FINANCING SUMMARY

SUMMARY   Price : $3,300,000       Down Payment :        Number of Units : 553       Rentable Square Feet : 55,067       Price/Rentable Square Foot : $59.93       Current CAP Rate : 6.64%       Pro Forma CAP Rate : 8.26$       Current Net Cash Flow After Debt Service :        Pro Forma Net Cash Flow After Debt Service :        Year Built : 2004       Lot Size : 4.53 (MOL) Acres       Type of Ownership : Fee Simple

ANNUALIZED OPERATING DATA
INCOME		Current	Pro Forma
Gross Potential Rent		$600,312	$600,312
Other Income		16,259	16,747
Gross Potential Income		$616,571	$617,059
Less: Vacancy/Deductions	34.3%	205,792	25%	150,078
Effective Gross Income		$410,779	$466,981
Less: Expenses		191,646	194,456
Net Operating Income		$219,133	$272,525
Debt Service
Net Cash Flow After Debt Service		$219,133		$272,525
Principal Reduction
Total Return		$219,133		$272,525

ANNUALIZED EXPENSES
EXPENSES	Current	Pro Forma
Real Estate Taxes	$27,253	$27,253
Insurance	5,705	5,705
Utilities	26,328	26,328
Repairs & Maintenance	11,013	11,013
Marketing & Promotion	17,120	17,120
On-Site Payroll	42,842	42,842
Management Fee	20,539	23,349
General & Administration	15,108	15,108
Cost of Goods Sold	11,212	11,212
Professional Fees	2,400	2,400
Replacements & Reserves	5,507	5,507
Telephone	6,619	6,619
TOTAL EXPENSES	$191,646	$194,456
% of EGI	46.7%	41.6%