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Guardian Place II Investment Summary Richmond, VA

DEAL OVERVIEW INVESTMENT SUMMARY

Funding Req. IRR Eq. Mult.
Address 3840 Mastin Lane Unleveraged $ 13,812,943 8.17% 1.93x
Richmond, VA 23230 Leveraged $ 4,813,843 13.43% 3.00x

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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) $ 12,985,602 $ 112,918 $ 180 3.96% 9.81x 4.66% 9.72x
All-in Cost $ 14,203,923 $ 123,512 $ 197 3.62% 10.73x 4.26% 10.63x
Gross Sales Proceeds (Mar. 2032) $ 19,242,713 $ 167,328 $ 266 4.40% 10.37x 4.50% 10.12x

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 - - - - - - - - -
1 Bedroom 546 sf 81 units - - 81 units $ 871 $ 1.60 $ 917 $ 1.68
2 Bedroom 824 sf 34 units - - 34 units $ 1,080 $ 1.31 $ 1,143 $ 1.39
3 Bedroom - - - - - - - - -
4+ Bedroom - - - - - - - - -
Total / Average 628 sf 115 units - - 115 units $ 933 $ 1.49 $ 984 $ 1.57

DEBT SUMMARY
Funding Loan 1 - - - - -
Loan to Value 70% - - - - -
Loan Amount $ 9,090,000 - - - - -

Terms
Funding Month Apr-22
Loan Term 120 months - - - - -
Interest Type Fixed - - - - -
Interest Rate 3.75% - - - - -
Interest-Only Period 24 months - - - - -
Amortization Period 30 years

SENSITIVITY ANALYSIS CONSERVATIVE STRIKE AGGRESSIVE
Purchase Price $ 12,300,000 $ 13,000,000 $ 14,300,000
Per Unit $ 106,957 $ 112,918 $ 124,348
Per sf $ 170 $ 180 $ 198
Going-In Cap Rate¹ 4.92% 4.66% 4.23%
Adjusted In-Place Cap Rate 4.18% 3.95% 3.59%
Year 1 Cash on Cash 6.13% 5.49% 4.41%
Unleveraged IRR 9.00% 8.17% 6.70%
Leveraged IRR 15.04% 13.43% 10.41%

Guardian Place II UW v1 1.26.22 Page 1 of 7 1/28/2022 6:04 PM