CASA DI NICOLA4903 York Street, Cape Coral FL 33904

O F F E R I N G M E M O R A N D U M

CASA DI NICOLACONTENTS

Exclusively Marketed by:

William CabreraPrincipal Broker305.812.1216License # BK3251009william@willcre.com

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice.  We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.

01 Executive Summary Investment Summary 3 Unit Mix Summary 4

02 Property Description Property Features 5 Aerial Map 6

03 Rent Roll Rent Roll Details 7

04 Financial Analysis Income & Expense Analysis 8 Cash Flow Analysis 9

CASA DI NICOLA Investment Summary | 03

OFFERING SUMMARYADDRESS 4903 York Street

Cape Coral FL 33904COUNTY LeeMARKET Cape CoralBUILDING SF 8,058LAND SF 20,000NUMBER OF UNITS 8YEAR BUILT 2003APN 18-45-24-C1-00051.0330OWNERSHIP TYPE Fee Simple

FINANCIAL SUMMARYOFFERING PRICE $1,150,000PRICE PSF $142.72PRICE PER UNIT $143,750OCCUPANCY 95.00 %NOI (CURRENT) $57,500NOI (Pro Forma) $76,182CAP RATE (CURRENT) 5.00 %CAP RATE (Pro Forma) 6.62 %GRM (CURRENT) 12.17GRM (Pro Forma) 9.98

PROPOSED FINANCINGLOAN TYPE Fully AmortizedDOWN PAYMENT $460,000LOAN AMOUNT $690,000INTEREST RATE 5.00 %ANNUAL DEBT SERVICE $44,447LOAN TO VALUE 60 %AMORTIZATION PERIOD 30 Years

CASA DI NICOLA Unit Mix Summary | 04

Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent

PSFMarket Income

2 bd / 2 ba 8 1,007 $985 $0.98 $7,880 $1,200 $1.19 $9,600

Totals/Averages 8 1,007 $985 $0.98 $7,880 $1,200 $1.19 $9,600

CASA DI NICOLA Property Features | 05

PROPERTY FEATURESNUMBER OF UNITS 8BUILDING SF 8,058LAND SF 20,000YEAR BUILT 2003# OF PARCELS 1ZONING TYPE RML Residential Multifamily LowNUMBER OF STORIES 2NUMBER OF BUILDINGS 1NUMBER OF PARKING SPACES 16WASHER/DRYER Inside each unit

MECHANICALHVAC Central A/C

UTILITIESWATER Paid by TenantTRASH Paid by LandlordELECTRIC Paid by Tenant

CONSTRUCTIONFOUNDATION Concrete SlabFRAMING Concrete BlockEXTERIOR StuccoPARKING SURFACE ConcreteROOF Shingle

CASA DI NICOLA Aerial Map | 06

CASA DI NICOLA Rent Roll Details | 07

Unit Square Feet Unit Mix Monthly Rent PSF Market Rent101 1,007 2 bd / 2 ba $1,000 $0.99 $1,200102 1,007 2 bd / 2 ba $950 $0.94 $1,200103 1,007 2 bd / 2 ba $975 $0.97 $1,200104 1,007 2 bd / 2 ba $1,000 $0.99 $1,200201 1,007 2 bd / 2 ba $1,000 $0.99 $1,200202 1,007 2 bd / 2 ba $975 $0.97 $1,200203 1,007 2 bd / 2 ba $975 $0.97 $1,200204 1,007 2 bd / 2 ba $1,000 $0.99 $1,200

Totals/Averages $7,875 $0.98 $9,600

CASA DI NICOLA Income & Expense Analysis | 08

INCOME CURRENT PRO FORMAGross Potential Income $94,500 $115,200

Less: General Vacancy $4,725 $5,760

Effective Gross Income $89,775 $109,440

Less: Expenses $32,275 $33,258

Net Operating Income $57,500 $76,182

Annual Debt Service $44,447 $44,447

Debt Coverage Ratio 1.29 1.71

Cash Flow After Debt Service $10,253 $28,935

Principal Reduction $9,948 $9,948

Total Return 4.4 % $20,201 8.5 % $38,883

EXPENSES CURRENT PRO FORMA

New Real Estate Taxes est. $1,761 $14,088 $1,761 $14,088

Insurance $991 $7,924 $991 $7,924

Management Fee $561 $4,489 $684 $5,472

Electricity $114 $908 $114 $908

Water & Irrigation $15 $120 $15 $120

Waste Management $200 $1,596 $200 $1,596

Lawn Service & Pest Control $194 $1,550 $194 $1,550

Repairs & Maintenance $200 $1,600 $200 $1,600

Total Operating Expense $4,034 $32,275 $4,157 $33,258

Reserves $350 $2,800 $350 $2,800

Expense / SF $4.00 $4.12

% of EGI 35.95 % 30.39 %

Per Unit Per Unit

REVENUE ALLOCATION

DISTRIBUTION OF EXPENSES

CASA DI NICOLA Cash Flow Analysis | 09

CASH FLOWCalendar Year CURRENT Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Gross Potential RevenueGross Rental Income $94,500 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200Gross Potential Income $94,500 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200 $115,200General Vacancy $4,725 $5,760 $5,760 $5,760 $5,760 $5,760 $5,760 $5,760 $5,760 $5,760Effective Gross Income $89,775 $109,440 $109,440 $109,440 $109,440 $109,440 $109,440 $109,440 $109,440 $109,440Operating ExpensesNew Real Estate Taxes est. $14,088 $14,088 $14,088 $14,088 $14,088 $14,088 $14,088 $14,088 $14,088 $14,088Insurance $7,924 $7,924 $7,924 $7,924 $7,924 $7,924 $7,924 $7,924 $7,924 $7,924Management Fee $4,489 $5,472 $5,472 $5,472 $5,472 $5,472 $5,472 $5,472 $5,472 $5,472Electricity $908 $908 $908 $908 $908 $908 $908 $908 $908 $908Water & Irrigation $120 $120 $120 $120 $120 $120 $120 $120 $120 $120Waste Management $1,596 $1,596 $1,596 $1,596 $1,596 $1,596 $1,596 $1,596 $1,596 $1,596Lawn Service & Pest Control $1,550 $1,550 $1,550 $1,550 $1,550 $1,550 $1,550 $1,550 $1,550 $1,550Repairs & Maintenance $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600Total Operating Expense $32,275 $33,258 $33,258 $33,258 $33,258 $33,258 $33,258 $33,258 $33,258 $33,258Net Operating Income $57,500 $76,182 $76,182 $76,182 $76,182 $76,182 $76,182 $76,182 $76,182 $76,182Reserves $2,800 $2,800 $2,800 $2,800 $2,800 $2,800 $2,800 $2,800 $2,800 $2,800Annual Debt Service $44,447 $44,447 $44,447 $44,447 $44,447 $44,447 $44,447 $44,447 $44,447 $44,447Cash Flow $10,253 $28,935 $28,935 $28,935 $28,935 $28,935 $28,935 $28,935 $28,935 $28,935

Effective Gross Income vs Operating Expenses Cash Flow

CASA DI NICOLA Cash Flow Analysis | 10

Calendar Year CURRENT Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Financial MetricsCash on Cash Return b/t 2.23 % 6.29 % 6.29 % 6.29 % 6.29 % 6.29 % 6.29 % 6.29 % 6.29 % 6.29 %CAP Rate 5.00 % 6.62 % 6.62 % 6.62 % 6.62 % 6.62 % 6.62 % 6.62 % 6.62 % 6.62 %Debt Coverage Ratio 1.29 1.71 1.71 1.71 1.71 1.71 1.71 1.71 1.71 1.71Operating Expense Ratio 35.95 % 30.38 % 30.38 % 30.38 % 30.38 % 30.38 % 30.38 % 30.38 % 30.38 % 30.38 %Gross Multiplier (GRM) 12.17 9.98 9.98 9.98 9.98 9.98 9.98 9.98 9.98 9.98Loan to Value 60.00 % 59.08 % 58.16 % 57.19 % 56.16 % 55.09 % 53.96 % 52.77 % 51.53 % 50.21 %Breakeven Ratio 85.46 % 71.00 % 71.00 % 71.00 % 71.00 % 71.00 % 71.00 % 71.00 % 71.00 % 71.00 %Price / SF $142.72 $142.72 $142.72 $142.72 $142.72 $142.72 $142.72 $142.72 $142.72 $142.72Price / Unit $143,750 $143,750 $143,750 $143,750 $143,750 $143,750 $143,750 $143,750 $143,750 $143,750Income / SF $11.14 $13.58 $13.58 $13.58 $13.58 $13.58 $13.58 $13.58 $13.58 $13.58Expense / SF $4.00 $4.12 $4.12 $4.12 $4.12 $4.12 $4.12 $4.12 $4.12 $4.12

CASA DI NICOLA

CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from WILL C REAL ESTATE and it should not be madeavailable to any other person or entity without the written consent of WILL C REAL ESTATE.

By taking possession of and reviewing the information contained herein the recipient agrees to hold and treatall such information in the strictest confidence. The recipient further agrees that recipient will not photocopy orduplicate any part of the offering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to WILL C REAL ESTATE. This offering memorandum has beenprepared to provide summary, unverified financial and physical information to prospective purchasers, and toestablish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. WILL C REALESTATE has not made any investigation, and makes no warranty or representation with respect to the incomeor expenses for the subject property, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence of contaminating substances,PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of theimprovements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans orintentions to continue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained from sources we believe reliable;however, WILL C REAL ESTATE has not verified, and will not verify, any of the information contained herein,nor has WILL C REAL ESTATE conducted any investigation regarding these matters and makes no warrantyor representation whatsoever regarding the accuracy or completeness of the information provided. All potentialbuyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shallbe responsible for their costs and expenses of investigating the subject property.

Exclusively Marketed by:

William CabreraPrincipal Broker305.812.1216License # BK3251009william@willcre.com

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