Workforce Housing with Proven Upside 130% NOI Growth Since 2023 80 Residences ?LIHTC / LURA & PILOT Structure through 2030 Midtown I Memphis MSA 93% Economic Occupancy * 1954 Construction $3,550,000 | $44,400/Unit NOI: $267,000? Cap Rate: 7.5% Lapaloma Apartments is an 80-unit workforce housing community located in Midtown Memphis. The property features an 80% two-bedroom unit mix, 93% economic occupancy, and benefits from a market-aligned LIHTC/LURA affordability framework and a PILOT tax abatement through approximately 2030. Current ownership has invested nearly $250,000 in renovations while increasing rents and growing NOI by more than 130% since 2023. With additional upside through lease-up and rent optimization, Lapaloma offers investors a compelling blend of stability and growth. Located in Memphis' Urban Core, the property offers convenient access to local employment centers. *Excludes 9 units temporarily offline for renovation and turnover. INVESTMENT HIGHLIGHTS Proven Value-Add with Remaining Upside - Nearly $250,000 in capital improvements since 2023 has increased rents from the low-$600s to $750-$800 on renovated two-bedroom units while driving NOI growth of over 130%. Two-Bedroom Concentration with Rent & Lease-Up Upside - 80% of the property's unit mix consists of two-bedroom apartments, 50% of which currently achieve rents of $750-$800, including 14 units at $800 per month. An additional 29 two-bedroom units remain positioned for future rent growth as leases renew, while 9 units are currently offline for renovation and turnover, creating further occupancy and NOI upside. PILOT Tax Abatement Through 2030 - Annual real estate taxes remain approximately $7,000 through 2030, providing a meaningful cash flow advantage. Market-Aligned LIHTC/LURA Structure - The property's LIHTC/LURA framework supports long-term demand from workforce households, while allowable rents remain generally consistent with market rents throughout the submarket. Operational Efficiency Opportunity - Historical financials reflect an active renovation and turnover program, creating potential for future operating efficiencies as the asset stabilizes.