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M U L T I - F A M I L Y I N V E S T M E N T O P P O R T U N I T Y

LINDEN COURT APARTMENTS813 LINDEN AVENUE LEWISTON, IDAHO 83501

F O R A D D I T I O N A L I N F O R M AT I O N , PL E A S E CO N TA C T : MOE THERRIEN, ASSOCIATE BROKER (208) 859-7935 • moe@icbre.com

• 28 single-story apartments in 7 buildings• 6 2BR, 18 1BR, 4 Studios• Attractive landscaping• Central location

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P R O P E R T Y S U M M A R Y

LINDEN COURT APARTMENTS - 813 LINDEN AVENUE, LEWISTON, IDAHO 83501

1.66 acre split site7 buildings, built 1969-72Exterior Lap Siding and composition shingle roofs28 single story apartmentsUnit Mix: 18 1BR/1BA 576-672 SF 6 2BR/1BA 840-910 SF 4 Studios 500 SF

Aerial drone footage: Linden Court Apartments

All units have the following amenities:• Range/oven• Baseboard electric heat/wall ACProject commons include:• Basement storage room• 2 pay laundry rooms• Ample green space with in-ground sprinklers• Open paved parking

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I N V E S T M E N T H I G H L I G H T S

LINDEN COURT APARTMENTS813 LINDEN AVENUE LEWISTON, IDAHO 83501

OFFERING PRICE $ 1,275,000 PURCHASE TERMS CASH TO SELLERNUMBER OF UNITS 28 PRICE PER UNIT $ 45,536PROFORMA CAP RATE 6.4%

INVESTOR PRO FORMAPRICE $ 1,275,000NEW LOAN (70% of PP) $ 892,000EQUITY $ 383,000PRO FORMA NET INCOME $ 81,000MORTGAGE PAYMENTS @ 4.75%, 25 YR AMORT. $ 61,000PRO FORMA CASH FLOW AFTER MORTGAGE $ 20,000ANNUAL YIELD TO EQUITY 5.2%ANNUAL YIELD INCLUDING MORTGAGE REDUCTION 7.4%

LINDEN AVENUE

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F I N A N C I A L O V E R V I E W

BASE APARTMENT INCOME AVERAGE NUMBER JAN 19, AVG RENT PER IN-PLACE 2019 MARKET MARKET UNIT STYLE SIZE OF UNITS RENT/MONTH SQUARE FT ANNUAL RENT RENTS ANNUAL RENT STUDIO 500 4 $463 0.93 $22,224 $485 $23,2801BR AVERAGES 576 16 $495 0.86 $95,040 $520 $99,8402BR AVERAGES 840 4 $600 0.71 $28,800 $625 $30,0001BR w/UTIL AVERAGES 672 2 $575 0.86 $13,800 $595 $14,2802BR w/UTIL AVERAGES 910 2 $695 0.76 $16,880 $695 $16,680SUBTOTAL APT INCOME 634 28 $525 0.83 $176,544 $184,080 IN PLACE RENTS MARKET RENTSINCOME 2015 ACTUAL 2016 ACTUAL 2017 ACTUAL 2018 ACTUAL STABILIZED STABILIZED RENT $142,459 $151,213 $152,840 $159,302 $176,544 $184,080 OTHER INCOME $1,714 $2,695 $2,481 $2,792 $4,300 $4,300GROSS INCOME $144,173 $153,908 $155,321 $162,094 $180,844 $188,380LESS: RENT LOSS, Vacant & Collection at 5% of Apartment Rent $8,827 $9,204 EFFECTIVE ANNUAL INCOME $144,173 $153,908 $155,321 $162,054 $172,017 $179,176 STABILIZED TO STABILIZED TO LESS: LANDLORD EXPENSES 2015 ACTUAL 2016 ACTUAL 2017 ACTUAL 2018 ACTUAL MARKET MARKET MANAGEMENT FEES $7,854 $8,344 $8,406 $8,761 $8,601 $8,845ADVERTISING & MISCELLANEOUS $591 $577 $970 $691 $900 $900APPLIANCE REPAIR $2,440 $3,778 $1,376 $1,155 $1,000 $1,000 MAINTENANCE & REPAIR $9,222 $7,980 $13,222 $12,271 $16,800 $16,800PAINTING & DECORATING $1,713 $705 $868 $675 w/repair w/repairGROUNDS MAINTENANCE $1,091 $356 $290 $1,472 $5,000 $5,000GROUNDS RENT CREDIT $5,520 $5,520 $5,520 $5,520 w/grounds mtnc w/grounds mtnc PLUMBING $2,056 $4,116 $5,699 $1,300 w/mtnc w/mtncFLOORING REPAIR $3,301 $3,339 $1,101 $617 w/mtnc w/mtncELECTRIC - BLDG 813 (all units) $5,380 $5,261 $6,860 $5,761 $6,000 $6,000WATER / SEWER / TRASH $16,802 $16,714 $17,949 $21,414 $21,500 $21,5REAL ESTATE TAXES $22,292 $22,471 $23,285 $24,705 $24,700 $24,700INSURANCE $4,143 $4,510 $4,591 $4,850 $4,850 $4,850SUBTOTAL OPERATING EXPENSES $82,405 $83,671 $90,137 $89,192 $89,351 $89,709PER UNIT EXPENSES $2,943 $2,988 $3,219 $3,185 $3,191 $3,204OPERATING INCOME $61,768 $70,237 $65,184 $72,902 $82,666 $89,467

REPLACEMENTS & UPGRADES above above above above $11,200 $11,200TOTAL EXPENSES WITH REPLACEMENT ALLOWANCE $82,405 $83,671 $118,437 $103,092 $99,551 $99,795PER UNIT EXPENSES $2,943 $2,988 $4,230 $3,682 $3,155 $3,164OPERATING INCOME W/ REPLACEMENT ALLOWANCE $61,768 $70,237 $65,184 $72,902 $82,666 $89,467

PRICE CONCLUSION AT 6% CAP $1,237,766 $1,351,120PER UNIT PRICE $44,206 $48,254

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R E N T C O M P A R A B L E S

3331 6TH STREETLEWISTONTYPE Two story, stacked flats1 BR RENTS N/A2 BR RENTS $595- $625

COMMENTS 1970’s, minimal amenities, open parking

746 17TH AVENUELEWISTONTYPE Single level, four-plex1 BR RENTS N/A2 BR RENTS $600 - $625

COMMENTS 1980’s, patio, open parking

415 7TH STREETLEWISTONTYPE Single level1 BR RENTS $4952 BR RENTS N/A

COMMENTS 1970’s, minimal amenities

3526 12TH STREETLEWISTONTYPE Single level, four-plex1 BR RENTS N/A2 BR RENTS $650

COMMENTS 1970’s, minimal landscaping, open parking

616 BRYDENLEWISTONTYPE Single level, four-plex1 BR RENTS N/A2 BR RENTS $600

COMMENTS 1980’s, no patio, wall a/c, open parking

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E X T E R I O R P H O T O S

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E X T E R I O R P H O T O S

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I N T E R I O R P H O T O G R A P H S

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I N T E R I O R P H O T O G R A P H S

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A E R I A L

LINDEN COURT APARTMENTS8T

H ST

REET

LINDEN AVENUE

BRYDEN AVENUE

7TH

STRE

ET

AIRWAY AVENUE

CENTENNIALELEMENTARY SCHOOL

MCGHEEELEMENTARY SCHOOL

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WORK HISTORYLicensed Broker for 27 yearsCommercial Real Estate Appraiser for 38 years

• Idaho Commercial Brokerage, LLC (2005): Seller/Buyer Representation – Investment Real Estate Brokerage: apartments, offices, retail, warehouses and land.

• MSA Realty (1999-2004) - Sole Owner, Broker with two agents, Seller/Buyer Representation, Investment Real Estate Brokerage: apartments, office, retail, residential condominiums and land.

• VALBRIDGE Property Advisors (1977-present) - Managing partner, MAI designation 1982. Commercial Real Estate Appraiser: apartments, office, retail, warehouse, land and special use.

• Ada Real Estate Surveys (1987-present) Ada County apartment surveys, occupancy and rent tracking

PROFESSIONAL DESIGNATIONS1990-present: Licensed Real Estate Broker, State of Idaho1990-present: Realtor – Idaho Association of Realtors1982-present: Member of the Appraisal Institute (MAI)1992-present: Idaho Certified General Real Estate Appraiser

PERSONAL BACKGROUND• Boise resident since 1977• Married to wife Roxy / 2 children, Marc (35) and Michael (32)• Washington State University – Bachelors of Arts Degree, Business Administration- 1977 Summa Cum Laude• Raised in Colfax, Washington

MAURICE (MOE) THERRIENAssociate Broker

PrincipalMAI

(208) 859-7935 moe@icbre.com

IDAHO COMMERCIAL BROKERAGE

ICB was established in 2002 and operates on the premise of building dependable client-broker relationships unmatched by the larger corporate approach to brokerage representation.

The company is located in downtown Boise and is comprised of agents David McDonald, Moe Therrien and Ryan Cantlon. Idaho Commercial Brokerage specializes in apartment, office, retail, industrial and land investment sales.

B R O K E R A N D C O M P A N Y B I O G R A P H I E S