The Willows - New Bedford

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NEW BEDFORD, MA The illows

CONFIDENTIAL OFFERING MEMORANDUM

EXCLUSIVE SALES AGENT

www.thewillows90units.com

303 Congress Street | Boston, MA 02210 | 617.457.3400 | www.naihunneman.com

NEW BEDFORD, MA The illows

50 NEW PLAINVILLE ROAD

EXCLUSIVELY OFFERED BY:

INVESTMENT SERVICES

CARL CHRISTIE Executive Vice President, Principal 617.457.3394 cchristie@naihunneman.com DAN MCGEE Assistant Vice President 617.457.3266 dmcgee@naihunneman.com ANDREW KAEYER Executive Vice President 617.457.3207 akaeyer@naihunneman.com

FINANCING

Disclaimer: Information included or referred to herein is furnished by third parties and is not guaranteed as to its accuracy or completeness. You understand that all information included or referred to herein is confidential and furnished solely for the purpose of your review in connection with a potential purchase of the subject property. Independent estimates of pro forma income and expenses should be developed by you before any decision is made on whether to make any purchase. Summaries of any documents are not intended to be comprehensive or all- inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual documents to which they relate. The asset owner(s), their servicers, representatives and/or brokers, including but not limited to NAI Hunneman and their respective agents, representatives, affiliates and employees, (i) make no representations or warranties of any kind, expressed or implied, as to any information or projections relating to the subject asset(s), and hereby disclaim any and all such warranties or representations, and (ii) shall have no liability whatsoever arising from any errors, omissions or discrepancies in the information. Any solicitation for offers to purchase the subject asset(s) is subject to prior placement and withdrawal, cancellation or modification without notice.

INVESTMENT HIGHLIGHTS

PROPERTY OVERVIEW

EXECUTIVE SUMMARY

LOCATION & MARKET OVERVIEW

FINANCIAL ANALYSIS

TheWillows

INVESTMENT HIGHLIGHTS

LIMITED SUPPLY This is a rare opportunity to obtain a sizeable apartment community

VALUE ADD OPPORTUNITY Currently six (6) units are vacant and under renovation. The owners have recently finished renovation of twelve (12) additional units. Market demand has pushed the rents higher for all units. The renovated units have potential for additional rent due to the added washer/dryer hookups inside the unit. Demand is high throughout the rental market and remains greater than existing supply. Other future projects to add value would be the addition of amenities such as a clubhouse, gym, swimming pool, tennis courts, media room, and installing a gate at the entrance so that the property would be a gated community.

in a desirable rental location. There is a

shortage of similar assets on the market and astute investors recognize the opportunity to add scale and market share with one acquisition.

The Willows are very well located in the northern section of New Bedford along Route 140. This area offers residents a LOCATION

quiet location away from the congestion of the city, but also convenient to shopping, restaurants, and public transportation. LARGE UNITS

The Willows offers residents two and three-bedroom garden style apartments. The spacious sunny units offer eat-in kitchens, dishwashers, built-in microwaves, wall-unit air conditioner, and ample closet space. The units appeal to landlords, because the heat, hot water, and electricity is all separately metered and paid by the tenants. LENDING ENVIRONMENT Interest rates remain at historic lows and multifamily assets enjoy a privileged access to credit.

EXECUTIVE SUMMARY TheWillows INVESTMENT OPPORTUNITY The NAI Hunneman Capital Markets Team has been exclusively retained to sell the Willows Apartments & Condominiums in New Bedford, MA. The Willows is a 90-unit residential complex built in 1988 on 4 + acres of land. The complex is made up of forty-eight (48) apartment units and forty-two (42) condominiums. The property is located in a quiet country section of New Bedford off of Route 140 and is surrounded by 20 + acres of green space and trees. Currently, 87 of the 90 units are available for sale. There are three (3) condominiums that may be included in the package at a later date. The breakdown of the 87 units includes seventy-five (75) 2-bedrooms & twelve (12) three-bedrooms. The owners have been renovating some units in an effort to increase the rental income. The next owner can continue this course and add further value to the property. The Willows represents an excellent opportunity for an investor to acquire a large well-located apartment complex with upside potential.

The property is available for immediate acquisition. Qualified interested parties are encouraged to call NAI Hunneman for a suggested asking price. In addition to the Willows, the sellers own approximately 13 acres (2 parcels) of privately owned land that directly abuts the Willows. This land is also available for purchase in separate transactions.

UNIT SUMMARY LAYOUT 2 Bed / 1 Bath 3 Bed / 1 Bath TOTALS

# OF UNITS AVERAGE SIZE FURNISHED

The square footage (SF) is an estimated average. The assessors office lists 2-bedroom units between 845-890 SF and 3-bedroom units between 1,129-1,310 SF.

860

1,200

TYPE

OCCUPANCY # OF UNITS % OF TOTAL Vacant 6 6.9%

# OF UNITS

Two of the apartment units are used as an on-site office & storage

Apartment

Condominium

Occupied

93.1%

TOTALS

RENOVATED UNITS

LOCATION & MARKET OVERVIEW TheWillows

Boston has long been considered one of the most innovative cities in the world with a resilient economy, excellent infrastructure, and dozens of internationally renowned universities. The city, and neighboring Cambridge, are home to more than 20 colleges, including two of the highest ranked universities in the world: Harvard and M.I.T. Boston also boasts a world class healthcare system with more than 30 hospitals and research facilities such as Massachusetts General Hospital, Children’s Hospital, Brigham & Women’s, and Beth Israel Deaconess Medical Center. Boston is also supported by its strong performing high technology sector, which has posted significant job gains and has helped drive the state’s “innovation” economy. Massachusetts’ steady production of goods and services, a common measure of economic growth, is supported by a high concentration of manufacturing and technology firms within the region. This, in addition to a large education and health care sector accounts for more than 20% of all jobs within the region. METRO BOSTON MARKET BOSTON IS ACCESSABLE 5M RESIDENTS SERVICED BY MBTA BOSTON DEMOGRAPHICS 650,000 POPULATION +5.7% EXPECTED GROWTH IN 5 YEARS

TRANSPORTATION The City of Boston benefits from convenient access to all of New England’s desirable destinations. Its geographic position is supported by an excellent highway system, nearby airports, and convenient railroad service. The Massachusetts Bay Transportation Authority (MBTA) has four rapid transit lines, three streetcar lines, 13 commuter rail lines, 167 bus and trackless trolley routes, as well as ferry services in the Greater Boston area. Amtrak also operates rail lines out of South & North Stations that run the entire eastern seaboard.

+75 COLLEGES

UNIVERSITIES & COMMUNITY COLLEGES

EMPLOYMENT Continued, non-cyclical, growth in the education and health services industries has kept the Massachusetts’ unemployment rate at 4.6%, lower than the national average of 5.1% (September 2015). Financial services and hospitality employment are both on the rise, indicating a future increase in demand for office and hotel space as businesses rehire and consequently expand. The large number of universities in the Greater Boston area provides not only a steady supply of highly trained workers, but also a boom in the overall employment rate as they continue to expand research and development.

HEALTHCARE For the city of Boston itself, 2015 marked the 21 st consecutive year of Boston-based organizations received the most research funding from the National Institute of Health. Over the past year, as of September 30th, 42 Boston organizations received 3,500 awards totaling over $1.7 billion. Boston is also home to two of the best hospitals in the country. According to U.S. News and World Report, Mass General (#1) and Brigham and Women’s (#6) among the top 10 hospitals in its annual rankings.

RETAIL Boston is consistently recognized as one of the top retail destinations in the country with its affluent, sophisticated population attracting world-renowned brands. Average consumer expenditures in Greater Boston are more than 15% higher than the national average at $56,703 per household. Boston’s universities attract thousands of young people to the city each year, bringing new shoppers to the area. These students, plus the 18.3 million annual visitors to the area, support an already vibrant local retail environment. Student retail spending in the area stands at roughly $2 billion annually while total spending has reached $10.7 billion.

LOCATION & MARKET OVERVIEW TheWillows

NEW BEDFORD MARKET

The Willows is located in the northern section of New Bedford, Massachusetts. This section of New Bedford borders the towns of Dartmouth, Acushnet, and Freetown. It is centrally located, less than 60 miles from Boston and within a 30 minute drive of either Cape Cod or Providence, RI via I-195. The site is located right off Route 140 which provides access north towards Taunton and Route 24 or south towards Route 6 and New Bedford / Dartmouth.

Public transportation for the Willows is easily accessible (walking distance) at a Park and Ride bus stop on Mt. Pleasant Street providing bus services to Boston, Taunton, and downtown New Bedford. In addition, the MBTA commuter train is located 23 minutes (17 miles) away in Lakeville, MA, which provides direct train access to Boston in approximately 1 hour.

THE NEIGHBORHOOD

The Willows is surrounded by 100 + acres of federal, state, and privately owned land. This amount of undeveloped green space gives this area a unique country feel while still being very close to numerous city amenities. Less than a mile from the subject property is Kings Highway which offers convenient shopping for residents. Businesses in the area include Super Stop & Shop, Ocean State Job Lot, Dollar Tree, Work out World, Delkins Dry Cleaner, plus banks (ATM), gas stations, cell phone businesses, and numerous restaurants and coffee shops.

In addition, there are even more retailers within 10 minutes along Route 6 near the Dartmouth Mall, including Walmart, Target, BJ’s, Home Depot, Lowe’s, Macy’s, Sears, and many others. The Willows is located in the Southcoast section of Massachusetts. This area boasts local cultural attractions, several area hospitals, higher education opportunities, and outdoor recreational amenities.

AREA HIGHLIGHTS (Within 10 Minutes from The Willows)

ST. LUKE’S HOSPITAL in New Bedford is the largest employer in this region with between 5,000-10,000 employees

HAWTHORN MEDICAL in Dartmouth have recently moved into several brand new facilities on Faunce Corner Road. This area includes many businesses and is being improved by a new $22.9 million road improvement project that will be completed in 2017. THE UNIVERSITY OF MASSACHUSETTS Dartmouth main campus is located in North Dartmouth and includes over 9,000 undergraduate, graduate, and continuing education students. Also, the Umass Dartmouth School of Law is located nearby along Faunce Corner Road. THEATRES, MUSEUMS, AND ART/CULTURAL opportunities exist in this region including the New Bedford Whaling Museum, Zeiterion Performing Arts Center, Battleship Cove in Fall River, and many local area festivals and fairs. THE AREA INCLUDES BOTH ATTRACTIVE SMALL TOWN BEACHES (ROUND HILL BEACH IN DARTMOUTH) AND LARGE STATE BEACHES (HORSENECK BEACH IN WESTPORT). Demarest Lloyd State Park is a Massachusetts State Park with an educational center and 600 yards of beach frontage on Buzzard’s Bay.

PRESENT & FUTURE Over the past 5 years the SouthCoast Life Science & Technology Park at Fall River has begun to take shape. Located directly off Route 24 via a new highway

Farm that is providing electricity back to the City of Fall River. Most notably though is the construction of a 1 million square foot distribution facility by Amazon. NAI Hunneman sold the land to Amazon and construction began in early 2016. When complete the new building will employ close to 900 people.

interchange (Innovation Way) the 300 acre project has seen several new projects include Biotech accelerator building operated by Mass Biologics and a Solar Array

In April the Mashpee Wampanoug Tribe broke ground on a $1 billion dollar “First Light” Casino development on 152 acres in Taunton. The casino broke ground and over $8 million worth of iron is on site waiting to be used. The destination resort would create thousands of construction jobs and over 2,600 permanent jobs. The site’s location at the intersection of Route 24 and Route 140 would be only 20 minutes from the Willows and a benefit to rental property owners in the area. The US department of the Interior approved the Tribe’s request to take their land into federal trust and designate the land as a reservation and a sovereign tribal nation. That decision is being fought in court by opponents of the project and the final decision on the designation of the land is under appeal. The state gaming commission has already awarded resort casino licenses for Region A (Eastern Mass – Everett) and Region B (Western Mass – Springfield). The last license for Region C (Southcoast) has yet to be awarded. This area of New Bedford will benefit from the proposed extension of the MBTA commuter train connecting Stoughton to Taunton, New Bedford, and Fall River. The MassDOT continues to fund the design of the South Coast Rail. As noted in the Fall River Herald “Jean Fox, South Coast Rail project manager, said in this second year of a five-year plan their funding of $148 million remains. The focus will be on rail design from Cotley Junction in Taunton to the southern triangle in Fall River and New Bedford, she said. By reaching a 30 percent design threshold would put the project in line for permit approvals. Fox continues to hope that can be accomplished this year.” One of the proposed stops in New Bedford would be along King’s Highway where there is currently a shopping center and existing rail. This would create a commuter train stop within walking distance (0.7 miles – 15 mintues) of the Willows. The redevelopment of the existing shopping center would create an opportunity to develop a mixed-use neighborhood center with new streets, sidewalks, shopping, and further demand for housing.

LOCATION & MARKET OVERVIEW TheWillows

BUZZARDS BAY

EXIT 15

ACUSHNET RIVER

KINGS SHOPPING PLAZA

M T P L E A S A N T S T R EET

POTENTIAL KINGS HIGHWAY TRAIN STATION STOP

PARK & RIDE BOSTON BUS SERVICE

EXIT 4

EXIT 13

WHALING CITY GOLF COURSE

NEW BEDFORD REGIONAL AIRPORT

N E W P L A I N V I L L E R O A D

TheWillows

PROPERTY OVERVIEW

50 & 85 NEW PLAINVILLE ROAD

LOT SIZE: 2 lots totaling 3.25 ± acres (141,883 ± SF)

DESCRIPTION: The complex is made up of two main building sections. There are forty-eight apartment units at 85 New Plainville Road located in eight adjoined buildings with separate entrances and six units in each building. The forty-two condominium units at 50 New Plainville Road also have the same set up, but with seven (7) six-unit buildings. The buildings are wood-frame structures with asphalt shingle roofs, vinyl siding, and full basements.

YEAR BUILT: 1988

PARKING: 180 Spaces

ROOFS The roofs are about 20-25 years old (pitched shingle). The seller noted that they were tested in December 2014 and work was done as needed.

UNITS: Each unit is equipped with a dishwasher, garbage disposal, stove refrigerator, built- in stove, microwave oven, and casing for a wall unit air conditioner. UTILITIES: The improved sites are served by municipal water and sewer, electricity, natural gas, telephone, and cable t.v.

HEAT & HOTWATER: Each unit has its own gas boiler and either an electric or gas water heater. Heat and hot water is separately metered and paid by the tenants. The heating systems are forced hot water (baseboard slant/Fin baseboard). There are fifteen (15) newer Navien high efficiency combo boilers. There are thirty-nine Burnham boilers (12 + years old), 9 of which are newer (5 years or less). The rest of the units are Raypak, high-efficiency/ compact (closet style) boilers located inside the units. All of the Navien boilers are combo style (heat and hot water from the same system), forced hot water heat and tankless hot water. All of the condominium units have their own electric hot water tank (except 3 have the combo Navien boilers). The apartment side of the complex has thirty-six (36) gas water heaters and the rest (12 units) of the complex have the Navien combo. Most of the hot water heaters are 50-gallon tanks.

WINDOWS Most windows are 20+ years old. About 20-25 windows are newer (˜ 7 years old). They are wooden top and bottom sashes, double pan windows.

ELECTRIC: All circuit breakers are square “D” QO type. All panels are inside each condominium or apartment. All panels are square “D”

50 NEW PLAINVILLE ROAD TheWillows RENT ROLL BLDG UNIT # USE UNIT TYPE APPROX. SIZE (SF) LEASE START STATUS A 1 Condo 2-bed / 1 bath 860 6/1/2006 A 2 Condo 2-bed / 1 bath 860 A 3 Condo 2-bed / 1 bath 860 11/1/1993 A 5 Condo 2-bed / 1 bath 860 5/1/2010

FINANCIAL ANALYSIS

LEASE EXPIRATION STATUS

CURRENT RENT

POTENTIAL

RENT NOTES

TAW

$900

$1,200 $1,400 $1,200

4/22/2016 5/30/2017

$1,400

Furnished

TAW

$600

tenant for 19+ years

TAW

$800

$1,200

A B B B B B C C C C C D D D D D D

6 7 8 9

Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo Condo

2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 3-bed / 1 bath 3-bed / 1 bath 2-bed / 1 bath 3-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 3-bed / 1 bath 2-bed / 1 bath 3-bed / 1 bath 2-bed / 1 bath 3-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath 2-bed / 1 bath

860 860 860 860 860 860

3/1/2015 3/1/2013 9/1/2010

TAW TAW TAW

$1,300

$1,400 $1,200 $1,200 $1,200 $1,400 $1,200 $1,300 $1,300 $1,200 $1,300 $1,200 $1,200 $1,300 $1,200 $1,300 $1,200 $1,300 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200

Furnished

$850 $850 $900

10/5/2015 10/30/2016 10/23/2015 10/29/2016 3/18/2016 3/18/2017 3/16/2016 3/16/2017 6/6/2016 7/29/2017

10 11 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 40 41 42

$1,200

Furnished

$900

1200 1200

$1,300 $1,300

860

2/1/2015

TAW

$850

1200

12/17/2015 12/30/2016 6/10/2016 7/29/2017

$1,200 $1,100

860 860

3/1/2015

TAW

$850

1200

10/29/2015 11/30/2016 12/22/2015 12/30/2016 6/30/2016 6/30/2017 5/7/2016 5/29/2017 3/30/2016 3/30/2017

$1,200

860

$900

1200

$1,300 $1,100 $1,200

860

1200

E E E E E E F F F F F F

860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860

11/1/2013

TAW

$800

6/13/2016 6/29/2017 12/15/2015 12/30/2016

$1,100

$900 $900 $900 $900 $950 $850 $850 $850 $850 $850 $900 $900 $800 $900 $950

3/1/2015

TAW

8/17/2015 8/30/2016 2/25/2016 2/25/2017 5/12/2016 5/29/2017

5/1/2009 5/1/2014 9/1/2009 9/1/1997 2/1/2015

TAW TAW TAW TAW TAW

G G G G G G G G G

9/15/2015 9/30/2016 8/21/2015 8/30/2016

11/1/2013

TAW

10/14/2015 10/30/2016 5/27/2016 5/30/2017 5/30/2016 5/30/2017 10/14/2015 10/30/2016 5/27/2016 5/30/2017 5/30/2016 5/30/2017

$1,100

$900 $950

$1,100

85 NEW PLAINVILLE ROAD

H H H H H H

43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72

Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 3-bed / 1 bath Apartment 2-bed / 1 bath Apartment 3-bed / 1 bath Apartment 2-bed / 1 bath Apartment 3-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 3-bed / 1 bath Apartment 2-bed / 1 bath Apartment 3-bed / 1 bath Apartment 2-bed / 1 bath Apartment 3-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath Apartment 2-bed / 1 bath

860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860 860

Vacant Vacant Vacant Vacant Vacant Vacant

$0 $0 $0 $0 $0 $0

$1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,400 $1,200 $1,400 $1,200 $1,200 $1,200 $1,200 $1,200 $1,400 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,400 $1,250 $1,400 $1,250 $1,400 $1,250 $1,200 $1,300 $1,200 $1,300 $1,200 $1,300 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,200 $1,200 $1,200 $1,400 $1,200

Units being updated now

I I I I I I

10/1/2009

TAW

$725

3/28/2016 4/30/2017 8/1/2015 7/31/2016

$1,400 $1,000 $1,600

Furnished

6/2/2016 8/1/2015 6/1/2014

6/2/2017

Furnished

TAW TAW

$900 $850 $900 $750 $850 $900 $850 $850 $800 $900 $850 $900 $800

J J J J J J K K K K K K L L L L L L

9/28/2015 9/28/2016

6/1/2009 6/1/2014

TAW TAW

4/26/2016 4/26/2017 2/26/2016 2/26/2017

$1,400

Furnished

2/1/2014 6/1/2014 10/1/2010

TAW TAW TAW

3/7/2016 3/29/2017

10/1/2010

TAW

3/24/2016 3/26/2017

8/1/2010

TAW

updated unit / to sign lease soon

1200

Vacant

$1,300 $1,250 $1,300 $1,100 $1,300 $1,100

860

6/29/2016 7/20/2017

updated unit

updated unit / to sign lease soon updated unit / to sign lease soon updated unit / to sign lease soon updated unit / to sign lease soon

1200

Vacant Vacant Vacant Vacant

860

1200

860 860

M 73 M 74 M 75 M 76 M 77 M 78

1/25/2016 1/25/2017

$900 $900 $900

1200

2/1/2014

TAW TAW TAW TAW TAW

860

12/15/2015

1200

7/1/2014 5/1/2014 7/1/2014

$1,200

860

$850

1200

$1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,000 $1,100 $1,800 $1,100

N N N N N N O O O O O O

79 80 81 82 83 84 85 86 87 88 89 90

860 860 860 860 860 860 860 860 860 860 860

3/10/2016 3/29/2017 1/16/2016 1/30/2017 3/4/2016 3/29/2017 5/25/2016 6/26/2017 3/29/2016 4/30/2017 5/12/2016 5/29/2017

updated unit

Office Use

5/1/2015 4/30/2016

Office Use

Furnished

Apartment 2-bed / 1 bath

860

$1,100

$1,250

$/MTH $/MTH

$83,861 $111,750

$/YEAR $/YEAR

$989,700 $1,297,800

FINANCIAL ANALYSIS TheWillows INCOME & EXPENSES CASH FLOW LINE ITEM CURRENT PROJECTIONS INCOME $/YEAR $/YEAR

Rental Income (see Rent Roll)

$989,700

$1,297,800

EFFECTIVE GROSS INCOME:

$989,700

$1,297,800

Vacancy Rate (% of EGI)

(64,890)

EFFECTIVE GROSS REVENUE (EGR)

$989,700

$1,232,910

OPERATING EXPENSES

$/UNIT

$/YEAR

$/UNIT

$/YEAR

Trash Removal

$39

$3,510

$40

$3,615

Real Estate Taxes

$838

75,400

$863

77,662

Water & Sewer (estimate)

$156

14,000

$160

14,420

Insurance

$311

28,000

$320

28,840

Ground Work / Snow Removal

$26

2,300

$26

2,369

Common Utilities

$97

8,740

$100

9,002

Management & Payroll

$1,111

100,000

$1,144

103,000

Maintenance & Repairs (5% of EGR)

$550

49,485

$685

61,646

Capital Reserve ($300/unit)

$300

27,000

$300

27,000

TOTAL OPERATING EXPENSES

$3,427

$308,435

$3,639

$327,554

NET OPERATING INCOME

$681,265

$905,356

NEW BEDFORD, MA The illows 50 NEW PLAINVILLE ROAD

CARL CHRISTIE Executive Vice President Principal 617.457.3394 cchristie@naihunneman.com DAN MCGEE Assistant Vice President 617.457.3266 dmcgee@naihunneman.com

ANDREW KAEYER Executive Vice President 617.457.3207 akaeyer@naihunneman.com

INVESTMENT SERVICES

FINANCING

303 Congress Street Boston, MA 02210 617.457.3400 www.naihunneman.com

www.thewillows90units.com

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions prior to sale or lease, or withdrawal without notice.

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