Market Survey _ WS Millbrae

Most Comparable Least Comparable

to Subject to Subject

Average
June 30, 2008 Subject Property Non PPC Comparable Property 1 Comparable Property 2 Comparable Property 3 Comparable Property 4
Property Name ABC Apartments Skyline Terrace Archstone at San Bruno Northpark Crystal Springs Terrace
Address 3133 Frontera Way 1099 Admiral Court 1080 Carolan Avenue 2000 Crystal Springs Road
City, State Millbrae, CA 94030 Burlingame, CA San Bruno, CA Burlingame, CA San Bruno, CA
Phone (650)692-2766 (650)589-9100 (650)342-2301 (650)583-8043
Year Developed 1971 1979 1966 2004 1972 1974
Management Company
Number of Units 136 345 139 300 510 432
Occupancy 95.0% 95.3% 94.0% 93.0% 98.0% 96.0%
RUBS Yes Yes Yes No Yes
Mix of Unit Types 1x1 - 64, 2x1 - 32, 2x2 - 40
Description Description Description Description Description
1X1 The Cypress
Asking Rent $1,795 $1,654 $1,935 $1,760 $1,525 $1,395
Square Footage 735 719 860 568 598 850
Price per Sq. Ft. $2.44 $2.38 $2.25 $3.10 $2.55 $1.64
SPECIALS (PER MO) $0 $0 $295 $0 $0
Effective Rent: $1,795 $1,580 $1,935 $1,465 $1,525 $1,395
2X1 The Cedar
Asking Rent $2,195 $2,025 $2,150 $1,900
Square Footage 900 857 907 806
Price per Sq. Ft. $2.44 $2.36 $2.37 $2.36
SPECIALS (PER MO) $0 $379 $0
Effective Rent: $2,195 $1,836 $1,771 $1,900
2X2 The Chestnut
Asking Rent $2,295 $2,169 $2,350 $2,430 $2,100 $1,795
Square Footage 965 1,086 1,400 980 1,014 950
Price per Sq. Ft. $2.38 $2.03 $1.68 $2.48 $2.07 $1.89
SPECIALS (PER MO) $0 $0 $412 $0 $0
Effective Rent: $2,295 $2,066 $2,350 $2,018 $2,100 $1,795
Type
Asking Rent
Square Footage
Price per Sq. Ft.
SPECIALS (PER MO)
Effective Rent:
Type
Asking Rent
Square Footage
Price per Sq. Ft.
SPECIALS (PER MO)
Effective Rent:
SECURITY DEPOSITS $533 $1125 $199 $600 $750

DETAILS OF SPECIAL & LEASE None None Two Months Free Rent None Rents Recently Reduced
TERMS: (e.g. 1-month free on 12-
month lease, $500 off 1 Bdrm on 6-
month lease, etc…)
UNIT & COMMUNITY FEATURES Project Amenities Project Amenities Project Amenities Project Amenities Project Amenities
Check all features that apply to the ✘ ClubhouseRec Room ✘ ClubhouseRec Room
✘ Clubhouse Rec Room
✘ Clubhouse Rec Room
✘ Clubhouse
✘ Rec RoomClubhouse
Rec Room
Subject and Comparable properties. ✘ Fitness Center
Sports Court ✘ Fitness Center
Sports Court
✘ Fitness Center
Sports Court
✘ Fitness ✘Center
Sports Court
✘ Fitness Center
Sports Court
FitnessCourt
Sports Center
Use blank row(s) below each ✘ Pool/Spa Sauna ✘ Pool/Spa Sauna ✘ Pool/Spa Sauna ✘ Pool/Spa Sauna ✘ Pool/Spa ✘ Sauna Sauna
Pool/Spa
sub-category for additional Tot Lot ✘ Bus Center Tot Lot Bus CenterTot Lot ✘ Bus Center
Tot Lot Bus Center Tot Lot Bus CenterTot Lot
Bus Center
comments. Gated ✘ Laundry Room ✘ Gated ✘ Laundry Room
Gated Laundry Room
Gated ✘ Laundry✘ Room
Gated ✘ Laundry Room
Laundry Room
Gated
Parking Parking Parking Parking Parking
Garage Carport Garage Carport ✘ Garage Carport✘ Garage Carport Garage✘ Carport Garage
Carport
✘ Covered ✘ Covered Covered Covered ✘ Covered Covered
Unit Condition Unit Condition Unit Condition Unit Condition Unit Condition
High End
✘ Moderate ✘ High End Moderate
✘ High End Moderate High End
✘ Moderate High End
✘ Moderate Moderate
High End
Econ Econ Econ Econ Econ Econ

Unit Amenities Unit Amenities Unit Amenities Unit Amenities Unit Amenities
Central ACWall Unit Central ACWall Unit Central ACWall Unit Central ACWall Unit Central ACWall Unit Wall
Central
Unit
AC
W/D W/D Hook-up W/D W/D Hook-up
✘ W/D W/D Hook-up
W/D W/D Hook-up
W/D W/D Hook-up
W/D Hook-up
✘ Refrig IncFireplace ✘ Refrig IncFireplace
✘ Refrig IncFireplace Refrig IncFireplace Refrig IncFireplace Fireplace
Refrig Inc
✘ Balcony/Patio
✘ Ceiling Fan ✘ Balcony/Patio
Ceiling Fan
✘ Balcony/Patio
Ceiling Fan
Balcony/Patio
Ceiling Fan
✘ Balcony/Patio
✘ Ceiling Fan
Ceiling Fan
Balcony/Patio
High Ceilings
✘ Extra Storage High Ceilings
Extra Storage
✘ High Ceilings
✘ Extra Storage
High Ceilings
Extra Storage
✘ High Ceilings
Extra Storage
✘ Extra
High Ceilings
Storage
CAT POLICY/DESCRIPTION Yes - $500 Dep - $25 Mo Yes - $500 Dep - $25 Mo Yes - $500 Dep - $25 Mo No Yes - $350 Dep - $30 Mo
DOG POLICY/DESCRIPTION Yes - $500 Dep - $25 Mo Yes - $500 Dep - $50 Mo Yes - $500 Dep - $25 Mo No No
Notes:
> Cells highlighted in yellow should be updated by Onsite Staff.

07/14/2008 18:13:42 Pacific Property Company

 Market Survey _ WS Millbrae
> Change tab name below to populate report name in header.

07/14/2008 18:13:44 Pacific Property Company