FINANCING SUMMARY

SUMMARY   Price : $4,625,000       Down Payment : 30% $1,387,500       Number of Units : 1,125       Rentable Square Feet : 92,300       Price/Rentable Square Foot : $50.11       Current CAP Rate : 8.00%       Pro Forma CAP Rate : 8.54%       Current Net Cash Flow After Debt Service : 7.32% $101,632       Pro Forma Net Cash Flow After Debt Service : 9.13% $126,725       Year Built : 1977       Lot Size : 5.71 (MOL) Acres       Type of Ownership : Fee Simple

ANNUALIZED OPERATING DATA
INCOME		Current	Pro Forma
Gross Potential Rent		$752,184	$789,793
Other Income
Gross Potential Income		$752,184	$789,793
Less: Vacancy/Deductions	9.1%	68,451	10%	78,979
Effective Gross Income		$683,733	$710,814
Less: Expenses		313,682	315,670
Net Operating Income		$370,051	$395,144
Debt Service
Net Cash Flow After Debt Service		$370,051		$395,144
Principal Reduction
Total Return		$370,051		$395,144

ANNUALIZED EXPENSES
EXPENSES	Current	Pro Forma
Real Estate Taxes	$54,299	$54,299
Insurance	17,448	17,448
Utilities	15,193	15,193
Repairs & Maintenance	23,075	23,075
Marketing & Promotion	42,304	42,304
On-Site Payroll	63,201	63,201
Credit Card/Bank Fees	9,162	9,525
Management Fee	41,024	42,649
General & Administration	31,315	31,315
Professional Fees	2,500	2,500
Replacements & Reserves	9,230	9,230
Telephone	4,931	4,931
TOTAL EXPENSES	$313,682	$315,670