COSGROVE ADVISORY GROUP 3236 CLARKSVILLE PK NASHVILLE, TN 37218

EXCLUSIVE OFFERING MEMORANDUM

6 CADILLAC DR. SUITE 100 | BRENTWOOD TN 37027 | 615.997.2900 | www.marcusmillichap.com

15-UNIT MULTIFAMILY INVESTMENT

OPPORTUNITY LOCATED IN NASHVILLE, TN

15 UNITS | BUILT 1950 | 3236 CLARKSVILLE PIKE NASHVILLE, TN | DAVIDSON COUNTY

3236 CLARKSVILLE

COSGROVE ADVISORY GROUP

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from the Cosgrove Advisory Group ofMarcus & Millichap Real Estate Investment Services of Tennessee, Inc. and should not be made available to any other person or entity without the written consent of the Cosgrove Advisory Group. ThisMarketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. Theinformation contained herein is not a substitute for a thorough due diligence investigation. The Cosgrove Advisory Group and Marcus & Millichap have not made any investigation, and make nowarranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or thefinancial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure hasbeen obtained from sources we believe to be reliable; however, the Cosgrove Advisory Group and Marcus & Millichap have not verified, and will not verify, any of the information contained herein, norhas the Cosgrove Advisory Group or Marcus & Millichap conducted any investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy orcompleteness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Seller retains all rights and discretion to determine theoffer and acceptance process including but not limited to the right to accept or reject any offer in its sole and absolute discretion. Seller shall only be bound by duly executed and enforceableagreements entered into, if any. ALL MATTERS PRIVILEGED AND CONFIDENTIAL.NON-ENDORSEMENT NOTICEThe Cosgrove Advisory Group and Marcus & Millichap are not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of anycorporation logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of the Advisory Group or Marcus & Millichap, its affiliates orsubsidiaries, or any agent, product, service, or commercial listing of the Cosgrove Advisory Group or Marcus & Millichap, and is solely included for the purpose of providing tenant lessee informationabout this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR COSGROVE ADVISORY GROUP ADVISOR FOR MORE DETAILS.

INVESTMENT ADVISORP A T COS G R OV E

D +1 615-997-2853C +1 615-973-5373pat.cosgrove@marcusmillichap.com

TABLE OF CONTENTS

01 INVESTMENT SUMMARY

02 LOCATION OVERVIEW

03 FINANCIAL OVERVIEW

04 DEMOGRAPHICS

01 INVESTMENT SUMMARY

List Price: $759,900

Marcus & Millichap has been selected to exclusively market for sale the 3236 Clarksville Pike Nashville, TN. This offering will allow a potential investor to purchase a high cash-flowing asset, located in the Nashville MSA.

Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention ofPat Cosgrove. AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF 3236 CLARKSVILLE PIKE.

INVESTMENT ADVISORP A T COS G R OV E

D +1 615-997-2853C +1 615-973-5373pat.cosgrove@marcusmillichap.com

COSGROVE ADVISORY GROUP

INVESTMENT SUMMARY

02 FINANCIAL OVERVIEW

I N V EST M E N T H I G H L I G H T S

1

T H R I V I N G Q U A L I T Y O F L I F E

#7 on Forbes’ l ist of Top 25 F a s t e s t - G r o w i n g C i t i e s o f 2 0 1 8

Nashville has jumped significantly from #20 to #7 on the 2017list. "The goal of Forbes’ annual list of America’s fastest-growingcities is to give a holistic picture of places on the upswing. Thatmeans looking not just at job, population or output growthindividually, but considering how these important measures andothers come together. It means looking back to see which cities grewthe most in 2017 and forward to project which cities will make stridesin 2018," says Forbes.

2

O U T S T A N D I N G B U S I N E S S D E V E L O P M E N T

Nashvi l le Named Major Market of the Year for 2017

Southern Business & Development Magazine (SB&D) ranks states andpeer group markets based on the capture of projects announced in theSouth meeting or exceeding 200 jobs and/or $30 million ininvestment. The SB&D 100 (the 24th annual) ranks each state andmarket through points earned based on the capital investment, jobsand the size of each project captured. Nashville earned "Major Marketof the Year" for 2017 for its performance in calendar year 2016 with165 points. The second highest ranking metro received 105 points.

3

S T R O N G P O P U L A T I O N G R O W T H

13.5% POPULATION GROWTHF R O M 2 0 1 0 T O 2 0 1 7

Nashville MSA population has grown from 1,675,972 in 2010 to 1,903,045 in 2017. Davidson County population has grown from 628,131 in 2010 to 691,243 in 2017.

SUBJECT A SSET LOCATED I N V IBRANT N ASHVILLE

1

MADISON CREST APARTMENTS

NASHVILLEOVERVIEW

Known as the epicenter of country music, the Nashville metro contains

a population of nearly 2 million within 14 counties: Davidson, Smith,

Macon, Williamson, Cheatham, Sumner, Dickson, Robertson, Cannon,

Rutherford, Hickman, Trousdale, Maury and Wilson. Davidson is the

most populous county with 707,000 people and is home to Nashville,

the capital city, which has 680,000 residents. The metro is located in

the north-central portion of the state of Tennessee in what is known as

the Central Basin. The Cumberland River, which snakes through the

region, adds to the local economic base and enhances Nashville’s

quality of life. The metro has a strong multimodal infrastructure

network linking the metro to markets around the world.

METRO HIGHLIGHTS

MUSIC INDUSTRY CAPITAL

The metro is well known as a central location for the

country music industry, which provides many local

jobs and supports a large hospitality sector.

DIVERSIFYING ECONOMY

Other major industries in the metro include

healthcare, government, automotive manufacturing,

publishing, insurance and finance.

ROBUST POPULATION GROWTH

The population will increase at a faster pace than

the nation over the next five years.

NASHVILLE MSA OVERVIEW

AUSTIN PEAY UNIVERSITY

HIGH QUALITY OF LIFE WITH A PLETHORA OF ENTERTAINMENT AND LEISURE

AUSTIN PEAY UNIVERSITY

“Vanderbilt, Belmont, and Lipscomb universities offer top ranked MBA programs” Bloomberg Business, 2018

123,000students attend the area’s colleges and universities.

60%of college graduates remain in the region.

Middle Tennessee is a magnet for talent, young graduates and the types of workers new and growing industries seek. Considered a nationalhub for the creative class, the Nashville region’s educated workforce not only provides an abundant talent pool for companies, but alsobolsters the region’s vibrancy, artistic and musical essence, and competitive edge in technology and innovation. While our region supportsmany innovative and aggressive local programs to recruit workers to the region, many of Nashville's most valuable workers come from thearea's own vast educational system, with its 24 accredited four-year, two-year, tech schools and postgraduate institutions. Nearly 123,000students are enrolled in higher education in the Nashville area, the largest concentration in a four-state region. We retain 60 percent of thesegraduates annually in our region. More than 34 percent of residents over age 25 have a bachelor’s degree or higher, and more than 150,000residents have graduate or professional degrees.

NASHVILLE TAKES ADVANTAGE OF LOCAL, HIGHER LEVEL EDUCATION

AUSTIN PEAY UNIVERSITYVANDERBILT UNIVERSITY

B ELMONT UNIVERSITY

AUSTIN PEAY UNIVERSITYL IBSCOMB UNIVERSITY

2

MADISON CREST APARTMENTS

NASHVILLE MSA ECONOMY OVERVIEW

MADISON CREST APARTMENTSINCREDIBLE DEMOGRAPHICS

5,000 JOBS COMING TO NASHVILLE VIA AMAZON

Vibrant Nashville Downtown Lures Amazon,

Likely Boosting Demand for Class A Rentals

High-paying jobs support household formation and apartment demand. Corporate expansions and

relocations have driven an influx of new residents to Nashville in recent years, supporting household

formation. This trend will continue through 2019, as firms including Amazon and Ernst & Young

increase their footprints. Amazon has chosen the metro for its retail operations center with plans to

add 5,000 jobs over the course of the next seven years while Ernst & Young is bringing 600 jobs to the

area in the next five years. Both companies will be expanding their presence downtown. Many

professionals may want to live in proximity to the amenities of the urban core, driving demand for

units in this area. Downtown Nashville has seen a significant influx of Class A spaces over the past

several years as redevelopment efforts fueled construction. As a result, metrowide Class A vacancy

edged higher. The addition of these newer higher-paying jobs will likely support apartment demand,

lowering vacancy in newer apartments throughout the market. Relatively more affordable rents in

Class C spaces will sustain demand, keeping vacancy below 4 percent in these apartments.

Increased demand could drive prices higher in the core. Redevelopments and corporate growth

downtown will sustain investor interest for apartment properties in the area. Assets near the new

Amazon headquarters could command significant attention as new retail, shopping and

entertainment options are built in proximity, attracting tenants seeking an urban environment. The

limited number of marketed assets may prompt some owners to place their properties on the market

particularly as increased demand may command premium pricing. Here, cap rates in the mid-4

percent band on average can be found. Some buyers are looking to opportunities in the suburbs,

where initial returns higher than many gateway markets persist. Average first-year yields up to the

mid-6 percent band are attracting investors from California, New York and other large coastal

markets.

* Estimate; ** Forecast; v Through 3Q; z Trailing 12-month average

Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.

03 FINANCIAL OVERVIEW

RENT ROLL DETAIL FINANCIAL ANALYSIS

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3 2 3 6 C L A R K S V I L L E P I K E R E N T R O L L D E TA I L

FINANCIAL ANALYSIS

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3 2 3 6 C L A R K S V I L L E P I K E O P E R AT I N G S TAT E M E N T

OPERATING STATEMENT

FINANCIAL ANALYSIS

21

3 2 3 6 C L A R K S V I L L E P I K E O P E R AT I N G S TAT E M E N T N O T E S

NOTES

04 DEMOGRAPHICS

Created on September 2019

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 4,987 55,544 167,771

▪ 2018 Estimate

Total Population 5,026 55,677 167,120

▪ 2010 Census

Total Population 4,679 46,758 145,467

▪ 2000 Census

Total Population 4,915 47,878 145,723

▪ Daytime Population

2018 Estimate 5,918 80,979 326,635

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 2,062 21,681 68,818

▪ 2018 Estimate

Total Households 2,055 21,305 67,168

Average (Mean) Household Size 2.47 2.36 2.20

▪ 2010 Census

Total Households 1,899 17,233 56,721

▪ 2000 Census

Total Households 1,909 16,842 55,209

Growth 2015-2020 0.34% 1.76% 2.46%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

▪ Occupied Units

2023 Projection 2,062 21,681 68,818

2018 Estimate 2,187 23,489 74,405

Owner Occupied 996 9,405 28,509

Renter Occupied 1,058 11,900 38,659

Vacant 133 2,183 7,236

▪ Persons In Units

2018 Estimate Total Occupied Units 2,055 21,305 67,168

1 Person Units 33.14% 35.45% 39.67%

2 Person Units 29.29% 30.30% 30.80%

3 Person Units 16.40% 15.44% 13.57%

4 Person Units 10.36% 9.52% 8.29%

5 Person Units 5.55% 4.89% 4.19%

6+ Person Units 5.30% 4.41% 3.48%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$200,000 or More 0.88% 2.17% 4.99%

$150,000 - $199,000 1.35% 1.72% 3.20%

$100,000 - $149,000 5.21% 7.81% 8.94%

$75,000 - $99,999 7.82% 8.99% 9.55%

$50,000 - $74,999 17.73% 16.07% 16.10%

$35,000 - $49,999 15.13% 13.91% 13.48%

$25,000 - $34,999 13.96% 12.22% 11.47%

$15,000 - $24,999 14.94% 14.97% 12.96%

Under $15,000 22.97% 22.14% 19.32%

Average Household Income $44,212 $53,013 $69,054

Median Household Income $32,726 $35,616 $41,363

Per Capita Income $18,587 $21,754 $29,059

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2018 Estimate Total Population 5,026 55,677 167,120

Under 20 29.23% 26.36% 24.63%

20 to 34 Years 17.48% 24.81% 31.47%

35 to 39 Years 5.29% 5.95% 6.52%

40 to 49 Years 11.33% 11.07% 10.68%

50 to 64 Years 20.59% 18.89% 16.47%

Age 65+ 16.07% 12.94% 10.25%

Median Age 38.09 34.14 31.44

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 3,267 36,026 107,222

Elementary (0-8) 4.41% 4.64% 4.04%

Some High School (9-11) 16.36% 14.02% 12.13%

High School Graduate (12) 29.44% 28.00% 24.93%

Some College (13-15) 22.44% 21.62% 18.33%

Associate Degree Only 5.73% 5.62% 5.01%

Bachelors Degree Only 8.87% 13.73% 19.21%

Graduate Degree 8.93% 10.31% 14.78%

▪ Population by Gender

2018 Estimate Total Population 5,026 55,677 167,120

Male Population 45.57% 44.87% 47.99%

Female Population 54.43% 55.13% 52.01%

DEMOGRAPHICS

COSGROVE ADVISORY GROUP 3236 CLARKSVILLE PK NASHVILLE, TN 37218

EXCLUSIVE OFFERING MEMORANDUM

6 CADILLAC DR. SUITE 100 | BRENTWOOD TN 37027 | 615.997.2900 | www.marcusmillichap.com

15-UNIT MULTIFAMILY INVESTMENT

OPPORTUNITY LOCATED IN NASHVILLE, TN