CHICO UNIVERSITY CENTER1000 W SACRAMENTO CHICO CA 95926

SHADOW ANCHORED CENTER - SAFEWAY ndash WALGREENrsquoS Tenants are Open and Paying Rent

T A B L E O F C O N T E N T S

I nsti tutional L evel S er vice amp E x per ti se W ith A n E ntr epr eneur ial A ppr oach

T A B L E O F C O N T E N T S

INVESTMENT OVERVIEWbull Inves tment S ummarybull Inves tment Highlights

AREA OVERVIEWbull City Overviewbull Demographics

PROPERTY OVERVIEWbull Property Des criptionbull Parcel Map

TENANT SUMMARYbull Tenant Prof iles

FINANCIALSbull As s umptionsbull Cas h Flowbull Rent Roll

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 3

Under-Market Rents Prominent Signage

Easy Ingress ampEgress

StrongParking Ratio

SignalizedIntersection

High Visibility

E

I NV E S T M E NT S UM M A R Y

OFFERING PRICE $1612000

CAP Rate (Year 1) 70

Current Occupancy 100

Total Building Area 8750 SF

Total Land Area 83 Acres

Parking Spaces 47 per 1000

Additional parking may be created by adding compact spaces and re-striping

INVESTMENT HIGHLIGHTS

bull Safeway and Walgreens shadow anchored center Safeway is the dominant market in the trade area

bull The Center is very seasoned with tenants who have a strong operating history

bull Walking distance to Chico State bull Very strong traffic count Over 56436 cars a daybull Low rents allow for future upside and stable tenancybull Good cash on cash returnbull College town retail stability

STRONG FUNDAMENTALS

bull Retail rents in the Chico metro increased by 15 year over-year as of 2019 Q3

bull Rents for retail establishments have also posted an average annual gain of 17 over the past three years

bull Vacancies in the metro were below the cycle average as of 2019Q3 and trended downwards over the past four quarters

bull Over the past five years employment has increased by 23 annually on average compared to a 17 average increase nationally

bull Over 20000 people have relocated from Paradise to Chico after last years fire in Paradise CA The influx of new residents and business has increased business across the board and has increased values for residential properties as well

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 4

A R E A OV E R V I E W

The property is s ituated in an area that benef its f rom dens e res idential and commercial development Bus ines s es in the area continue to experience an economic boom after the Camp Fire which forced thous ands of res idents of Paradis e and other towns to move out of the mountains and into Chico and other S acramento Valley communities Population growth has exceeded 20000 new res idents

CHICO IS YOUNGVIBRANT amp GROWNING

Subway is now a Pizza Restaurant by the former operator

SUBJECT PROPERTY1000 W Sacramento

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 5

CHICObull 90 miles north of Sacramentobull 174 miles northeast of San Franciscobull 8 miles from the Sacramento Riverbull 2 miles from the foothills of the Sierra Nevadabull Bidwell Park has a total of 3670 acres making it one

of the largest municipal parks in the United States

A R E A OV E R V I E W

bull Chico Californias estimated population is 94776 according to the most recent United States census estimates

bull Chico California is the 79th largest city in California based on official 2017 estimates from the US Census Bureau

bull The population density is284815peoplemisup2 (109967 peoplekmsup2)

bull The overall median age is298years 291 years for males and 307 years for females

bull For every 100 females there are 978 males

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 6

A R E A OV E R V I E W

A GREAT PLACE FOR LEARNING LIVING amp LIFESTYLE

bull California State University Chico was found in 1887 It is the 2nd oldest Cal State College

bull Student Enrollment 17488 (2018)bull Campus amp Farm = 1149 Acresbull There are 200 student Org Groupsbull 96 of the students are from Califbull Average class size is 32 bull The largest major is business administration

Businesses in the area continue to experience an economic boom after the Camp Fire which forced thousands of residents of Paradise and other towns to move out of the mountains and into Chico and other Sacramento Valley communities Population growth has exceeded 20000 new residents

CHICO CELEBRATES ECONOMIC BOOM NAMED HOTESET RESIDENTIAL MARKET IN US 33 INCREASE IN VALUE

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

T A B L E O F C O N T E N T S

I nsti tutional L evel S er vice amp E x per ti se W ith A n E ntr epr eneur ial A ppr oach

T A B L E O F C O N T E N T S

INVESTMENT OVERVIEWbull Inves tment S ummarybull Inves tment Highlights

AREA OVERVIEWbull City Overviewbull Demographics

PROPERTY OVERVIEWbull Property Des criptionbull Parcel Map

TENANT SUMMARYbull Tenant Prof iles

FINANCIALSbull As s umptionsbull Cas h Flowbull Rent Roll

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 3

Under-Market Rents Prominent Signage

Easy Ingress ampEgress

StrongParking Ratio

SignalizedIntersection

High Visibility

E

I NV E S T M E NT S UM M A R Y

OFFERING PRICE $1612000

CAP Rate (Year 1) 70

Current Occupancy 100

Total Building Area 8750 SF

Total Land Area 83 Acres

Parking Spaces 47 per 1000

Additional parking may be created by adding compact spaces and re-striping

INVESTMENT HIGHLIGHTS

bull Safeway and Walgreens shadow anchored center Safeway is the dominant market in the trade area

bull The Center is very seasoned with tenants who have a strong operating history

bull Walking distance to Chico State bull Very strong traffic count Over 56436 cars a daybull Low rents allow for future upside and stable tenancybull Good cash on cash returnbull College town retail stability

STRONG FUNDAMENTALS

bull Retail rents in the Chico metro increased by 15 year over-year as of 2019 Q3

bull Rents for retail establishments have also posted an average annual gain of 17 over the past three years

bull Vacancies in the metro were below the cycle average as of 2019Q3 and trended downwards over the past four quarters

bull Over the past five years employment has increased by 23 annually on average compared to a 17 average increase nationally

bull Over 20000 people have relocated from Paradise to Chico after last years fire in Paradise CA The influx of new residents and business has increased business across the board and has increased values for residential properties as well

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 4

A R E A OV E R V I E W

The property is s ituated in an area that benef its f rom dens e res idential and commercial development Bus ines s es in the area continue to experience an economic boom after the Camp Fire which forced thous ands of res idents of Paradis e and other towns to move out of the mountains and into Chico and other S acramento Valley communities Population growth has exceeded 20000 new res idents

CHICO IS YOUNGVIBRANT amp GROWNING

Subway is now a Pizza Restaurant by the former operator

SUBJECT PROPERTY1000 W Sacramento

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 5

CHICObull 90 miles north of Sacramentobull 174 miles northeast of San Franciscobull 8 miles from the Sacramento Riverbull 2 miles from the foothills of the Sierra Nevadabull Bidwell Park has a total of 3670 acres making it one

of the largest municipal parks in the United States

A R E A OV E R V I E W

bull Chico Californias estimated population is 94776 according to the most recent United States census estimates

bull Chico California is the 79th largest city in California based on official 2017 estimates from the US Census Bureau

bull The population density is284815peoplemisup2 (109967 peoplekmsup2)

bull The overall median age is298years 291 years for males and 307 years for females

bull For every 100 females there are 978 males

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 6

A R E A OV E R V I E W

A GREAT PLACE FOR LEARNING LIVING amp LIFESTYLE

bull California State University Chico was found in 1887 It is the 2nd oldest Cal State College

bull Student Enrollment 17488 (2018)bull Campus amp Farm = 1149 Acresbull There are 200 student Org Groupsbull 96 of the students are from Califbull Average class size is 32 bull The largest major is business administration

Businesses in the area continue to experience an economic boom after the Camp Fire which forced thousands of residents of Paradise and other towns to move out of the mountains and into Chico and other Sacramento Valley communities Population growth has exceeded 20000 new residents

CHICO CELEBRATES ECONOMIC BOOM NAMED HOTESET RESIDENTIAL MARKET IN US 33 INCREASE IN VALUE

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 3

Under-Market Rents Prominent Signage

Easy Ingress ampEgress

StrongParking Ratio

SignalizedIntersection

High Visibility

E

I NV E S T M E NT S UM M A R Y

OFFERING PRICE $1612000

CAP Rate (Year 1) 70

Current Occupancy 100

Total Building Area 8750 SF

Total Land Area 83 Acres

Parking Spaces 47 per 1000

Additional parking may be created by adding compact spaces and re-striping

INVESTMENT HIGHLIGHTS

bull Safeway and Walgreens shadow anchored center Safeway is the dominant market in the trade area

bull The Center is very seasoned with tenants who have a strong operating history

bull Walking distance to Chico State bull Very strong traffic count Over 56436 cars a daybull Low rents allow for future upside and stable tenancybull Good cash on cash returnbull College town retail stability

STRONG FUNDAMENTALS

bull Retail rents in the Chico metro increased by 15 year over-year as of 2019 Q3

bull Rents for retail establishments have also posted an average annual gain of 17 over the past three years

bull Vacancies in the metro were below the cycle average as of 2019Q3 and trended downwards over the past four quarters

bull Over the past five years employment has increased by 23 annually on average compared to a 17 average increase nationally

bull Over 20000 people have relocated from Paradise to Chico after last years fire in Paradise CA The influx of new residents and business has increased business across the board and has increased values for residential properties as well

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 4

A R E A OV E R V I E W

The property is s ituated in an area that benef its f rom dens e res idential and commercial development Bus ines s es in the area continue to experience an economic boom after the Camp Fire which forced thous ands of res idents of Paradis e and other towns to move out of the mountains and into Chico and other S acramento Valley communities Population growth has exceeded 20000 new res idents

CHICO IS YOUNGVIBRANT amp GROWNING

Subway is now a Pizza Restaurant by the former operator

SUBJECT PROPERTY1000 W Sacramento

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 5

CHICObull 90 miles north of Sacramentobull 174 miles northeast of San Franciscobull 8 miles from the Sacramento Riverbull 2 miles from the foothills of the Sierra Nevadabull Bidwell Park has a total of 3670 acres making it one

of the largest municipal parks in the United States

A R E A OV E R V I E W

bull Chico Californias estimated population is 94776 according to the most recent United States census estimates

bull Chico California is the 79th largest city in California based on official 2017 estimates from the US Census Bureau

bull The population density is284815peoplemisup2 (109967 peoplekmsup2)

bull The overall median age is298years 291 years for males and 307 years for females

bull For every 100 females there are 978 males

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 6

A R E A OV E R V I E W

A GREAT PLACE FOR LEARNING LIVING amp LIFESTYLE

bull California State University Chico was found in 1887 It is the 2nd oldest Cal State College

bull Student Enrollment 17488 (2018)bull Campus amp Farm = 1149 Acresbull There are 200 student Org Groupsbull 96 of the students are from Califbull Average class size is 32 bull The largest major is business administration

Businesses in the area continue to experience an economic boom after the Camp Fire which forced thousands of residents of Paradise and other towns to move out of the mountains and into Chico and other Sacramento Valley communities Population growth has exceeded 20000 new residents

CHICO CELEBRATES ECONOMIC BOOM NAMED HOTESET RESIDENTIAL MARKET IN US 33 INCREASE IN VALUE

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 4

A R E A OV E R V I E W

The property is s ituated in an area that benef its f rom dens e res idential and commercial development Bus ines s es in the area continue to experience an economic boom after the Camp Fire which forced thous ands of res idents of Paradis e and other towns to move out of the mountains and into Chico and other S acramento Valley communities Population growth has exceeded 20000 new res idents

CHICO IS YOUNGVIBRANT amp GROWNING

Subway is now a Pizza Restaurant by the former operator

SUBJECT PROPERTY1000 W Sacramento

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 5

CHICObull 90 miles north of Sacramentobull 174 miles northeast of San Franciscobull 8 miles from the Sacramento Riverbull 2 miles from the foothills of the Sierra Nevadabull Bidwell Park has a total of 3670 acres making it one

of the largest municipal parks in the United States

A R E A OV E R V I E W

bull Chico Californias estimated population is 94776 according to the most recent United States census estimates

bull Chico California is the 79th largest city in California based on official 2017 estimates from the US Census Bureau

bull The population density is284815peoplemisup2 (109967 peoplekmsup2)

bull The overall median age is298years 291 years for males and 307 years for females

bull For every 100 females there are 978 males

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 6

A R E A OV E R V I E W

A GREAT PLACE FOR LEARNING LIVING amp LIFESTYLE

bull California State University Chico was found in 1887 It is the 2nd oldest Cal State College

bull Student Enrollment 17488 (2018)bull Campus amp Farm = 1149 Acresbull There are 200 student Org Groupsbull 96 of the students are from Califbull Average class size is 32 bull The largest major is business administration

Businesses in the area continue to experience an economic boom after the Camp Fire which forced thousands of residents of Paradise and other towns to move out of the mountains and into Chico and other Sacramento Valley communities Population growth has exceeded 20000 new residents

CHICO CELEBRATES ECONOMIC BOOM NAMED HOTESET RESIDENTIAL MARKET IN US 33 INCREASE IN VALUE

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 5

CHICObull 90 miles north of Sacramentobull 174 miles northeast of San Franciscobull 8 miles from the Sacramento Riverbull 2 miles from the foothills of the Sierra Nevadabull Bidwell Park has a total of 3670 acres making it one

of the largest municipal parks in the United States

A R E A OV E R V I E W

bull Chico Californias estimated population is 94776 according to the most recent United States census estimates

bull Chico California is the 79th largest city in California based on official 2017 estimates from the US Census Bureau

bull The population density is284815peoplemisup2 (109967 peoplekmsup2)

bull The overall median age is298years 291 years for males and 307 years for females

bull For every 100 females there are 978 males

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 6

A R E A OV E R V I E W

A GREAT PLACE FOR LEARNING LIVING amp LIFESTYLE

bull California State University Chico was found in 1887 It is the 2nd oldest Cal State College

bull Student Enrollment 17488 (2018)bull Campus amp Farm = 1149 Acresbull There are 200 student Org Groupsbull 96 of the students are from Califbull Average class size is 32 bull The largest major is business administration

Businesses in the area continue to experience an economic boom after the Camp Fire which forced thousands of residents of Paradise and other towns to move out of the mountains and into Chico and other Sacramento Valley communities Population growth has exceeded 20000 new residents

CHICO CELEBRATES ECONOMIC BOOM NAMED HOTESET RESIDENTIAL MARKET IN US 33 INCREASE IN VALUE

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 6

A R E A OV E R V I E W

A GREAT PLACE FOR LEARNING LIVING amp LIFESTYLE

bull California State University Chico was found in 1887 It is the 2nd oldest Cal State College

bull Student Enrollment 17488 (2018)bull Campus amp Farm = 1149 Acresbull There are 200 student Org Groupsbull 96 of the students are from Califbull Average class size is 32 bull The largest major is business administration

Businesses in the area continue to experience an economic boom after the Camp Fire which forced thousands of residents of Paradise and other towns to move out of the mountains and into Chico and other Sacramento Valley communities Population growth has exceeded 20000 new residents

CHICO CELEBRATES ECONOMIC BOOM NAMED HOTESET RESIDENTIAL MARKET IN US 33 INCREASE IN VALUE

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 7

P R OP E R T Y OV E R V I E W

SITE FRONTAGE amp ACCESS ZONINGThe University Center is located on the corner of West Sacramento Avenue and Nord Avenue just west of the Golden State Highway 99

The site benefits from being 228 feet on West Sacramento Avenue the first retail building at the entrance

Per the City of Chico the subject is currently zoned as CS ndash Commercial Services

TRAFFIC COUNTSDaily traffic at the intersection of West Sacramento and Nord Ave is approximately 43100

PARKINGThe University Center provides abundant shared approximately 47 spaces per 1000 SF parking ratio

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 8

DE M OG R A P HI C S

Sheet1

Sheet2

Sheet3

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

Population		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Population		20584		81074		104274		119032		49032
5 Yr Growth		31		34		38		38		32
Median Age		27		32		32		33		30
5 Yr Forecast		30		34		34		35		32
White Black Hispanic		83 3 18		86 2 17		86 2 17		87 2 18		86 3 18
5 Yr Forecast		82 4 19		86 2 18		86 2 19		87 2 19		85 3 19
Employment		13053		45343		59878		63212		23141
Buying Power		$2025M		$14B		$20B		$24B		$7698M
5 Yr Growth		44		48		59		56		47
College Graduates		241		280		295		299		358
Household		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Households		7549		32627		41824		47220		19688
5 Yr Growth		30		35		37		37		33
Median Household Income		$26819		$42695		$48237		$51719		$39100
5 Yr Forecast		$27172		$43249		$49267		$52659		$39650
Average Household Income		$49806		$65437		$70018		$74150		$62203
5 Yr Forecast		$50709		$66898		$71605		$75848		$63827
High Income (gt$75k)		20		31		34		37		25
Housing		1 Mile		3 Miles		5 Miles		10 Miles		10 Min Drive
Median Home Value		$322241		$300401		$308470		$321616		$316720
Median Year Built		1977		1976		1981		1981		1971
Owner Renter Occupied		23 77		42 58		46 54		49 51		34 66

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 9

T E NA NT S UM M A R Y

PIZZAMOVE IN 512020LEASE ENDS 4302025INCREASES 25 AnnuallyOPTIONS NARENT (ANNUAL) $16800$SF (ANNUAL) $1500SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

SMOKE SHOPMOVE IN Aug 2011LEASE ENDS 7312024INCREASES 2 annuallyOPTIONS NARENT (ANNUAL) $14280$SF (ANNUAL) $1020SQUARE FOOTAGE 1400EXPENSE PASSTHROUGH NNN

GEARHEAD BARBER SHOP MOVE IN 8119LEASE ENDS 73120 Tenant Req 5YR Extension INCREASES 2 annually

OPTIONS Annually for 5 years 2 increases

RENT (ANNUAL) $18000$SF (ANNUAL) $1429SQUARE FOOTAGE 1260EXPENSE PASSTHROUGH NNN

ACATACOMOVE IN Nov 2006LEASE ENDS 113024INCREASES 3 AnnuallyOPTIONS 25 3 annual increaseRENT (ANNUAL) $19668$SF (ANNUAL) $1873 SFSQUARE FOOTAGE 1050 SFEXPENSE PASSTHROUGH NNN

CHICO LAUNDRY COMOVE IN Nov 2006LEASE ENDS Month to MonthINCREASES NAOPTIONS NARENT (ANNUAL) $37464$SF (ANNUAL) $1338SQUARE FOOTAGE 2800EXPENSE PASSTHROUGH NNN

WINDY CHINESE RESTAURANTMOVE IN Nov 2006LEASE ENDS 8302021INCREASES 3 Annually

OPTIONS 15 MKT rate not more than 4 not less than prior year rent

RENT (ANNUAL) $21034$SF (ANNUAL) $1878SQUARE FOOTAGE 1120EXPENSE PASSTHROUGH NNN

I nsti tutional L evel S er vice amp E x per ti se W ith A n E ntr epr eneur ial A ppr oach

F I N A N C I A L S

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 11

AS S UM P T I ONS

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 12

C AS H F L OW

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 13

R E NT R OL L

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 14

This confidential investment brochure has been prepared solely forinformational purposes and does not constitute all or any part of an offer orcontract It is designed to assist a potential investor in determining whether toproceed with an in-depth investigation of the subject property

This investment brochure was prepared by Red Eagle Enterprises LTD IncDBA May Realty Advisors and has been reviewed by representatives of theOwner It contains select information pertaining to the sale of the SubjectProperty herein and does not purport to be all inclusive or to contain all of theinformation which prospective purchasers may desire It should be noted thatall financial projections are provided for general reference purposes only inthat they are based upon assumptions relating to the general economy andother factors beyond the control of Owner and therefore are subject tomaterial variation Additional information and an opportunity to inspect theproperty will be made available to interested and qualified prospectivepurchasers

Neither the Owner nor May Realty Advisors nor any of their respective officersor agents make any representation or warranty expressed or implied as tothe accuracy or completeness of this investment brochure or any of itscontents and no legal commitments or obligations shall arise by reason ofthis brochure or its contents

Certain documents in this investment brochure are described in summaryform The summaries do not purport to be complete nor necessarilyaccurate descriptions of the full agreements involved nor do they purport toconstitute a legal analysis of the provisions of the documents Interestedparties are expected to independently review all such documents The termsand conditions stated in this section will relate to all sections of the brochureas if stated independently therein

It is essential that all parties to real estate transactions be aware of the healthliability and economic impact of environmental factors on real estate MayRealty Advisors does not conduct investigations or analysis of environmental

matters and accordingly urges its clients to retain qualified environmentalprofessionals to determine whether hazardous or toxic wastes or substancesor other undesirable materials or conditions are present at the propertyand if so whether any health danger or other liability exists

Various federal state and local laws and regulations have been enacteddealing with the use storage handling removal transport and disposal oftoxic or hazardous wastes and substances Consequently legal counsel andtechnical experts should be consulted where these substances are or may bepresent

The Owner and May Realty Advisors expressly reserve the right at their solediscretion to reject any or all expressions of interest or offer to purchase theproperty andor to terminate discussions with any entity at any time with orwithout notice The Owner shall have no legal commitment or obligation to anyentity reviewing this investment brochure or making an offer to purchase theproperty unless and until a written commitment to purchase the property hasbeen fully executed delivered and approved by Owner and any conditions toOwnerrsquos obligations thereunder have been satisfied or waived

By receipt of this investment brochure you agree that its contents are of aconfidential nature that you hold and treat it in the strictest confidence andthat you will not disclose this brochure or any of its contents to any other entitywithout the prior written authorization of May Realty Advisors nor will you usethis brochure or any of its contents in any fashion or manner detrimental to theinterest of the Owner This brochure shall not be deemed an indication of thestate of affairs of the Owner nor constitute an indication that there has been achange in the business or affairs of Owner since the date of preparation of thisinvestment brochure For additional information please contact Matthew Mayor Richard Huelsman with May Realty Advisors at 818-528-3999 If afterreviewing this investment brochure you have no further interest in purchasingthe property kindly return it to May Realty Advisors at your earliestconvenience Photocopying and other duplication expressly prohibited

C ON F I DE N T I A L I T Y amp DI S C L A I M E R

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 15

CONTACT U S

MAY R E AL T Y ADV IS OR S15206 Ventura Blvd

S uite 302

S herman Oaks CA 91403

Phone (818) 528-3999

BRE 01206736MAT THE W MAYPres ident

Matthew mrala

8 1 8 4 7 7 08 17

BRE 0 0 9 1 24 72

R IC HAR D HUE L S MAN

Managing DirectorRichard mrala

3104633102

BRE 01956167

I nsti tuti onal L evel Ser vi ce amp E x per ti seW i th A n E ntr epr eneur i al A ppr oach

C elebr ati ng O ver 30 Y ear s of R etai l E x per ti se

22020P R E S E N T E D B Y M A Y R E A L T Y A D V I S O R S | lsaquorsaquo

• Slide Number 1
• Slide Number 2
• INVESTMENT SUMMARY
• AREA OVERVIEW
• Slide Number 5
• AREA OVERVIEW
• PROPERTY OVERVIEW
• DEMOGRAPHICS
• TENANT SUMMARY
• FINANCIALS
• ASSUMPTIONS
• CASH FLOW
• RENT ROLL
• CONFIDENTIALITY amp DISCLAIMER
• Slide Number 15

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 3 (excluding Habit Urbane amp Panda)			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 5			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 3 (excluding Habit Urbane amp Panda)			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		8750			Price per Square Foot		$18423
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 11

AS S UM P T I ONS

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 12

C AS H F L OW

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 13

R E NT R OL L

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 14

This confidential investment brochure has been prepared solely forinformational purposes and does not constitute all or any part of an offer orcontract It is designed to assist a potential investor in determining whether toproceed with an in-depth investigation of the subject property

This investment brochure was prepared by Red Eagle Enterprises LTD IncDBA May Realty Advisors and has been reviewed by representatives of theOwner It contains select information pertaining to the sale of the SubjectProperty herein and does not purport to be all inclusive or to contain all of theinformation which prospective purchasers may desire It should be noted thatall financial projections are provided for general reference purposes only inthat they are based upon assumptions relating to the general economy andother factors beyond the control of Owner and therefore are subject tomaterial variation Additional information and an opportunity to inspect theproperty will be made available to interested and qualified prospectivepurchasers

Neither the Owner nor May Realty Advisors nor any of their respective officersor agents make any representation or warranty expressed or implied as tothe accuracy or completeness of this investment brochure or any of itscontents and no legal commitments or obligations shall arise by reason ofthis brochure or its contents

Certain documents in this investment brochure are described in summaryform The summaries do not purport to be complete nor necessarilyaccurate descriptions of the full agreements involved nor do they purport toconstitute a legal analysis of the provisions of the documents Interestedparties are expected to independently review all such documents The termsand conditions stated in this section will relate to all sections of the brochureas if stated independently therein

It is essential that all parties to real estate transactions be aware of the healthliability and economic impact of environmental factors on real estate MayRealty Advisors does not conduct investigations or analysis of environmental

matters and accordingly urges its clients to retain qualified environmentalprofessionals to determine whether hazardous or toxic wastes or substancesor other undesirable materials or conditions are present at the propertyand if so whether any health danger or other liability exists

Various federal state and local laws and regulations have been enacteddealing with the use storage handling removal transport and disposal oftoxic or hazardous wastes and substances Consequently legal counsel andtechnical experts should be consulted where these substances are or may bepresent

The Owner and May Realty Advisors expressly reserve the right at their solediscretion to reject any or all expressions of interest or offer to purchase theproperty andor to terminate discussions with any entity at any time with orwithout notice The Owner shall have no legal commitment or obligation to anyentity reviewing this investment brochure or making an offer to purchase theproperty unless and until a written commitment to purchase the property hasbeen fully executed delivered and approved by Owner and any conditions toOwnerrsquos obligations thereunder have been satisfied or waived

By receipt of this investment brochure you agree that its contents are of aconfidential nature that you hold and treat it in the strictest confidence andthat you will not disclose this brochure or any of its contents to any other entitywithout the prior written authorization of May Realty Advisors nor will you usethis brochure or any of its contents in any fashion or manner detrimental to theinterest of the Owner This brochure shall not be deemed an indication of thestate of affairs of the Owner nor constitute an indication that there has been achange in the business or affairs of Owner since the date of preparation of thisinvestment brochure For additional information please contact Matthew Mayor Richard Huelsman with May Realty Advisors at 818-528-3999 If afterreviewing this investment brochure you have no further interest in purchasingthe property kindly return it to May Realty Advisors at your earliestconvenience Photocopying and other duplication expressly prohibited

C ON F I DE N T I A L I T Y amp DI S C L A I M E R

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 15

CONTACT U S

MAY R E AL T Y ADV IS OR S15206 Ventura Blvd

S uite 302

S herman Oaks CA 91403

Phone (818) 528-3999

BRE 01206736MAT THE W MAYPres ident

Matthew mrala

8 1 8 4 7 7 08 17

BRE 0 0 9 1 24 72

R IC HAR D HUE L S MAN

Managing DirectorRichard mrala

3104633102

BRE 01956167

I nsti tuti onal L evel Ser vi ce amp E x per ti seW i th A n E ntr epr eneur i al A ppr oach

C elebr ati ng O ver 30 Y ear s of R etai l E x per ti se

22020P R E S E N T E D B Y M A Y R E A L T Y A D V I S O R S | lsaquorsaquo

• Slide Number 1
• Slide Number 2
• INVESTMENT SUMMARY
• AREA OVERVIEW
• Slide Number 5
• AREA OVERVIEW
• PROPERTY OVERVIEW
• DEMOGRAPHICS
• TENANT SUMMARY
• FINANCIALS
• ASSUMPTIONS
• CASH FLOW
• RENT ROLL
• CONFIDENTIALITY amp DISCLAIMER
• Slide Number 15

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 3 (excluding Habit Urbane amp Panda)			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 5			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 3 (excluding Habit Urbane amp Panda)			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		8750			Price per Square Foot		$18423
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 12

C AS H F L OW

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 13

R E NT R OL L

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 14

This confidential investment brochure has been prepared solely forinformational purposes and does not constitute all or any part of an offer orcontract It is designed to assist a potential investor in determining whether toproceed with an in-depth investigation of the subject property

This investment brochure was prepared by Red Eagle Enterprises LTD IncDBA May Realty Advisors and has been reviewed by representatives of theOwner It contains select information pertaining to the sale of the SubjectProperty herein and does not purport to be all inclusive or to contain all of theinformation which prospective purchasers may desire It should be noted thatall financial projections are provided for general reference purposes only inthat they are based upon assumptions relating to the general economy andother factors beyond the control of Owner and therefore are subject tomaterial variation Additional information and an opportunity to inspect theproperty will be made available to interested and qualified prospectivepurchasers

Neither the Owner nor May Realty Advisors nor any of their respective officersor agents make any representation or warranty expressed or implied as tothe accuracy or completeness of this investment brochure or any of itscontents and no legal commitments or obligations shall arise by reason ofthis brochure or its contents

Certain documents in this investment brochure are described in summaryform The summaries do not purport to be complete nor necessarilyaccurate descriptions of the full agreements involved nor do they purport toconstitute a legal analysis of the provisions of the documents Interestedparties are expected to independently review all such documents The termsand conditions stated in this section will relate to all sections of the brochureas if stated independently therein

It is essential that all parties to real estate transactions be aware of the healthliability and economic impact of environmental factors on real estate MayRealty Advisors does not conduct investigations or analysis of environmental

matters and accordingly urges its clients to retain qualified environmentalprofessionals to determine whether hazardous or toxic wastes or substancesor other undesirable materials or conditions are present at the propertyand if so whether any health danger or other liability exists

Various federal state and local laws and regulations have been enacteddealing with the use storage handling removal transport and disposal oftoxic or hazardous wastes and substances Consequently legal counsel andtechnical experts should be consulted where these substances are or may bepresent

The Owner and May Realty Advisors expressly reserve the right at their solediscretion to reject any or all expressions of interest or offer to purchase theproperty andor to terminate discussions with any entity at any time with orwithout notice The Owner shall have no legal commitment or obligation to anyentity reviewing this investment brochure or making an offer to purchase theproperty unless and until a written commitment to purchase the property hasbeen fully executed delivered and approved by Owner and any conditions toOwnerrsquos obligations thereunder have been satisfied or waived

By receipt of this investment brochure you agree that its contents are of aconfidential nature that you hold and treat it in the strictest confidence andthat you will not disclose this brochure or any of its contents to any other entitywithout the prior written authorization of May Realty Advisors nor will you usethis brochure or any of its contents in any fashion or manner detrimental to theinterest of the Owner This brochure shall not be deemed an indication of thestate of affairs of the Owner nor constitute an indication that there has been achange in the business or affairs of Owner since the date of preparation of thisinvestment brochure For additional information please contact Matthew Mayor Richard Huelsman with May Realty Advisors at 818-528-3999 If afterreviewing this investment brochure you have no further interest in purchasingthe property kindly return it to May Realty Advisors at your earliestconvenience Photocopying and other duplication expressly prohibited

C ON F I DE N T I A L I T Y amp DI S C L A I M E R

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 15

CONTACT U S

MAY R E AL T Y ADV IS OR S15206 Ventura Blvd

S uite 302

S herman Oaks CA 91403

Phone (818) 528-3999

BRE 01206736MAT THE W MAYPres ident

Matthew mrala

8 1 8 4 7 7 08 17

BRE 0 0 9 1 24 72

R IC HAR D HUE L S MAN

Managing DirectorRichard mrala

3104633102

BRE 01956167

I nsti tuti onal L evel Ser vi ce amp E x per ti seW i th A n E ntr epr eneur i al A ppr oach

C elebr ati ng O ver 30 Y ear s of R etai l E x per ti se

22020P R E S E N T E D B Y M A Y R E A L T Y A D V I S O R S | lsaquorsaquo

• Slide Number 1
• Slide Number 2
• INVESTMENT SUMMARY
• AREA OVERVIEW
• Slide Number 5
• AREA OVERVIEW
• PROPERTY OVERVIEW
• DEMOGRAPHICS
• TENANT SUMMARY
• FINANCIALS
• ASSUMPTIONS
• CASH FLOW
• RENT ROLL
• CONFIDENTIALITY amp DISCLAIMER
• Slide Number 15

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 3 (excluding Habit Urbane amp Panda)			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 5			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 13

R E NT R OL L

A - Assumptions

A - NOI

A - Rent Roll

A - RESALE FINANCING

B1 - RESALE FINANCING

B2 - RESALE FINANCING

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 14

This confidential investment brochure has been prepared solely forinformational purposes and does not constitute all or any part of an offer orcontract It is designed to assist a potential investor in determining whether toproceed with an in-depth investigation of the subject property

This investment brochure was prepared by Red Eagle Enterprises LTD IncDBA May Realty Advisors and has been reviewed by representatives of theOwner It contains select information pertaining to the sale of the SubjectProperty herein and does not purport to be all inclusive or to contain all of theinformation which prospective purchasers may desire It should be noted thatall financial projections are provided for general reference purposes only inthat they are based upon assumptions relating to the general economy andother factors beyond the control of Owner and therefore are subject tomaterial variation Additional information and an opportunity to inspect theproperty will be made available to interested and qualified prospectivepurchasers

Neither the Owner nor May Realty Advisors nor any of their respective officersor agents make any representation or warranty expressed or implied as tothe accuracy or completeness of this investment brochure or any of itscontents and no legal commitments or obligations shall arise by reason ofthis brochure or its contents

Certain documents in this investment brochure are described in summaryform The summaries do not purport to be complete nor necessarilyaccurate descriptions of the full agreements involved nor do they purport toconstitute a legal analysis of the provisions of the documents Interestedparties are expected to independently review all such documents The termsand conditions stated in this section will relate to all sections of the brochureas if stated independently therein

It is essential that all parties to real estate transactions be aware of the healthliability and economic impact of environmental factors on real estate MayRealty Advisors does not conduct investigations or analysis of environmental

matters and accordingly urges its clients to retain qualified environmentalprofessionals to determine whether hazardous or toxic wastes or substancesor other undesirable materials or conditions are present at the propertyand if so whether any health danger or other liability exists

Various federal state and local laws and regulations have been enacteddealing with the use storage handling removal transport and disposal oftoxic or hazardous wastes and substances Consequently legal counsel andtechnical experts should be consulted where these substances are or may bepresent

The Owner and May Realty Advisors expressly reserve the right at their solediscretion to reject any or all expressions of interest or offer to purchase theproperty andor to terminate discussions with any entity at any time with orwithout notice The Owner shall have no legal commitment or obligation to anyentity reviewing this investment brochure or making an offer to purchase theproperty unless and until a written commitment to purchase the property hasbeen fully executed delivered and approved by Owner and any conditions toOwnerrsquos obligations thereunder have been satisfied or waived

By receipt of this investment brochure you agree that its contents are of aconfidential nature that you hold and treat it in the strictest confidence andthat you will not disclose this brochure or any of its contents to any other entitywithout the prior written authorization of May Realty Advisors nor will you usethis brochure or any of its contents in any fashion or manner detrimental to theinterest of the Owner This brochure shall not be deemed an indication of thestate of affairs of the Owner nor constitute an indication that there has been achange in the business or affairs of Owner since the date of preparation of thisinvestment brochure For additional information please contact Matthew Mayor Richard Huelsman with May Realty Advisors at 818-528-3999 If afterreviewing this investment brochure you have no further interest in purchasingthe property kindly return it to May Realty Advisors at your earliestconvenience Photocopying and other duplication expressly prohibited

C ON F I DE N T I A L I T Y amp DI S C L A I M E R

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 15

CONTACT U S

MAY R E AL T Y ADV IS OR S15206 Ventura Blvd

S uite 302

S herman Oaks CA 91403

Phone (818) 528-3999

BRE 01206736MAT THE W MAYPres ident

Matthew mrala

8 1 8 4 7 7 08 17

BRE 0 0 9 1 24 72

R IC HAR D HUE L S MAN

Managing DirectorRichard mrala

3104633102

BRE 01956167

I nsti tuti onal L evel Ser vi ce amp E x per ti seW i th A n E ntr epr eneur i al A ppr oach

C elebr ati ng O ver 30 Y ear s of R etai l E x per ti se

22020P R E S E N T E D B Y M A Y R E A L T Y A D V I S O R S | lsaquorsaquo

• Slide Number 1
• Slide Number 2
• INVESTMENT SUMMARY
• AREA OVERVIEW
• Slide Number 5
• AREA OVERVIEW
• PROPERTY OVERVIEW
• DEMOGRAPHICS
• TENANT SUMMARY
• FINANCIALS
• ASSUMPTIONS
• CASH FLOW
• RENT ROLL
• CONFIDENTIALITY amp DISCLAIMER
• Slide Number 15

CASH FLOW (CONTINUED)
Building B2
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(5423800)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		7082200
CASH FLOW BEFORE DEBT		(5423800)		298306		307283		316528		326053		335864		345968		356378		367100		378143		7460343
FINANCING
Loan Funding Payoff		3525470		0		0		0		0		0		0		0		0		0		(3525470)
Loan Fees		(35255)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)		(208118)
CASH FLOW AFTER DEBT		(1933585)		90188		99165		108410		117935		127746		137850		148260		158982		170025		3726755
EQUITY (ignoring Costs of Sale)			2084473		2315175		2553702		2800282		3055345		3319031		3591784		3873753		4165396		4467075
RETURN ON EQUITY (CFBTEquity)			433		428		425		421		418		415		413		410		408		406
Cash on Cash Return (CFBTInitial investment)			466		513		561		610		661		713		767		822		879		938
Rolling Internal Rate of Return			353		657		826		928		992		1035		1063		1081		1094		1101
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 55 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		870570
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		19532587
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building B1
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(4187400)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		5467600
CASH FLOW BEFORE DEBT		(4187400)		240777		248022		255483		263170		271087		279241		287643		296295		305209		5772809
FINANCING
Loan Funding Payoff		2721810		0		0		0		0		0		0		0		0		0		(2721810)
Loan Fees		(27218)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)		(160676)
CASH FLOW AFTER DEBT		(1492808)		80101		87346		94807		102494		110411		118565		126967		135619		144533		2890323
EQUITY (ignoring Costs of Sale)			1609300		1787414		1971587		2162016		2358904		2562456		2772985		2990706		3215841		3448614
RETURN ON EQUITY (CFBTEquity)			498		489		481		474		468		463		458		453		449		446
Cash on Cash Return (CFBTInitial investment)			537		585		635		687		740		794		851		908		968		1030
Rolling Internal Rate of Return			425		726		893		993		1056		1096		1123		1140		1151		1158
NOTES
Net Residual Value is calculated by dividing Year 2029 NOI by 575 CAP Rate
Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		862533
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		16983153
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

CASH FLOW (CONTINUED)
Building A
Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
ACCUSITION amp RESIDUAL SALE
Purchase Price (Based on Capitalization Rate of 600)		(1612000)		0		0		0		0		0		0		0		0		0		0
Net Residual Value		0		0		0		0		0		0		0		0		0		0		8795300
CASH FLOW BEFORE DEBT		(1612000)		385008		403057		406011		409042		412152		432184		451408		454768		458215		9253515
FINANCING
Loan Funding Payoff		4766775		0		0		0		0		0		0		0		0		0		(4766775)
Loan Fees		(47668)		0		0		0		0		0		0		0		0		0
Annual Debt Service		0		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)		(281396)
CASH FLOW AFTER DEBT		3107107		103612		121661		124615		127646		130756		150788		170012		173372		176819		4205344
EQUITY (ignoring Costs of Sale)			2818408		3253477		3404902		3562053		3724909		4214658		4693594		4875320		5063848		5259399
RETURN ON EQUITY (CFBTEquity)			368		374		366		358		351		358		362		356		349		343
Cash on Cash Return (CFBTInitial investment)			396		465		477		488		500		577		650		663		676		690
Rolling Internal Rate of Return			266		681		725		751		769		879		949		936		925		916
INAM
REFERENCE ONLY BELOW THIS ROW
Purchase Price		2343100
Cash Investment		835315		882983
Net Residual Value
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
Capitalization Rate			600		607		620		649		662		724		737		754		791		805
- Debt Service First Mortgage			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cash on Cash Return (CFBTInitial investment)			607		630		665		750		788		963		1000		1051		1156		1197
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Cumulative Cash Flow After Utilizing Reserves			50676		103274		158854		221513		287298		367707		451197		538971		635574		735541
See Notes and Disclaimers under Analysis of Resale
Ontario						ANALYSIS OF RESALE
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
PROJECTED SELLING PRICE REAL ESTATE			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
Selling Price Based on Capitalization Rate of 600
PROJECTED SELLING PRICE Personal Property			0		0		0		0		0		0		0		0		0		0
PROJECTED SELLING PRICE incl pers property			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- First Mortgage Payoff EOY			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		22982636
				NOTES
1) If this analysis includes a partial first year then the IRR MIRR and PV calculations use estimated full year amounts for cash flow and NOI
2) If the projected selling price for any year(s) above displays see note 2 then the value shown for those years has been entered directly
by the user of this software overriding the value that was calculated by the software
3) The Analysis of Taxable Income or Loss and the Analysis of Operating Cash Flows make no presumption as to intended year of sale
Therefore adjustments for the half-month convention in regard to depreciation in the year of sale are accounted for within the
Analysis of Resale
				DISCLAIMERS
The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the
purposes of pro forma projection and analysis and should not be used for preparation of income tax returns You are advised that any Federal
tax calculations displayed in these reports are necessarily estimates only They are based upon interpretations of various tax acts and
revisions since 1986 and are subject to further clarifications interpretations rulings regulations and technical corrections These tax
calculations are also based upon certain assumptions as entered into the software by the user about the property and about the taxpayerrsquos
adjusted gross income tax brackets and like matters The actual tax liability that this property may create may be altered substantially
from the estimates displayed herein by other factors which are outside the scope of this analysis and external to this property and which
may also differ from taxpayer to taxpayer Such factors may include but are not limited to the Alternative Minimum Tax and investment
interest limitations In particular for the years 2013 and following the actual tax liability is likely to be affected by items such as
the taxpayerrsquos total taxable income the taxpayerrsquos net investment income from all sources including those external to the property
analyzed here and the extent to which those items exceed certain thresholds which are themselves subject to change
The user of this program and recipients of its reports should consult a tax specialist concerning hisher particular circumstances before making
any investment decision
Ontario					SUMMARY CASH FLOW AND RESALE ANALYSIS
Purchase Price			2343100
Cash Investment			835315
		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
GROSS INCOME			195270		198608		203044		211617		216275		232474		237172		243117		253649		258766
- Vacancy amp Credit Allowance			0		0		0		0		0		0		0		0		0		0
- Operating Expenses			54686		56102		57556		59049		60583		62157		63774		65434		67139		68890
NET OPERATING INCOME			140584		142506		145488		152567		155692		170317		173398		177683		186510		189875
- Debt Service All Mortgages			89908		89908		89908		89908		89908		89908		89908		89908		89908		89908
+ Proceeds of Mortgages Less Points			0		0		0		0		0		0		0		0		0		0
- Capital Expenditures and Funded Reserves			0		0		0		0		0		0		0		0		0		0
CASH FLOW BEFORE TAXES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
Reserves Utilized			0		0		0		0		0		0		0		0		0		0
Reserves Remaining			0		0		0		0		0		0		0		0		0		0
NET CASH FLOW AFTER UTILIZING RESERVES			50676		52598		55580		62659		65785		80409		83490		87775		96602		99967
PROJECTED SELLING PRICE incl personal prop			2343100		2375100		2424800		2542800		2594900		2838600		2890000		2961400		3108500		3164600
- Costs of Sale			82009		83129		84868		88998		90822		99351		101150		103649		108798		110761
- Mortgage Payoffs			1497339		1470550		1442600		1413440		1383015		1351271		1318152		1283598		1247546		1209932
+ Balance of Reserve Fund			0		0		0		0		0		0		0		0		0		0
BEFORE-TAX SALE PROCEEDS			763753		821421		897332		1040363		1121064		1387978		1470698		1574153		1752156		1843907
Internal Rate of Return Before Tax			-250		537		860		1172		1214		1470		1436		1422		1451		1422
Modified Internal Rate of Return Before Tax			-250		536		840		1122		1145		1364		1317		1289		1300		1261
PV Net Operating Income amp Gross Sale Price			2343098		2373287		2417519		2516594		2557861		2739968		2776201		2823685		2915978		2949183
PV CFBT and Sale Proceeds before Taxes			768329		825682		894703		1014982		1077800		1275230		1330384		1395000		1501635		1549985
EQUITY (ignoring Costs of Sale)			845761		904550		982200		1129361		1211885		1487329		1571848		1677802		1860954		1954668
Equity Multiple (total cash distributionsinitial equity)			097		111		126		151		169		210		230		253		286		309
RETURN ON EQUITY (CFBTEquity)			599		581		566		555		543		541		531		523		519		511
		14115343

	RENT ROLL
		TENANT		SQUARE		OF			LEASE TERM				RENTAL RATE
	SUITE		NAME		FEET		PROPERTY			Begin		End		CPIADJUST		Begin		Monthly		PSF		Annually		PSF
	A		Subway		1120		13					43020			CURRENT		$3256		$291		$39072		$3489
		Pizzaria					5120		43025		25 Annually			$1400		$125		$16800		$1500
	B		Smoke Shop		1400		16			8119		73124		2 Annually		CURRENT		$1190		$085		$14280		$1020
	C		Gearhead		1260		14			8119		73120		2 Annually		CURRENT		$1500		$119		$18000		$1429
		Option to renew annually for 5yrs with 2 increase
	D		Aca Taco		1050		12			12119		113024		3 Annually		CURRENT		$1639		$156		$19668		$1873
		25 with 3 increases
	E		Chico Laundry		2800		32			Monthly				CURRENT		$3122		$112		$37464		$1338
	F		Windy Chinese		1120		13			9116		83021		3 Annually		CURRENT		$1753		$157		$21034		$1878
		15 option at mkt rate not more than 4 and not less than priot year rent
	OCCUPIED SF		8750		100
	AVAILABLE SF		- 0		0
	TOTAL SF		8750		100
								Notes Analysis assumes tenant exercises options with no leasing costs

	CASH FLOW
	Fiscal Year			2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	INCOME
	Total Schedualed Base Rent			135836		130591		132967		135406		137909		140478		143115		145821		148599		151450
	Expense Reimbursments			50333		51715		53137		54599		56102		57647		59236		60870		62550		64277
	Vacancy 3 (excluding Habit Urbane amp Panda)			(9308)		(9115)		(9305)		(9500)		(9701)		(9906)		(10118)		(10335)		(10557)		(10786)
	TOTAL GROSS OPERATING INCOME			176861		173191		176799		180505		184310		188219		192234		196357		200592		204941
	OPERATING EXPENSES
	CAM			15339		15799		16273		16761		17264		17782		18315		18864		19430		20013
	UTILITIES			20646		21266		21904		22561		23237		23935		24653		25392		26154		26939
	INSURANCE			6195		6380		6572		6769		6972		7181		7397		7618		7847		8082
	PROPERTY TAX			16120		16442		16771		17107		17449		17798		18154		18517		18887		19265
	MANAGEMENT FEE			5661		5831		6006		6186		6371		6563		6759		6962		7171		7386
	TOTAL OPERATING EXPENSES			63960		65718		67525		69383		71293		73258		75277		77354		79490		81686
	NET OPERATING INCOME			112900		107473		109274		111122		113017		114961		116956		119002		121102		123256
	ACCUSITION amp RESIDUAL SALE
	Purchase Price		(1612000)		-		-		-		-		-		-		-		-		-		-
	Net Residual Value		-		-		-		-		-		-		-		-		-		-		1729000
	CASH FLOW BEFORE DEBT		(1612000)		112900		107473		109274		111122		113017		114961		116956		119002		121102		1850102
	FINANCING
	Loan Funding Payoff		1047800		-		-		-		-		-		-		-		-		-		(1047800)
	Loan Fees		(10478)		-		-		-		-		-		-		-		-		-		-
	Annual Debt Service		-		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)		(5155)
	CASH FLOW AFTER DEBT		(574678)		107746		102318		104120		105967		107862		109807		111802		113848		115947		797147
	EQUITY (ignoring Costs of Sale)			619523		561986		608617		656856		706741		758214		811517		866594		923594		982463
	RETURN ON EQUITY (CFBTEquity)			515		811		778		749		723		700		678		659		641		624
	Cash on Cash Return (CFBTInitial investment)			555		793		824		856		889		923		958		993		1030		1067
	Rolling Internal Rate of Return			855		622		817		938		1017		1070		1107		1133		1151		1164

	ASSUMPTIONS
	ANALYSIS PERIOD				PURCHASE
	Commencement Date		January 1 2020			Purchase Price Real Property		$161200000
	End Date		December 31 2029			Required Cash Investment		$57467800
	Term		10 Years			CAP Rate		700
	Building Square Feet (SQFT)		11130			Price per Square Foot		$14483
	GROWTH RATES				FINANCING
	Consumer Price Index (CPI)		300			Principal Amount (65 of purchase price)		$104780000
	Other Income Growth Rate		300			Loan-to-Price		6500
	Operating Expenses		300			Funding Date		January 1 2020
	Real Estate Taxes		200			Maturity Date		December 31 2029
				Term of Loan		10 years
	GENERAL VACANCY		500			Amortization Period		30 years
				Interest Rate		425
	OPERATING EXPENSE SOURCE		2018 Actuals			Origination Fee on Initial Loan Funding		100
	NOTES
	Operating Expenses are based on the 2018 actuals grown by 3 annually for 2020 Owner specific expenses have been excluded from the analysis
	Real Estate Taxes have been reassesed at 1 of the estimated purchase price and increased annually by 2
	Net Residual Value is calculated by dividing Year 2029 NOI by 700 CAP Rate
	Debt based on 65 of estimated purchase price 425 Interest Rate and 1 Loan Origination Fee
	DISCLAIMERS
	The information and calculations presented in this analysis are believed to be accurate but are not guaranteed They are intended for the purposes of pro forma projection and analysis

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 14

This confidential investment brochure has been prepared solely forinformational purposes and does not constitute all or any part of an offer orcontract It is designed to assist a potential investor in determining whether toproceed with an in-depth investigation of the subject property

This investment brochure was prepared by Red Eagle Enterprises LTD IncDBA May Realty Advisors and has been reviewed by representatives of theOwner It contains select information pertaining to the sale of the SubjectProperty herein and does not purport to be all inclusive or to contain all of theinformation which prospective purchasers may desire It should be noted thatall financial projections are provided for general reference purposes only inthat they are based upon assumptions relating to the general economy andother factors beyond the control of Owner and therefore are subject tomaterial variation Additional information and an opportunity to inspect theproperty will be made available to interested and qualified prospectivepurchasers

Neither the Owner nor May Realty Advisors nor any of their respective officersor agents make any representation or warranty expressed or implied as tothe accuracy or completeness of this investment brochure or any of itscontents and no legal commitments or obligations shall arise by reason ofthis brochure or its contents

Certain documents in this investment brochure are described in summaryform The summaries do not purport to be complete nor necessarilyaccurate descriptions of the full agreements involved nor do they purport toconstitute a legal analysis of the provisions of the documents Interestedparties are expected to independently review all such documents The termsand conditions stated in this section will relate to all sections of the brochureas if stated independently therein

It is essential that all parties to real estate transactions be aware of the healthliability and economic impact of environmental factors on real estate MayRealty Advisors does not conduct investigations or analysis of environmental

matters and accordingly urges its clients to retain qualified environmentalprofessionals to determine whether hazardous or toxic wastes or substancesor other undesirable materials or conditions are present at the propertyand if so whether any health danger or other liability exists

Various federal state and local laws and regulations have been enacteddealing with the use storage handling removal transport and disposal oftoxic or hazardous wastes and substances Consequently legal counsel andtechnical experts should be consulted where these substances are or may bepresent

The Owner and May Realty Advisors expressly reserve the right at their solediscretion to reject any or all expressions of interest or offer to purchase theproperty andor to terminate discussions with any entity at any time with orwithout notice The Owner shall have no legal commitment or obligation to anyentity reviewing this investment brochure or making an offer to purchase theproperty unless and until a written commitment to purchase the property hasbeen fully executed delivered and approved by Owner and any conditions toOwnerrsquos obligations thereunder have been satisfied or waived

By receipt of this investment brochure you agree that its contents are of aconfidential nature that you hold and treat it in the strictest confidence andthat you will not disclose this brochure or any of its contents to any other entitywithout the prior written authorization of May Realty Advisors nor will you usethis brochure or any of its contents in any fashion or manner detrimental to theinterest of the Owner This brochure shall not be deemed an indication of thestate of affairs of the Owner nor constitute an indication that there has been achange in the business or affairs of Owner since the date of preparation of thisinvestment brochure For additional information please contact Matthew Mayor Richard Huelsman with May Realty Advisors at 818-528-3999 If afterreviewing this investment brochure you have no further interest in purchasingthe property kindly return it to May Realty Advisors at your earliestconvenience Photocopying and other duplication expressly prohibited

C ON F I DE N T I A L I T Y amp DI S C L A I M E R

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 15

CONTACT U S

MAY R E AL T Y ADV IS OR S15206 Ventura Blvd

S uite 302

S herman Oaks CA 91403

Phone (818) 528-3999

BRE 01206736MAT THE W MAYPres ident

Matthew mrala

8 1 8 4 7 7 08 17

BRE 0 0 9 1 24 72

R IC HAR D HUE L S MAN

Managing DirectorRichard mrala

3104633102

BRE 01956167

I nsti tuti onal L evel Ser vi ce amp E x per ti seW i th A n E ntr epr eneur i al A ppr oach

C elebr ati ng O ver 30 Y ear s of R etai l E x per ti se

22020P R E S E N T E D B Y M A Y R E A L T Y A D V I S O R S | lsaquorsaquo

• Slide Number 1
• Slide Number 2
• INVESTMENT SUMMARY
• AREA OVERVIEW
• Slide Number 5
• AREA OVERVIEW
• PROPERTY OVERVIEW
• DEMOGRAPHICS
• TENANT SUMMARY
• FINANCIALS
• ASSUMPTIONS
• CASH FLOW
• RENT ROLL
• CONFIDENTIALITY amp DISCLAIMER
• Slide Number 15

I nsti tuti onal L evel Ser v i ce amp E x per ti se W i th A n E ntr epr eneur i al A ppr oach | 15

CONTACT U S

MAY R E AL T Y ADV IS OR S15206 Ventura Blvd

S uite 302

S herman Oaks CA 91403

Phone (818) 528-3999

BRE 01206736MAT THE W MAYPres ident

Matthew mrala

8 1 8 4 7 7 08 17

BRE 0 0 9 1 24 72

R IC HAR D HUE L S MAN

Managing DirectorRichard mrala

3104633102

BRE 01956167

I nsti tuti onal L evel Ser vi ce amp E x per ti seW i th A n E ntr epr eneur i al A ppr oach

C elebr ati ng O ver 30 Y ear s of R etai l E x per ti se

22020P R E S E N T E D B Y M A Y R E A L T Y A D V I S O R S | lsaquorsaquo

• Slide Number 1
• Slide Number 2
• INVESTMENT SUMMARY
• AREA OVERVIEW
• Slide Number 5
• AREA OVERVIEW
• PROPERTY OVERVIEW
• DEMOGRAPHICS
• TENANT SUMMARY
• FINANCIALS
• ASSUMPTIONS
• CASH FLOW
• RENT ROLL
• CONFIDENTIALITY amp DISCLAIMER
• Slide Number 15