MIDTOWN LOCATION, 319 UNIT, 5-STORY, TRANSIT ORIENTED DEVELOPMENT – OFFERED BELOW REPLACEMENT COST

TABLE OF CONTENTS
THE HIGHLIGHTS 06
THE LOCATION 16
THE PROPERTY 26
THE COMPARABLES 46
THE FINANCIALS 60
 INVESTMENT SALES
RYAN EPSTEIN
Managing Director
Direct 713.456.7394
[email protected]
license #552716

JENNIFER RAY
Managing Director
Direct 713.456.7389
[email protected]
license #642049

SCOTT BRAY
Director
Direct 281.661.5803
[email protected]
license #657053

FINANCE TEAM
PAUL HOUSE
Managing Director
Direct  713.301.4095
[email protected]

TOM FISH
Managing Director
Direct 713.516.7033
[email protected]

HOUSTON
2200 Post Oak Blvd. Suite 1000
Houston, TX 777056

The information contained herein has been provided by sources deemed reliable but no
representation or warranty is made as to its accuracy. Any projections are an estimate
based on assumptions of future income and expenses and no assurance can be given to
the probability that the projections will be achieved. All information is subject to
errors, omissions, changes, and can be withdrawn without notice.
THE OFFERING
Walker & Dunlop’s Houston Multifamily Investment Sales Team is pleased to announce the exclusive listing of 3800 MAIN: a 2015, 319-unit luxury apartment
project in Midtown with extraordinary access to popular transit. 3800 MAIN provides best-in-class features and community amenities for residents in the
heart of Midtown at a significant discount to replacement cost. There is huge upside potential to grow rents as the Downtown/Midtown supply deliveries
decrease and the Light Rail expands.

With its proximity to the Light Rail, Interstate 65/59, Hwy 288, and Downtown Houston, 3800 MAIN provides immediate access to the Texas Medical
Center, and Greenway Plaza and other major employment centers. Residents have neighborhood access to many of the premiere dining, shopping and
entertainment options in Midtown and Downtown Houston. 3800 MAIN offers an investor the opportunity for long-term stability, future rent growth and
value appreciation.
 MIDTOWN LOCATION & DOWNTOWN VIEWS

Year Completed 2015

Total Units 319
Net Rentable Area 265,042 SF
Average Unit Size 831 SF
Market Rent (per Rent Roll) $1,443
3800 Main Street
Houston, TX 77002 Market Rent/SF (per Rent Roll) $1.74
THE
HIGHLIGHTS
 DISCOUNT TO REPLACEMENT COST
3800 MAIN represents an opportunity to acquire a premium Podium, wood frame-construction asset at significantly below replacement cost.
The chart below represents a conservative estimate of what it would cost to replicate 3800 MAIN in this location from the ground up.

DISCOUNT TO REPLACEMENT COST

Total SF 265,042
Total Units 319
Total Acreage 2.80
Total Land SF 121,798
Land Cost PSF $125
Cost Amount PU PSF % of Cost
Hard $62,284,870 $195,250 $235.00 69%
Soft $13,176,635 $41,306 $49.72 15%
Land $15,224,750 $47,726 $57.44 17%
Total $90,686,255 $284,283 $342.16 100%

3800 MAIN is offered free and clear of debt allowing for

flexibility to take advantage of the aggressive debt capital
available in the multifamily space.

8 3800 MAIN
RETURN TO PEAK RENTS
Rents at 3800 MAIN have room to grow as evidenced by recent improvements in the submarket and the fact that they are
well below their stabilized peak of approximately $2.08/SF in June 2016. As supply continues to moderate and employment
increases in Downtown and Midtown, rent growth has the potential to be consistently the highest in this area of Houston.

CURRENT EFFECTIVE RENTS AND PEAK EFFECTIVE RENTS VS. COMPETITORS

$2,100

$2,000

$1,900 ROOM TO
GROW RENTS
$1,800

$1,700

$1,600

$1,500

$1,400

$1,300

$1,200

$1,100
3800 Mid Main Pearl Post 510 Pearl Pearl Camden City Place
MAIN Lofts at the Mix Marketplace Midtown McGowen
Current Effective Rents at Midtown Station

3800 MAIN 9
 PROXIMITY TO MAJOR EMPLOYMENT &
NOTABLE VENUES
Downtown Houston is just a 10 minute drive from 3800 MAIN, representing the largest employment area in Houston with more than 4,100 companies and
more than 166,000 employees. In addition ten (10) of the 22 Fortune 500 Headquarters are in Downtown Houston in more than 51.4 million SF of office
space (36.9 million SF of Class A office space).

22

15
10 24
29 16
12 17 23
19 11
18

5
13 20 21
3
4
14
6 25

10 3800 MAIN
 DOWNTOWN HOUSTON EMPLOYMENT
DOWNTOWN ENTERTAINMENT
4,100+
Number of Companies in Downtown
10 1 THE DOWNTOWN CLUB AT THE MET
Fortune 500 HQs in Downtown - May 2020
- February 2021
2 SAM HOUSTON PARK

166,000+ 51.4M 3 DOWNTOWN AQUARIUM

Total Employment - February 2021

Total Office Space (SF) - January 2021 4 HYATT REGENCY HOTEL
Source: CentralHouston.com 5 WORTHAM THEATER

6 HOBBY CENTER FOR PERFORMING ARTS

7 TOYOTA CENTER

8 DISCOVERY GREEN

9 GEORGE R. BROWN CONVENTION CENTER

10 MINUTE MAID PARK

9
11 SHOPS AT HOUSTON CENTER
8
7
26 DOWNTOWN MAJOR EMPLOYERS
12 UNIVERSITY OF HOUSTON DT 22 JP MORGAN CHASE TOWER

13 DELOITTE 23 EYP, INC.

30 14 HOUSTON CITY HALL 24 LYONDELLBASELL

15 WELLS FARGO PLAZA 25 ARUNDO

28 16 ONE SHELL PLAZA 26 EXXON MOBIL PIPELINE CO.

17 ENTERPRISE PLAZA 27 ST. JOSEPH MEDICAL CENTER

18 KINDER MORGAN 28 DOWNTOWN TRANSIT CENTER

19 WASTE MANAGEMENT HQ 29 BANK OF AMERICA CENTER

20 PLAINS ALL AMERICAN PIPELINE, LP 30 KBR
21 CHEVRON GLOBAL UPSTREAM & GAS

3800 MAIN 11
 LIVING ON THE LINE
TRANSIT ORIENTED DEVELOPMENT (TOD)

3800 MAIN is less than 1000 feet from the Ensemble/HCC stop on Houston’s North/South Light Rail line. Already
incredibly convenient for getting around the Texas Medical Center and Downtown, the value of Transit Oriented
Development only increases as Houston’s Light Rail system grows and improves.

12 3800 MAIN
 MAKING CONNECTIONS TO...
University of Houston
Downtown
George R. Brown Convention
Center
Macgregor Park
Houston Zoo
Texas Medical Center
NRG Park
(Home to the Houston Texans and the
Houston Livestock Show & Rodeo)
Hermann Park
Rice University
HOUSTON TEXANS GAME AT NRG RODEO HOUSTON

RICE UNIVERSITY ZOO

3800 LIGHTS
MAIN 13
 MONTROSE / MUSEUM / MIDTOWN
INCREDIBLE SUBMARKET REBOUND
RENTAL
RENTAL % OF
RATE
RANK* SUBMARKET RATE MARKET
GROWTH
$/SF/M ABSORBED
%
According to Apartment Data Services (ADS), 3800 MAIN’S
1 Heights/ Washington Ave 1.86 37.40% 5.70%
submarket (Montrose/Museum/Midtown) seen an incredible
rebound. Occupancy has improved 9.9% in the last three months 2 Montrose/ Museum/ Midtown 1.91 36.20% 4.00%
and rental rates have improved 36.2%.
3 Woodlands/ Conroe South 1.39 33.00% 3.60%

4 Katy/ Cinco Ranch/ Waterside 1.41 32.90% 3.60%

5 Tomball/ Spring 1.3 23.30% 6.30%

6 Highland Village/ Upper Kirby/ West U 1.83 29.70% 3.40%

7 Med Center/ Braes Bayou 1.54 42.50% 2.40%

8 Jersey Village/ Cypress 1.22 31.70% 2.60%

9 Sugar Land/ Stafford/ Sienna 1.39 23.60% 3.30%

10 Conroe North/ Montgomery 1.16 22.30% 3.50%

*Reporting from Apartment Data Services (ADS)

*Rank is based on the combination of rental rate growth and absorption over the past 3 months.
The combination of all three factors makes Montrose/Museum/Midtown ranked #1.

14 3800 MAIN
MIDTOWN

3800 MAIN 15
THE
LOCATION
 SOUTH MAIN
INNOVATION
DISTRICT
6 MINUTE WALK FROM THE PROPERTY
The 4-mile long Innovation Corridor is at the center of a powerful social and economic
convergence. The Corridor is linked by light-rail, bike lanes, and sidewalks and offers easy access to
key employers and an array of amenities.

At the center of the Corridor, Rice University is developing The Ion, a $100 million,
270,000-square-foot tech collaboration hub. The Ion will bring the region’s entrepreneurial,
corporate and academic communities together under one roof to innovate alongside one another.

THE ION
270,000 SF
COLLABORATION HUB
Phase 1
EXPECTED TO BE COMPLETE IN 2023:

• Space for Live Presentations

$100M
DEVELOPMENT
• Collaborative seating areas for
entrepreneurs

16+
• TENANTS INCLUDE:

Chevron Tech Ventures

ACRES Microsoft
Common Bond on-the-go
The Lymbar
Stuff’d Wings
Houston Exponential

18 3800 MAIN
 RICE UNIVERSITY
TEXAS MEDICAL CENTER 7 Minute Drive
10 Minute Drive from 3800 MAIN
from 3800 MAIN

THE ION

ET
HERMANN PARK

RE
2 Minute Drive
4 Minute Drive

ST
from 3800 MAIN
from 3800 MAIN

N
AI
M
FW Y
SOUTHWEST

ail
OR
TR
ME

THE ION 3800 MAIN 19

PROXIMITY TO MAJOR EMPLOYMENT
DOWNTOWN HOUSTON EMPLOYMENT TEXAS MEDICAL CENTER
3800 MAIN is located
between The Texas 4,100+ 10 10M 8th
Medical Center and Number of Companies in Fortune 500 HQs in Patient Encounters Largest Business District in
Downtown Downtown Per Year the U.S.
Downtown Houston, the
two largest employment
centers in the city.
166,000+ 51.4M 106,000+ $3B
Total Employment Total Office Space (SF) Total Employment in Construction Projects
Underway
Source: CentralHouston.com

Source: Houston.org

20 3800 MAIN
 DISCOVERY GREEN - DOWNTOWN

TEXAS MEDICAL CENTER

THE ION

TMC RESEARCH CENTER DOWNTOWN

3800 MAIN METRORAIL 21
 DOWNTOWN
HOUSTON
EMPLOYMENT
10 MINUTE DRIVE FROM THE PROPERTY

Accenture Hyatt Regency Hotel

Amegy Bank of Texas JP Morgan Chase BUFFALO BAYOU PARK
Baker Botts KBR, Inc 9 MINUTE UBER RIDE
Bank of America Kinder Morgan
Allan Parkway
BBVA Compass Stadium KPMG
Calpine LyondellBasell
Cheniere Minute Maid Park
Chevron Corp Motiva Enterprises
Deloitte NRG Energy
t
EDF Trading Plains All American
ee
Energy Transfer Partners Saudi Aramco
y Str
b
ag
Enterprise Products Shell (Oil & Gas Trading)
Partners LP St. Joseph Medical Center B
EOG Resources Inc. Targa Resources
EP Energy Toyota Center
Ernst & Young TransCanada
George R Brown United Airlines
Convention Center
Hess Corporation
Vinson & Elkins
Waste Management, Inc.
MONTROSE
Hilton Americas-Houston 3 MINUTE UBER RIDE
Wells Fargo
Houston City Hall

168,616 51.4 20
TOTAL TOTAL OFFICE FORTUNE 500
EMPLOYMENT SPACE COMPANIES
Source: DowntownHouston.org

22 3800 MAIN
 92 84 71
WALK BIKE TR ANSIT
SCORE SCORE SCORE

DOWNTOWN HOUSTON
10 MINUTE UBER RIDE TOYOTA CENTER
8 MINUTE UBER RIDE

MIDTOWN PARK
7 MINUTE UBER RIDE

Fa
n
nin
Main

Str
reet

ee
S

t
treet
St
Travis

MET
ROR
ail

3800 MAIN 23
TEXAS MEDICAL CENTER TEXAS A&M HEALTH SCIENCE CENTER

TEXAS MEDICAL CENTER

24 3800 MAIN TMC3
 LARGEST
MEDIC AL CENTER

HOUSTON’S TEXAS IN THE WORLD

MEDICAL DISTRICT 106,000+

EMPLOY EES

3 MILE DRIVE FROM THE PROPERTY

3800 MAIN is located just 3 miles north of the Texas Medical Center, the largest 8TH LARGEST
medical center in the world and one of the most highly desirable areas to live in all of BUSINES S DIS TRIC T
Houston. The Texas Medical Center (TMC) encompasses more than 55 institutions IN THE U. S .
ranging from renowned hospitals, support organizations, academic and research
institutions, and public health organizations. Comprising 1,345 acres, TMC is the
eighth-largest business district in the United States and is home to the world’s largest 10 MILLION
cancer hospital and children’s hospital. TMC’s campus currently contains 50 million PATIENT VISIT S
square feet of developed space with an additional $3 billion worth of construction PER Y E AR
projects underway.

$3 BILLION
IN CONS TRUC TION
PROJ EC T S UNDERWAY
Source: tmc.edu

3800 MAIN 25
THE
PROPERTY
 PROPERTY DETAILS
CONSTRUCTION INFORMATION RENTABLE ITEMS
Exterior: Brick, Hardi Plank Storage Units: 24, $50-$100
Roof Material/Age: Phase 1: 2015, Phase 2: 2016 Reserved Spaces: 27, $75
Foundation: Post Tension Concrete Slab Open Spaces: 410
Framing: Wood Total Parking Spaces: 437
Wiring: Copper Parking Ratio: 1.37
Plumbing: CPVC
HVAC: Roof-Mounted - 410A
FEES
Application Fee: $75 Single, $150 Couple
Deposit: Waiver Deposit, $19/month
UTILITIES Pet Deposit: $250
ELECTRIC Pet Rent: $25/month
Provider: Reliant Second Floor Premium: $10
Paid by: Individually Metered View Premium: (Pool) $50
Fees: Resident Other Premium: (Small, Medium, Large Terrace) $50-$100
WATER Other Premium: (Floor to Ceiling Windows) $100
Provider: City of Houston
Paid by: Individually Metered STAFF MANAGEMENT
Fees: Resident Property Manager: 1 Full-Time
TRASH Asst. Property Manager: 1 Full-Time
Provider: Republic Leasing Agent: 2 Full-Time
Amount Charged to Resident: $0 Maintenance Supervisor: 1 Full-Time
TELEPHONE Maintenance Tech: 1 Full-Time
Provider: AT&T Groundskeeper: 1 Full-Time
CABLE Housekeeping: 1 Full-Time
Provider: Comcast Total Staff: 8 Full-Time
INTERNET
Provider: Comcast SCHOOLS
Houston Independent School District
MacGregor Elementary 0.9 miles from the property
Gregory Lincoln Education Center 1.7 miles from the property
Lamar High School 2.8 miles from the property

28 3800 MAIN
UNIT MIX SUMMARY 18%

SIZE # OF % OF MKT MKT EFF EFF

TYPE (SF) UNITS MIX RENT RENT/SF RENT RENT/SF

1 BEDROOM 746 260 83% $1,329 $1.78 $1,314 $1.76

82%
2 BEDROOM 1,204 59 17% $1,947 $1.62 $1,913 $1.59

TOTAL/AVG. 831 319 100% $1,443 $1.74 $1,425 $1.73 1 Bedroom

2 Bedroom

3800 MAIN 29
30 3800 MAIN
 SITE MAP

COMMUNITY
AMENITIES
LEASING
OFFICE
PACKAGE
SHIPPING
MAILBOXES
GARAGE/GUEST E
E
ENTRANCE
TRASH
CHUTE
FOB ACCESS
E ELEVATOR
POOL

GAS GRILLS

CLUBHOUSE AMENITIES CLUBHOUSE AMENITIES

1ST FLOOR FITNESS CENTER BUSINESS CENTER COFFEE BAR 1ST FLOOR FITNESS CENTER CONFERENCE ROOM 5TH FLOOR SKY LOUNGE

2ND FLOOR POOL GAS GRILLS RESIDENT LOUNGE 2ND FLOOR BUSINESS CENTER GAME LOUNGE FIRE PIT OUTDOOR KITCHEN

SELF-GUIDED TOUR PATH & NOTES*

1. Apartment Number __________ | Building Number __________ | Floor ____ | $___________ monthly rental rate for a _______ month lease

2. Apartment Number __________ | Building Number __________ | Floor ____ | $___________ monthly rental rate for a _______ month lease

3. Apartment Number __________ | Building Number __________ | Floor ____ | $___________ monthly rental rate for a _______ month lease
*Our apartment homes lease quickly! If you decide to come back for another look, please stop by the office prior to going to the apartment as the
apartment home may no longer be available and may be occupied. Prices change daily. Look for this sign on the door!

3800 MAIN 31
 FLOOR PLANS

E4 E5
621 SQ. FT. 621 SQ. FT.

A1 A1a
622 SQ. FT. 649 SQ. FT.

32 3800 MAIN
 FLOOR PLANS

A2 A3a
902 SQ. FT. 782-783 SQ. FT.

A3 A4
808 SQ. FT. 737-746 SQ. FT.

3800 MAIN 33
 FLOOR PLANS

A5 A6
881 SQ. FT. 945 SQ. FT.

A7 A8
678 SQ. FT. 678 SQ. FT.
BLDG. 1

34 3800 MAIN
 FLOOR PLANS

A9
898 SQ. FT.
BLDG. 2

A10 A11
700 SQ. FT. 877 SQ. FT.

3800 MAIN 35
 FLOOR PLANS

B1 B2
1,212 SQ. FT.
1,069 SQ. FT.
BLDG. 1

B2 B2a
1,140 SQ. FT. 1,168 SQ. FT.
BLDG. 2

36 3800 MAIN
 FLOOR PLANS

B2b B2b
1,246 SQ. FT.
1,242 SQ. FT. BLDG. 2
BLDG. 1

B3
1,246 SQ. FT.

3800 MAIN 37
 FLOOR PLANS

B4 B5
1,090 SQ. FT. 1,310 SQ. FT.

38 3800 MAIN
3800 MAIN 39
 UNIT
AMENITIES
Stainless Steel Appliances
Floor to Ceiling Windows*
Wine Refrigerators*
Walk-In Closets*
Pre-Wired Alarms
Programmable Thermostats
Washer and Dryer Included
Granite Countertops
Walk in showers*
Energy Efficient Lighting*
Energy Efficient Windows
*In Select Units

40 3800 MAIN
3800 MAIN 41
 24/7 FITNESS CENTER

COMMUNITY
AMENITIES
24-Hour Fitness Center with Zen Yoga Space
Elite Spinning Room (Available for
Reservation)
Clubroom with Gourmet Demonstration
Kitchen
Resort-Style Swimming Pool with Sundeck
Outdoor Kitchen with Grills and Firepit
Resident Sky Lounge
Indoor/Outdoor Media & Entertainment
Lounge ELITE SPIN STUDIO

Resident Business Center

Stockwell Machine
Interior Corridors with Direct Garage Access
Parking
Community WiFi Access
Onsite Recycling Program
Valet Trash

42 3800 MAIN
 RESIDENT CLUB ROOM

INDIVIDUAL WORK STATIONS DEMONSTRATION KITCHEN GAME AREA

3800 MAIN 43
 OUTDOOR POOL WITH SUNDECK

44 3800 MAIN
 OUTDOOR KITCHEN
OUTDOOR FEATURES
FIRE PIT

OUTDOOR RESIDENT LOUNGE OUTDOOR GAMING

3800 MAIN 45
THE
COMPARABLES
 RENT COMPARABLES SUMMARY
PROPERTY YEAR # OF % AVG. UNIT AVG. MKT AVG. MKT AVG. EFF AVG. EFF
BUILT UNITS OCCUPIED SIZE (SF) RENT/UNIT RENT/SF RENT/UNIT RENT/SF
SS 3800 MAIN 2015 319 96% 831 $1,443 $1.74 $1,425 $1.72
11 Mid Main Lofts 2016 357 91% 585 $1,395 $2.39 $1,395 $2.39
22 Pearl at the Mix 2016 196 97% 864 $1,684 $1.95 $1,684 $1.95
33 Post 510 2014 242 95% 860 $1,427 $1.66 $1,427 $1.66
4
4 Pearl Marketplace at Midtown 2019 261 96% 826 $1,881 $2.28 $1,881 $2.28
55 Pearl Midtown 2014 154 97% 843 $1,533 $1.82 $1,533 $1.82
66 Camden McGowen Station 2018 314 95% 1,005 $2,047 $2.04 $2,047 $2.04
77 City Place 2011/2014 306 96% 856 $1,700 $1.99 $1,700 $1.99
TOTAL/AVG. LESS SUBJECT 1,830 95% 825 $1,674 $2.03 $1,674 $2.03
TOTAL/AVG. 2,149 95% 826 $1,640 $1.99 $1,637 $1.98

48 3800 MAIN
 7

4
2 6
5

3800 MAIN 49
 3800 M AIN
3800 MAIN STREET
HOUSTON, TX 77002

PROPERTY INFORMATION UNIT MIX & RENTAL RATES

Year Built 2015 UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
Total Units 319 EFF 4 621 $1,226 $1.97 $1,264 $2.04
Occupancy* 96% EFF 4 621 $1,143 $1.84 $1,165 $1.88
1 BR / 1 BA 15 649 $1,264 $1.95 $1,209 $1.86
1 BR / 1 BA 16 649 $1,237 $1.91 $1,229 $1.89
1 BR / 1 BA 43 808 $1,408 $1.74 $1,386 $1.72
1 BR / 1 BA 34 783 $1,372 $1.75 $1,381 $1.76
1 BR / 1 BA 43 746 $1,326 $1.78 $1,322 $1.77
1 BR / 1 BA 8 678 $1,274 $1.88 $1,287 $1.90
1 BR / 1 BA 8 622 $1,167 $1.88 $1,126 $1.81
1 BR / 1 BA 4 700 $1,266 $1.81 $1,185 $1.69
1 BR / 1 BA 7 877 $1,428 $1.63 $1,424 $1.62
1 BR / 1 BA 11 649 $1,144 $1.76 $1,167 $1.80
1 BR / 1 BA 4 904 $1,452 $1.61 $1,490 $1.65
1 BR / 1 BA 4 782 $1,441 $1.84 $1,386 $1.77
1 BR / 1 BA 24 737 $1,307 $1.77 $1,271 $1.72
1 BR / 1 BA 3 881 $1,583 $1.80 $1,463 $1.66
1 BR / 1 BA 4 945 $1,525 $1.61 $1,523 $1.61
1 BR / 1 BA 12 678 $1,264 $1.86 $1,230 $1.81
1 BR / 1 BA 4 898 $1,557 $1.73 $1,557 $1.73
1 BR / 1 BA 8 802 $1,342 $1.67 $1,309 $1.63
2 BR / 2 BA 4 1,069 $1,942 $1.82 $1,742 $1.63
2 BR / 2 BA 8 1,212 $1,986 $1.64 $1,964 $1.62
2 BR / 2 BA 4 1,168 $1,940 $1.66 $2,082 $1.78
2 BR / 2 BA 4 1,242 $2,165 $1.74 $2,020 $1.63
2 BR / 2 BA 15 1,246 $1,943 $1.56 $1,937 $1.55
2 BR / 2 BA 1 1,090 $1,535 $1.41 $1,550 $1.42
2 BR / 2 BA 12 1,140 $1,932 $1.69 $1,876 $1.65
2 BR / 2 BA 3 1,246 $1,866 $1.50 $1,873 $1.50
2 BR / 2 BA 4 1,246 $1,851 $1.49 $1,796 $1.44
2 BR / 2 BA 4 1,310 $1,985 $1.52 $1,969 $1.50
TOTALS / AVERAGES 319 831 $1,443 $1.74 $1,425 $1.72

50 3800 MAIN
COMP 1

MID MAIN LOFTS

3550 MAIN STREET
HOUSTON, TX 77002

PROPERTY INFORMATION UNIT MIX & RENTAL RATES

Year Built 2016 UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
Total Units 357 EFF 12 467 $1,222 $2.62 $1,222 $2.62
Occupancy 91% EFF 190 512 $1,314 $2.57 $1,314 $2.57
EFF 6 557 $1,283 $2.30 $1,283 $2.30
EFF 4 566 $1,384 $2.45 $1,384 $2.45
EFF 4 592 $1,170 $1.98 $1,170 $1.98
EFF 4 626 $1,435 $2.29 $1,435 $2.29
1 BR / 1 BA 4 565 $1,168 $2.07 $1,168 $2.07
1 BR / 1 BA 24 576 $1,193 $2.07 $1,193 $2.07
1 BR / 1 BA 48 576 $1,521 $2.64 $1,521 $2.64
1 BR / 1 BA 4 740 $1,651 $2.23 $1,651 $2.23
1 BR / 1 BA 4 655 $1,305 $1.99 $1,305 $1.99
1 BR / 1 BA 4 755 $1,486 $1.97 $1,486 $1.97
1 BR / 1 BA 8 767 $1,358 $1.77 $1,358 $1.77
1 BR / 1 BA 12 768 $1,612 $2.10 $1,612 $2.10
1 BR / 1 BA 2 868 $1,757 $2.02 $1,757 $2.02
2 BR / 2 BA 4 800 $1,789 $2.24 $1,789 $2.24
2 BR / 2 BA 12 878 $1,879 $2.14 $1,879 $2.14
2 BR / 2 BA 4 900 $1,825 $2.03 $1,825 $2.03
2 BR / 2 BA 4 1215 $2,146 $1.77 $2,146 $1.77
2 BR / 2 BA 3 1264 $2,222 $1.76 $2,222 $1.76
TOTALS/AVERAGES 357 585 $1,395 $2.39 $1,395 $2.39

3800 MAIN 51
 COMP 2

PEARL AT THE MIX

2910 MILAM STREET
HOUSTON, TX 77006

PROPERTY INFORMATION UNIT MIX & RENTAL RATES

Year Built 2016
UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
Total Units 196
EFF 4 612 $1,160 $1.90 $1,160 $1.90
Occupancy 97%
EFF 24 655 $1,254 $1.91 $1,254 $1.91
EFF 20 697 $1,330 $1.91 $1,330 $1.91
1 BR / 1 BA 35 739 $1,630 $2.21 $1,630 $2.21
1 BR / 1 BA 35 739 $1,665 $2.25 $1,665 $2.25
1 BR / 1 BA 10 800 $1,660 $2.08 $1,660 $2.08
1 BR / 1 BA 10 800 $1,698 $2.12 $1,698 $2.12
1 BR / 1 BA 5 922 $1,930 $2.09 $1,930 $2.09
1 BR / 1 BA 10 1,012 $1,811 $1.79 $1,811 $1.79
1 BR / 1 BA 10 1,012 $2,041 $2.02 $2,041 $2.02
1 BR / 1 BA 2 1,143 $2,091 $1.83 $2,091 $1.83
1 BR / 1 BA 5 1,076 $2,131 $1.98 $2,131 $1.98
2 BR / 2 BA 5 1,171 $1,761 $1.50 $1,761 $1.50
2 BR / 2 BA 5 1,334 $2,049 $1.54 $2,049 $1.54
2 BR / 2 BA 8 1,438 $2,223 $1.55 $2,223 $1.55
2 BR / 2 BA 3 1,456 $2,489 $1.71 $2,489 $1.71
2 BR / 2 BA 5 1,703 $2,505 $1.47 $2,505 $1.47
TOTALS / AVERAGES 196 864 $1,684 $1.95 $1,684 $1.95

52 3800 MAIN
COMP 3

POST 510
510 RICHMOND AVENUE
HOUSTON, TX 77006

PROPERTY INFORMATION UNIT MIX & RENTAL RATES

Year Built 2014
UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
Total Units 242
1 BR / 1 BA 25 613 $1,225 $2.00 $1,225 $2.00
Occupancy 95%
1 BR / 1 BA 25 699 $1,380 $1.97 $1,380 $1.97
1 BR / 1 BA 12 755 $1,225 $1.62 $1,225 $1.62
1 BR / 1 BA 23 775 $1,365 $1.76 $1,365 $1.76
1 BR / 1 BA 27 839 $1,240 $1.48 $1,240 $1.48
1 BR / 1 BA 25 846 $1,450 $1.71 $1,450 $1.71
1 BR / 1 BA 19 885 $1,400 $1.58 $1,400 $1.58
1 BR / 1 BA 24 900 $1,430 $1.59 $1,430 $1.59
1 BR / 1 BA 24 982 $1,520 $1.55 $1,520 $1.55
2 BR / 2 BA 18 1,120 $1,755 $1.57 $1,755 $1.57
2 BR / 2 BA 20 1,123 $1,765 $1.57 $1,765 $1.57

TOTALS/AVERAGES 242 860 $1,427 $1.66 $1,427 $1.66

3800 MAIN 53
 COMP 4

PE ARL M ARKE TPL ACE

AT MIDTOWN
3120 SMITH STREET
UNIT MIX & RENTAL RATES
UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
HOUSTON, TX 77006
Eff 1 481 $1,224 $2.54 $1,224 $2.54
Eff 3 561 $1,559 $2.78 $1,559 $2.78
PROPERTY INFORMATION Eff 3 577 $1,324 $2.29 $1,324 $2.29
Year Built 2019 Eff 15 587 $1,329 $2.26 $1,329 $2.26
Eff 5 594 $1,300 $2.19 $1,300 $2.19
Total Units 261
Eff 7 634 $1,479 $2.33 $1,479 $2.33
Occupancy 97% Eff 8 634 $1,479 $2.33 $1,479 $2.33
Eff 14 648 $1,479 $2.28 $1,479 $2.28
Eff 1 656 $1,525 $2.32 $1,525 $2.32
Eff 7 700 $1,540 $2.20 $1,540 $2.20
Eff 15 703 $1,495 $2.13 $1,495 $2.13
Eff 4 717 $1,679 $2.34 $1,679 $2.34
Eff 4 800 $1,605 $2.01 $1,605 $2.01
1 BR / 1 BA 39 757 $1,787 $2.36 $1,787 $2.36
1 BR / 1 BA 20 776 $1,792 $2.31 $1,792 $2.31
1 BR / 1 BA 8 784 $2,152 $2.74 $2,152 $2.74
1 BR / 1 BA 5 818 $1,912 $2.34 $1,912 $2.34
1 BR / 1 BA 3 834 $1,787 $2.14 $1,787 $2.14
1 BR / 1 BA 4 854 $2,275 $2.66 $2,275 $2.66
1 BR / 1 BA 2 858 $2,104 $2.45 $2,104 $2.45
1 BR / 1 BA 4 865 $1,995 $2.31 $1,995 $2.31
1 BR / 1 BA 8 874 $1,995 $2.28 $1,995 $2.28
1 BR / 1 BA 4 881 $1,860 $2.11 $1,860 $2.11
1 BR / 1 BA 12 897 $1,897 $2.11 $1,897 $2.11
1 BR / 1 BA 8 897 $1,995 $2.22 $1,995 $2.22
1 BR / 1 BA 4 915 $2,225 $2.43 $2,225 $2.43
1 BR / 1 BA 16 941 $2,071 $2.20 $2,071 $2.20
2 BR / 2 BA 1 991 $2,315 $2.34 $2,315 $2.34
2 BR / 2 BA 4 1,009 $2,299 $2.28 $2,299 $2.28
2 BR / 2 BA 3 1,070 $2,345 $2.19 $2,345 $2.19
2 BR / 2 BA 4 1,128 $2,366 $2.10 $2,366 $2.10
2 BR / 2 BA 4 1,199 $2,553 $2.13 $2,553 $2.13
2 BR / 2 BA 4 1,236 $2,629 $2.13 $2,629 $2.13
2 BR / 2 BA 4 1,285 $2,804 $2.18 $2,804 $2.18
2 BR / 2 BA 4 1,313 $2,903 $2.21 $2,903 $2.21
2 BR / 2 BA 4 1,363 $3,091 $2.27 $3,091 $2.27
2 BR / 2 BA 5 1,442 $3,368 $2.34 $3,368 $2.34
TOTALS / AVERAGES 261 826 $1,881 $2.28 $1,881 $2.28

54 3800 MAIN
COMP 5

PE ARL
MIDTOWN
3101 SMITH STREET
UNIT MIX & RENTAL RATES
MKT RENT/
UNIT TYPE UNITS UNIT SF MKT RENT EFF RENT EFF RENT/SF
HOUSTON, TX 77006 SF
EFF 3 499 $1,174 $2.35 $1,174 $2.35
PROPERTY INFORMATION EFF 16 650 $1,271 $1.96 $1,271 $1.96
Year Built 2014 1 BR / 1 BA 8 650 $1,198 $1.84 $1,198 $1.84
1 BR / 1 BA 24 693 $1,462 $2.11 $1,462 $2.11
Total Units 154
1 BR / 1 BA 8 695 $1,442 $2.07 $1,442 $2.07
Occupancy 97% 1 BR / 1 BA 19 752 $1,323 $1.76 $1,323 $1.76
1 BR / 1 BA 8 752 $1,369 $1.82 $1,369 $1.82
1 BR / 1 BA 18 752 $1,437 $1.91 $1,437 $1.91
1 BR / 1 BA 9 945 $1,667 $1.76 $1,667 $1.76
1 BR / 1 BA 7 945 $1,816 $1.92 $1,816 $1.92
1 BR / 1 BA 4 1,143 $1,632 $1.43 $1,632 $1.43
1 BR / 1 BA 1 871 $1,505 $1.73 $1,505 $1.73
1 BR / 1 BA 2 871 $1,505 $1.73 $1,505 $1.73
1 BR / 1 BA 2 903 $1,653 $1.83 $1,653 $1.83
1 BR / 1 BA 1 935 $1,800 $1.93 $1,800 $1.93
2 BR / 2 BA 12 1,248 $1,966 $1.58 $1,966 $1.58
2 BR / 2 BA 3 1,248 $2,170 $1.74 $2,170 $1.74
2 BR / 2 BA 9 1,439 $2,231 $1.55 $2,231 $1.55
TOTALS/AVERAGES 154 843 $1,533 $1.82 $1,533 $1.82

3800 MAIN 55
 COMP 6

C A MDEN MCGOWEN
STATION
2727 TRAVIS STREET
UNIT MIX & RENTAL RATES
UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
EFF 7 621 $1,339 $2.16 $1,339 $2.16
HOUSTON, TX 77006 EFF 5 644 $1,429 $2.22 $1,429 $2.22
EFF 17 644 $1,629 $2.53 $1,629 $2.53
PROPERTY INFORMATION EFF
1 BR / 1 BA
1
1
655
715
$1,600
$1,669
$2.44
$2.33
$1,600
$1,669
$2.44
$2.33
Year Built 2018 1 BR / 1 BA 1 748 $1,650 $2.21 $1,650 $2.21
Total Units 314 1 BR / 1 BA
1 BR / 1 BA
1
5
750
763
$1,599
$1,369
$2.13
$1.79
$1,599
$1,369
$2.13
$1.79
Occupancy 95% 1 BR / 1 BA 15 774 $1,569 $2.03 $1,569 $2.03
1 BR / 1 BA 2 779 $1,639 $2.10 $1,639 $2.10
1 BR / 1 BA 43 789 $1,739 $2.20 $1,739 $2.20
1 BR / 1 BA 5 800 $1,719 $2.15 $1,719 $2.15
1 BR / 1 BA 17 810 $1,799 $2.22 $1,799 $2.22
1 BR / 1 BA 2 810 $1,829 $2.26 $1,829 $2.26
1 BR / 1 BA 10 815 $1,819 $2.23 $1,819 $2.23
1 BR / 1 BA 3 837 $1,819 $2.17 $1,819 $2.17
1 BR / 1 BA 18 841 $1,759 $2.09 $1,759 $2.09
1 BR / 1 BA 3 842 $1,829 $2.17 $1,829 $2.17
1 BR / 1 BA 5 846 $1,749 $2.07 $1,749 $2.07
1 BR / 1 BA 5 943 $1,769 $1.88 $1,769 $1.88
1 BR / 1 BA 2 957 $1,759 $1.84 $1,759 $1.84
1 BR / 1 BA 1 960 $2,009 $2.09 $2,009 $2.09
1 BR / 1 BA 5 975 $1,729 $1.77 $1,729 $1.77
1 BR / 1 BA 1 1,004 $2,079 $2.07 $2,079 $2.07
1 BR / 1 BA 1 1,005 $1,849 $1.84 $1,849 $1.84
1 BR / 1 BA 1 1,054 $2,069 $1.96 $2,069 $1.96
1 BR / 1 BA 19 943 $2,079 $2.20 $2,079 $2.20
1 BR / 1 BA 4 994 $2,039 $2.05 $2,039 $2.05
1 BR / 1 BA 2 1,037 $2,239 $2.16 $2,239 $2.16
1 BR / 1 BA 3 1,081 $2,269 $2.10 $2,269 $2.10
1 BR / 1 BA 4 1,113 $2,059 $1.85 $2,059 $1.85
1 BR / 1.5 BA 2 1,209 $2,309 $1.91 $2,309 $1.91
1 BR / 1.5 BA 2 1,241 $2,299 $1.85 $2,299 $1.85
1 BR / 1.5 BA 1 1,241 $2,609 $2.10 $2,609 $2.10
2 BR / 2 BA 15 1,242 $2,399 $1.93 $2,399 $1.93
2 BR / 2 BA 6 1,281 $2,649 $2.07 $2,649 $2.07
2 BR / 2 BA 2 1,313 $2,269 $1.73 $2,269 $1.73
2 BR / 2 BA 18 1,313 $2,459 $1.87 $2,459 $1.87
2 BR / 2 BA 3 1,328 $2,569 $1.93 $2,569 $1.93
2 BR / 2 BA 9 1,371 $2,639 $1.92 $2,639 $1.92
2 BR / 2 BA 7 1,387 $2,439 $1.76 $2,439 $1.76
2 BR / 2 BA 2 1,404 $2,519 $1.79 $2,519 $1.79
2 BR / 2 BA 16 1,435 $2,939 $2.05 $2,939 $2.05
2 BR / 2 BA 9 1,274 $2,369 $1.86 $2,369 $1.86
2 BR / 2 BA 6 1,449 $2,689 $1.86 $2,689 $1.86
2 BR / 2 BA 1 1,911 $3,439 $1.80 $3,439 $1.80
2 BR / 2.5 BA 1 1,714 $3,579 $2.09 $3,579 $2.09
2 BR / 2.5 BA 1 1,790 $3,219 $1.80 $3,219 $1.80
2 BR / 2.5 BA 1 1,928 $3,566 $1.85 $3,566 $1.85
2 BR / 2.5 BA 2 1,965 $3,219 $1.64 $3,219 $1.64
2 BR / 2.5 BA 1 2,175 $4,209 $1.94 $4,209 $1.94
TOTALS / AVERAGES 314 1,005 $2,047 $2.04 $2,047 $2.04

56 3800 MAIN
COMP 7

CIT Y PL ACE
306 MCGOWEN STREET
HOUSTON, TX 77006 UNIT MIX & RENTAL RATES

PROPERTY INFORMATION UNIT TYPE UNITS UNIT SF MKT RENT MKT RENT/SF EFF RENT EFF RENT/SF
Year Built 2011/2014 1 BR / 1 BA 8 534 $1,190 $2.23 $1,190 $2.23
Total Units 306 1 BR / 1 BA 17 580 $1,375 $2.37 $1,375 $2.37
Occupancy 96% 1 BR / 1 BA 20 650 $1,495 $2.30 $1,495 $2.30
1 BR / 1 BA 24 667 $1,320 $1.98 $1,320 $1.98
1 BR / 1 BA 8 685 $1,329 $1.94 $1,329 $1.94
1 BR / 1 BA 52 745 $1,485 $1.99 $1,485 $1.99
1 BR / 1 BA 4 771 $1,226 $1.59 $1,226 $1.59
1 BR / 1 BA 12 780 $1,540 $1.97 $1,540 $1.97
1 BR / 1 BA 28 810 $1,454 $1.80 $1,454 $1.80
1 BR / 1 BA 16 815 $1,528 $1.87 $1,528 $1.87
1 BR / 1 BA 28 864 $1,730 $2.00 $1,730 $2.00
1 BR / 1 BA 18 951 $1,897 $1.99 $1,897 $1.99
1 BR / 1 BA 4 1,083 $2,185 $2.02 $2,185 $2.02
2 BR / 2 BA 8 1,145 $2,206 $1.93 $2,206 $1.93
2 BR / 2 BA 20 1,147 $2,382 $2.08 $2,382 $2.08
2 BR / 2 BA 35 1,236 $2,355 $1.91 $2,355 $1.91
2 BR / 2 BA 4 1,375 $2,580 $1.88 $2,580 $1.88
TOTALS/AVERAGES 306 856 $1,700 $1.99 $1,700 $1.99

3800 MAIN 57
 RENT COMPARABLES | PSF
1 BEDROOM MARKET RENT 2 BEDROOM MARKET RENT

3800 MAIN $1.78 3800 MAIN $1.62

Mid Main Lofts $2.44 Mid Main Lofts $2.01
Pearl at the Mix $2.06 Pearl at the Mix $1.54
Post 510 $1.68 Post 510 $1.57
Pearl Marketplace at Midtown $2.29 Pearl Marketplace at Midtown $2.21
Pearl Midtown $1.89 Pearl Midtown $1.58
Camden McGowen Station $2.14 Camden McGowen Station $1.91
City Place $2.00 City Place $1.95

$2.40
$2.60

$2.20
$2.40

$2.20 $2.00

$2.00
$1.80

$1.80
$1.60
$1.60
$1.40
$1.40

$1.20
$1.20

$1.00 $1.00
3800 Main Mid Main Lofts Pearl at the Mix Post 510 Pearl Marketplace Pearl Midtown Camden City Place 3800 Main Mid Main Lofts Pearl at the Mix Post 510 Pearl Marketplace Pearl Midtown Camden McGowen City Place
at Midtown McGowen Station at Midtown Station

Market Rents Shown 2 Bedroom Average

$2.04 $1.80
Market Rents Shown

AVERAGE AVERAGE

58 3800 MAIN
 RENT COMPARABLES | UNIT
1 BEDROOM MARKET RENT 2 BEDROOM MARKET RENT

3800 MAIN $1,329 3800 MAIN $1,947

Mid Main Lofts $1,351 Mid Main Lofts $1,935

Pearl at the Mix $1,607 Pearl at the Mix $2,186

Post 510 $1,364 Post 510 $1,760

Pearl Marketplace at Midtown $1,742 Pearl Marketplace at Midtown $2,724

Pearl Midtown $1,430 Pearl Midtown $2,091

Camden McGowen Station $1,774 Camden McGowen Station $2,632

City Place $1,515 City Place $2,359

$2,000 $2,900

$2,700
$1,800
$2,500

$1,600 $2,300

$2,100
$1,400
$1,900

$1,200
$1,700

$1,000 $1,500

$1,300
$800
$1,100

$600 $900
3800 Main Mid Main Lofts Pearl at the Mix Post 510 Pearl Marketplace Pearl Midtown Camden City Place 3800 Main Mid Main Lofts Pearl at the Mix Post 510 Pearl Marketplace Pearl Midtown Camden McGowen City Place
at Midtown McGowen Station at Midtown Station

2 Bedroom Average

$1,514 $2,204
AVERAGE AVERAGE

3800 MAIN 59
THE
FINANCIALS
 PROFORMA
T3 RENTAL INC. YEAR 1 % OF PER PER
T-12 T-12 OTHER INC/EXP. PROFORMA GROSS POT. UNIT SF
INCOME
Gross Scheduled Rental Income $5,542,708 $5,452,405 $6,105,076 100.0% $19,138 $23.03
Less: Loss to Lease $0 $0 $0 0.0% $0 $0.00
GROSS POTENTIAL RENT $5,542,708 $5,452,405 $6,105,076 100.0% $19,138 $23.03
Less: Vacancy Loss -$415,434 -$330,318 -$305,254 -5.0% -$957 -$1.15
Concession Loss -$74,596 $0 $0 0.0% $0 $0.00
Non-Revenue Units $0 $0 -$19,138 -0.3% -$60 -$0.07
Credit Loss -$122,048 $47,875 -$30,525 -0.5% -$96 -$0.12
NET RENTAL INCOME $4,930,629 $5,169,962 $5,750,159 94.2% $18,026 $21.70
Utility Reimbursements $225,374 $215,928 $231,275 3.8% $725 $0.87
Other Income $189,410 $237,995 $239,250 3.9% $750 $0.90
EFFECTIVE GROSS INCOME $5,345,412 $5,623,885 $6,220,684 101.9% $19,501 $23.47
Monthly $518,390
Market Rent $1,448 $1,424 $1,595
MKT/SF $1.74 $1.71 $1.92
EXPENSES
Utilities $189,708 $189,708 $189,805 3.1% $595 $0.72
Repairs & Maintenance $95,687 $95,687 $95,700 1.6% $300 $0.36
Make Ready Expense $55,681 $55,681 $55,825 0.9% $175 $0.21
Contract Services $406,117 $406,117 $159,500 2.6% $500 $0.60
Marketing $133,711 $133,711 $79,750 1.3% $250 $0.30
Payroll Expense $551,811 $551,811 $494,450 8.1% $1,550 $1.87
General & Administrative $94,221 $94,221 $94,105 1.5% $295 $0.36
Real Estate Taxes $1,322,218 $1,322,218 $1,187,488 19.5% $3,723 $4.48
Insurance $156,591 $156,591 $132,521 2.2% $415 $0.50
Franchise Tax $4,629 $4,629 $20,590 0.3% $65 $0.08
Management Fees $141,500 $141,500 $139,965 2.3% $439 $0.53
TOTAL OPERATING EXPENSES $3,151,873 $3,151,873 $2,649,700 43.4% $8,306 $10.00
NET OPERATING INCOME $2,193,539 $2,472,011 $3,570,984 58.5% $11,194 $13.47
Replacement Reserves $63,800 $63,800 $63,800 1.0% $200 $0.24
NET CASH FLOW $2,129,739 $2,408,211 $3,507,184 57.4% $10,994 $13.23

62 3800 MAIN
 NOTES TO PROFORMA

INCOME ASSUMPTIONS EXPENSE ASSUMPTIONS

Scheduled Market Rent: Market rents are per the 7/19/2021 rent roll. Last 10 leases are Utilities: Y1 Utilities expense of $595 per unit based on the T12.
$1,563 ($1.80/SF), CoStar projects 6.16% rent growth in YR 1, put together resulting in Repairs & Maintenance: Y1 R&M expenses are projected at $300 per unit.
Proforma Rents of $1,595 ($1.92/SF)
Make Ready: (Apartment Prep/Turnover) Includes redecorating expenses such as carpet
Loss to Lease: A Y1 Loss to Lease of 0% has been assumed. cleaning, painting and interior cleaning. Y1 Make Ready expenses or $175 per unit are
Gross Potential Rent: Reflects Scheduled Market Rent Income and loss to lease based on the T12.
adjustment. Contracted Services :Y1 Contracted Services expenses are projected at $500 per unit.
Physical Vacancy: As of the 7/19/2021 Rent Roll, the physical occupancy for available Marketing & Promotion: Y1 Marketing & Promotion expenses are projected at $250 per
units was 96.2%. A Y1 vacancy of 5.0% has been assumed. unit.
Concessions: Y1 Concessions of 0% has been assumed. Payroll: Y1 Payroll expenses are projected at $1,550 per unit.
Non Revenue: Y1 Non Revenue Units is projected to be 0.31% of GPR (1 unit). General & Administrative: Y1 General & Administrative expenses are projected at $295
Bad Debt: Y1 Bad Debt is projected to be 0.5% of GPR. per unit.
Utility Reimbursements: Y1 Utility Reimbursements is based on the T12 increased by Real Estate Taxes: Proforma Taxes based on Harris County Appraisal District (HCAD)
3%. 2021 assessment and 2020 millage rate. This property has two tax accounts. It is
Other Income: Y1 Other Income is based on the T3. recommended to consult a tax expert for this line item.
Insurance: Y1 Insurance is estimated at $415 per unit per year in our analysis, which is
based on $0.50 per SF.
Franchise Tax: Y1 Franchise Tax is projected to be $20,590 which represents 0.331% of
Effective Gross Income.
Management Fee: Y1 Management Fee is projected to be 2.25% of Effective Gross
Income.
Replacement Reserves: Replacement Reserves are estimated at $200/unit/year.

RECENT LEASES REAL ESTATE TAXES

SF EFF RENT EFF RPSF

LAST 30 LEASES 836 $1,508 $1.80 Taxing Authority Harris County

LAST 10 LEASES 868 $1,563 $1.80 Parcel ID# 1340020010001 &
1350940010001
LEASE TRADE OUT 833 $1,512 $1.81
Millage Rate 0.02517496
Proforma Rents 831 $1,595 $1.92
Projected Year 1 RE Taxes (post-sale), gross $1,187,488
Combined Current Assessment $47,169,417

3800 MAIN 63
INVESTMENT SALES TEAM FINANCE TEAM Houston
RYAN EPSTEIN JENNIFER RAY SCOTT BRAY PAUL HOUSE TOM FISH 2200 Post Oak Blvd. Suite 1000
Managing Director Managing Director Houston, TX 77056
Managing Director Managing Director Director
Direct 713.456.7394 Direct 713.456.7389 Direct 281.661.5803 Direct 713.301.4095 Direct 713.516.7033
[email protected] [email protected] [email protected] [email protected] [email protected]
license #552716 license #642049 license #657053