POSSIBLE SELLER FINANCING AVAILABLE 423 Washington Apartments is comprised of 2 Studios apartment homes at 418 Sq. Ft. and 16 one-bedroom one-bathroom apartments homes at 606 Sq. Ft. It was built in 1929. Currently, the 423 Washington Apartments is operating at 100% physical occupancy, and for many years, it has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the location of this asset. The property is operating at a stabilized level of operations; however, we are of the opinion that it is operating below its true potential. Based on our meticulously conducted rent comparable study, it was determined that rents are below market when applying the current street rents. From an underwriting perspective, IPO has forecasted a year-one Pro Forma NOI of $73,473 based on street rents and a 6.0% vacancy and bad debt. When accounting for additional increases up to market rents, the NOI rises to $81,042, creating a value-add potential without significant additional financial investment.