Operational Value-Add Portfolio | Expense Optimization Opportunity 51 Residences | Two Adjacent Properties South Main Arts District | Downtown Memphis $5,200,000 | $102K/Unit Pro Forma NOI: $416,000 | Pro Forma Cap Rate: 8.0% Occupancy: 86% Average Lease Rent: $1,218 I Average Lease Rent PSF: $1.24 Printer’s Alley and Annex Lofts comprise a 51-unit portfolio operated as one asset in Downtown Memphis’ South Main Arts District. Historically managed under an institutional operating model designed for properties exceeding 100 units, the portfolio has carried an expense structure disproportionate to its size. The pro forma right-sizes operations through a more efficient, non-payroll management model, reducing the expense ratio from approximately 61% to 42%. Importantly, the underwriting uses current apartment rents and vacancy consistent with the latest rent roll, while incorporating income from the newly executed retail lease subject to a 10% commercial vacancy factor. It does not rely on residential rent-growth assumptions. Additional revenue-growth opportunities remain through occupancy gains, future rent growth, parking income, and targeted value-add initiatives. Investment Highlights Operational Value-Add— Right-sized management and expense controls support meaningful NOI growth without relying on aggressive apartment rent assumptions Integrated 51-Unit Portfolio — Two adjacent properties are operated as one asset with shared leasing, maintenance, and management Additional Revenue Upside — Opportunity to improve residential occupancy and more fully monetize restored basement parking, storage, patios, garages, and differentiated units Visible Street-Level Leasing Opportunity — Restoring the Annex Lofts leasing office could capture pedestrian and drive-by traffic while creating a centralized leasing hub for both properties Proven South Main Location — Walkable Downtown setting near employment, dining, entertainment, cultural attractions, and the Mississippi Riverfront