APARTMENTS LINDSEY LOFTS 7319 N JOHN AVENUE & 8401 N IVANHOE STREET - PowerPoint Presentation

APARTMENTS LINDSEY LOFTS 7319 N JOHN AVENUE & 8401 N IVANHOE STREET PORTLAND, OREGON OFFERING MEMORANDUM

ACTIVITY ID: ZAA0210162

MICHAEL KAPNICK Direct: (503) 200-2034 // Fax: (503) 200-2010 Michael.Kapnick@marcusmillichap.com License: OR 960500191, WA: 6176 GEORGIE CHRISTENSEN Direct: (503) 200-2058 // Fax: (503) 200-2010Georgie.Christensen@marcusmillichap.com License: OR 201209670NATHAN DRAKEDirect: (503) 200-2046// Fax: (503) 200-2010Nathan.Drake@marcusmillichap.com License: OR 201218242 PRESENTED BY

THE OPPORTUNITY 0 4 MARKET OVERVIEW EXECUTIVE SUMMARY0 1 TABLE OF CONTENTS 0 2 0 3 PROPERTY OVERVIEW FINANCIAL ANALYSIS 0 5 0 7 SALES COMPARABLES 0 6 RENT COMPARABLES

Executive Summary s ection 1 o f f e r i n g s u m m a r y s u m m a r y o f t e r m s i n ves t m e n t o v e r v i e w in v e s t me n t h i g h li g h t s

O FFERI N G S U MMA R Y LINDSEY LOFTS 6 UNITS Net Rentable S q u ar e F e et 6,120 N u m b er o f B u i ldi n gs N u m b er o f S t o r ies Three Above Ground, Plus Basement Y e a r B u i l t 1924, Renovated 2006 L o t S ize 0.11 A c r es $4,200,000 1 5 SUITES 7,575 13,737 E X E C U T I V E S U M M A R Y

S U MMA R Y O F TERM S INTERES T O FFERED 100 percent fee-simple interest in the Lindsey Lofts, a mixed-use property featuring six loft style apartments and five retail suites located at 7319 N John Avenue and 8401 N. Ivanhoe Street, Portland, Oregon 97203TERMS O F SALE The property is being offered on seller-carry financing. Seller is offering the following loan terms: Loan Amount: $3,175,000; Down payment: $1,050,000; Int Rate: years one and two to be 4.5% interest only payments; years three, four and five to be 5.5% interest only payments. Maturity date of five years from loan origination date. Loan shall not be pre-pre-payable in years one and two. Step-down prepayment penalty shall be assessed in years three, four and five. Loan is assumable at discretion of Lienholder (Seller). P R O P E R T Y T OURS Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, management or staff be contacted without prior approval. E X E C U T I V E S U M M A R Y

LINDSEY LOFTS 7319 N John Ave and 8401 N Ivanhoe St, Portland, Oregon 97203 Originally built in 1920 and fully renovated in 2006, the Lindsey Lofts Building is mixed-use property located in the St. Johns neighborhood of Portland – just around the corner from the iconic St. Johns Bridge. The three-story building is located on the corner of N. John Avenue and N. Ivanhoe Street and is directly across from Safeway. The property offers a mix of six (6) loft-style apartment units and five (5) retail suites. The property is fully occupied with all tenants on annual leases. This handsome building features modern industrial styling which perfectly complements the location. Notably, the renovation included a full-seismic retrofit. The Lindsey Lofts is being offered for sale on Seller-Carry terms. Please see the listing agent for more information. Favorable Seller-Carry Financing Available Full Seismic Retrofit Completed Existing Rents Below Market Six Oversized Loft Style Floorplans – Open Concepts, Modern Industrial Styling Five Fully-Occupied Retail Suites Corner Lot – High Visibility, Eleven Miles to Downtown Portland INVESTMENT HIGHLIGHTS EXECUTIVE SUMMARY

Market Overview section 2

MARKET OVERVIEW

ST JOHNS OREGON

EMPLOYMENT Lindsey Lofts is less than ten minutes from both the Adidas and Daimler Trucks North American Headquarters as well as the University of Portland campus. Adidas is currently expanding it’s footprint and Daimler just negotiated a robust incentives package to remain in Portland. A new distribution center for Amazon adds to the submarket’s large industrial footprint. STRONG GROWTH FUNDAMENALS Numerous industrial parks blanket North Portland, with the newest being a distribution center for Amazon. Other sizable logistics giants include Columbia Sportswear, Georgia Pacific Corporation, Subaru and Nordstrom. A stones throw from the Property, The University of Portland has approximately 4,400 students enrolled with 44% of undergraduates living off-campus. This offers an inelastic source of demand for area multifamily investors. RECREATION Forest Park Cathedral City Park Pier Park Columbia River Trailhead Willamette River Trailhead Smith and Bybee Wetlands Natural Area Kelly Point Park DINING & NIGHTLIFE McMenamins St. Johns Theater & Pub Twilight Room Fishwife Seafood ResturantSt Johns Beer PorchEx Novo Brewing Co.Victor 23 BrewingOccidental Brewing CompanyPaddy’sCULTURALRoseQuaterFuture Home to Portland Baseball (MLB) Portland Expo CenterNumerous LibrariesDisjecta Mississippi Studios St Johns is transitioning to one of the most desirable submarkets in Portland. The area’s proximity to major employment centers combined with its hip dining scene , recreational and cultural amenities and popular family activity spots and relative affordability has put St Johns atop residents most sought after places to live. ACCESSIBILITY Adjacent to Many of Portland’s Most Vibrant Neighborhoods MAX Lightrail Connects North Portland to Portland International Airport and Downtown and Surrounding Suburbs Major Employers, Short Commute to Downtown Portland Convenient Access to HWY 30, I-5 Freeway MARKET OVERVIEW

LINDSEY LOFTS 6 Apartments & 5 Retail Suites

MARKET OVERVIEW

PORTLAND DEMOGRAPHICS // LINDSEY LOFTS 648,121 2017 Portland To t a l Po p u l a t io n GENDER 50% 50% Median Household Income Median Ho me Value 267,700 To t a l H o u s e h o ld s 1.22 % From 2016 $ 66,187 $ 427,500 DEMOGRAPHICS

The Portland-Vancouver metro is located near the confluence of the Columbia and Willamette rivers and stretches across the Oregon border into Washington State. The region is composed of Multnomah, Clackamas, Columbia, Washington and Yamhill counties in Oregon, and Clark and Skamania counties in Washington. Mount Hood and the Cascade Range stand to the east, and the Oregon Coast Mountain Range lies to the west. The metro contains approximately 2.4 million residents, with more than 640,000 people residing in Portland, the area’s most populous city. Overview [ Portland-Vancouver ] MARKET O V E R V I E W METRO HIGHLIGHTS HIGH POPULATION GROWTH The Portland-Vancouver metro has recorded more than 20 years of positive net migration thanks to expanding industries. ALTERNATIVE-ENERGY INDUSTRY Alternative-energy companies are attracted to the local educated workforce and research institutions and are moving to the region. LOW BUSINESS COSTS The cost of doing business is among the lowest on the West Coast, supported by no state income tax in Washington and no sales tax in Oregon. ECONOMY Lower land costs than other West Coast metros, a skilled labor pool and affordable, abundant power attract companies to the region. The favorable tax structure, with no state income taxes in Washington and no sales tax in Oregon, also lures businesses. The metro’s economy has shifted from timber to industries that include athletic and outdoor activities, clean tech, advanced manufacturing and software. A diverse group of companies based in the metro include Nike, Daimler, Oregon Iron Works, Intel and IBM . 20

SPORTS EDUCATION ARTS & ENTERTAINMENT The metro is expected to add nearly 120,000 people over the next five years, resulting in the formation of nearly 64,000 households. A median home price well above the U.S. level means 60 percent of households can afford to own their home, which is below the national rate of 64 percent. Of residents age 25 and older, 35 percent hold bachelor’s degrees, and 13 percent have also obtained a graduate or professional degree. The metro contains more than 37,000 acres of parks and provides numerous outdoor opportunities, including activities at Mount Hood and on the Hood River. The metro lies 60 miles east of the Pacific Ocean, with 330 miles of beaches along the Oregon coast. Professional sports teams represent basketball, soccer and hockey. Cultural activities can be found at various local venues, including the Portland Art Museum, World Forestry Center Discovery Museum and the Portland Children’s Museum, and plays are staged at the Portland Center for the Performing Arts. Major colleges and universities including Lewis and Clark, Pacific University, the University of Portland and Portland State University. The University of Oregon and Oregon State University are nearby. QUALITY OF LIFE * Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau 37.9 2017 MEDIAN AGE: U.S. Median: 37.8 $63,000 2017 MEDIAN HOUSEHOLD INCOME: U.S. Median: $56,300 2.4M 2017 POPULATION: Growth 2017-2022*: 4.9% 948K 2017 HOUSEHOLDS: 6.7% Growth 2017-2022*: 2017 Population by Age 0-4 YEARS 6 % 5-19 YEARS 19 % 20-24 YEARS 6 % 25-44 YEARS 30 % 45-64 YEARS 26 % 65+ YEARS 14 % MARKET OVERVIEW MARKET O V E R V I E W DEMOGRAPHICS

Property Overview section 4 the property local and regional maps site plan amenities

Property Type Mixed-Use Apartment Units 6 Retail Suites 5 Total SF 16,350 Occupancy 100% Year Built 1920 Year Renovated 2006 Buildings 1 Acreage 0.11 Stories 3+ Basement Exterior Concrete Roof Type Flat APARTMENTS Unit Type SQFT # of Units Current Rent Loft - Flat 2,179 2 $1,484 Loft - Two Story 4,818 4 $1,596 RETAIL Tenant SQFT Location Current Rent Morph, Inc. 1,950 Ground Level $3,077 Inspire Wellness 2,147 Ground Level $3,317 Soma Speak Easy 635 Basement $1,411 Old Willamette 1,850 Basement $2,061 Livingsworth LLC 773 Basement $1,199 PROPERTY OVERVIEW // LINDSEY LOFTS

LINDSEY LOFTS APARTMENT OVERVIEW Washers/Dryers In Units Near Public Transportation, Major Employers 92 “ WalkScore ” – Walker’s Paradise Air Conditioning Private Balconies Full Seismic Upgrade Elevator Service

PROPERTY OVERVIEW

MODERN INDUSTRIAL DESIGN - PERFECTED The apartment spaces at the Lindsey Lofts define Modern Industrial Design. The large open floorplans offer a mixture of concrete and sheet metal walls. Black steel posts stand out in contrast and frame oversized windows which pour daylight throughout the unit. Large skylights further increase natural light. Massive Douglas Fir beams add dramatic flare to the exposed wood ceilings. The exposed structural elements are intelligently balanced with fine touches seen in the modern light fixtures, dark wood cabinets and modern appliances. FLOORING POCEILN TILE FLOORING IN KITCHENS, BATHROOMS All units feature the following finishes; APPLIANCES STAINLESS STEEL APPLIANCES LIGHTS MODERN LIGHT FIXTURES CABINETS CUSTOM CABINETS AND HARDWARE Skylights OVERSIZED SKYLIGHTS THROUGHOUT PROPERTY OVERVIEW    

PROPERTY OVERVIEW

APARTMENTS AT LINDSEY LOFTS Floor Plans CLICK HERE FOR VIRTUAL WALK THROUGH SECOND FLOOR Units 201-205 PROPERTY OVERVIEW

THIRD FLOOR UNIT 301, Loft Area 202-205 Unit # Floorplan SQFT Current Rent 201 Flat 835 $1,265 202 Loft 1044 $1,825 203 Loft 943 $1,296 204 Loft 908 $1,646 205 Loft 1088 $1,948 301 Flat 1344 $1,654 APARTMENTS AT LINDSEY LOFTS

PROPERTY OVERVIEW

PROPERTY OVERVIEW

PROPERTY OVERVIEW

PROPERTY OVERVIEW

PROPERTY OVERVIEW

LINDSEY LOFTS RETAIL OVERVIEW Modern Creative Finishes Near Public Transportation, Major Employers Corner Lot Full Seismic Upgrade Urban-Infill Location

PROPERTY OVERVIEW

PROPERTY OVERVIEW

PROPERTY OVERVIEW

Financial Analysis section 6 p r o p e r t y d e t a i l s p r ic i n g d e t a i l sre n t r o l l s u m m a r y o p e r a t i n g sta te m e n t

P R O P E R T Y D E T AIL S / / LINDSEY LOFTS F I N A N C I A L A N A L Y S I S VITAL DATA JULY 1 2019 PRO FORMA Price $4,200,000 CAP Rate 4.79% 6.19% Down Payment (25%) $1,050,000 NOI $201,139 $259,914 Loan Amount $3,150,000 Net Cash Flow After Debt Service 5.66% / $59,389 8.25% / $86,664 Loan Type Proposed New (Seller) Total Return 5.66% / $59,389 8.25% / $86,664 Interest Rate Int Only 4.5% Years 1-2 5.50% Years 3-5 Total Rentable SF 13,557 Price/SF $309.80 Year Built / Renovated 1926 / 2006 UNIT MIX APARTMENTS UNIT COUNT UNIT TYPE AVG. SF CURRENT AVG. RENTS AVG. RENTS/SF MONTHLY INCOME POTENTIAL RENTS AVG. RENTS/SF MONTHLY INCOME 6 1x1 1,027 $1,703 $1.66 $10,216 $2,133 $2.08 $12,800 RETAIL SUITE COUNT TYPE TOTAL GLA CURRENT RENT RANGE PSF CURRENT RENT INCOME ANNUAL PSF PRO FORMA RENT INCOME ANNUAL PSF 6 Retail 7,395 $15.00 - $27.14 $19.13 $23.45 MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES Daimler Trucks North Amer LLC 3,324 Coho Distributing LLC 2,600 Xpo Enterprise Services Inc 1,600 Esco 1,500 UPS 1,284 Pacific Bells LLC 1,098 Vigor Fab LLC 1,000 Montgomery Park 916 Con-Way Enterprise Services 900 Detroit Diesel 896 Columbia Distributing 721 St Johns Corporation 715

P R I CIN G D E T AIL S / / LINDSEY LOFTS F I N A N C I A L A N A L Y S I S Summary Price   $4,200,000 $4,200,000     Down Payment $1,050,000 $1,050,000 100% 25% # of Apartment Units 6 6 # of Commercial Suites 6 6 Price Per SqFt $309.80 $309.80 Lot Size (Acres) 0.11 0.11 Rentable SqFt 13,557 13,557 Approx. Year Built 1926/2006 1926 / 2006         July 1 2019 July 1 2019 Pro Forma Pro Forma       CAP Rate   4.79% 4.79% 6.19% 6.19%       Cash-on-Cash 4.79% 5.66% 6.19% 8.25%       Financing Seller Financing Seller Financing Loan Amount     $0 $3,150,000       Loan Type Free and Clear Interest Only Interest Rate Years 1-2 4.50% Interest Rate Years 3-5 5.50% Year Due     N/A 2024       # Of Suites Type   GLA Current Rent Pro Forma Rent 6 Retail 7,395 $11,398 $13,691 # Of Units Unit Type   SqFt /Unit Current Rents Market Rents 6 One Bed/One Bath 1027 $1,703 $2,133 July 1 2019 Pro Forma   4.79% 6.19%   Operating Data                   Income   July 1 2019   Pro Forma Multifamily         Gross Scheduled Rent   $122,592   $153,600 Retail Suites         Gross Scheduled Rent   $136,780   $164,292 Expense Reimbursements $21,062 Vacancy 0% $0 5% ($16,948) Combined Effective Gross Income $259,372   $322,007 Less: Expenses   ($58,233)   ($62,092) Net Operating Income   $201,139   $259,915 Cash Flow $201,139 $259,915 Debt Service ($141,750) ($173,250) Net Cash Flow After Debt Service 5.66% $59,389 8.25% $86,664 Principal Reduction   $0   $0 Total Return 5.66% $59,389 8.25% $86,664 Expenses   July 1 2019   Pro Forma Property Tax   $19,814   $20,408 Insurance $2,007 $2,067 Janitorial $2,576 $2,653 Repairs & Maintenance $4,650 $4,790 Phone/ Fire Alarm Monitoring $2,107 $2,170 Water/Sewer/Garbage   $4,975   $5,124 Electric $5,788 $5,962 HVAC Maintenance $2,340 $2,410 Elevator Maintenance $890 $917 Management Fee (4%) $10,375 $12,880 Reserves ($0.20 psf ) $2,711 $2,711 Total Expenses   $58,233   $62,093 Expenses/SF   $4.30   $4.58

O P ER ATIN G S TATEMENT / / LINDSEY LOFTS F I N A N C I A L A N A L Y S I S Multifamily       Scheduled Potential   # of Avg Sq Rental Average Average Monthly Average Average Monthly Unit Type Units Feet Range Rent Rent / SF Income Rent Rent / SF Income Loft 4 996 $1,646 - $1,948 $1,812 $1.82 $7,247 $2,100 $2.11 $8,400 Flat 2 1,090 $1,265 - $1,704 $1,485 $1.36 $2,969 $2,200 $2.02 $4,400 Totals/Weighted Averages 6 1,027   $1,703 $1.66 $10,216 $2,133 $2.08 $12,800 Gross Annualized Rents       $122,592     $153,600     Commercial     %           Description of     Square Bldg   Rent per Total Rent Changes Changes Proforma Operating Expense Tenant Name Suite Feet Share Lease Term Sq. Ft. Per Month on to Rent Per Month Reimbursements Morph Inc. 8401 1,950 14.38% 2/1/19 to 1/31/22 $19.12 $3,077 Feb 1. 2022 $3,169 $3,900 Included in Rent Inspire Wellness* 101/102 2,147 15.84% 1/1/19 to 7/31/20 $18.22 $3,317 $4,294 Included in Rent Old Willamette Ice Creamery B20 PLUS D/E/F/G 1,850 13.65% 4/1/19 to 3/31/21 $15.38 $2,354 April 1 2020 $2,424 $2,775 Included in Rent Soma Speak Easy A/B/C 635 4.68% 3/1/19 to 1/31/21 $27.14 $1,410 February 1 2020 $1,473 $1,473 Included in Rent Livingsworth LLC B30 773 5.70% 4/1/18 to 3/31/21 $18.21 $1,164 April 1 2020 $1,199 $1,199 Included in Rent EC Private Storage H 40 0.30% N/A $15.00 $50 MTM $50 $50 Total 6 7,395       $11,372     $11,632 $13,691   Retail Occupancy: 100.00%               Total Annualized Rent 6         $136,464       * Inspire Wellness has been a tenant since 2012 and more recently has been renewing their lease in one year increments .

REN T R O L L S U MMA R Y / / LINDSEY LOFTS F I N A N C I A L A N A L Y S I S Income July 1 2019   Per SF Pro Forma   Per SF Gross Rental Income $259,372   $19.13 $317,892   $23.45 Expense Reimbursement 0   $21,062   $1.55 Vacancy 0 0.0% ($16,948) 5.0%   Effective Gross Income $259,372   $322,007   $23.75 Expenses July 1 2019 % of CEGI Per SF Pro Forma % of CEGI Per SF Property Tax $19,814 7.64% $1.46 $20,408 6.34% $1.51 Insurance $2,007 0.77% $0.15 $2,067 0.64% $0.15 Janitorial $2,576 0.99% $0.19 $2,653 0.82% $0.20 Repairs & Maintenance $4,650 1.79% $0.34 $4,790 1.49% $0.35 Phone/ Fire Alarm Monitoring $2,107 0.81% $0.16 $2,170 0.67% $0.16 Water/Sewer/Garbage $4,975 1.92% $0.37 $5,124 1.59% $0.38 Electric $5,788 2.23% $0.43 $5,962 1.85% $0.44 HVAC Maintenance $2,340 0.90% $0.17 $2,410 0.75% $0.18 Security $0 0.00% $0.00 $0 0.00% $0.00 Elevator Maintenance $890 0.34% $0.07 $917 0.28% $0.07 Management Fee (4%) $10,375 4.00% $0.77 $12,880 4.00% $0.95 Reserves ($0.20 psf ) $2,711 1.05% $0.20 $2,711 0.84% $0.20 Total Expenses $58,233 $4.30 $62,092   $4.58 Expenses as % of Combined EGI   22.5%   19.3%   Net Operating Income $201,139   $259,914   $19.17

Sales Comparables section 7 location map comparables

PROPERTY NAME SALES COMPARABLES LINDSEY LOFTS (SUBJECT) Goodwill / Umpqua Bank Building Ezra Building 1844-1864 SE Hawthorne Blvd Zoom+ Care Building Cleaners Drapery Service Slogan Apartments The Hub PDX Apartments Mississippi Ave Lofts The Broadway Wildwood Apartments SALES COMPARABLES 1 2 3 4 5 7 8 6 9 10 S ALES COMPARABLES / / LINDSEY LOFTS

PROPERTY NAME Average Cap Rate 5.01% SALES COMPARABLES SALES COMPS AVG S ALES COMPARABLES / / LINDSEY LOFTS SALES COMPARABLES

PROPERTY NAME SALES COMPARABLES Average Price Per Square Foot SALES COMPARABLES SALES COMPS AVG S ALES COMPARABLES / / LINDSEY LOFTS SALES COMPARABLES

PROPERTY NAME MARKETING TEAM rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 Tenants Type Offering Price $4,200,000 6 One Bed One Bath Price/SF $309.80 6 Retail CAP Rate 4.78% Year Built 1926 Total Apartment Units 6 Total Commercial Suites 6 LINDSEY LOFTS 8401 N Ivanhoe St, Portland, OR, 97203 1 Close Of Escrow: 10/25/2018 Sales Price: $4,800,000 Price/SF: $670.58 CAP Rate: 5.22% Year Built: 1911 Occupancy @ Close 100% GOODWILL / UMPQUA BANK BUILDING 3557 SE Hawthorne Blvd, Portland, OR, 97214 2 Close Of Escrow: 3/16/2018 Sales Price: $3,000,000 Price/SF: $423.67 CAP Rate: 5.02% Year Built: 1923 Occupancy @ Close 100% EZRA BUILDING 3508 SE Hawthorne Blvd, Portland, OR, 97214 S ALES COMPARABLES / / LINDSEY LOFTS SALES COMPARABLES

3 Close Of Escrow: 12/9/2017 Sales Price: $2,430,000 Price/SF: $463.03 CAP Rate: 5% Year Built: 1927 Occupancy @ Close 100% 1844-1864 SE HAWTHORNE BLVD 1844 SE Hawthorne Blvd, Portland, OR, 97214 4 Close Of Escrow: 8/24/2016 Sales Price: $1,670,000 Price/SF: $417.50 CAP Rate: 4.5% Year Built: 1946 Occupancy @ Close 100% ZOOM+ CARE BUILDING 3321 SE Hawthorne Blvd, Portland, OR, 97214 5 Close Of Escrow: 8/31/2018 Sales Price: $2,150,000 Price/SF: $620.49 CAP Rate: 4.98% Year Built: 1923 Occupancy @ Close 100% CLEANERS DRAPERY SERVICE 3342 SE Belmont St, Portland, OR, 97214 S ALES COMPARABLES / / LINDSEY LOFTS SALES COMPARABLES

PROPERTY NAME MARKETING TEAM SALES COMPARABLES rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 Tenants Type Close Of Escrow 4/14/1919 3 0 Bdr 0 Bath Sales Price $6,275,000 19 1 Bdr 0 Bath Price/SF $339.19 3 2 Bdr 0 Bath CAP Rate 5.14% Year Built 2017 Total Apartment Units 25 Key Tenants Sacred Moon, LLC 6 SLOGAN APARTMENTS 1510 N Sumner St, Portland, OR, 97217 Tenants Type Close Of Escrow 11/2/2018 24 0 Bdr 0 Bath Sales Price $6,047,000 4 1 Bdr 0 Bath Price/SF $304.27 CAP Rate 4.87% Year Built 2018 Total Apartment Units 28 Key Tenants The HUB 7 THE HUB PDX APARTMENTS 3423 SE Hawthorne Blvd, Portland, OR, 97214 Tenants Type Close Of Escrow 12/04/2017 2 0 Bdr 0 Bath Sales Price $14,500,000 17 1 Bdr 0 Bath Price/SF $395.88 13 2 Bdr 0 Bath CAP Rate 4.4% Year Built 2010 Total Apartment Units 32 Key Tenants Emerald Petals Paxton Gate Pastaworks 8 MISSISSIPPI AVE LOFTS 4216 N Mississippi Ave, Portland, OR, 97217 S ALES COMPARABLES / / LINDSEY LOFTS SALES COMPARABLES

PROPERTY NAME MARKETING TEAM SALES COMPARABLES rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 S ALES COMPARABLES / / LINDSEY LOFTS Tenants Type Close Of Escrow 10/1/2018 6 0 Bdr 0 Bath Sales Price $2,350,000 6 1 Bdr 0 Bath Price/SF $422.66 2 2 Bdr 0 Bath CAP Rate 5.3% Year Built 2013 Total Apartment Units 14 Key Tenants St Simon Coffee Co 9 THE BROADWAY 2005-2007 NE Broadway St, Portland, OR, 97232 Tenants Type Close Of Escrow 9/10/2018 5 1 Bdr 0 Bath Sales Price $5,515,000 14 2 Bdr 0 Bath Price/SF $487.41 CAP Rate 5.2% Year Built 2016 Total Apartment Units 19 Key Tenants Rainier Pacific 10 WILDWOOD APARTMENTS 2240 NW Pettygrove St, Portland, OR, 97210 SALES COMPARABLES

PROPERTY NAME MARKETING TEAM SALES COMPARABLES rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 RENT COMPARABLES / / LINDSEY LOFTS 8 9 10 LINDSEY LOFTS (SUBJECT) 5262 N Lombard Jower's Building The Union at St. Johns Cathedral Park St. J's St. Johns Flats The Louis York Marvel 29 4 7 8 9 4 7 8 1 2 3 5 6 RENT COMPARABLES

PROPERTY NAME AVERAGE RENT – MULTIFAMILY = $2.19 Per Square Foot RENT COMPARABLES

PROPERTY NAME AVERAGE RENT – Commercial = $25 Per Square Foot RENT COMPARABLES

rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 Type Tenant Avg. SF Avg. Monthly Rent Rent/SF One Bed One Bath 6 1,027 $1,703 $1.66 Total/Avg. 6 1,027 Retail 6 1,232 $1,895 $18.45 LINDSEY LOFTS 8401 N Ivanhoe St, Portland, OR, 97203 YEAR BUILT: 1908 1 NOTES New Facade will include new storefront glass. Outdoor patio seating option. Neighborhood demographics are trending younger and more family oriented 5262 N LOMBARD 5262 N Lombard St, Portland, OR, 97203 Type Tenant Avg. SF Rent/SF Retail 2 1,620 $24.00 NNN 2 JOWER'S BUILDING 8803 N Lombard St, Portland, OR, 97203 Type Tenant Avg. SF Rent/SF Retail 1 4,996 SF $24.00 NNN YEAR BUILT: 1906 NOTES One unit was created for a retail store and the second was made for a restaurant. RENT COMPARABLES / / LINDSEY LOFTS RENT COMPARABLES

PROPERTY NAME MARKETING TEAM rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 YEAR BUILT: 2018 3 Unit Type Units SF Rent Rent/SF Studio 1 Bath Flat 32 478 $1,301 $2.72 1 Bdr 1 Bath Flat 44 666 $1,673 $2.51 2 Bdr 1 Bath Flat 27 924 $2,047 $2.22 Total/Avg. 103 675 $1,655 $2.45 NOTES Units offer stainless steel appliances, washer/dryer. Property features clubhouse, pet car and storage. THE UNION AT ST. JOHNS 7428 N Charleston Ave, Portland, OR, 97203 Type Tenant Avg. SF Avg. Monthly Rent Rent/SF 0 Bdr 1 Bath 8 486 $1,137 $2.34 1 Bdr 1 Bath 55 550 $1,248 $2.27 2 Bdr 1 Bath 9 844 $1,725 $2.04 NOTES Units offer air conditioning, granite countertops, vinyl flooring, washer/dryer in unit. 4 CATHEDRAL PARK 6855 N Burlington Ave, Portland, OR, 97203 Type Tenant Avg. SF Avg. Monthly Rent Rent/SF 0 Bdr 1 Bath 24 352 $1,115 $3.17 1 Bdr 1 Bath 3 686 $1,371 $2.00 2 Bdr 1 Bath 4 787 $1,637 $2.08 NOTES Units offer stainless steel appliances and washer/dryer in units. 5 ST. J'S 7228 N Burlington Ave, Portland, OR, 97203 RENT COMPARABLES / / LINDSEY LOFTS RENT COMPARABLES Type Tenant Avg. SF Rent/SF Retail 1 2355 SF $27.00 NNN

PROPERTY NAME MARKETING TEAM rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 YEAR BUILT: 2011 6 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath Flat 10 860 $1,447 $1.68 Total/Avg. 10 860 $1,447 $1.68 ST. JOHNS FLATS 8117 N Edison St, Portland, OR, 97203 YEAR BUILT: 2010 7 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath Flat 15 475 $1,053 $2.22 Total/Avg. 15 475 $1,053 $2.22 THE LOUIS YORK 9000 N Ivanhoe St, Portland, OR, 97203 Type Tenant Avg. SF Avg. Monthly Rent Rent/SF 1 Bdr 1 Bath 6 600 $1,462 $2.44 8 MARVEL 29 7227 N Philadelphia Ave, Portland, OR, 97203 RENT COMPARABLES / / LINDSEY LOFTS RENT COMPARABLES

PROPERTY NAME MARKETING TEAM rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 YEAR BUILT: 2018 9 Unit Type Units SF Rent Rent/SF Studio 1 Bath Flat 32 478 $1,301 $2.72 1 Bdr 1 Bath Flat 44 666 $1,673 $2.51 2 Bdr 1 Bath Flat 27 924 $2,047 $2.22 Total/Avg. 103 675 $1,655 $2.45 NOTES Units offer stainless steel appliances, washer/dryer. Property features clubhouse, pet car and storage. THE UNION AT ST. JOHNS 7428 N Charleston Ave, Portland, OR, 97203 YEAR BUILT: 2011 10 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath Flat 10 860 $1,447 $1.68 Total/Avg. 10 860 $1,447 $1.68 ST. JOHNS FLATS 8117 N Edison St, Portland, OR, 97203 11 YEAR BUILT: 2010 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath Flat 15 475 $1,053 $2.22 Total/Avg. 15 475 $1,053 $2.22 THE LOUIS YORK 9000 N Ivanhoe St, Portland, OR, 97203 RENT COMPARABLES / / LINDSEY LOFTS RENT COMPARABLES

PROPERTY NAME MARKETING TEAM rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 Type Tenant Avg. SF Avg. Monthly Rent Rent/SF 1 Bdr 1 Bath 6 600 $1,462 $2.44 12 MARVEL 29 7227 N Philadelphia Ave, Portland, OR, 97203 RENT COMPARABLES / / LINDSEY LOFTS RENT COMPARABLES

APARTMENTS

MICHAEL KAPNICK Direct: (503) 200-2034 // Fax: (503) 200-2010 Michael.Kapnick@marcusmillichap.com License: OR 960500191, WA: 6176 GEORGIE CHRISTENSEN Direct: (503) 200-2058 // Fax: (503) 200-2010Georgie.Christensen@marcusmillichap.com License: OR 201209670NATHAN DRAKEDirect: (503) 200-2046// Fax: (503) 200-2010Nathan.Drake@marcusmillichap.com License: OR 201218242 PRESENTED BY