OFFERING MEMORANDUM

West ViewApartments

2416 ThompsonWest Memphis, AR 72301

West View ApartmentsCONTENTS

Exclusively Marketed by:

Curtis BradenPrincipal Broker(901) 881-2070Lic: TN: 284224, MS19110, AR AB00069049cbraden@bbbcre.com

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice.  We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.

01 Executive Summary Investment Summary 3 Unit Mix Summary 4 Location Summary 5

02 Property Description Property Features 7 Aerial Map 8 Property Images 9

03 Financial Analysis Income & Expense Analysis 10 Multiyear Cash Flow Assumptions 11 Cash Flow Analysis 12 Disposition Sensitivity Analysis 14

04 Demographics Demographics 15 Demographic Charts 17

West View Apartments Investment Summary | 03

OFFERING SUMMARYADDRESS 2416 Thompson

West Memphis AR 72301COUNTY CrittendenNUMBER OF UNITS 132YEAR BUILT 1952OWNERSHIP TYPE Fee Simple

FINANCIAL SUMMARYOFFERING PRICE $2,800,000PRICE PER UNIT $21,212OCCUPANCY 50.00 %NOI (CURRENT) $181,196NOI (Pro Forma) $578,734CAP RATE (CURRENT) 6.47 %CAP RATE (Pro Forma) 20.67 %GRM (CURRENT) 4.78GRM (Pro Forma) 2.94

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 7,474 22,031 35,2252019 Median HH Income $22,843 $28,967 $39,8432019 Average HH Income $30,820 $43,882 $56,195

West View Apartments sit right in the heart of West Memphis, Arkansas.The one-story, apartment-home style units are all inclusive of new roofsand fresh paint.

West View Apartments is a great value add opportunity for the investorseeking an asset located in an expanding area, as a number of newdevelopments and new companies have began and continue to breakground in West Memphis. Fox news reported 1400 new jobs and almost$285 million in capital investment. Additionally, the state of Arkansas haslegalized medical marijuana, and has approved the conversion of theGreyhound Dog track into a full gambling casino- Southland Casino. Thecasino has already initiated the building of their five star hotel andrenovating the building.

Carvana will be opening an inspection and distribution center, and Coca-Cola Consolidated is expanding their West Memphis plant to 200thousand square feet, at a cost of 33 million dollars.

Members of the Arkansas Economic Development Commission are trulyexcited about all the sudden growth.

The best time to buy this true value add asset is NOW!!!!!

West View Apartments Unit Mix Summary | 04

Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent PSF Market Income

2 bd + 1 ba 132 738 $350 $0.47 $46,200 $575 $0.78 $75,900

Totals/Averages 132 738 $350 $0.47 $46,200 $575 $0.78 $75,900

West View Apartments Location Summary | 05

Regional Map

West View Apartments Location Summary | 06

Locator Map

West View Apartments Property Features | 07

PROPERTY FEATURESNUMBER OF UNITS 132YEAR BUILT 1952BUILDING CLASS CLOCATION CLASS CNUMBER OF STORIES 1

West View Apartments Aerial Map | 08

West View Apartments Property Images | 09

West View Apartments Income & Expense Analysis | 10

INCOME CURRENT PRO FORMA

Gross Potential Rent $554,400 $910,800

Other Income $31,702 $40,000

Gross Potential Income $586,102 $950,800

Less: General Vacancy $277,200 $91,080

Effective Gross Income $308,902 $859,720

Less: Expenses $127,706 $280,986

Net Operating Income $181,196 $578,734

EXPENSES CURRENT PRO FORMA

Real Estate Taxes $46 $6,085 $152 $20,000

Insurance $202 $26,665 $303 $40,000

Management Fee $326 $42,986

Marketing $5 $600 $45 $6,000

Repairs & Maintenance $142 $18,793 $379 $50,000

Utilities $168 $22,111 $303 $40,000

Landscaping $91 $12,000 $91 $12,000

Administration $47 $6,142 $76 $10,000

Payroll $228 $30,120 $379 $50,000

Legal $39 $5,190 $76 $10,000

Total Operating Expense $967 $127,706 $2,129 $280,986

% of EGI 41.34 % 32.68 %

Per Unit Per Unit

REVENUE ALLOCATION

DISTRIBUTION OF EXPENSES

West View Apartments Multiyear Cash Flow Assumptions | 11

GLOBALOffering Price $2,800,000

West View Apartments Cash Flow Analysis | 12

CASH FLOWCalendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Gross Potential RevenueGross Rental Income $554,400 $910,800 $956,340 $975,467 $994,976 $994,976 $994,976 $994,976 $994,976 $994,976Other Income $31,702 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000Gross Potential Income $586,102 $950,800 $996,340 $1,015,467 $1,034,976 $1,034,976 $1,034,976 $1,034,976 $1,034,976 $1,034,976General Vacancy $277,200 $91,080 $95,634 $97,547 $99,498 $99,498 $99,498 $99,498 $99,498 $99,498Effective Gross Income $308,902 $859,720 $900,706 $917,920 $935,479 $935,479 $935,479 $935,479 $935,479 $935,479Operating ExpensesReal Estate Taxes $6,085 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000Insurance $26,665 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000Management Fee $42,986 $45,035 $45,896 $46,774 $46,774 $46,774 $46,774 $46,774 $46,774Marketing $600 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000Repairs & Maintenance $18,793 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000Utilities $22,111 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000Landscaping $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000Administration $6,142 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000Payroll $30,120 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000Legal $5,190 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000Total Operating Expense $127,706 $280,986 $283,035 $283,896 $284,774 $284,774 $284,774 $284,774 $284,774 $284,774Net Operating Income $181,196 $578,734 $617,671 $634,024 $650,705 $650,705 $650,705 $650,705 $650,705 $650,705

Effective Gross Income vs Operating Expenses Cash Flow

West View Apartments Cash Flow Analysis | 13

Calendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Financial MetricsCash on Cash Return b/t 6.47 % 20.67 % 22.06 % 22.64 % 23.24 % 23.24 % 23.24 % 23.24 % 23.24 % 23.24 %CAP Rate 6.47 % 20.67 % 22.06 % 22.64 % 23.24 % 23.24 % 23.24 % 23.24 % 23.24 % 23.24 %Operating Expense Ratio 41.34 % 32.68 % 31.42 % 30.92 % 30.44 % 30.44 % 30.44 % 30.44 % 30.44 % 30.44 %Gross Multiplier (GRM) 4.78 2.94 2.81 2.76 2.71 2.71 2.71 2.71 2.71 2.71Breakeven Ratio 41.34 % 32.68 % 31.42 % 30.93 % 30.44 % 30.44 % 30.44 % 30.44 % 30.44 % 30.44 %Price / Unit $21,212 $21,212 $21,212 $21,212 $21,212 $21,212 $21,212 $21,212 $21,212 $21,212

West View Apartments Disposition Sensitivity Analysis | 14

5 YEAR SENSITIVITY ANALYSISEXIT CAP RATE PROJECTED SALES

PRICESALES PRICE/UNIT SALES PRICE PSF PROCEEDS AFTER

LOAN PAYOFFIRR

0.25% $260,281,839 $1,971,832 $260,281,839 $260,281,839 151.72%0.50% $130,140,919 $985,916 $130,140,919 $130,140,919 120.41%0.75% $86,760,613 $657,277 $86,760,613 $86,760,613 104.18%1.00% $65,070,460 $492,958 $65,070,460 $65,070,460 93.52%1.25% $52,056,368 $394,366 $52,056,368 $52,056,368 85.73%1.50% $43,380,306 $328,639 $43,380,306 $43,380,306 79.66%1.75% $37,183,120 $281,690 $37,183,120 $37,183,120 74.73%2.00% $32,535,230 $246,479 $32,535,230 $32,535,230 70.61%2.25% $28,920,204 $219,092 $28,920,204 $28,920,204 67.09%

10 YEAR SENSITIVITY ANALYSISEXIT CAP RATE PROJECTED SALES

PRICESALES PRICE/UNIT SALES PRICE PSF PROCEEDS AFTER

LOAN PAYOFFIRR

0.25% $260,281,839 $1,971,832 $260,281,839 $260,281,839 62.03%0.50% $130,140,919 $985,916 $130,140,919 $130,140,919 52.38%0.75% $86,760,613 $657,277 $86,760,613 $86,760,613 47.20%1.00% $65,070,460 $492,958 $65,070,460 $65,070,460 43.74%1.25% $52,056,368 $394,366 $52,056,368 $52,056,368 41.18%1.50% $43,380,306 $328,639 $43,380,306 $43,380,306 39.17%1.75% $37,183,120 $281,690 $37,183,120 $37,183,120 37.54%2.00% $32,535,230 $246,479 $32,535,230 $32,535,230 36.17%2.25% $28,920,204 $219,092 $28,920,204 $28,920,204 35.00%

West View Apartments Demographics | 15

POPULATION 1 MILE 3 MILE 5 MILE

2000 Population 10,646 25,176 36,480

2010 Population 8,874 23,475 36,862

2019 Population 7,474 22,031 35,225

2024 Population 7,086 21,356 34,327

2019 African American 6,956 14,682 19,036

2019 American Indian 7 67 109

2019 Asian 7 56 256

2019 Hispanic 101 560 969

2019 Other Race 27 200 383

2019 White 405 6,688 14,831

2019 Multiracial 73 333 602

2019-2024: Population: Growth Rate -5.30 % -3.10 % -2.60 %

2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE

less than $15,000 710 1,703 1,998

$15,000-$24,999 707 1,888 2,479

$25,000-$34,999 419 1,151 1,543

$35,000-$49,999 401 998 1,494

$50,000-$74,999 230 1,165 2,109

$75,000-$99,999 100 668 1,468

$100,000-$149,999 58 493 1,581

$150,000-$199,999 1 152 373

$200,000 or greater 3 52 162

Median HH Income $22,843 $28,967 $39,843

Average HH Income $30,820 $43,882 $56,195

HOUSEHOLDS 1 MILE 3 MILE 5 MILE

2000 Total Housing 3,994 10,086 14,368

2010 Total Households 3,096 8,808 13,802

2019 Total Households 2,628 8,270 13,209

2024 Total Households 2,501 8,041 12,901

2019 Average Household Size 2.83 2.61 2.60

2000 Owner Occupied Housing 1,584 4,814 7,861

2000 Renter Occupied Housing 1,914 4,317 5,398

2019 Owner Occupied Housing 991 3,758 7,197

2019 Renter Occupied Housing 1,637 4,512 6,013

2019 Vacant Housing 583 1,319 1,826

2019 Total Housing 3,211 9,589 15,035

2024 Owner Occupied Housing 935 3,616 6,991

2024 Renter Occupied Housing 1,566 4,425 5,910

2024 Vacant Housing 720 1,590 2,218

2024 Total Housing 3,221 9,631 15,119

2019-2024: Households: Growth Rate -4.95 % -2.80 % -2.35 %

Source: esri

West View Apartments Demographics | 16

2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE

2019 Population Age 30-34 469 1,456 2,327

2019 Population Age 35-39 442 1,352 2,300

2019 Population Age 40-44 378 1,195 2,072

2019 Population Age 45-49 368 1,205 2,119

2019 Population Age 50-54 436 1,289 2,145

2019 Population Age 55-59 447 1,370 2,310

2019 Population Age 60-64 390 1,234 2,089

2019 Population Age 65-69 311 1,057 1,738

2019 Population Age 70-74 193 768 1,247

2019 Population Age 75-79 115 505 802

2019 Population Age 80-84 74 345 511

2019 Population Age 85+ 74 376 497

2019 Population Age 18+ 5,026 15,938 26,068

2019 Median Age 30 34 36

2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE

Median Household Income 25-34 $25,441 $31,559 $42,367

Average Household Income 25-34 $34,014 $45,509 $54,544

Median Household Income 35-44 $27,317 $34,475 $50,479

Average Household Income 35-44 $33,887 $49,440 $64,651

Median Household Income 45-54 $26,023 $34,172 $50,000

Average Household Income 45-54 $34,856 $49,795 $64,494

Median Household Income 55-64 $24,168 $31,354 $46,218

Average Household Income 55-64 $31,493 $45,201 $59,831

Median Household Income 65-74 $21,305 $26,352 $35,129

Average Household Income 65-74 $27,731 $40,105 $50,985

Average Household Income 75+ $19,105 $33,478 $38,089

2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE

2024 Population Age 30-34 472 1,483 2,543

2024 Population Age 35-39 405 1,315 2,193

2024 Population Age 40-44 402 1,263 2,160

2024 Population Age 45-49 340 1,132 1,959

2024 Population Age 50-54 373 1,177 2,011

2024 Population Age 55-59 377 1,164 1,937

2024 Population Age 60-64 393 1,255 2,084

2024 Population Age 65-69 336 1,095 1,844

2024 Population Age 70-74 231 837 1,381

2024 Population Age 75-79 145 602 963

2024 Population Age 80-84 78 387 602

2024 Population Age 85+ 77 364 506

2024 Population Age 18+ 4,811 15,530 25,541

2024 Median Age 31 35 36

2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE

Median Household Income 25-34 $28,071 $36,082 $50,431

Average Household Income 25-34 $38,655 $52,024 $62,745

Median Household Income 35-44 $29,486 $39,114 $56,168

Average Household Income 35-44 $38,243 $56,237 $72,938

Median Household Income 45-54 $28,577 $39,843 $56,958

Average Household Income 45-54 $40,335 $57,971 $74,296

Median Household Income 55-64 $27,381 $36,658 $52,879

Average Household Income 55-64 $36,566 $52,779 $68,964

Median Household Income 65-74 $23,536 $29,933 $39,985

Average Household Income 65-74 $31,362 $45,879 $58,418

Average Household Income 75+ $21,074 $38,514 $44,276

West View Apartments Demographic Charts | 17

1 Mile Radius 3 Mile Radius 5 Mile Radius

2019 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2019 Population by Race

West View Apartments Demographic Charts | 18

2019 Household Occupancy - 1 Mile Radius

Average Income Median Income

2019 Household Income Average and Median

West View Apartments

CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary andstrictly confidential. It is intended to be reviewed only by the party receiving it fromBraden, Braden & Braden and it should not be made available to any other person orentity without the written consent of Braden, Braden & Braden.

By taking possession of and reviewing the information contained herein the recipientagrees to hold and treat all such information in the strictest confidence. Therecipient further agrees that recipient will not photocopy or duplicate any part of theoffering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to Braden, Braden & Braden. This offeringmemorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligenceinvestigation. Braden, Braden & Braden has not made any investigation, and makesno warranty or representation with respect to the income or expenses for the subjectproperty, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence ofcontaminating substances, PCBs or asbestos, the compliance with local, state andfederal regulations, the physical condition of the improvements thereon, or financialcondition or business prospects of any tenant, or any tenant’s plans or intentions tocontinue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained fromsources we believe reliable; however, Braden, Braden & Braden has not verified,and will not verify, any of the information contained herein, nor has Braden, Braden& Braden conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness ofthe information provided. All potential buyers must take appropriate measures toverify all of the information set forth herein. Prospective buyers shall be responsiblefor their costs and expenses of investigating the subject property.

Exclusively Marketed by:

Curtis BradenPrincipal Broker(901) 881-2070Lic: TN: 284224, MS19110, AR AB00069049cbraden@bbbcre.com

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