| In-place rents average $1,140 vs. market rents of $1,250 — ~10% mark-to-market upside |
| All 12 units are 2BR/2BA at 100% occupancy — simple, highly rentable operating profile |
| Offered at $104,167/unit and $91.03/SF, below sales comp average of $112,700/unit |
| T-12 NOI of ~$65,479 grows to Year 1 adjusted NOI of ~$86,832 as rents mark to market |
| Year 3 stabilized NOI of approximately $106,384 as operations are optimized |
| Greater Pensacola market: 538,000+ population, 5.5% multifamily vacancy, 36% renter-occupied |
Connor Rollins
Matthews™
