2234-38 N BroadPhiladelphia, PA

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2234-38 N BroadTABLE OF CONTENTS

3. Project Overview

4-5. Elevations

6-8 Floor Plans

10-12. Pro Forma

13. Rental Comps

14. Pricing/Sales Terms

15-17. Map/Site Photos

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2234-38 N BroadPROJECT OVERVIEW

Student housing development site located in the Temple University area 1 block north of campus. The site will be delivered shovel ready, this means you will be able to pick up the building permit and begin construction right away. The property is situated in aprime location along the North Broad corridor and has been designed by a company with extensive knowledge of and experience in the Temple University North Philadelphia Sub Market. This property is within one of Philadelphia’s Qualified Opportunity Zones. Property will be 29 residential units studio, 1bd, 2bd, and 3bd with 1 to 1 bedroom to bathroom ratio. Total of 66 beds and 1 commercial space. This property is on the same block as the Dauphin Susquehanna Broad Street Line Subway stop and one block north of Temple’s White Hall Student Residence.

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2234-38 N BroadELEVATIONS

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2234-38 N BroadELEVATIONS

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2234-38 N BroadFLOOR PLANS

Basement Floor Plan

Elev

BedroomBedroom

Unit 2

Unit 3

3 Bedroom

Bedroom

Unit 4

Studio

Bedroom

BedroomBedroom

3 Bedroom

Up

Unit 1

Living Room

Kitchen

Utility

Bedroom Bedroom

3 Bedroom

Living Room

Kitchen

Unit 5

Up

Living Room

Kitchen

Utility Elev Mech

Up

Up

Scale: 3/16" = 1'-0"

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Kitchen

Living RoomBedroom

1 Bedroom

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2234-38 N BroadFLOOR PLANS

First Floor Plan

Commercial

Bikes

Delivery

Mail

Dn

Elev

Dn

Living Room

BedroomBedroom

Unit 2

Unit 3

3 Bedroom

Bedroom

Unit 4

Studio

Bedroom

Up

Living Room

BedroomBedroom

3 Bedroom

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Scale: 3/16" = 1'-0"

Bedroom Living Room

Kitchen

1 Bedroom

Dn

B D

DA

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2234-38 N Broad

Elev

Typical Plan : 2nd - 3rd - 4th - 5th Floors

Dn

Kitchen

Living Room

BedroomBedroom

Unit 2

Unit 3

3 Bedroom

Bedroom

Unit 4

Utility

Studio

Bedroom

Up

Kitchen

Living Room

Bedroom Bedroom

3 Bedroom

Bedroom

Kitchen

Living Room

BedroomBedroom

3 Bedroom

Dn

Unit 5

Up

Kitchen

Living Room

Bedroom Bedroom

2 Bedroom

Unit 1

Scale: 3/16" = 1'-0"

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E

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FLOOR PLANS

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FLOOR PLANS

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2234-38 N BroadPRO FORMA

2234-38 N Broad Shovel Ready QOZ Site

Assumption Total Borrower LenderPurchase 1,950,000.00$ Purchase Price 1,950,000.00$ 1,888,750.00$ 566,250.00$ Settlement Costs (3%) 78,000.00$ Settlement Costs 78,000.00$ -$ -$ Total Purchase Price 2,028,000.00$ Soft Costs 35,000.00$ 10,000.00$ 25,000.00$

Construction 5,100,000.00$ -$ 5,100,000.00$ Architectural Fee/Permitting Interest 357,000.00$ 102,000.00$ 255,000.00$ Civil Engineering, Geotech, etc Miscellaneous 35,000.00$ 35,000.00$ -$ Legal/Misc Total Cost 7,555,000.00$ 2,035,750.00$ 5,946,250.00$ Developer Fee -$ 26.95% 78.71%Total Soft Costs -$

Sale Price 10,918,060.00$ Construction Cost 5,100,000.00$ 150/SQ Settlement Costs (818,854.50)$ Demolition/Remidiation Net Sale Price 10,099,205.50$

Total Cost 7,555,000.00$ Total Cost of Construction 5,100,000.00$ Net Gain 2,544,205.50$

Interest - Construction Loan: 255,000.00$ Origination - Construction Loan: 51,000.00$ Unlevered Return 33.7%Title Insurance 51,000.00$ Total Interest 357,000.00$

Price/Sq FtInsurance 25,000.00$ North Broad 34,000 150.00$ Miscellaneous (Title, Construction, Utilities) 10,000.00$ Total Miscellaneous Expenses 35,000.00$

Total ARV 10,918,060.00$ Total Cost of Project 7,520,000.00$ LTV 54.46%

2234-38 N Broad Shovel Ready QOZ Site

Gross Sq Ft

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2234-38 N Broad10 YEAR OPERATING PRO FORMA

STREET, PHILADELPHIA, PA10 YEAR OPERATING PRO FORMA

EXHIBIT F

YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10INCOME:

Gross Rents 745,380 767,741 790,774 814,497 838,932 864,100 890,023 916,723 944,225 972,552 Less: Vacancy (37,269) (38,387) (39,539) (40,725) (41,947) (43,205) (44,501) (45,836) (47,211) (48,628)

Gross Income 708,111 729,354 751,235 773,772 796,985 820,895 845,522 870,887 897,014 923,924

EXPENSES:Real Estate Taxes (10 YR Tax Abatement) 3,817 3,817 3,817 3,817 3,817 3,817 3,817 3,817 3,817 3,817 Miscellaneous 12,000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080 Repair and Maintenance 12,000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080 Replacement Reserves 12,000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080 Water 1,500 1,560 1,622 1,687 1,755 1,825 1,898 1,974 2,053 2,135 Common Electric 2,400 2,496 2,596 2,700 2,808 2,920 3,037 3,158 3,285 3,416 Security 1,200 1,248 1,298 1,350 1,404 1,460 1,518 1,579 1,642 1,708 Management Fee 35,406 36,468 37,926 39,443 41,021 42,662 44,369 46,143 47,989 49,909

Total Operating Expenses 80,323 83,029 86,197 89,492 92,919 96,484 100,190 104,045 108,054 112,224

NET OPERATING INCOME 627,788 646,326 665,038 684,280 704,066 724,411 745,331 766,842 788,960 811,701

DEBT SERVICE:First Mortgage 509,763 509,763 509,763 509,763 509,763 509,763 509,763 509,763 509,763 509,763

TOTAL DEBT SERVICE 509,763 509,763 509,763 509,763 509,763 509,763 509,763 509,763 509,763 509,763

NET CASH FLOW 118,025 136,562 155,274 174,516 194,302 214,648 235,568 257,079 279,196 301,937 CUM CASH FLOW 118,025 254,587 409,862 584,378 778,680 993,328 1,228,896 1,485,974 1,765,171 2,067,108 DEBT COVERAGE RATIO 1.23 1.27 1.30 1.34 1.38 1.42 1.46 1.50 1.55 1.595 Year Average 1.31

Break Even Annual Rent 590,085.99 Break Even Monthly Rental Amount 49,173.83 Percentage Difference 21%Break Even DSCR 1.00

NOTESTotal Units 30

Purchase Price/Estimated Value 10,918,060 Principal (LTV)= 70% 7,642,642 Management Fee: 5% **Self Managed**Rate 4.500% Miscellaneous $400 per unitTerm 25 Repair and Maintenance $400 per unit

Replacement Reserves $400 per unitCap Rate - 5.00% 12,555,769.00 Annual Vacancy Rate 5%Cap Rate - 5.250% Accounts For QOZ 11,957,875.24 Cap Rate - 5.75% Accounts for QOZ 10,918,060.00 Cap Rate - 6.00% 10,463,140.83 Annual Inflation - Cap Rate - 6.50% 9,658,283.85 Rent 3%Cap Rate - 7.00% 8,968,406.43 Expenses 4%

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2234-38 N BroadRENTAL SCHEDULE

RENT SCHEDULEEXHIBIT E

Rent Schedule

Property No. of No. of Monthly Annual Price Per Total Type Beds Units Rent Income Sq. Ft. Sq. Ft.

STUDIO 6 6 $6,300 $75,600 2.10$ 30001BD 1BA 2 2 $3,375 $40,500 2.25$ 15002BD 2BA 10 5 $11,750 $141,000 2.50$ 47003BD 3BA 48 16 $39,060 $468,720 2.10$ 18600

Commercial Unit 0 1 $1,630 $19,560 2.00$ 815

Total Number of Beds 66Total Number of Units 30Total Monthly Income $62,115Total Annual Income $745,380

Avg. PPSF 2.28$ Total Rentable Sq Ft 25,615.00

Current

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2234-38 N BroadPRICING & SALES TERMS

Asking price: $1.95MMTerms: Cash, quick close preferred.

Price and terms are negotiable.

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2234-38 N BroadMAP

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2234-38 N BroadSITE PHOTOS

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2234-38 N BroadSITE PHOTOS

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2234-38 N BroadSITE PHOTOS

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2234-38 N Broad

2401 Walnut St. 6th FloorPhiladelphia, PA 19103

Sean Doyle Cell: 267-606-3587 seandoyle@kw.com

Steve Stafford Cell: 609.335.4016 s.stafford@kw.com

www.phillykw.com