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Guardian Place I Investment Summary Richmond, VA

DEAL OVERVIEW INVESTMENT SUMMARY
Funding Req. IRR Eq. Mult.
Address 1620 North Hamilton Street Unleveraged $ 14,421,850 9.28% 2.14x
Richmond, VA 23230 Leveraged $ 5,383,150 15.32% 3.45x

-
Year Built - Asset Quality - -
Year Renovated - Location Quality -

Analysis Start Date Apr-22 Hold Period 10 years

PRICING SUMMARY
Deal Pricing Trailing¹ Forward
Total per unit per sf Cap Rate Rent Mult. Cap Rate Rent Mult.
Purchase Price (Apr. 2022) $ 13,040,664 $ 107,774 $ 207 2.33% 11.21x 3.85% 10.55x
All-in Cost $ 14,833,229 $ 122,589 $ 235 2.05% 12.75x 3.39% 12.00x
Gross Sales Proceeds (Mar. 2032) $ 22,639,755 $ 187,105 $ 359 4.60% 10.97x 4.75% 10.65x
¹ Going-in Cap Rate based on T12 Adjusted NOI

UNIT SUMMARY

Rent Roll as of 10/31/21 Units Market Rent In-Place Rent
Avg. Size Occup. Vacant Non-Rev. Total per unit per sf per unit per sf
Studio 408 sf 47 units 1 units - 48 units $ 682 $ 1.67 $ 719 $ 1.76
1 Bedroom 552 sf 61 units - - 61 units $ 849 $ 1.54 $ 897 $ 1.62
2 Bedroom 816 sf 12 units - - 12 units $ 997 $ 1.22 $ 1,059 $ 1.30
3 Bedroom - - - - - - - - -
4+ Bedroom - - - - - - - - -
Total / Average 521 sf 120 units 1 units - 121 units $ 797 $ 1.53 $ 844 $ 1.62

DEBT SUMMARY
Funding Loan 1 - - - - -
Loan to Value 70% - - - - -
Loan Amount $ 9,130,000 - - - - -

Terms
Funding Month Apr-22
Loan Term 120 months - - - - -
Interest Type Fixed - - - - -
Interest Rate 3.50% - - - - -
Interest-Only Period 48 months - - - - -
Amortization Period 30 years

SENSITIVITY ANALYSIS CONSERVATIVE STRIKE AGGRESSIVE

Purchase Price $ 13,000,000 $ 14,300,000 $ 15,600,000
Per Unit $ 107,774 $ 118,182 $ 128,926
Per sf $ 207 $ 227 $ 247
Stabilized Cap Rate 6.35% 5.77% 5.29%
Going-In Cap Rate¹ 3.85% 3.51% 3.22%
Adjusted In-Place Cap Rate 2.34% 2.12% 1.95%
Year 1 Cash on Cash 3.40% 2.64% 1.95%
Post-Renov. C-o-C² 7.25% 5.98% 4.84%
Unleveraged IRR 9.28% 7.96% 6.72%
Leveraged IRR 15.32% 12.94% 10.53%

¹ Based on Pro Forma NOI ² In Year 4 (the first full year following completion of all renovations)

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