104 Hillsborough Drive

RENTAL COMPARABLE PHOTOS

RENTAL COMPARABLES MAP

Page 9

2761 Grant Street

1601 Broadway Street

3401 Hillsborough Drive

3718 Willow Pass Road

2520 Walters Way

SUBJECT PROPERTY 3142 Grant Street Concord, CA 94520

CONCORD APARTMENT SALES COMPARABLES

Page 10

ADDRESS UNITS SALE PRICE SQ. FT. COST/ UNIT

COST/ S.F. GRM CAP

UNIT MIX BUILT SOLD

3683 Willow Pass Rd 18 $1,300,000 11,934 $72,222 $108.93 7.1 6.50% 16 - 2x1 2 - 1x1 1960 12/24/08

Clean complex, A/C and wall heaters, laundry facility, off street parking

4819 Clayton Road 20 $2,300,000 15,620 $115,000 $147.25 8.74 7.40% 20 - 2x1 1971 10/16/08

Pool, off street parking, laundry facility, wall HVAC units

1431 Monument Blvd. 48 $4,495,000 34,470 $93,646 $130.40 7.92 7.60% 47 - 1x1

2x1 1962 9/25/08

Recent renovation including windows, paint, parking lot, appliances - laundry facility and separately rented storage units

1835 Robin Lane 11 $1,290,000 8,800 $117,273 $146.59 10.85 4.60% All 2x2 1970 5/30/08 Patios/balconies, carports, laundry facility

1091 Mi Casa Court 15 $1,818,000 12,412 $121,200 $146.47 10.38 5.95% 14 - 2x1

1x1 1988 3/12/08 Carports, on-site laundry, washer/dryer hookups, recent updating

1128 Lacey Lane 8 $1,150,000 6,663 $143,750 $172.59 10.05 6.05% All 2x1 1987 1/10/08 Carports, laundry facility, granite counters, new cabinetry

2067 Riley Court 8 $900,000 5,682 $112,500 $158.39 10.96 4.70% All 1x1 1971 1/3/08 Clean complex, A/C and wall heaters, laundry facility, private landscaped areas

AVERAGES 18 $1,893,286 13,654 $110,799 $144.38 9.43 6.11%

3142 Grant Street 16 $ 1,100,000 11,859 $ 68,750 $92.76 5.18 12.09%

CONCORD APARTMENT SALES COMPARABLES

Page 11

3683 Willow Pass Road 4819 Clayton Road

1431 Monument Boulevard 1835 Robin Lane

1091 Mi Casa Court 1128 Lacey Lane 2067 Riley Court

SALES COMPARABLES MAP

Page 12

3683 Willow Pass Road

4819 Clayton Road

1091 Mi Casa Court 1431 Monument Blvd.

1128 Lacey Lane

1835 Robin Lane

2067 Riley Court

SUBJECT PROPERTY 3142 Grant Street Concord, CA 94520

Page 13

NEIGHBORHOOD AERIAL VIEW

SUBJECT PROPERTY 3142 Grant Street Concord, CA 94520

Page 14

CONCORD CITY MAP

SUBJECT PROPERTY 3142 Grant Street Concord, CA 94520

Page 15

REGIONAL MAP

SUBJECT PROPERTY 3142 Grant Street Concord, CA 94520

Page 16

PARCEL MAP

SUBJECT PROPERTY 3142 Grant Street Concord, CA 94520