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CBRE Valuation & Advisory Services Marlicet Study :Report MARKET STUDY: 2 PROPERTIES 116 E Hill Ave, NKA Central Dr Moses Lake, Washington 98837 Prepared for: Stewardship Development Date of Report: June 11, 2026 CBRE File No.: CB26US044036-3 cbre.coml/valluation CBRE Valuation & Advisory Services 421 W Riverside Ave, Suite 353 Spokane, WA 99201 T (509) 998-5300 www.cbre.com/valuation Date of Report: June 11, 2026 Ms. Tori Rios STEWARDSHIP DEVELOPMENT 1247 Villard St Eugene, Oregon 97403 RE: Appraisal of: Market Study: 2 Properties 116 E Hill Ave, NKA Central Dr Moses Lake, Grant County, Washington 98837 CBRE File No.: CB26USO44036-3 Dear Ms. Rios: At your request and authorization, CBRE, Inc. has prepared market study of the referenced property. The property is evaluated using generally accepted appraisal principles and theory. The report is intended to conform to the Uniform Standards of Professional Appraisal Practice (USPAP) and the Washington State Housing Finance Commission (WSHFC) market study requirements. A description of the subject, site, and findings from this report are outlined as follows, with a detailed analysis found in the body of this report. Development Description The subject consists of two properties located about two miles apart in Moses Lake, Grant County, Washington. One property is currently a 20-unit market rate apartment building located at 116 E Hill Street that was built in 1962, is in average condition relative to its age, and is situated on a 0.93-acre site. Each unit at this property has a similar 2bd/1 ba layout, and property amenities include off-street parking and an on -site laundry facility. The property is pending sale to the client, and the client plans to complete a renovation of the building. We have analyzed the property under the extraordinary assumption that the proposed renovation will be completed. The renovation is scheduled to commence in September 2027 and be completed by August 2028. Upon completion, the property will have four units restricted to households at 40% AMI, and 16 units restricted to households at 60% AMI. The other property is proposed, age -restricted (55+) apartment complex located along Central Drive with no known address (address of the athletic complex to the south is 933 Central Drive). This project will consist of 109 units and will be built in two phases. We have analyzed only the first phase of the 109-unit complex, which will consist of 44 studios that will have an average unit size of 540-SF. Construction of Phase I is scheduled to commence in September 2027 and be completed by January 2029. Phase II, which has been excluded from this analysis, is scheduled to start one year after the completion of Phase I, or in January 2030, and be completed by May 2031. Upon completion, this property will have 16 units set aside for households suffering from homelessness, all of which are set aside at the 30% AMI level, and the remaining 28 units will be restricted to households at 40% of area median income. CBRE VALUATION & ADVISORY SERVICES 1t 202E CBRE, INC CBREValuation & Advisory Services The proposed development on Central Drive consists of studio units that are similar insize and layout and are 540-SF.The property located onHill Street consists of 2bd/lba floor plans that are similar insize and layout and are 700-SF When complete, the subject property will beencumbered by Section 42 of the Low -Income Housing Tax Credit (L|HTC)program, with the studio units having income restricted to residents earning 30% and40% of area median income (AJN|) levels, with 18 units set eakjo for homeless householda, and the 2bd/ ba units have income restricted to residents earning 40% and 60% of AMI levels. At this time the subject has not been accepted into the Low-income Housing Tax Credit (L|HTC)program. However, at the request of the client our analysis will be completed as if the subject were approved to be encumbered by Section 42 of the Low -Income Housing Tax Credit (L|HTC)program with all of its housing units set aside at 3096. 4096. and 8096 or |eaa of area median income (A0W|). with 16 units set aside for homeless households. We understand that there will be no project based vouchers (PBV) or project -based rental assistance for any of the subject's units. Primary Market Area The subject's primary market area (PMA) is within the City of Moses Lake. We estimate that1[0% of the demand for the subject property will bederived from these boundaries. This area was determined based on the geography and demographics of the immediate market. Capture Rate and Penetration Analysis Based on the results of this demand analysis, the subject's 20 two -bedroom tax credit affordable units indicate ocapture rate ofO.3% of the income qualified rental households within the subject's PMA.The subject's 44 age -restricted studio units indicate e capture rate of5.596 of the income (and age) qualified rental households within the subject's PMA. This data suggests that the subject will need to capture |eaa than 296 of the estimated income qualified renter households in the subject's PMA in order to achieve and maintain a stabilized occupancy level. In the instance when the capture rate is etorabove 10096. which is the saturation point, market demand will not support additional units. High risk is considered by most lenders to be around 30% while low risk is considered to be |eoa than 1096. The subject's capture rate is under 196. which indicates that the subject has low risk and based on the demographic data there appears to be a moderate percentage of lower income households inthe Py0Afrom which tocapture from the market. When accounting for existing L\HTC unita, as well as any proposed and under construction units in the subject's PMA, the market penetration rate based on existing demand is estimated et22.596. This rate is below 10096' which indicates that there is demand for the subject's units. One of the potential drawbacks to this approach isthat ofthe existing income eligible renter households, tenants from this pool may be renting market rate product or other affordable housing product such as HUD subsidized housing, as well as other public housing sponsored by housing authorities. However, the impact ofthese additional affordable properties are reasonably reflected inthe figures discussed above' and the market penetration levels detailed above are illustrative of a reasonable depth of the market. CBRE VALUATION & ADVISORY SERVICES 2 4) 2026oensINC CBRE Valuation & Advisory Services Affordable Rent Conclusions The subjects concluded LIHTC rents are presented in the chart below LIHTC MARKET RENT CONCLUSIONS No. Unit Concluded Rent Annual Rent Units Unit Type Size Total SF $/Unit $/SF PRI $/Unit $/SF Total 16 Studio - 30% AMI 540 8,640 $449 $0.83 $7,184 $5,388 $9.98 $86,208 28 Studio - 40% AMI 540 15,120 $619 $1.15 $17,332 $7,428 $13.76 $207,984 4 2bd/1ba - 40% AMI 700 2,800 $773 $1.10 $3,092 $9,276 $13.25 $37,104 16 2bd/1ba - 60% AMI 700 11,200 $1,209 $1.73 $19,344 $14,508 $20.73 $232,128 64 590 37,760 $734 $1.24 $46,952 $8,804 $14.92 $563,424 Compiled by CBRE Rent Gap Analysis The following table presents the difference in concluded market and affordable rents for the subject under the proposed rent restrictions at 30%, 40%, and 60% of AMI levels. LIHTC VERSUS MARKET RENTS No. Unit Max Utility Net LIHTC Market Concluded Rent % of Units Unit Type Size Total SF Allowable Allowance Max Rent Rent Rent Difference Market 16 Studio - 30% AMI 540 8,640 $509 ($60) $449 $1,150 $449 $701 39% 28 Studio - 40% AMI 540 15,120 $679 ($60) $619 $1,150 $619 $531 54% 4 2bd/1 ba - 40% AMI 700 2,800 $873 ($100) $773 $1,225 $773 $452 63% 16 2bd/1ba-60%AM1 700 11,200 $1,309 ($100) $1,209 $1,225 $1,209 $16 99% 64 590 37,760 Compiled by CBRE As the concluded market rent for the subject's units is higher than the maximum allowable rental rates for the 30% - 60% AMI levels, we have concluded a LIHTC rental rate at the 2026 maximum allowable rents. Conclusion In conclusion, we expect the subject to enjoy good market acceptance in relation to alternative low-income housing options in its expanded neighborhood area. As the subject will be new, it will reflect current design and market standards. Based On the analysis herein, it appears there is sufficient demand for low-income households and development would be well suited for the immediate market. As such, market acceptance for the subject property is considered high. In addition, the developer has indicated they have set aside 16 for households designated as being homeless. The subject property, as proposed, is recommended as a low-income housing complex. Data, information, and calculations leading to the market conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. No other use or user Of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non -intended users does not extend reliance to any such party, and CBRE will not be responsible for CBRE VALUATION & ADVISORY SERVICES 3 & 2026 CBRE, INC CBRE Valuation & Advisory Services any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereofl. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Cole Taylor Senior Appraiser State Certified General Real Estate Appraiser Washington Certification No. 1102544 Expiration Date: 03/27/2028 Phone: 509-998-5300 Email: cole.taylor@cbre.com Todd Henderson, MAI, AI-GRS National Practice Leader - Multifamily State Certified General Real Estate Appraiser Washington Certification No. 1101931 Expiration Date: 04/05/2028 Phone: 206-292-6189 Email: todd.henderson@cbre.com CBRE VALUATION & ADVISORY SERVICES 4 K) 2026 CBRE, INC Certification VVecertify tothe best of our knowledge and belief: l.The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect tothe parties involved. 4. Cole Taylor and Todd Hendaraon, MA|. AI-GR8 have not provided any other services, as an appraiser or in any other oopeoity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement toperform this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of e predetermined value or direction in value that favors the cause of the o|ient, the amount of the value opinion, the attainment of stipulated result, or the occurrence of e subsequent event directly related to the intended use ofthis appraisal. 8. The reported ana|yeea, opiniono, and conclusions were devo|oped, and this report has been pnapared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. 9. Cole Taylor has, and Todd Henderonn, MA|. AI-GR8 has not made a personal inspection of the property that iathe subject ofthis report. lO. Noone provided significant real property appraisal assistance tothe persons signing this certification. ll.The reported analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code ofProfessional Ethics and Standards ofProfessional Practice of the Appraisal Institute. 12. The use nfthha report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 13. As ofthe date of this report, Todd Henderson' MA|, AI-GRS has completed the continuing education program for Designated Members ofthe Appraisal Institute. 14. As of the date of this report, Cole Taylor has completed the Standards and Ethics Education Requirements for Practicing Affiliates ofthe Appraisal Institute. 15. The reported analyses, opinions' and conclusions were developed, and this report has been prepared in conformity with the requirements of the State of Washington. Cole Taylor Certified General Real Estate Appraiser Washington Certification No. 11O2544 Expiration Date: 03/27/2028 Todd Henderson, MA\.AI-GR8 Certified General Real Estate Appraiser Washington Certification No. 11O1S31 Expiration Date: 04/05/2028 CBRE VALUATION & ADVISORY SERVICES / Oc 202600ns/wC MJ ` � s 'r v a AI e or 14 Mom f � fj 4AL JAI map ` V m.. ox. 4penSt?estMap, cAj YAP --- * , -� Aerial view - Central Drive Subject Photographs ik��+a: �'�i�,�� r�:l� ��'�r i ` _ .'�� �. +F '�•«`�:r�f`;tod � ..•a �v'�',htLw�"i 'M1):'- � ♦ ... ... t IN,nVIN . V`�L��g1 �M1aY,�'f'�'� -�Y� ��'`� i�.��Y'�V;�(y •yYy �A�ti +9t _- . ..Nl�j >a_o'�.em_,..- View of the Subject Site Facing N View of the Subject Site Facing NE CBRE VALUATION & ADVISORY SERVICES iii c: 2026 CBRE. INC (D 0 "N C/) mopt Aerial View — Hill Avenue 7 —WWIA 4ma cn m L" 0 cn nStreetMat�. 14 fh4w I fir' "�•�•.�- ' . -� � + ;�f `�e�s ems' IJ Ak- f I OR Exterior View of the Subject Exterior View of the Subject h. ' U4 r r 116 Exterior View of the Subject Typical View of a Kitchen r p r Typical View of a Kitchen ITypical View of a Living Room Typical View of a Living Room Typical View of a Bathroom Typical View of a Bedroom ............ Typical View of a Bathroom 40 View of the Laundry Room MView of Hill Ave Facing West Executive Summary Property Name Location Parcel Number(s) Client Property Rights Appraised Date of Inspection Estimated Exposure Time Estimated Marketing Time Absorption Market -Rate LIHTC Supply and Demand Indicators Capture Rate (LIHTC) Penetration Rate (LIHTC) Executive Summary Market Study: 2 Properties 116 E Hill Ave, NKA Central Dr Moses Lake, Grant County, WA 98837 100144000, Portion of 102114000 Stewardship Development Leased Fee Interest May 14, 2026 6 Months 6 Months 8 units per month 8 units per month Hill Ave Central Dr 0.9% 26.5% 5.5% 26.5% • Both properties are centrally located in Moses Lake. • A portion of the subject's units will be set aside for seniors experiencing homelessness, which is an underserved portion of the market. • Upon completion, both properties will be in good condition relative to other Class A/B properties located in Moses Lake. Weaknesses/ Threats • There has been a substantial amount of new single and multifamily residential construction in Moses Lake over the past ten years. Given the recent increase in supply, the majority of properties surveyed have been offering up -front concessions over the past 1-2 years. • Commercial real estate market conditions have deteriorated at the macro level due to the significant increase in the cost of capital beginning in 2022, reducing the volume of transaction activity. Over the past few years, this has impacted price discovery and created an increase in uncertainty. • Recent tariffs implemented by the US have created global economic uncertainty. The outcome of the US tariffs, retaliatory tariffs, and global trade disruption is uncertain as of the date of value. Macro -economic conditions may change and impact the value of commercial real estate. Recent military action between an Israeli/U.S. coalition and Iran has heightened global economic uncertainty and risks. The situation remains extremely fluid with a variety of possible outcomes. Impacts on real estate are highly dependent on both the length and scope of the conflict. Beyond the duration and scope of the conflict, potential risks include the impact on energy infrastructure in the Gulf states and the CBRE VALUATION & ADVISORY SERVICES Vii c, 2026 CBRE, INC Executive Summary transit of oil and gas through the Strait of Hormuz. There are implications for global supply chains, as well as the cost of capital and capital markets activity. Amid increased uncertainty, the Fed will likely hold interest rates steady as it assesses the economic implications but will likely resume rate cutting if the economy materially deteriorates. At the long end of the yield curve, investors have remained more concerned about inflation than growth since the conflict began. Long-term rates may drop if the Middle East conflict escalates and/or economic conditions worsen, which would likely drive more capital to safe havens. Experience has shown that consumer and investor behavior can quickly change during periods of heightened volatility. Lending or investment decisions should consider the potential for a continuation of recent volatility, which may affect market conditions disproportionately, depending on asset class. It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets respond to evolving events. An extraordinary assumption is defined as "an assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions." 1 • The subject's net rentable area and gross building area is based on information provided by the developer. We are making the extraordinary assumption that the net rentable area and gross building area for both properties derived from this client is accurate and reliable. • The subject is proposed. We assume the general information pertaining to the subject's construction, interior finishes, etc. are accurate and similar to the completed units we inspected. • We have not been provided with the proposed tax credit regulatory agreements that will affect the subject property, and we are making the extraordinary assumption that the income set asides as provided to us and as allocated in this report will be accurate. The use of these extraordinary assumptions may have affected the assignment results. A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purposes of analysis." 2 • We have concluded rental rates as if the proposed improvements were completed and approved to be encumbered by Section 42 of the Low -Income Housing Tax Credit (LIHTC) program as of the date of the market study, which is a hypothetical condition. The use of this hypothetical condition may have affected the assignment results. 1 The Appraisal Foundation, USPAP, 2024 Edition (Effective January 1, 2024) 2 The Appraisal Foundation, USPAP, 2024 Edition (Effective January 1, 2024) CBRE VALUATION & ADVISORY SERVICES viii cJ 2026 CBRE. INC Executive Summary Ownership and Property History - Central Drive OWNERSHIP SUMMARY Item Current Current Ownership Owner: Yao's LLC Seller: HopeSource CHDO Sale in Last 3 Years?: No Pending Sale Under Contract: Yes Buyer: HopeSource CHDO Contract Price: $1, 092, 046 Contract Date: January 14, 2026 Arm's Length: Yes At / Above / Below Market: At Market Compiled by CBRE According to the Purchase and Sale Agreement dated January 14, 2026, the subject is under contract for $1,092,046, or $5.75 per square foot. It is our understanding this is an off -market transaction. Based on the analysis herein, the pending purchase price appears to be market oriented. We are unaware of any additional ownership transfers of the property in the last three years. The buyer is an affordable housing developer that intends to build 109 apartment units on the site. Therefore, the sales price equates to $10,019 per planned apartment unit, and based on our analysis, the pending sales price is at market. Ownership and Property History - Hill Ave OWNERSHIP SUMMARY Item Current Current Ownership Owner: Carl & Teresa Tyler Sale in Last 3 Years?: No Comments: HopeSource CHDO, a Washington nonprofit organization Pending Sale Under Contract: Yes Buyer: $27475, 000 Contract Price: $274757000 Contract Date: February 27, 2026 Arm's Length: Yes At / Above / Below Market: At Market Compiled by CBRE The property was listed for sale for $2.475 million in August 2025 and is currently pending at the asking price. The listing broker stated they did not receive any other written offers for the property during the marketing period, but did receive interest from multiple parties prior to receiving an offer from a regional affordable housing developer. The buyer intends to renovate and convert the property into affordable housing. Based on the analysis herein, we have concluded the pending purchase price appears to be at market. It is our understanding that the seller has owned and operated the property since the mid 1990's. CBRE VALUATION & ADVISORY SERVICES ix 4' 202b CBRE, INC Table of Contents Table of Content.4 Certification...e..........e.......................es.............a................................e....o....e.....a...e..............e..........a...e............................... i i SubjectPhotographs .....ee.........e..e..e........e......e........e........o.......aa.o.a.....a.................e...........e..e......................................... ii ExecutiveSummary ........................... ....00..•Oe.aa.o...so.a..0...00sa....aa.sees o.....a...a.ea.a.o............a...aa...ao.aeo..e.....e......a..o.s...e...0oe...vii Tableof Contents............................................................................................................................................................x Scopeof Work .....e...........a..........a.....a.e.................a.....e................e................a......e..............e..a..........o..o..............................1 AreaAnalysisa...................o.o.............oeo............a......•o.o.e••.•.e•e.•e•oa........aa.e.•s.e•s•..•••oee...••...e••.•ee•o....••...s••.e..e.es.e..eao..ao..ea.....a4 NeighborhoodAnalysis.....ee.se...e..s..............oe.a......e..................................a..............se....o..............o................................ SiteAnalysis — Hill Avenue Property .... .................................................................e.........e.sa....a...a.e........................10 Site Analysis — Central Avenue Property••sse•e•eeaa•.as.e•sa...•e••eao..eee....•aa.eas...e..•eas••s•e.••.••ao.••ao••..ea.e...ases...aa.e.ea..oaeal3 ImprovementsAnalysis — Hill Avenue o........e......e....e.o.....................o.o..00..o....00..o..o....a..o....a........■............................17 Improvements Analysis — Central Drive.......e....e.e.............o........e......a.....................e...o..........................................21 Zoning— Hill Ave.e.....•..a.........aa.....e..e.e....e........oe...o.e...e.....e.............ee........e.........eeao••ss..ae......sse..e..a.a..............................26 Zoning— Central Dr.....a.e.......o........e....a....a...a•o..•eo...•••s.••aa..•Baas•o•.•oo•.a..e.s......a.sea....aasee...see.00soaoea.•....•o.eaa.e.00.o.o...000eae.aas.27 MarketAnalysis. ... a ... a ................................ 0 ......... 0 ...................s.o..............o...e.a...................a.............0000aooa.osoa.00ee0000.0000000*28 RentAnalysis Market Rate ........e..e..o..e.......a.e.....eee............e..e.e..a...sa........e.....e...............o.ee..a.ea...ee....a.................... e 46 RentAnalysis — LIHTC.e..o..............a.....e....................e..........e.....e..........s.e..........eo...a.............a..................................... 50 Conclusion•..s.....e.oe......ao......ev....o......e....see*goo a...a..o..........eooe000000s•e.u..aeeoa.ea.se.a..e.e..ae.0000.a•aaoeoauoe••.o..•.••..a.oa..e..e..o.aae..a.ease* 56 Assumptions and Limiting Conditions...o.....e..........as.....ease eaeoao.......o. So* seseau.a...e.oe..o.ewa..soaae ease ..oesasses e....so..a.e.as000as57 ADDENDA A Rent Comparable Data Sheets B Operating Data C Legal Description D Client Contract Information E Qualifications CBRE VALUATION & ADVISORY SERVICES x C, 2026 CBRE, INC Scope of Work This Appraisal Report is intended to comply with the real property appraisal development and reporting requirements set forth under Standards Rule 1 and 2 of USPAP. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered, and analysis is applied. This market study and market rent appraisal is to be used for internal decision -making purposes as part of the process to apply for public funding to build a proposed Low Income Housing Tax Credit (LIHTC) property and no other use is permitted. Client The client is Stewardship Development. Intended User Of Report This appraisal is to be used by Stewardship Development and WSHFC. No other user(s) may rely on our report unless as specifically indicated in this report. Intended users are those who an appraiser intends will use the appraisal or review report. In other words, appraisers acknowledge at the outset of the assignment that they are developing their expert opinions for the use of the intended users they identify. Although the client provides information about the parties who may be intended users, ultimately it is the appraiser who decides who they are. This is an important point to be clear about: The client does not tell the appraiser who the intended users will be. Rather, the client tells the appraiser who the client needs the report to be speaking to, and given that information, the appraiser identifies the intended user or users. It is important to identify intended users because an appraiser's primary responsibility regarding the use of the report's opinions and conclusions is to those users. Intended users are those parties to whom an appraiser is responsible for communicating the findings in a clear and understandable manner. They are the audience. s Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder have been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof (including Client if it is not named as an Intended User), whether as a result of its direct dissemination or by any other means, may not rely upon any opinions or conclusions contained in the report or such portions thereof, and CBRE will not be responsible for any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith. 3 Appraisal Institute, The Appraisal of Real Estate, 15th ed. (Chicago: Appraisal Institute, 2020), 40. CBRE VALUATION & ADVISORY SERVICES 1 Oq% 2026 CBRE, INC Scope of Work -wo The purpose of this appraisal is to develop an opinion of the market rent of the subject property as well as perform a market study. According to The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, 2022, the definition of market rent is as follows: The most probable rent that a property should bring in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the rent is not affected by undue stimulus. Implicit in in this definition is the execution of a lease as a of a specific date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and 1. The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (TIs). The market rent value estimated represents the Fee Simple Estate as defined below: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 4 The property is identified through the following sources: • postal address • assessor's records • legal description Cole Taylor inspected both properties, as well as its surrounding environs on the effective date of appraisal. This inspection was considered adequate and is the basis for our findings. 4Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), 73. CBRE VALUATION & ADVISORY SERVICES 2 t 2026 CBRE, INC Scope of Work Type and Extent of the Data Researchej CBRE reviewed the following: • applicable tax data • zoning requirements • flood zone status • demographics • income data • comparable data CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable indication of rent. The steps required to complete this analysis are discussed in the methodology section. Data Resources Utilized in the Analysi;. DATA SOURCES Item: Source(s): Site Data Size: Site Plan, Grant County Assessor Improved Data Building Area: Site Plan No. Bldgs.: Site Plan Parking Spaces: Site Plan Year Built/Developed: Developer Economic Data Income Data: Developer Other Planning & Zoning City of Moses Lake Apartment Market Data CoStar, WSHFC, Appraiser Interviews Demographics ESRI Legal Description Grant County Assessor Compiled by CBRE �01 In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. As the scope of the assignment is to determine market rent for the subject property, the three traditional approaches to value do not apply. In determining market rent, we have used some comparative techniques to arrive at a reasonable market rent estimate, both as a market rate property and as a rent restricted property. CBRE VALUATION &ADVISORY SERVICES 3 �: 2026 CBRE, INC Area Analysis Area Analysis Spokane Wenatchee Ellensburg Y..jig ria x: Pasco._ Q mapboX... The subject is located in Grant County. Key information about the area is provided in the following tables. Population The area has a population of 104,938. POPULATION BY YEAR Population has increased by 5,815 since 2020, 120,000 100,000 reflecting an annual increase of 1.1 %. 80,000 " Population is projected to increase by 31900 60,000 between 2025 and 2030, reflecting a 0.7% 40,000 annual population growth. 20,000 0 Source: ESRI 2020 2025 2030 Source: ESRI, downloaded on Jun, 3 2026 CBRE VALUATION & ADVISORY SERVICES 4 2026 CBRE. INC Tff*=-L6-- The area features an average household income of $97,104 and a median household income of $78,103. Over the next five years, median household income is expected to increase by 10.5%, or $1,639 per annum. A total of 20.2% of individuals over the age of 24 have a college degree, with 14.2% holding a bachelor's degree and 5.9% holding a graduate degree. Employment Area Analysis MEDIAN INCOME BY YEAR $100,000 $80,000 $60,000 $40,000 $20,000 $0 Source: ESRI 2025 2030 POPULATION BY DEGREE ■ Bachelor's Degree f,ba Graduate Degree ■ Other Source: ESRI Agric/Forestry/Fishing/Hunting Manufacturing Health Care/Social Assistance Educational ServicesK Retail Trade Public Administration Accommodation/Food Services Transportation/Warehousing r 7°, } "` Utilities Construction ' Source: ESRI 0% 5% 10% 15% 20% 25% The area includes a total of 51,513 employees. The top three industries within the area are Agric/Forestry/Fishing/Hunting, Manufacturing and Health Care/Social Assistance, which is a combined total of 45% of the workforce. Source: ESRI, downloaded on Jun 3, 2026; BLS.gov dated Jan 0, 1900 The following chart illustrates the top employers in Grant County: CBRE VALUATION! & ADVISORY SERVICES 5 2026 CBRE, INC Area Analysis Business Points Grant County, WA Genie Industries Moses Lake,WA 98837 800 Construction Machines & E Mfrs y Equip p( ) Big Bend Community College Moses Lake,WA 98837 630 Junior Colleges & Technical Institutes Grand Coulee Dam Coulee Dam,WA 99116 600 Electric Companies Stemilt Assoc Mattawa,WA 99349 600 Orchards w Sageview Family Care Quincy, WA 98848 500 _ Physicians & Surgeons Samaritan Hospital Moses Lake,WA 98837 450 Hospitalsw Bureau Of Reclamation Grand Coulee,WA 99133 400 Federal Government -Conservation Depts Walmart Supercenter Moses Lake,WA 98837 339 Department Stores -Honda-Moses Lakes Moses Lake,WA 98837 300 Automobile Repairing & Service Bud Clary Toyota Of Moses Lake Moses Lake,WA 98837 300 Automobile Dealers -New Cars r Bud Clary Moses Lake Chrysler Moses Lake,WA 98837 250 Automobile Dealers -New Carsa�x_�__ Grant County Public Utility Ephrata,WA 98823 250 Government Offices -County 'Wahluke Special Education Mattawa,WA 99349 250 � Schools Public Utility District No 2 Ephrata,WA 98823 250 Utilities a.�yaa Royal School District Royal City,WA 99357 230 School Districts Ochoa Foods Warden,WA 98857 230 Frozen Food Processors (Mfrs)T� Confluence Health/Moses Lake Moses Lake,WA 98837 201 Surgical Centers Family Medicine Assoc Moses Lake,WA 98837 200 Clinics Inland Tarp & Cover Moses Lake,WA 98837 200 Tarpaulins -Wholesale Moses Lake Cmnty Health Ctr Moses Lake,WA 98837 200 Physicians & Surgeons National Frozen Foods Corp Moses Lake,WA 98837 200 Frozen Food Processors (Mfrs) Coulee Medical Ctr Grand Coulee,WA 99133 185 Hospitals Grant County Public Hosp Dist Ephrata, WA 98823 180 Health Care Management Joyson Safety Systems Moses Lake,WA 98837 179 Automobile Parts & Supplies -Mfrs Moses Lake High School Moses Lake,WA 98837 175 Schools Surf'N Slide Water Park Moses Lake,WA 98837 170 Water Parks Eldorado Stone Royal City,WA 99357 168 Stone -.Cast Moses Lake Industries Moses Lake,WA 98837 150 Chemicals -Manufacturers rWinco Foods Moses Lake,WA 98837 150 Grocers-Retai Zirkle Fruit Mattawa,WA 99349 150 Orchards ©2026 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri Overall, the local economy is expected to remain stable for the foreseeable future. CBRE VALUATION & ADVISORY SERVICES 2026 CBRE. INC Neighborhood Analysis Neighborhood Analysis Location Both subject properties are located in the same city and in similar locations to each other. The subject is in the city of Moses Lake, Washington, the most populous city in Grant County. Moses Lake is situated along Interstate 90, Washington's main east west freeway, which travels from the Washington/Idaho border to Seattle. Central Drive is located 1.8 miles northwest of downtown Moses Lake, and Hill Avenue is located about 3/ of a mile to the south of downtown. 4�1 The neighborhood boundary is defined by Moses Lake city limits. Land Use Land uses within the immediate area consist primarily of single- and multi -family development, with commercial development located a few blocks to the west. South Pioneer Way several blocks east includes a heavy commercial presence with many freestanding retail, dining, and fast-food restaurants. Broadway Avenue to the west consists of primarily commercial development with some industrial development along Marina Drive and along the railroad right-of-way at the north end of Moses Lake. CBRE VALUATION & ADVISORY SERVICES 7 j� 2026 CBRE. INC Neighborhood Analysis There has been a moderate amount of commercial growth within the subject neighborhood. Most notably, WinCo grocery opened its first location in Moses Lake in 2017. The store is located about a 20 minute walk or five minute drive east of the subject. Wal-Mart, which is located north of the subject, opened its only Moses Lake location in 2008, and is the primary demand generator within the neighborhood. The retail corridor to the south of the Highway 17/Stratford Road interchange has generally benefited from the presence of Wal-Mart as well as several other national retailers, and has generally remained fully occupied. There has also been a moderate amount of multifamily development in Moses Lake, primary at the north end of the city. For example, the 48-unit Central Park Villas apartments, was built in 2017, and the 228-unit Solara Apartments was completed 2018. More recently, the 96-unit Modern Heights complex was built in 2025, located about 1.5 miles to the southwest of the subject. The following chart shows residential construction permitting trends in Moses Lake over the past ten years, per HUD: MOSES LAKE UNITS PERMITTED Year Single Family Multifamily Total 2016 78 368 446 2017 11.7 81 198 2018 130 24 154 2019 132 6 138 2020 124 2 126 2021 178 2 180 2022 176 0 176 2023 146 0 146 2024 164 0 164 2025 149 0 149 2026 36 0 36 Source: Huduser.gov As illustrated, the majority of new residential construction since 2019 has been single-family homes. Primary access to the subject neighborhood is provided by Highway 17 and other north/south arterials that connect Interstate 90 and the downtown area. Highway 17 provides access to Interstate 90, located approximately a 3.5-mile dive to the southwest or southeast of Hill Avenue, and about four miles to the southwest of Central Drive. Regional access is provided by Interstate 90, which provides access to Seattle, located 175 miles to the west, and to Spokane, located 100 miles to the east. Overall, access is considered good. CBRE VALUATION & ADVISORY SERVICES 8 `0 2026 CBRE, INC Neighborhood Analysis Selected neighborhood demographics in1��and 5-mile radius from the subject are shown in the following SELECTED NEIGHBORHOOD DEMOGRAPHICS 11GEHill Ave, NKACentral Dr 1Mile 3Mile 5Mile � Grant County Moses Lake, WA 98837 Radius Radius Radius Population 2O3OTotal Population 0.022 32.521 48.092 108.838 2O25Total Population 8.881 311438 44.384 104.938 2O2OTotal Population 8.735 30.118 41.810 09.123 2O1OTotal Population 7.803 25.344 35.040 89.120 Annual Growth 2025-2030 0.32% 0.66% 876% 0.73% Annual Growth 2020-2O25 0.3394 0.8896 1.30Y6 /.15% Annual Growth 2OYD-2O2O 1.40Y6 1.74Y6 1.5696 1.0796 Households 2O3OTotal Households 3.828 12.548 17.352 38.397 2O25Total Households 3.723 12.024 10.545 38.848 2O2OTotal Households 3.592 11.324 15.285 34.078 2O1OTotal Households 3.025 9.301 12.817 30.041 Annual Growth 2O25-2030 85696 0.8096 80696 0.9496 Annual Growth 2O2O-2025 87296 1.2196 1.0296 1.46% Annual Growth 20/0-2020 /.739& 1.8996 1.7696 1. 2 7 Oln Income 2025 Median Household Income $50247 $75,575 $75,977 $78.103 2025 Average Household Income $82,487 $91,498 $64.190 $97.104 2O25Per Capita Income $33.503 $34.834 $34.998 $34.027 2O25Pop 25+College Graduates 1.537 4.805 8.415 13.381 Age 25 College Grad 96 Source: ESR1 Me= The neighborhood appears to be stable with nomajor construction orchanges inthe character of the Moses Lake anticipated for otleast five years. ooREVALUATION sADVISORY SERVICES 9 OP, 202600nE, INC Site Analysis - Hill Avenue Property Site Analysi*s - H1*11 Avenue Property The following chart summarizes the salient characteristics of the subject's Hill Avenue Property site. SITE SUMMARY AND ANALYSIS Physical Description Gross Site Area 0.93 Acres 401590 Sq. Ft. Net Site Area 0.93 Acres 401590 Sq. Ft. Primary Road Frontage Hill Avenue Secondary Road Frontage Division Street Shape Rectangular Topography Generally Level Parcel Number(s) 100144000 Zoning District R3-Multi Family Residential Flood Map Panel No. & Date 53025C1310C 18-Feb-09 Flood Zone Zone X (Unshaded) Adjacent Land Uses Residential, Vacant Land Earthquake Zone Medium Risk Comparative Analysis Ratin Comments Visibility Average Average Functional Utility Average Average Traffic Volume Average Average Adequacy of Utilities Average Average Landscaping Average Average Drainage Average Average Mass Transit Average Utilities Availability Comments Water Yes Sewer Yes Natural Gas Yes Electricity Yes Telephone/Cable/Internet Yes Other Yes No Unknown Detrimental Easements X Encroachments X Deed Restrictions X Reciprocal Parking Rights X Various sources compiled by CBRE Ingress/Egress Ingress and egress are available to the site atone point on Hill Avenue, and atone point on Division Street. CBRE VALUATION &ADVISORY SERVICES 10 `; 2026 CBRE, INC Site Analysis - Hill Avenue Property There are no known easements or encroachments impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a current title policy outlining all easements and encroachments on the property, if any, prior to making a business decision. When complete, the property will be encumbered by the Section 42 of the Low -Income Housing Tax Credit (LIHTC four units restricted to households at 40% of area median income (AMI), and 16 units restricted to households at 60% of AMI. Although these restrictions and covenants are typical for low income apartment developments, these agreements impact the site and affects the legally permissible uses and its highest and best use, which limits the property effectively to low income rental units. It is recommended that the client/reader obtain a copy of the current or proposed covenants, conditions and restrictions, if any, prior to making a business decision. Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did not reveal any obvious issues regarding environmental contamination or adverse conditions. The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. FMATO M • ■ :� ,• The adjacent land uses are summarized as follows: North: Single Family Subdivision South: Single Family East: Single Family West: Single Family The site is well located and afforded average access and visibility from roadway frontage. The size of the site is typical for the area and use, and there are no known detrimental uses in the immediate vicinity. Other than the proposed renovations and encumbrances as low-income housing at predetermined income set asides, there are no known factors which are considered to prevent the site from development to its highest and best use, as if vacant, or adverse to the existing use of the site. CBRE VALUATION & ADVISORY SERVICES 11 �` - 2026 CBRE, INC Site Analysis - Hill Avenue Property Flood Plain Map National Flood Hazard Layer FIRMette Z FEMA 0 250 5100 1,000 1.500 2-000 Legend %JE FIS fW'1W FM DETAILM LEGEM A POU KW FOR FIRM PANEL LA" 09JT W1"W U" Flow E!"amn "m) Z�,c A b, A:-9 SPECIAL FLOOD With OFE Of DOM Zom At 40. 4-4 WE A* HAZARD AREAS Regulatory Floodway 02% Annual Chance Flood Hazard, Areas of 1% annual chance flood wdh average deptli, less than one toot or with drainage areas, of less tysm one sqtiafe mile future Condibons 1% Ammal Chance Flood Hazard ..- :: -,.. Area with keduC*d Flood Risk doe OTHER AREAS OF Levee, See Notes.: FLOOD HAZARD AreaWith F10W RtSk due W La veeZmo f,� m scKm Area at ftsurnal f4wd Hazard z�vx Effective LOMRs 0714ER AREAS Ana of UtWeterrrOwd FloW Hazard a GEMERAL Channel- Current, & St&rm Se-ef STRUCTURES mim Lewee. Dike.. at flwdivail &-AU Cross Segewith 1% Annuat Chance - Water Surface Elevation CoEr "'Transea —ju— Base rloix! Elevation Line tffEi Ln-.4 of Study Jury-smiction Bow'Aarv- Co".31 Tramsett Baseline OTHER pmnw aastline, FEATURES "ropaphic feat -we Dmitai Ddta AvailatAe No Digital Data AVaAab* MAP PA6%ELS Unrivapoed 0 The vin disMayed on flee map is an app"raste "rit sailiecteo by the user and does not mVesem an aulihorftwve Property locatlw Thitits ffuP Q"Oies with FOU's standards for the u-se of digital 'toed naps It it is not lVd as described below.. The basernaa shown complies wth Fr-MXs ba5emap A"uracy standards The hood hazard inkWiriatimm is derived airectly ftm the autliontaVve NFHL web services provided by FEMA- Thts Mao was exporad on 5 19 2-'1213 a' 3.:r2 PIM and does not tenect changes at amendments SUbSe"nl To Um date and Ume- The %F+IL aind etfecbve jnforrnatwjnrmay ctmnge- m become superseded bv new dais over tiffw This ,"Waria 4e is wood it " one or woom of the following map elements: do not appear. basemaq imagery, now zone t3beK legend, sea* bar Mao "�eaticn date. com-mtowtv identriem, FIRM panel number. and F;RM effective date, Map Wmages lot regulatory PU CBRE VALUATION & ADVISORY SERVICES 12 �: 2026 CBRE? INC Site Analysis - Central Avenue Property Site Analys i*s - Central Avenue Property The following chart summarizes the salient characteristics of the subject Central Avenue property site. SITE SUMMARY AND ANALYSIS Physical Description Gross Site Area Net Site Area Primary Road Frontage Parcel Number(s) Zoning District Flood Map Panel No. & Date Flood Zone Adjacent Land Uses Comparative Analysis Visibility Functional Utility Traffic Volume Adequacy of Utilities Landscaping Drainage Mass Transit Utilities Water Sewer Natural Gas Electricity Telephone/Cable/Internet Other Detrimental Easements Encroachments Deed Restrictions Reciprocal Parking Rights Various sources compiled byCBRE 4.36 Acres 1897921 Sq. Ft. 4.36 Acres 1897921 Sq. Ft. Central Avenue 102114000 C-2 General Commercial 53025C1070C February 18, 2009 Zone X (Unshaded) Vacant land, outdoor athletic complex, vacant land Ra Good Average Average Average Average Average Available Availability Yes Yes Yes Yes Yes Yes No Comme nts Unknown X X X X The land area size was obtained via a site plan provided by the developer. The site is considered adequate in terms of size and utility. There is no unusable, excess or surplus land area. CBRE VALUATION & ADVISORY SERVICES 13 Cc, 2026 CBRE. INC Site Analysis - Central Avenue Property The subject is generally rectangular in shape. It's shape is not seen as an impediment to a wide variety of commercial and multifamily development. As proposed, the subject will have access via one existing curb cut located at the southwest corner of the site. The site is generally level and at street grade. The topography of the site is not seen as an impediment to the development of the property. During our inspection of the site, we observed no drainage problems and assume that none exist. Soils A soils analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soils report, it is a specific assumption that the site has adequate soils to support the highest and best use. iI 111!!i m There are no known easements or encroachments impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a current title policy outlining all easements and encroachments on the property, if any, prior to making a business decision. When complete, the subject property will be encumbered by Section 42 of the Low -Income Housing Tax Credit (LIHTC) program, with all of the units set aside for seniors aged 55+. 16 units will be set aside at 30% of AMI and further set aside for homeless households with the remaining 28 units income restricted at 40% of AMI. We understand that there will be no project based vouchers (PBV) or project -based rental assistance for any of the subject's units. Although these restrictions and covenants are typical for low income apartment developments, these agreements impact the site and affects the legally permissible uses and its highest and best use, which limits the property effectively to low income rental units. It is recommended that the client/reader obtain a copy of the current or proposed covenants, conditions and restrictions, if any, prior to making a business decision. J M ff uz�* q The site includes all municipal services, including police, fire and refuse garbage collection. All utilities are available to the site in adequate quality and quantity to service the highest and best use. Environmental Issues Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did not reveal any obvious issues regarding environmental contamination or adverse conditions. CBRE VALUATION & ADVISORY SERVICES 14 c, 2026 CBRE, INC Site Analysis — Central Avenue Property The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. The adjacent land uses are summarized as follows: North: Vacant land South: Outdoor athletic complex East: Goodwill retail store and donation center West: Vacant land Overall, the subject is considered an average residential site in terms of its location, exposure, and access to employment, education and shopping centers. All these characteristics provide supporting uses for the subject site making them feasible for multifamily development.. Other than the proposed development as low-income housing at predetermined income set asides„ there are no known factors which would prevent the site from development to its highest and best use, as if vacant, or adverse to the existing use of the site. CBRE VALUATION & ADVISORY SERVICES 16 Oc 2026 CBRE, INC Site Analysis - Central Avenue Property National Flood Hazard Layer FIRMette Z, FEMA 8050mao Imagery Sxourct, USGS National -.Map 202.3 Legend --------------------- A"C FIRM FANML0MXrT Without Base FNM Elle-AMM (tiff) SPECIAL FLOOD Wltn 5FE Of Depth ZaIr Af an Aid. Vr HAZARD AREAS Regulatory Floodway 0.2% Annual Chance Flmd Hamrti- Areas of 1% annual chance Awd mm average deptle less than one toot at *ith drainage areas of less Ow one sq uafe mile qk.%:future Conditions 1% Armuial Chance flow Hazard,- 11 Area with Fkdtg*d Flood Risk due to OTHER AREAS Of Levee. See Notes. ' FLOOD HAZARD Area with Flood Risk due to Le%--* %G SMEN Area of Mimmail Fbod Hazard Effective LOMPs OTKER AREAS Area of Undewtmawd Flood Hazard GENERAL 'Chillinnet CuKe(t0r SlOrm Sewer STRUCTURES Cross Secn(mis witti 1% Annual Chance Water Surtace El"eabon Coastal 1ranset- Base Flood Elfteat!on Ljoe 8FEi Liniiii: of Study Jur6osmon Boundary Co"tat Tran5ect Baseline OTHER Mile Baseline FEA%4RESlirttrctgraptiio Feature Digital Data Avadalwe So Digital Data Available 1,lAP PASELS Unmapped The ;ft dmia"d an the map is an amm u-nate point selected by the user and mms not repres�&ij an autho"taitirve property location - PUS " Complies vrith PEWA Standards for tr* use of digital flood maps of it is not void as descnbW below - The rjasernap shown cwnplles w ith FlEmAs, twsem= amutacy standards The flow hazard nformatron is *e rived difeCM trOm the aumontairve NFHL nett services provided t,y FEMA. This map waisi expomd on ib ; ti -. k: � ""! and Wes no 0-41ecl changes W amendments subsequent to this date and ame- The NIF1,11. and effective intom%ation may erkinge or become superseded by new data over throe, Thts map image is void if the one or mom at the tort "ing map elements do not appear basemap imagery, flood zone Labe4s, legend,end, scalebar_fflap creatlibn date, cornfmaut-y jaeotaters. FIRIA panel number, and FIRM effective date_ Map images *or regulatory CBRE VALUATION & ADVISORY SERVICES 16 2026 CBRE. INC Improvements Analysis — Hill Avenue IM___Prove_m___ents Anal:,lvsis - Hill Avenue The following chart shows a summary of the improvements at the Hill Avenue property. IMPROVEMENTS SUMMARY AND ANALYSIS Property Type Multifamily (Multi -Family Walk -Up) Number of Buildings 1 Number of Stories 2 Gross Building Area 14,340 SF Net Rentable Area 14,000 SF Number of Units 20 Average Unit Size 700 SF Development Density 21.5 Units/Acre Subject Characteristics Laundry Facility, Electric Baseboard Units, Flat Roofs, Surface Parking, Thru-The-Wall Systems, Carpeted Flooring, Laminate Countertops, Plank Flooring, Range / Oven, Refrigerator, Stainless Steel Appliances and Tub / Shower Combo Parking Improvements Surface Parking Spaces: 27 Parking Ratio (spaces/unit) 1.35 Year Built / Renovated 1962 Actual Age 64 Years Effective Age 30 Years Total Economic Life 55 Years Remaining Economic Life 25 Years Age/Life Depreciation 54.5% Functional Utility Typical Source: Various sources compiled by CBRE UNIT MIX Percent of Unit Size Unit Mix/Type No. Units Total (SF) NRA (SF) 2bd/1 ba 20 100.0% 700 14,000 Source: Various sources compiled byCBRE The following illustrates the key features/components of the subject improvements upon completion of the renovation. CBRE VALUATION & ADVISORY SERVICES 17 Lq 2026 CBRE, INC Improvements Analysis — Hill Avenue IMPROVEMENT DESCRIPTION & CONDITION RATING Improvement Com pa rative Summary Description Rating Foundation Reinforced concrete Average Frame Wood Average Exterior Walls Wood Average Roof Pitched asphalt shingle Average Flooring Vinyl tile, carpet Average Interior Walls Painted drywall Average Ceiling Painted drywall Average Interior Lighting Typical fixtures Average HVAC System Electric baseboard heat, thru-wall A/C units in living rooms Average Exterior Lighting Typical fixtures Average Plumbing Assumed adequate Average Stairwells Exterior wood staircases Average Elevators None --- Smoke Detectors Yes Average Sprinkler System No --- Amenities Laundry Facility, Electric Baseboard Units, Flat Roofs, Surface Parking, Thru-The-Wall Average Systems, LVP Flooring, Quartz Countertops, Energy Star Appliances and Tub / Shower Combo Furnishings Personal property excluded --- Parking 27 uncovered spaces Average Landscaping Grass Average Source: Various sources compiled by CBRE • 'i The subject was built in 1962. The renovation is scheduled to commence in September 2027 and be completed by August 2028. Building construction class is as follows: D - Wood frame, floor and structure; considered combustible The construction components are assumed to be in working condition and adequate for the building. The overall quality of the facility is considered to be average for the neighborhood and age. However, CBRE, Inc. is not qualified to determine structural integrity and it is recommended that the client/reader retain the services of a qualified, independent engineer or contractor to determine the structural integrity of the improvements prior to making a business decision. The foundation is assumed to be of adequate load -bearing capacity to support the improvements. The floor structure is summarized as follows: Ground Floor: Concrete slab on compacted fill Other Floors: Wood deck CBRE VALUATION & ADVISORY SERVICES 18 c; 2026 CBRE, INC Improvements Analysis -- Hill Avenue Utilities Each unit is individually metered for electrical usage. Current operations indicate that property- ownership/management is responsible for water, sewer, and trash costs, with the tenants paying all other utility costs. Life Safety and Fire Protection The building is not sprinklered. It is assumed the improvements have adequate fire alarm systems, fire exits, fire extinguishers, fire escapes and/or other fire protection measures to meet local fire marshal requirements. CBRE, Inc. is not qualified to determine adequate levels of safety & fire protection, whereby it is recommended that the client/reader review available permits, and related documents prior to making a business decision. Site Amenities The project features adequate surface parking, given there is additional street parking along Hill Avenue. Landscaping is considered to be in average condition and well maintained. All of the floor plans are considered to feature functional layouts and the layout of the overall project is considered functional in utility. Therefore, the unit mix is also functional, and no conversion is warranted to the existing improvements. !Mi®R � M.-MMIt V, The client/readeris attention is directed to the specific limiting conditions regarding ADA compliance. Furniture, Fixtures and Equipment The apartment units are rented on an unfurnished basis. However, miscellaneous maintenance tools, pool furniture, leasing office furniture, recreational room and clubhouse furniture, and various exercise machines are examples of personal property associated with, and typically included in the sale of, multifamily apartment complexes. Our market value assumes any FF&E at the property would transfer if the property were to sell. This is consistent with how buyers and sellers analyze similar properties. Environmental Issues Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did not reveal any obvious issues regarding environmental contamination or adverse conditions. The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has CBRE VALUATION & ADVISORY SERVICES 19 C� 2026 CBRE, INC Improvements Analysis — Hill Avenue specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. Although CBRE was not provided a Property Condition Assessment (PCA), a tour of the improvements did not reveal any significant maintenance issues. Our tour of the improvements included a cursory inspection of the building and surface parking lot. We have assumed that no significant deferred maintenance exists in the subject's current state, nor upon completion of the renovation. Economic Age and Life - As Complete CBRE, Inc.'s estimate of the subject improvements effective age and remaining economic life is depicted in the following chart: ECONOMIC AGE AND LIFE Actual Age 64 Years Effective Age 15 Years IVIVS Expected Life 55 Years Remaining Economic Life 40 Years Accrued Physical Incurable Depreciation 27.3% Compiled by CBRE The remaining economic life is based upon our on -site observations and a comparative analysis of typical life expectancies as published by Marshall and Swift, LLC, in the Marshall Valuation Service cost guide. While CBRE, Inc. did not observe anything to suggest a different economic life, a capital improvement program could extend the life expectancy. The improvements are in average overall condition, and will be in good overall condition upon completion. Overall, there are no known factors that adversely impact the marketability of the improvements. CBRE VALUATION & ADVISORY SERVICES 20 2026 CBRE, INC Improvements Analysis - Central Drive Im--provements Anall, - Central Drive .417sis The following chart shows a summary of the proposed improvements at the Central Drive property. It is reiterated that we have only included Phase I of a two-phase project herein. IMPROVEMENTS SUMMARY AND ANALYSIS Property Type Multifamily (Multi -Family Garden) Number of Buildings 1 Number of Stories 3 Gross Building Area 311590 SF Net Rentable Area 237760 SF Number of Units 44 Average Unit Size 371 SF Project Amenities clubhouse, dog park / run, fitness center, laundry facility Property Features age restricted, individual split systems, leed / energy star / green, lihtc (low income housing tax credit), pitched roofs, surface parking, thru-the-wall systems Unit Amenities dishwasher, garbage disposal, microwave oven, plank flooring, private patios / balconies, quartz countertops, range / oven, refrigerator, stainless steel appliances, tub / shower combo Parking Improvements N/A Parking Spaces: 107 Parking Ratio (spaces/unit) 2.43 Year Built / Renovated 2029 Actual Age 0 Years Effective Age 0 Years Total Economic Life 55 Years Remaining Economic Life 55 Years Age/Life Depreciation 0.0% Functional Utility Typical Source: Various sources compiled by CBRE UNIT MIX Percent of Unit Size Unit Mix/Type No. Units Total (SF) NRA (SF) Studio (Central Ave) 44 68.8% 540 23,760 Source: Various sources compiled by CBRE The following illustrates the key features/components of the subject improvements, as proposed. CBRE VALUATION & ADVISORY SERVICES 21 c: 2026 CBRE, INC Improvements Analysis - Central Drive IMPROVEMENT DESCRIPTION & CONDITION RATING Improvement Comparative Summary Description Rating Foundation Reinforced concrete Good Frame Wood Good Exterior Walls Fiber cement board Good Roof Pitched asphalt shingle Good Flooring LVP flooring Good Interior Walls Painted drywall Good Ceiling Painted drywall Good Interior Lighting Typical fixtures Good HVAC System Heat pump system Good Exterior Lighting Typical fixtures Good Plumbing Assumed adequate Good Stairwells Exterior stairwells Good Elevators None --- Smoke Detectors Yes Good Sprinkler System Yes Good Project Amenities clubhouse, dog park / run, fitness center, laundry facility Good Property Features age restricted, individual split systems, leed / energy star / green, lihtc (low income Good housing tax credit), pitched roofs, surface parking, thru-the-wall systems Unit Amenities dishwasher, garbage disposal, microwave oven, plank flooring, private patios / balconies, Good quartz countertops, range / oven, refrigerator, stainless steel appliances, tub / shower combo Furnishings Personal property excluded --- Parking 2.4 spaces per unit Good Landscaping Grass, trees, shrubs Good Source: Various sources compiled by CBRE r Construction of Phase I is scheduled to commence in September 2027 and be completed by January 2029. Building construction class is as follows: D - Wood frame, floor and structure; considered combustible The construction components are assumed to be in working condition and adequate for the building. The overall quality of the facility is considered to be average for the neighborhood and age. However, CBRE, Inc. is not qualified to determine structural integrity and it is recommended that the ,client/reader retain the services of a qualified, independent engineer or contractor to determine the structural integrity of the improvements prior to making a business decision. The foundation is assumed to be of adequate load -bearing capacity to support the improvements. The floor structure is summarized as follows: Ground Floor: Concrete slab on compacted fill Other Floors: Wood deck CBRE VALUATION & ADVISORY SERVICES 22 `c^..f 2026 CBRE, INC Improvements Analysis - Central Drive ,-ife Safety and Fire Protection The building will be fully sprinklered. It is assumed the improvements have adequate fire alarm systems, fire exits, fire extinguishers, fire escapes and/or other fire protection measures to meet local fire marshal requirements. CBRE, Inc. is not qualified to determine adequate levels of safety & fire protection, whereby it is recommended that the client/reader review available permits, and related documents prior to making a business decision. The project amenities will include a community room, resident services, a health room, pedestrian loop trail, fenced pet area, courtyard, an outdoor pickleball court, and a laundry facility. Deferred Maintenance As the subject will be newly constructed, it is assumed no deferred maintenance or construction defects will exist upon completion. Economic Age and Life CBRE, Inc.'s estimate of the subject improvements effective age and remaining economic life is depicted in the following chart: ECONOMIC AGE AND LIFE Actual Age 0 Years Effective Age 0 Years MVS Expected Life 55 Years Remaining Economic Life 55 Years Accrued Physical Incurable Depreciation 0.0% Compiled by CBRE The remaining economic life is based upon our on -site observations and a comparative analysis of typical life expectancies as published by Marshall and Swift, LLC, in the Marshall Valuation Service cost guide. While CBRE, Inc. did not observe anything to suggest a different economic life, a capital improvement program could extend the life expectancy. Upon completion, the improvements will be in new overall condition. Overall, there are no known factors that adversely impact the marketability of the improvements. CBRE VALUATION & ADVISORY SERVICES 23 G 2026 CBRE. INC eTAWA st," fm- SLJBJE Jl Ir 1.4 X 04, biGf LAKEVIEW APARTMENTS 04.29.26 MOSES LAKE, WA Improvements Analysis — Central Drive SUMMARY 1-1-F AIVI�'.-* PAWX1. ID T2,11AM mimcs Lw- -01% NRCELSM I BS',V! SF ;4 X sst ZOWIG R-a MOP Mun qrSICSIM4 7W M., SITY. Um 25 ACRE MAX &.X HZJDIPM XV aRvff: X AAM'� al "'FAWIM "I SIDE, REOL T AW-A' XQRSF aR 3'.S:0 SF I** P&WAVIAL. n-. I t2 V, %77 U-Nsba 4 E4 � N FMA %-6 3F 311.004537SF': 3 Sr,01OMSSF101 ij PFASE.' PKA% AREA, z. 1410 3F GCSSSLcre gUAISF WE T MIZONI—AL 34 IV -IF AWNVY SPACE Sr:= = SF�: TWALM GR= kD101; 40 REIMIJU. rZ;SF -Sj,�Xj ffl7 YW,-AL., IF 1AMURST--Wril MSTPALS eirl"= M- 3--oas STEWARDSHIPOtak DEVELOPMENT au, 'V. CBRE VALUATION & ADVISORY SERVICES 24 2026 CBRE, INC Improvements Analysis - Central Drive Owl CBRE VALUATION & ADVISORY SERVICES 25 ��) 2026 CBRE, INC Zoning - Hill Ave Zoning -Hill Ave The following chart summarizes the subject's zoning requirements. ZONING SUMMARY Current Zoning R3-Multi Family Residential Legally Conforming Yes Uses Permitted Provides for multifamily residential uses in more urbanized areas of the City in a range of styles, including limited opportunities for mixed -use development. This designation also serves as transitional areas between lower -density residential neighborhoods and non- residential areas. Zoning Change Not likely Source: City of Moses Lake Planning and Zoning Dept. Analysis and Conclusion The improvements represent a legally conforming use and, if damaged, may be restored without special permit application. Additional information may be obtained from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed the information obtained is correct. Legend L_ _J AWW otr L."ft Zoning R I -S4"* F amdy Resdantw R2-5a.glaTvw �3n+dy Rcsoerd RlMule F3mfy Residenbw e'SUBJECT C2-Gerreral Carrn+crcral C1-Contrai B+.sauss Distnat C/ A-TrsnsdroeW Cam"Welai gayness Park UA qM IndugVW �i'�_� 14-►ia7+y Indu61na1 Al h+dvltriA! aaek U-L,914t ImuWWA- ra 2216 P-i LNIC klurnopal Aawn fR-Con+u+�.arpn 8 Reclarnatm 8-ow EAv 1r)5(T'US8R1 Q ST. 1: I A ... NTH_VE -� ZALEA-PL ' -- 1 I HUP?ST DR -- SUBJECT / f 1 CO CBRE VALUATION & ADVISORY SERVICES 26 � 2426 CBRE. INC Zoning - Central Dr Zoning - Central Dr The following chart summarizes the subject's zoning requirements. ZONING SUMMARY Current Zoning C-2 General Commercial Legally Conforming Yes Uses Permitted "Facilitates economic activity in Moses Lake through commercial development in a variety of forms and locations. The zone orients mainly to automotive traffic'° Multifamily residential permitted as a conditional use Zoning Change Not likely Source: Moses Lake City Planning and Zoning Dept. Analysis and Conclusion Additional information may be obtained from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed the information obtained is correct. CBRE VALUATION & ADVISORY SERVICES 27 4, 2026 CBRE, INC Market Analysis Marl,(,et Analysi's S The market analysis forms a basis for assessing market area boundaries, supply and demand factors, and indications of financial feasibility. Primary data sources utilized for this analysis includes ESRI and CoStar. Demand for residential properties is a direct function of demographic characteristics analyzed on the following pages. * i i e i i i N. The following table illustrates the population and household changes for the subject neighborhood with primary focus on the 1-, 3- and 5-mile radius. POPULATION AND HOUSEHOLD PROJECTIONS Population 2030 Total Population 2025 Total Population 2020 Total Population 2010 Total Population Annual Growth 2025 - 2030 Annual Growth 2020 - 2025 Annual Growth 2010 - 2020 Households 2030 Total Households 2025 Total Households 2020 Total Households 2010 Total Households Annual Growth 2025 - 2030 Annual Growth 2020 - 2025 Annual Growth 2010 - 2020 Source: ESRI 1 Mile Radius 3 Mile Radius 5 Mile Radius Grant Count Y 91022 32,521 46,092 108,838 81881 317468 44,384 104,938 87735 307119 41,610 997123 71603 251344 351640 89,120 0.32% 0.66% 0.76% 0.73% 0.33% 0.88% 1.30% 1.15% 1.40 % 1.74 % 1.56 % 1.07 31828 12,548 17,352 38,397 3,723 12,024 16,545 36,648 31592 11,324 15,265 34,078 37025 91391 127817 30,041 0.56% 0.86% 0.96% 0.94% 0.72% 1.21% 1.62% 1.46% 1.73% 1.89% 1.76% 1.27% As shown, the subject's neighborhood is experiencing moderate positive increases in both population and households. Income Distributions Household income available for expenditure on housing and other consumer items is a primary factor in determining the price/rent level of housing demand in a market area. In the case of this study, projections of household income, particularly for renters, identifies in gross terms the market from which the subject submarket draws. The following table illustrates estimated household income distribution for the subject neighborhood. CBRE VALUATION & ADVISORY SERVICES 28 �c, 2026 CBRE, INC Market Analysis HOUSEHOLD INCOME DISTRIBUTION 1 Mile 3 Mile 5 Mile Grant County Households by Income Distribution (2025) Radius Radius Radius <$151000 12.97% 10.22% 9.72% 8.59% $157000 - $24,999 8.60% 7.02% 7.44% 7.38% $251000 - $341999 8.14% 6.91 % 7.41 % 7.51 % $35, 000 - $497999 11.90% 11.29% 11.14% 10.76% $50,000 - $74,999 17.19% 13.98% 13.42% 12.89% $751000 - $99, 999 15.85% 17.99% 16.25% 17.28% $1007000 - $1491999 13.86% 17.02% 17.31 % 16.98% $150,000 - $1997999 3.36% 6.50% 7.68% 9.32% $2007000+ 8.14% 9.07% 9.63% 9:29% Source: ESRI The following table illustrates the median and average household income levels for the subject neighborhood. HOUSEHOLD INCOME LEVELS 1 Mile 3 Mile 5 Mile Income Radius Radius Radius Grant Count y 2025 Median Household Income $59,247 $75,575 $75,977 $787103 2025 Average Household Income $821487 $911498 $94,190 $971104 2025 Per Capita Income $33,503 $34,834 $341998 $34,027 Source: ESRI Employment An employment breakdown typically indicates the characteristics for a given market area. The specific employment population within the indicated radii of the subject is as follows: CBRE VALUATION & ADVISORY SERVICES 29 C` 2026 CBRE, INC Market Analysis EMPLOYMENT BY INDUSTRY 1 Mile 3 Mile 5 Mile Occupation (2025) Radius Radius Radius Grant County Agric/Forestry/Fishing/Hunting 3.62% 8.94% 8.80% 21.72% Construction 1.98% 2.90% 3.71 % 3.55% Manufacturing 19.52% 21.64% 20.31 % 13.19% Wholesale Trade 1.69% 1.98% 1.84% 2.21 % Retail Trade 11.73% 8.97% 9.78% 7.32% Transportation/Warehousing 4.86% 3.94% 4.33% 5.03% Information 0.45% 0.85% 1.13% 0.82% Finance/Insurance 1.03% 1.33% 1.27% 1.32% Prof/Scientific/Tech Services 3.38% 3.83% 4.28% 3.38% Mgmt of Companies/Enterprises 0.00% 0.00% 0.00% 0.00% Admin/Support/Waste Mgmt Srvcs 1.17% 3.00% 3.44% 3.44% Educational Services 18.83% 9.95% 9.11 % 10.80% Health Care/Social Assistance 15.73% 17.04% 17.26% 12.28% Arts/Entertainment/Recreation 0.55% 0.86% 0.86% 0.68% Accommodation/Food Services 9.27% 5.93% 5.23% 5.20% Other Services (excl Publ Adm) 3.17% 4.27% 3.95% 3.22% Public Administration 3.00% 4.57% 4.69% 5.86% Source: ESRI The previous table illustrates the employment character of the submarket, indicating a significant portion of the population holding manufacturing, educational service, health care, and retail trade related jobs. Outlook Based on this analysis, the immediate area surrounding the subject is projected to experience moderate, positive growth relative to households and population into the near future. Given the area demographics, it appears that demand for both comparable surrounding area apartment units and the subject will remain stable. ApartmentMoses Lake Market Summary - CoStar As mentioned previously there are no formal market survey statistics for Moses Lake. We have provided a performance summary of the apartment market which encompasses all of Grant County, using CoStar data. This analysis encompasses 2,707 units within 78 properties and notably includes only market rate properties. A summary of the survey is as follows: It,: ENTCR'; UNITS UJIN Eli CONSTRUCTION UNi"' = 12 MO ABSORPTION UNITS A1-- N Y RVt'E MARKET RENTr+. NIT MARKV S'ii C PRI 'EiUNIT MARKET i.:AY RATE 21769 0 (11) 110% . ;,t, t _ ..'� Yip ��; t. _ ,., ci ! i. -0d i _ _ _ _ C Ci!.w`r: s i. k. is G2 ,. _ .._ .. fuse': i' t . i rJ.--.... Availability Inventory Sates Past Year Demand t3cant un: S Z:3 Ex st: q Buildings 8:1 � Aiking Price Per unit - 12 Moo A€ sofp'-, of €nventonvd ASM ig Rent Sr $1. A 3 Average Units Per 819g 33 vase to ;ask€r g Price Dlferer tua± - median Hlousetloold it orne -70 iz Concession Rate .-r � 2 �"'_ 1 41u � ° " _.:? 2 tJr.`:aCx!'s E'Lt � 'ita � � .4 ,gas s 1�it!mv � _ �' i E_ t+ � � #� t,€,atit�f; ;�r a�, frs 2v � +``: �..,-:� ,udio Asking Rena $823 12 Mo, Cccupancy -1 at Delivery 1011 Transactions Pnp€;iatis:r uroPrl'1 15, Yra .it1 39 4 ;=b i Beamom AWnig Ren!!Un°t S'U55 12 >`k o Cor'struG:ion Starts Units {. Per #this to sale - Population : fow-r1 5 Y's ` 40-54 )j.4°fu a Se.aioorn Askina RentiUn t $i_316 11 M"Delivered .its 47 For Sale _!StErgs. � � a�lia:€o' Jr�Yrh r- 1i$":' ry _3 "e C-?Jno. R tt t l z 8 srcc.. A .. _ e�� �.. .7 �T,3vt � 4 1 h#a >arg z�s!=��rt� U? is L � L f:�tal �s �si� !,�;?its <130 � po f� 5 �u��:.atscr� �r�a.�t� ,� Y; s CBRE VALUATION & ADVISORY SERVICES 30 c 2026 CBRE. INC Market Analysis The current vacancy rate in Moses Lake of 13% is higher than the five-year average of 7.4%. For additional support of rental and vacancy trends, we have utilized the following chart reflective of this survey, which CoStar provides quarterly statistics of Moses Lake since 2015. Period Inventory Bldgs Inventory Units Inventory Avg SF Effective Rent Per SF Occupancy Percent Absorption Percent Deliveries Units 2026 YTD 83 2,769 873 $1.39 87.0% 0.4% - 2025 83 2,769 873 $1.38 86.6% -2.2 % 100 2024 80 2,669 863 $1.49 92.2% -0.2% 75 2023 78 2,594 852 $1.45 95.1% 0.0% - 2022 78 2,594 852 $1.39 95.1% 1.5% 19 2021 74 2,575 845 $1. 28 94.3% 2. 6 % 61 2020 69 2,514 840 $1.16 93.9% -0.9 % - 2019 69 2,514 840 $1.16 94.8% 7.0% 27 2018 68 2,487 839 $1.04 88.7% 7.7% 181 2017 67 2,306 824 $1.08 87.3% 7.3 % 357 2016 65 1,949 811 $1.10 94.8% 0.6% - Source: CoStar According to CoStar, occupancy has ranged from 86.6% to 94.8% since 2016; however, it is noted that this includes all new deliveries in lease -up. Given the lack of inventory, one new large complex can temporarily skew market -wide occupancy for a year. From 2019 - 2023, rent growth was robust, which can be attributed to significant population growth in Moses Lake. During that time, the majority of residential construction consisted of single-family homes, which has softened housing prices and occupancy over the past 1-2 years. Market Summary -University of Washington Center for Real Estate Research (WCRER) The following is a brief summary of apartment trends in Grant County provided by WCRER: MULTIFAMILY MARKET TRENDS Grant County Date Rent PSF Occupancy 4th Qtr. 2025 $1.30 91.8% 2nd Qtr. 2025 $1.32 94.5% 4rd Qtr. 2024 $1.34 95.9% 2th Qtr. 2024 $1.33 95.8% 4rd Qtr. 2023 $1.29 96.2% 2th Qtr. 2023 $1.27 95.3% 4rd Qtr. 2022 $1.50 95.9% 2th Qtr. 2022 $1.39 97..2% Source: WCRER The data provided by WCRER also indicates declining occupancy trends over past year, although not quite to the extent that CoStar indicates, which can likely be attributed to this survey including more smaller, Class B/C complexes. .. ■ r .Aft A* IL Comparable properties were surveyed in order to identify the current occupancy within the competitive market. The comparable data is summarized in the following table: CBRE VALUATION & ADVISORY SERVICES 3"1i, . 2026 CBRE. INC Market Analysis SUMMARY OF COMPARABLE MARKET RATE MULTIFAMILY RENTALS Comp. Distance from No. Name Location Subject Occupancy 1 The Gateway 5075 NE Owens Rd 3.2 Miles 93% Moses Lake, WA 2 Pioneer Meadows Apartments 300 E 9th Avenue 0.2 Miles 94% Moses Lake, WA 3 The Vintage Apartments 1133 N Grape Dr 1.7 Miles 95% Moses Lake, WA 4 Solara 1401 E Nelson Road 0.8 Miles 94% Moses Lake, WA 5 The Weston Apartments 901 NW Sunburst Ct. 1.5 Miles 97% Moses Lake, WA Subject Market Study: 2 Properties 116 E Hill Ave, NKA Central Dr, --- Moses Lake, Washington Compiled by CBRE Most comparable properties surveyed reported a weighted average occupancy rate 94.9%. Each of the comparables are in average to good condition. Competitive Properties - LIHTC Comparable properties were surveyed in order to identify the current occupancy within the competitive market. The comparable data is summarized in the following table: CBRE VALUATION & ADVISORY SERVICES 32 ;4'2026 CBRE, INC Market Analysis SUMMARY OF COMPARABLE LIHTC MULTIFAMILY RENTALS Comp. Distance No. Name Location from Subject Occupancy 6 Heron Creek Apartments 222 E 9th Ave. 0.2 Miles 89% Moses Lake, WA 7 Chaparral II Apartments 1422 NE Craig Street 4.7 Miles 81 % Moses Lake, WA 8 Moses Lake Meadows 1501 Monroe St. 0.6 Miles 88% Moses Lake, WA 9 Lakeland Pointe 801-825 Evelyn Dr. 1.4 Miles 94% Moses Lake, WA 10 Pioneer Village 816 E Sharon Avenue 0.7 Miles 90% Moses Lake, WA 11 The Cape at Interlake 511 S Interlake Rd 2.2 Miles 89% Moses Lake, WA Subject Market Study: 2 Properties 116 E Hill Ave, NKA Central Dr, --- Moses Lake, Washington Compiled by CBRE Most comparable properties surveyed reported a weighted average occupancy rate 89.3%. ,Each of the comparables are in average to fair condition, as the majority of the comparables are over 20 years old. Additionally, the majority of the comparables are restricted to AMIs at the 60% threshold. Given the good condition of the subject upon completion of construction/renovation, coupled with a significant number being restricted to 30% and 40% AMI levels, we anticipate the subject will maintain higher occupancy levels than the older LIHTC properties that are restricted to only 60% AMI. Subject Analyshs, Absorption Given the limited new apartment construction in Moses Lake since 2020, absorption data in the local market is unavailable. Within the greater Central/Eastern Washington region, recently completed properties typically absorb between 8 —15 units per month, although that rate has been trending downwards over the past 1-2 years. While not directly comparable to the subject, we have included a survey from the Tri Cities market below, where more data is available: CBRE VALUATION & ADVISORY SERVICES 33 c, 2026 CBRE, INC Market Analysis A BSO RPII Q N Project Location Completion Date Absorption Rate (Units(Mo, at time of survey) 10 West Kennewick 2024 5 Badger Canyon Kennewick 2016 - 2022 20 Vicinty at Horn Rapids Ph II Richland 2022 10 Tides at Willow Pointe Ph II Richland 2022 8 Vicinty at Horn Rapids Ph I Richland 2021 16 Park Place Richland 2021 26 Compiled by CBRE The above listed projects are absorbing units at rates between 5 and 26 units per month and an overall average absorption rate of 14 units per month. While not located in the Moses Lake, we are familiar with several LIHTC complexes in Eastern Washington area and are knowledgeable regarding their initial lease -up and stabilization. The following table illustrates their absorption rates. ABSORPTION - UHTC Start of Number Units Leased Absorption Absorption Project/Location Property Type Leasing of units (at time of Months (at late survey) time of survey) (unitsiMo.) Copper Landing, , invay Heights Garden -Style Affordab Famii) May- 4 -16 194 1.2.0 16-2 Summd Ridge, Spokane Garden -style (A'ffordable(FarnRy) - 5 120 1,14 5_0 22.8 Copper River,, Spokane Garden -style Atfordabte,Family) Oct- 7 240 228 2&5 Basaft Ridge,, Airway sleights Garden -style (A ordab Famitty) Nov- 7 240 21 7-0 30,9 Ridpath Club Apartments, Spokane High -Rise Atfordab l=arnily) Jul-48 206 175 °tfi.O 10.9 Spencer Place, Post l=alts Garden -style (Atfordab 'achy) Feb-21 240 2211 9.0 24.6 Mirabeau Commons., Spokane Valley Garden -style A ordablef amily) Jut-21 1,20 120 9_0 13.3 TotallAverag . 1,382 21.0 Compiled by CEFE The LIHTC listed projects are absorbing units at a rate of 10.9 to 30.9 units per month, with an overall average absorption rate of 21.0 units per month. Given the amount of recent residential construction in Moses Lake (particularly single-family), we anticipate that absorption would towards the low end of the range of the charts below and have estimate a rate of 8 units per month both unencumbered and encumbered. Occupancy Based on the foregoing analysis, CBRE, Inc.'s conclusion of stabilized occupancy for the subject is illustrated in the following table. This estimate considers both the physical and economic factors of the market. CBRE VALUATION & ADVISORY SERVICES 34 ;: 2026 CBRE. INC Market Analysis OCCUPANCY CONCLUSIONS Moses Lake: Costar 87.0% Grant County: WCRER 91.8% Rent Comparables: Market Rate 94.9% Rent Comparables: LIHTC 89.3% Subject's Stabilized Occupancy 95.0% Compiled by CBRE Our stabilized occupancy conclusion is above the overall market amount indicated by CoStar, and slightly above the amount indicated by WCRER. While there has been little multifamily construction in Moses Lake since 2020, there has been a moderate amount of single-family development, which appears to have softened the rental market over the past year. Given the subject will feature new construction/renovation, we anticipate it will be well received as the majority of the comparable properties are 5-20 years old. Additionally, we anticipate occupancy rates market -wide will trend back towards stabilized levels as construction has slowed, while the local population continues to grow at a moderate rate. The Grant County area has had a moderate amount of new construction over the past several years, which has decreased overall market occupancy, with the CoStar numbers including properties in lease -up. Overall, construction is expected to continue at a moderate rate, as the market continues to absorb newly built properties well. Concessions are low, although vacancy rates in the area appear to be ticking upwards slightly. As is discussed in the income capitalization section, the subject's vacancy loss is estimated to be 5.00%, which is inclusive of credit loss. This is the typical long-term vacancy rate used by most investors in the market area when underwriting similar apartment complexes in the local market. Rental and capitalization rates are discussed further in the income capitalization section of the report. When complete, the subject property will be encumbered by Section 42 of the Low -Income Housing Tax Credit (LIHTC) program, with the units having income restricted to residents earning 30%, 40%, and 60% or less of area median income (AMI) levels. Income Limits The subject is to operate under a tax credit program through WSHFC. Under this program, the subject's units studio units will be age -restricted (55+) and will be designated for households with incomes of 30% and 40% or less of area median income (AMI) levels. The subject's two -bedroom units will not be age restricted, and will be designated for households of 40% and 60% of AMI. The 2026 AMI for Grant County is $78,000 based on the 2026 HUD income limits. The median family income (MFI) level is based on a four -person household, with adjustments made to this level for each person in a -household over or fewer than four. For example, the income level for a three -person household is 90% of the four -person household. The following table summarizes the HUD published Income Limits for 2026 for Grant County. We have only included the income level(s) applicable to the subject which include; 30%, 40%, and 60% of AMI or less. CBRE VALUATION & ADVISORY SERVICES 35 c, 2026 CBRE, INC Market Analysis 2026 HUD PUBLISHED INCOME LIMITS 1Person 2Persone 3Persono 4Peraona Set 70% of 80% of gO% of 100% of Aaide % Person HH Person HH Person HH Person HH 30% $20.370 $23.280 $20.190 $20.100 4096 $27.160 $31.040 $34.920 $38.800 Source: HUD It should be nnb*d, however, that under HUD guide|inea, each bedroom in an apartment unit is assumed to accommodate 1.5 persons. Therafore, according to HUD, aatudio unit equates to o household of 1.0 pereon, a one -bedroom unit equates to a household of 1.5 peraona, o two -bedroom unit equates to a household of 3.0 peraona, o three -bedroom unit equates to e household of4.5 pereono, and so on. Based on this infonnetion, the family income requirements for the subject's studio and two -bedroom unite are based on o one -person houeeho|d, and the two -bedroom units are based on ethree-peroon household,. These |ove|o are summarized in the following tables for each income definition. We have also included 10096 ofAN1| for comparative purposes. 2026 HUD MEDIAN FAMILY INCOME LIMITS Studio 2bd Set Aside 1 Person HH 3 Person HH 3096 $20.370 $26.190 4096 $27.160 $3*.920 96 Source: Compiled byoeRe The subject units are set aside for residents earning 3096' 40Y6' and 80% ofAN1|, which indicates a qualified income range of$2O.37O to $52.380 based on the subject 'a unit mix. Primary Market Area Income Distributions For the subject property, the primary market area generally encompasses The City of Moses Lake. We estimate that approximately100% of the demand for the subject property will be derived from this boundary. The following map illustrates the subject's primary market area surrounding the subject property. oaneVALUATION & ADVISORY SERVICES 36 OPom6oeRs INC Market Analysis 0 mapbox 1 7 Maximum Allowable Rents A result of the tax credit program is restricted rent levels, or maximum allowable rents. A utility allowance is typically deducted from the maximum allowable rents to arrive at the resident's portion of the collected rent. The 2026 maximum allowable monthly rent levels under the tax credit program are summarized in the following table. CBRE VALUATION & ADVISORY SERVICES 37 c, 202E CBRE. INC Market Analysis 2026 HUD & HOME MAXIMUM ALLOWABLE RENTS Net Maximum Utility Resident Unit Type Set Aside % Rent Allowance Rent Studio 30% $509 ($60) $449 Studio 40% $679 ($60) $619 2bd/1 ba 40% $873 ($100) $773 2bd/1 ba 60% $17309 ($100) $11209 Source: WSHFC The subject includes water, sewer and garbage with the monthly payment, as such the utility allowance deduction encompasses electricity costs. Tenants can also subscribe to cable, internet or telephone service, but these utilities are considered to be amenities, and therefore are not incorporated into a utility allowance. The maximum allowable rents listed above are for residents earning 30%, 40%, and 60% of AMI. These rates are maximum rents, and the market determines whether market rent is below or above the maximum allowable levels. I I 00i I I 1 11111 qlii�;i�• 11111q�ii The following table illustrates estimated household income distribution for the subject's PMA. HOUSEHOLD INCOME DISTRIBUTION -ALL AGES Households by Income Distribution - 2026 PMA Less than $15K 10.6% $16K - $26K 6.9% $25K - $35K 7.3% $35K - $50K 11.0% $50K - $76K 14.1% $75K - $1 OOK 18.6% $1 OOK - $150K 16.4% $150K - $200K 6.0% $200K or more 9.2% Source: ERSI The two -bedroom units are designated to serve income limits ranging from $34,920 to $52,380. CBRE VALUATION & ADVISORY SERVICES 38 --4, 2026 CBRE. INC Market Analysis HOUSEHOLD INCOME DISTRIBUTION - SENIOR 55+ Households by Income Distribution - 2026 PMA Less than $15K 14.3% $16K - $26K 10.7% $25K - $36K 9.6% $35K - $60K 11.0% $60K - $75K 12.7% $75K - $1 OOK 15.9% $1 OOK - $150K 13.0% $150K - $200K 4.9% $200K or more 8.0% Source: ERS1 The studio units are designated to serve income limits ranging from $20,370 to $27,160. Supply of Affordable Housing As discussed previously, approximately 49.7% of all of the nearby population have incomes the subject's PMA that fall within the range that the subject is designated to serve for the two -bedroom units, and 34.5% of the senior population has incomes in the subject's PMA that fall within the range designated to serve for the studio units. The following was obtained from WSHFC's website in order to determine how many properties are designated to serve a similar income group. The following chart summarizes the affordable properties located within the subject's PMA. LIHTC PROPERTIES LIHTC Name City Units Subject Moses Lake 64 Cape at Interlake, The Moses Lake 72 Capehart - Wherry Apartments Moses Lake 50 Chaparral Apartments Moses Lake 26 Chaparral 11 Moses Lake 26 Heron Creek Apartments Moses Lake 96 Lakeland Pointe Moses Lake 26 Lakeland Pointe 11 Apartments Moses Lake 26 Moses Lake Meadows Moses Lake 26 Pelican Place Moses Lake 19 Pershing Apartments Moses Lake 26 Pelican Horn Apartments Moses Lake 36 Pioneer Village Retirement Community Moses Lake 84 Total LIHTC Units 677 Source: WSHFC Excluding the subject, our search revealed approximately 513 units in 12 LIHTC properties within the subject's PMA. CBRE VALUATION & ADVISORY SERVICES 39 'Cc; 2026 CBRE, INC Market Analysis Competition from Market Rate Projects The subject's PMA includes a mix of Class A-C market rate properties. Since these units do not have income or rent restrictions and do not have compliance periods and could leave the supply at any time they have not been included in this analysis. Competition from Single-family and Condominium Rentals The affordable supply does not appear to have been significantly impacted by competition from single- family or condominium homes that have entered the rental market. Since these units do not have income or rent restrictions and do not have compliance periods and could leave the supply at any time they have not been included in this analysis. A We have added the subject's proposed 64 units to our penetration rate calculation below. Demand: Two -Bedroom Units (All Ages) The following table illustrates the population changes for the subject PMA. POPULATION AND HOUSEHOLD FORECAST Increase 2020 2025 2030 2025-2030 Population 25,360 211127 287160 71033 Households 91644 107487 10,979 492 2025 Renter Occupied Housing 38.6% 2025 Rental Households 41048 Source: ERSI Within the PMA, there are currently 10,487 households. Household growth is estimated to be 98 per year over the next five years (10,979 minus 10,487 divided by five years). The target market is obtained by determining the percentage of households that are income qualified. INCOME QUALIFIED HOUSEHOLDS % of % of Income Income Percent of Qualified Eligible Qualified % of HHs Qualified Income Level No. of HH Total Tenants Tenants HH that Rent Tenant Base Less than $15K 11107 10.6% 100.0% 10.6% 11107 100.0% 17107 $15K - $25K 719 6.9% 100.0% 6.9% 719 38.6% 278 $25K - $35K 767 7.3% 100.0% 7.3% 767 38.6% 296 $35K - $50K 11150 11. 0% 100.0% 11. 0% 11160 38.6% 444 $50K - $75K 11474 14.1 % 9.5% 1.3% 140 38.6% 54 $75K - $100K 17952 18.6% 0.0% 0.0% 0 N/A N/A $100K - $150K 17722 16.4% 0.0% 0.0% 0 N/A N/A $150K - $200K 630 6.0% 0.0% 0.0% 0 N/A N/A $200K or more 966 9.2% 0.0% 0.0% 0 N/A N/A Tota Is 10,487 100.0% 37. 0% 33883 66.1 % 23179 Source: ERSI CBRE VALUATION & ADVISORY SERVICES 40 C, 2026 CBRE, INC Market Analysis As discussed previously, the two -bedrooms maximum allowable rents range is $773 to $1,209 per month. Typical renter qualifications for market rent based properties are based on a multiplier of 2.5 times rent. This suggests that if the property were to rent its units at the maximum allowable levels, it would be targeted to those households that earn approximately $23,190 ($773 x 2.5 x 12) to $36,270 ($1,209 x 2.5 x 12). Therefore, the effective income qualified range is wider at $23,190 to $52,380. This qualifying rental range is higher than what many low-income individuals may earn. However, many tenants in the local market have portable Section 8 vouchers which allow tenants to choose a property that accepts Section 8 tenants, regardless of the tenant's actual income level. Additionally, some complexes have project based subsidized units. In both of these cases, tenants only pay 30% of their monthly income, despite the fact that the subsidy pays market or maximum allowable rent. As such, we have included these households within our demand analysis. Based on 2025 household income data within the subject's PMA, 10.6% of the 2025 households earn less than $15,000. This equates to 1,107 households. While the demographic data presented above indicates that 8.6% of households in the PMA rent, the likelihood of a household earning less than $15,000 being able to afford to purchase a home is low due to the prices of single-family homes or condominiums. Since the qualified renter income ranges up to $52,380, 100% of these households are estimated to be income qualified. The next income band that fits into the income qualifications is the $15,000 to $25,000 level. Approximately 6.9% of the households are in this band with approximately 100% estimated to be income qualified resulting in total household demand estimate of 719 from this income band. Assuming that 38.6% of households in this income demographic live in rental housing; 278 of the 719 eligible households would be in the subject's qualified renter pool. The next income band that fits into the income qualifications is the $25,000 to $35,000 level. Approximately 7.3% of the households are in this band with approximately 100% estimated to be income qualified resulting in total household demand estimate of 767 from this income band. Assuming that 38.6% of households in this income demographic live in rental housing; 296 of the 767 eligible households would be in the subject's qualified renter pool. The next income band that fits into the income qualifications is the $35,000 to $50,000 level. Approximately 11 % of the households are in this band with approximately 100% estimated to be income qualified resulting in total household demand estimate of 1,150 from this income band. Assuming that 38.6% of households in this income demographic live in rental housing; 444 of the 1,150 eligible households would be in the subject's qualified renter pool. The final income band that fits into the income qualifications is the $50,000 to $75,000 level. Approximately 9.5% of the households are in this band with approximately 1.3% (proportionate) estimated to be income qualified resulting in total household demand estimate of 140 from this income band. Assuming that 38.6% of households in this income demographic live in rental housing; 54 of the 140 eligible households would be in the subject's qualified renter pool. Based on the total of the income qualified rental households derived from this analysis, approximately 5,083 households, or 20.8% of all households within the subject's PMA are estimated to be income qualified and rental households. Based on the estimated number of income qualified rental households from this analysis, the estimated capture rate for the subject property is calculated as follows: CBRE VALUATION & ADVISORY SERVICES 41 (92026 CBRE, INC Market Analysis CAPTURE RATE Subject's LIHTC Qualified Subject's Market Units / Renters = Capture 20 / 21179 = 0.9% Source: Compiled by CBRE Based on the results of this demand analysis, the subject's 20 proposed two -bedroom low-income units at 40% and 60% or less of AMI indicate a capture rate of approximately 0.9% of the income qualified rental households within the subject's PMA. This data suggests that the subject will need to capture less than 1% of the estimated income qualified renter households in the subject's PMA in order to achieve and maintain a stabilized occupancy level. In the instance when the capture rate is at or above 100%, which is the saturation point, market demand will not support additional units. High risk is considered by most lenders to be around 30% while low risk is considered to be less than 10%. The subject's capture rate is under 10%, which indicates that the subject is lower in terms of risk and suggests that strong demand exists for the subject's low-income units at the 40% and 60% or less of AM I levels. •' ir piq- r •I ORION!i The following table illustrates the population changes for the subject PMA. POPULATION AND HOUSEHOLD FORECAST Increase 2020 2025 2030 2025-2030 Population 77257 87020 81428 408 Households n/a 47167 41328 161 2025 Renter Occupied Housing 38.6% 2025 Rental Households 1,608 Source: ERSI Within the PMA, there are currently 4,167 senior households. Household growth is estimated to be 32 per year over the next five years (4,328 minus 4,167 divided by five years). The target market is obtained by determining the percentage of households that are income qualified. CBRE VALUATION & ADVISORY SERVICES 42 O 2026 CBRE, INC Market Analysis INCOME QUALIFIED HOUSEHOLDS 96of 96of Income Income Percent of Qualified Eligible Qualified % ofHHs Qualified Income Lewl No ofHH Total Tenants Tenants HH that Rent Tenant Base Less than $16K 596 14.3% 100.0% 14.3% 596 100.0% 696 $15K-$26K 447 10.7% 100.0% 10.7% 44" 38.6% 173 $25K-$35K 394 9.5% 21.6Y! 2.096 85 38.6% 33 $35K'$50: 460 11.096 0.096 0.096 O N/A N/A $50K-$75K 530 12.7% 0.0% 0.096 O N/A N/A $75K-$1OOK 601 15.996 0.096 0.096 O N/A N/A $1OOK-$150K 540 13.096 0.096 0.096 O N/A N/A $150K-$200K 204 4.096 0.0Y6 0.096 O N/A N/A Source: ERSI As discussed previously, the studio maximum allowable rents range is $449 to $619per month. Typical renter qualifications for market rent based properties are based onemultiplier of2.5times rent. This suggests that if the property were to rent its units at the maximum allowable levels, it would be targeted to those households that earn approximately $13.40($449 x 2.5x12) to $18.57O(619x2.5x12).Therefore, the effective income qualified range is wider at $13.470 to $27.160. This qualifying rental range is higher than what many low-income individuals may earn. However, many tenants in the local market have portable Section 8 vouchers which allow tenants to choose aproperty that accepts Section 8 tonenbs, regenj|eao ofthe tenant's oouo| income level. Additione||y, some complexes, including the subject, have project based subsidized units. In both of these cases, tenants only pay 30% of their monthly inoome, despite the fact that the subsidy pays market or maximum a||mweb|a rent. As such, vvehave included these households within our demand analysis. Based on 2025 household income data within the subject's PN1/\. 14.396 of the 2025 senior households earn less than $15.000. This equates to 598 households. While the demographic data presented above indicates that 38.6% of households in the PIVIA rent, the likelihood of a household earning less than $15,000 being able to afford to purchase a home is low due to the prices of single-family homes or condominiums. Since the qualified renter income ranges up to $27.160. 10096 ofthese households are estimated to be income qualified. The next income bend that fits into the income qualifications is the $15'000 to $25'000 level. Approximately 10.796 of the households are in this bond with approximately 10096 estimated to be income qualified resulting in total household demand estimate of447 from this income band. Assuming that 38.696 of households in this income demographic live in rental housing; 173 of the 447 eligible households would be in the subject's qualified renter pool. The final income band that fits into the income qualifications is the $25'000 to $35,000 level. Approximately 9.596 of the households are in this band with approximately 21.896 (proportionate) estimated to be income qualified resulting in total household demand estimate of 85 from this income band. Assuming that 38.6% of households in this income demographic live in rental housing; 33 of the 85 eligible households would be inthe subject's qualified renter pool. Based on the total of the income qualified rental households derived from this analysis, approximately 801 households, or 19.296 of all senior households within the subject's PIVIA are estimated to be income oBREVALUATION mADVISORY SERVICES 43 �2026 CBRE./mo Market Analysis qualified and rental households. Based on the estimated number of income qualified rental households from this analysis, the estimated capture rate for the subject property is calculated as follows: CAPTURE RATE Subject's LIHTC Qualified Subject's Market Units / Renters = Capture 44 / 801 = 5.5% Source: Compiled by CBRE Based on the results of this demand analysis, the subject's 44 proposed studio low-income units at 30%, and 40% or less of AMI indicate a capture rate of approximately 5.5% of the income qualified rental households within the subject's PMA. This data suggests that the subject will need to capture less than 2% of the estimated income qualified renter households in the subject's PMA in order to achieve and maintain a stabilized occupancy level. In the instance when the capture rate is at or above 100%, which is the saturation point, market demand will not support additional units. High risk is considered by most lenders to be around 30% while low risk is considered to be less than 10%. The subject's capture rate is under 10%, which indicates that the subject is lower in terms of risk and suggests that strong demand exists for the subject's low-income units at the 30% and 40% or less of AMI levels. Penetration Analysis According to the National Council of Affordable Housing Market Analysts, penetration rate is defined as the percentage of age and income qualified renter households in the PMA that all existing and proposed properties, to be completed within six months, and which are competitively priced to the subject that must be captured to achieve the stabilized level of occupancy. When the penetration rate is at or above 100% (considered the saturation point), market demand will not support additional units. Based on the analysis of eligible rental households within the subject's primary market area, the penetration rate based on current conditions is calculated in the following table. It is noted that the senior housing households are included in the total households indicated in the two -bedroom analysis. Therefore, we have only included the demand of 2,179 households: PENETRATION RATE Existing Competitive Units - PMA 513 Plus + New Units Planned 64 Equals = Total Competitive units 577 Divided / Qualified Income Renter Households 21179 Equals = Penetration Rate 26.5% Source: Compiled by CBRE When accounting for existing LIHTC units, as well as the proposed units at both of the subject properties, the market penetration rate based on existing demand is estimated at 26.5% for its primary market area. These rates are below 100%, which indicates that there is demand for the subject's units. CBRE VALUATION & ADVISORY SERVICES 44 c) 2026 CBRE. INC Market Analysis One of the potential drawbacks to this approach is that of the existing income eligible renter households, tenants from this pool may be renting market rate product or other affordable housing product such as HUD subsidized housing, as well as other public housing sponsored by housing authorities. However, the impact of these additional affordable properties is reasonably reflected in the figures discussed above, and the market penetration levels detailed above are illustrative of a reasonable depth of the market. Moses Lake area has had a significant amount of new residential construction over the past several years (particularly single-family). Construction is expected to slow down, as supply has caught up with demand after several years of being undersupplied. The majority of the comparables surveyed are offering up -front concessions for new tenants. Longer term, population growth, which has been a major driver, will moderate but remain positive. Over the extended forecast, risks are stacked on the side of stronger growth, thus benefitting apartment occupancy and rental trends for affordable and market rate apartments in the neighborhood and metro area. CBRE VALUATION & ADVISORY SERVICES 45 2026 CBRE, INC Rent Analysis — Market Rate Rent Analysis - Market Rate For the unencumbered analysis, we searched for market rate complexes in the subjects expanded neighborhood area that are of a reasonably similar vintage as the subject in order to determine market rental rates for the subject. A detailed description of each comparable is included in the addenda. SUMMARY OF COMPARABLE MARKET RATE RENTALS YOC / No. Distance No. Property Name Location Reno'd Occ. Units from Subj 1 The Gateway 5075 NE Owens Rd 2021 93% 30 3.2 Miles Moses Lake, WA 98837 2 Pioneer Meadows Apartments 300 E 9th Avenue 2018 94% 181 0.2 Miles Moses Lake, WA 98837 3 The Vintage Apartments 1133 N Grape Dr 2009 95% 216 1.7 Miles Moses Lake, WA 98837 4 Solara 1401 E Nelson Road 2017 94% 228 0.8 Miles Moses Lake, WA 98837 5 The Weston Apartments 901 NW Sunburst Ct. 1999 97% 137 1.5 Miles Moses Lake, WA 98837 Subj. Market Study: 2 Properties 116 E Hill Ave, NKA Central Dr 2031 0% 64 --- Moses Lake, WA 98837 Compiled by CBRE CBRE VALUATION & ADVISORY SERVICES 2026 CBRE. INC Rent Analysis — Market Rate COMPARABLE ANALYSIS Comparable Name The Gateway Pioneer Meadows The Vintage Solara The Weston Apartments Apartments Apartments Year Built 2021 2018 2009 2017 1999 Characteristic Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Location '!� :; Age/Condition V V V Design Appeal 0 0 0 0 0 Quality of Construction 0 0 Project Amenities Included Utilities 0 0 Overall IF = Less Favorable � � = Simi -tar _ More Favorable Source: CBRE Rent Comparable One The Gateway is a 30-unit apartment building completed in 2021, and is located at 5075 Owens Road in Moses Lake. Property amenities include in -unit laundry. No utilities are included with rent, and the property is currently 93% occupied. Rent Comparable Two The Pioneer Meadows Apartments is a 181-unit garden -style apartment property developed in 2018 and is in good condition. Current asking rent ranges between $1,139 and $1,824 per month. Water, sewer, and trash is charged back to tenants based on RUBs. Project amenities include a business center, clubhouse, fitness center, outdoor pool, and multi -purpose room. Unit amenities include air conditioning, patio/balcony, and washer/dryer. Garages rent for $100 per month extra per month, however the property manager did not disclose their current occupancy. The property is currently 94% occupied, and 2 months free is currently being offered on select units and we have discounted rents on those floor plans accordingly. Rent Comparable Three The Vintage is a 216-unit apartment complex that was constructed in 2009 offering one- and two -bedroom units. Property amenities feature a clubhouse, fitness center, cabana, BBQ grills and swimming pool. There are also 64 garages on the property that lease for $85 per month. All units include in -unit washers and dryers, dishwashers, disposals, and microwaves. No utilities are included in the rent. The complex is 95% occupied and one month free is currently being offered for immediate move -ins on select units. Rent Comparable Four Solara is a 228-unit apartment complex completed in 2017 and the property is currently 82% occupied according to their website. Property amenities include resident lounge, outdoor pool, barbecue area with covered seating, fitness center, garages available, and gated/controlled access. Units include washer and dryer, gourmet style kitchen, pantry, granite countertops, skylights, patio/deck with storage closet, etc. Garages rent for $100 and covered stalls are $30 per month. No utilities are included with rent, and one month free is being offered for select units, and we have discounted the asking rates accordingly. Rent Comparable Five The Weston is a 1999/2009-built, 137-unit apartment complex that was constructed in two phases. The property features one-, two-, and three -bedroom floorplans. Property amenities feature a swimming pool, CBRE VALUATION & ADVISORY SERVICES t 7 t 2026 CBRE. INC Rent Analysis - Market Rate clubhouse, basketball court, playground, and fitness center. Additionally, one covered parking space is included with rent. Units have in -unit washers and dryers, microwaves, disposals, and dishwashers. Eight of the units offer fireplaces but do not rent for any premium. Currently, the occupancy is at 97%. 1-2 months free is being offered for immediate move ins, and the rental rates have been discounted accordingly. Water, sewer and garbage is included in the rental rate. Market Rent Estimate In order to estimate the market rates for the various floor plans, the subject unit types have been compared with similar units in the comparable projects. The following is a discussion of each unit type. Studio Units Studio units are rare in Moses Lake. We have therefore included one -bedroom floor plans in the chart below: SUMMARY OF COMPARABLE RENTALS STUDIO & ONE BEDROOM UNITS Rental Rates Comparable Plan Type Size (SF) $/Mo. $/SF Solara 1 bd/1 ba 740 SF $1,100-$1,150 $1.52 The Weston Apartments 1 bd/1 ba 865 SF $17125 $1.30 Subject (Concluded) Studio (Central Ave) 540 SF $1,150 $2.13 Pioneer Meadows Apartments Studio 578 SF $17163 $2.01 The Vintage Apartments 1 bd/1 ba 740 SF $17200 $1.62 The Gateway 1 bd/1 ba 596 SF $1,250 $2.10 Pioneer Meadows Apartments 1 bd/1 ba 760-783 SF $17350-$17400 $1.78 Subject (Avg. Quoted) Studio (Central Ave) 540 SF Rent Comparable Details Low 578 SF $11100 $1. 30 High 865 SF $11400 $2.10 Average 723 SF $11217 $1. 72 Compiled by CBRE Given the floor plan's smaller size and lack of in -unit laundry, which is somewhat balanced by its new construction, we have concluded an. amount at the low end of the range, slightly below the one Studio comparable which has larger units. Our conclusion is towards the upper end of the range on a $/SF basis which can be attributed to its smaller size. Two -Bedroom Units We have not considered or given any weight to the current in -place rents at this property because our rental conclusions are based on the subject as -if hypothetically renovated with the as -is rents not providing a meaningful indication of the market rent in that renovated condition. CBRE VALUATION & ADVISORY SERVICES 48 Vic} 2026 CBRE. INC Rent Analysis - Market Rate SUMMARY OF COMPARABLE RENTALS TWO BEDROOM UNITS Rental Rates Comparable Plan Type Size (SF) $/Mo. $/SF Solara 2bd/1 ba 948 SF $11200 $1.27 Subject (Concluded) 2bd/1ba (Hill Ave) 700 SF $1.1225 $1.75 The Weston Apartments 2bd/2ba 1,100 SF $17250 $1.14 Solara 2bd/2ba 985 SF $17285 $1.30 The Vintage Apartments 2bd/1 ba 934 SF $1,300 $1.39 The Weston Apartments 2bd/2ba 17265 SF $1,320 $1.04 Pioneer Meadows Apartments 2bd/2ba 1,104-1,126 SF $1,450 $1.30 The Vintage Apartments 2bd/2ba 978 SF $11460 $1.49 The Gateway 2bd/2ba 1,006 SF $11575 $1.57 Rent Comparable Details Low 934 SF $11200 $1. 04 High 11265 SF $11575 $1. 57 Average 11 050 SF $1, 355 $1.31 Compiled by CBRE Given the floor plan's smaller size, single bathroom configuration, and lack of in -unit laundry, which is somewhat balanced by it be completely renovated, we have concluded an amount towards low end of the range. Our conclusion is towards the upper end of the range on a $/SF basis which can be attributed to its smaller size. Market Rent Conclusions - Unencumbered The following chart shows the market rent conclusions for the subject: SUBJECT RENTAL INFORMATION AND CONCLUSIONS No. Unit Concluded Rent Annual Rent Units Unit Type Size (SF) Total SF $/Unit $/SF PRI $/Unit $/SF Total 44 Studio (Central Ave) 540 23,760 $1,150 $2.13 $500600 $13,800 $25.56 $607,200 20 2bd/1 ba (Hill Ave) 700 14,000 $1,225 $1.75 $24,500 $14,700 $21.00 $294,000 64 590 37,760 $1,173 $1.99 $75,100 $14,081 $23.87 $901,200 Compiled by CBRE CBRE VALUATION & ADVISORY SERVICES 49 OP, 2026 CBRE, INC Rent Analysis — LIHTC Rent Analysis - LIHTC The subject will be encumbered by Section 42 of the Low -Income Housing Tax Credit Program (LIHTC). All of the units in the development will be set aside for people whose income does not exceed 30%, 40%, and 50% of area median income (AMI). The following map and table summarize the comparable data used in the analysis of the subject. A detailed description of each comparable is included in the addenda. CBRE VALUATION & ADVISORY SERVICES 50 �' 2026 CBRE, INC Rent Analysis — LIHTC SUMMARY OF COMPARABLE MULTIFAMILY RENTALS YOC / Property Distance No. Property Name Location Reno'd Subtype Occ. from Subj 6 Heron Creek Apartments 222 E 9th Ave. 2007 Multi -unit 89% 0.2 Miles Subsidized Moses Lake, WA 98837 7 Chaparral II Apartments 1422 NE Craig Street 1998 / Multi -unit 81 % 4.7 Miles Subsidized Moses Lake, WA 98837 2004 8 Moses Lake Meadows 1501 Monroe St. 1997 Multi -unit 88% 0.6 Miles Subsidized Moses Lake, WA 98837 9 Lakeland Pointe 801-825 Evelyn Dr. 1997 / Multi -unit 94% 1.4 Miles Subsidized Moses Lake, WA 98837 2001 10 Pioneer Village 816 E Sharon Avenue 2008 Multi -unit Senior 90% 0.7 Miles Moses Lake, WA 98837 11 The Cape at Interlake 511 S Interlake Rd 2024 Multi -unit 89% 2.2 Miles Subsidized Moses Lake, WA 98837 Subj. Market Study: 2 Properties 116 E Hill Ave, NKA 2031 Multi -family --- Central Dr Garden Moses Lake, WA 98837 Compiled by CBRE Analysisof LIHTC Rent Comparables Rent Comparable Six - LlHTC Heron Creek is a 96-unit LIHTC family property limiting resident's income to 60% of area median income (AMI). The property offers one-, two-, and three -bedroom unit types. Property amenities feature a swimming pool, fitness center, clubhouse, playground and business center. All units have in -unit washers/dryers, patio/balcony and dishwashers. The property is 99% occupied, and all units are being leased at the maximum allowable rate. Two months free is being offered for immediate move -ins on select units. Water, sewer, and garbage is included in the rent. Garages rent for additional $60 fee. Rent Comparable Seven - LIHTC This property is a 26-unit garden -style apartment property with the first phase developed in 1998 and the second phase developed in 2004 and is in average condition. This comparable is a Section 42 tax credit property with rent and income restrictions at 60% of area median income. The property is 81 % occupied, and all units are being leased at the maximum allowable rate. One month free is being offered for immediate move -ins on select units. Utilities include the tenant paying electricity and cable, while the landlord pays for water, sewer and garbage collection expenses. Project amenities include a community room, playground, and carports. Unit amenities include air conditioning, washer/dryer hookups and patio/decks. CBRE VALUATION & ADVISORY SERVICES 51 1 2026 CBRE, INC Rent Analysis — LIHTC Rent Comparable Eight - LIHTC This property is a 26-unit garden -style apartment property developed in 1997 and is in average condition. This property is 88% occupied, and all units are being leased at the maximum allowable rate. $500 off move -in charges is being offered for immediate move -ins on select units. This comparable is a Section 42 tax credit property with rent and income restrictions at 60% of area median income. Utilities include the tenant paying electricity and cable, while the landlord pays for water, sewer and garbage collection expenses. Project amenities include a community room, carports and playground. Unit amenities include air conditioning, washer/dryers and patio/decks. Rent Comparable Nine - LIHTC This property is a 52-unit garden -style apartment property with the first phase developed in 1997 and the second phase developed in 2001 and is in average condition. This comparable is a Section 42 tax credit property with rent and income restrictions at 60% of area median income. The property is 94% occupied, and all units are being leased at the maximum allowable rate. No concessions are currently being offered. Utilities include the tenant paying electricity and cable, while the landlord pays for water, sewer, and garbage collection expenses. Project amenities include a community room, playground, and carports. Unit amenities include air conditioning, washer/dryers and patio/decks. Rent Comparable Ten - LIHTC This property is an 84-unit apartment project located at 816 East Sharon Avenue in Moses Lake, Washington, and known as Pioneer Village Senior Apartments. The property is encumbered by Section 42 of the Low -Income Housing Tax Credit (LIHTC) program with units having income and rent restrictions to residents earning 60% of area median income (AMI) levels. In addition, the units are required to be occupied by senior persons 55 years and older. The improvements were completed in 2008 and are situated on a 2.47 acre site. The property is currently 90% occupied, and 1 /2 off first month's rent is being offered for immediate move -ins. The project amenities include a community room with a community kitchen, library, business center, media room, fitness center, salon, two laundry facilities, and sitting areas on each floor. The property also includes a large courtyard and has community garden areas. The unit amenities include air conditioning and select units with patios/balconies. Rent Comparable Eleven - LIHTC The Cape at Interlake is a 96-unit LIHTC family property limiting resident's income to 30%, 40%, and 50% of area median income (AMI). The property offers two-, three-, and four -bedroom unit types. Property amenities feature a swimming pool, fitness center, clubhouse, playground and business center. All units have in -unit washers/dryers, patio/balcony and dishwashers. The property is 89% occupied, and all units are being leased at the maximum allowable rate. One month free is being offered for immediate move -ins on select units. Water, sewer, and garbage is included in the rent. In order to estimate the rates for the floor plans under the proposed encumbrances, the subject unit types have been compared with similar units in the comparable projects. The following is a discussion of each unit type. Based on the data provided, each of the comparables have leased the majority of their units at the 2025 rent limits as the leases roll over. Note also that utility allowances can vary from property to property depending on what utilities are paid by the tenant. Also, some properties will use the Section 8 utility allowances, while others will have utility use studied and have utility allowances adjusted based on actual usage. Due to this factor, the net maximum allowable rents vary from property, although the gross maximum rent is the same. CBRE VALUATION & ADVISORY SERVICES 52 n, 2026 CBRE. INC Rent Analysis - LIHTC Studio Units The subject will include 44 studio units that will be 540 square feet in size. It is our understanding that all of these units will be occupied by tenants earning less than 30% and 40% of area median income. We did not identify any comparable LIHTC properties that had studio°units, so we included comparable one -bedroom units in the chart below. SUMMARY OF COMPARABLE RENTALS ONE BEDROOM UNITS Rental Rates Comparable Plan Type Size (SF) $/Mo. $/SF Subject (Concluded) Studio - 30% AMI 540 SF $449 $0.83 Subject (Concluded) Studio - 40% AMI 540 SF $619 $1.15 Heron Creek Apartments 1 bd/1 ba - 60% AMI 620 SF $11032 $1.66 Pioneer Village 1 bd/1 ba - 60% AMI 548-549 SF $1,091 $1.99 Rent Comparable Details Low 548 SF $1, 032 $1.66 High 620 SF $1, 091 $1.99 Average 572 SF $1, 062 $1.83 Compiled by CBRE The maximum allowable rent for studio units, less the utility allowance, is $449 for tenants earning less than 30% of AMI and $619 for tenants earning less than 40% of AMI, while the concluded market rent for the subject if unencumbered, is $1,150 per month. None of the comparables properties have studio units or offer units at 30% AMI or 40% AMI set asides. However, the other unit types at the comparables are achieving higher rental rates than the maximum allowed for the subject and there is sufficient demand at the 30% AMI set aside. Furthermore, the concluded market rent for the subject's studio units is higher than the maximum allowable rental rates for the 30% or 40% AMI levels, we have concluded a LIHTC rental rate at the 2026 maximum allowable rents for the studio units at 30% AMI ($449 per month) and 40% AMI ($619 per month). Two -Bedroom Units The subject will include 20 two -bedroom units that will be 700 square feet in size. It is our understanding that all of these units will be occupied by tenants earning less than 40% and 60% of area median income. The following table summarizes the two -bedroom units from the rent comparables including size, monthly rent and rent per square foot. CBRE VALUATION & ADVISORY SERVICES 53 c; 2026 CBRE. INC SUMMARY OF COMPARABLE RENTALS TWO BEDROOM UNITS Rent Analysis - LIHTC Rental Rates Comparable Plan Type Size (SF) $/Mo. $/SF The Cape at Interlake 2bd/2ba - 30% AMI 936 SF $600 $0.64 Subject (Concluded) 2bd/1ba - 40% AMI 700 SF $773 $1.10 The Cape at Interlake 2bd/2ba - 40% AMI 936 SF $927 $0.99 The Cape at Interlake 2bd/2ba - 50% AMI 936 SF $17091 $1.17 Subject (Concluded) 2bd/1 ba - 60% AMI 700 SF $1,209 $1.73 Lakeland Pointe 2bd/1ba - 60% AMI 807 SF $17230 $1.52 Chaparral II Apartments 2bd/1ba - 60% AMI 807 SF $1,230 $1.52 Moses Lake Meadows 2bd/1 ba - 60% AMI 807 SF $1,230 $1.52 Heron Creek Apartments 2bd/2ba - 60% AMI 895 SF $11238 $1.38 Heron Creek Apartments 2bd/1ba - 60% AMI 825 SF $11238 $1.50 Pioneer Village 2bd/1 ba - 60% AMI 746-756 SF $1,309 $1.74 Rent Comparable Details Low 746 SF $600 $0.64 High 936 SF $1, 309 $1.74 Average 845 SF $1,121 $1.33 Compiled by CBRE The maximum allowable rent for two -bedroom units, less the utility allowance, is $773 for tenants earning less than 40% of AMI and $1,209 for tenants earning less than 60% of AMI, while the concluded market rent for the subject if unencumbered, is $1,225 per month. The subject's maximum rent for the 40% units and 60% units are bracketed by the comparables, indicating that these maximum rents are achievable. Furthermore, the concluded market rent for the subject's two - bedroom units is higher than the maximum allowable rental rates for the 40% and 60% AMI levels, we have concluded an LIHTC rental rate at the 2026 maximum allowable rents for the two -bedroom units at 40% AMI ($773 per month) and 60% AMI ($1,209 per month). Affordable Rent Conclusions The subject's concluded LIHTC rents are presented in the chart below. LIHTC MARKET RENT CONCLUSIONS No. Unit Concluded Rent Annual Rent Units Unit Type Size Total SF $/Unit $/SF PRI $/Unit $/SF Total 16 Studio - 30% AMI 540 8,640 $449 $0.83 $7,184 $5,388 $9.98 $86,208 28 Studio - 40% AMI 540 15,120 $619 $1.15 $17,332 $7,428 $13.76 $207,984 4 2bd/1 ba - 40% AMI 700 2,800 $773 $1.10 $3,092 $9,276 $13.25 $37,104 16 2bd/1 ba - 60% AMI 700 11,200 $1,209 $1.73 $19,344 $14,508 $20.73 $232,128 64 590 37,760 $734 $1.24 $46,952 $8,804 $14.92 $563,424 Compiled by CBRE Rent Gap Analysis The following table presents the difference in concluded market and affordable rents for the subject under the proposed rent restrictions at 30%, 40%, and 60% of AMI levels. CBRE VALUATION & ADVISORY SERVICES 54 c> 2026 CBRE, INC Rent Analysis — LIHTC LIHTC VERSUS MARKET RENTS No. Unit Max Utility Net LIHTC Market Concluded Rent % of Units Unit Type Size Total SF Allowable Allowance Max Rent Rent Rent Difference Market 16 Studio - 30% AMI 540 8,640 $509 ($60) $449 $1,150 $449 $701 39% 28 Studio - 40% AMI 540 15,120 $679 ($60) $619 $1,150 $619 $531 54% 4 2bd/1ba - 40% AMI 700 2,800 $873 ($100) $773 $1,225 $773 $452 63% 16 2bd/1ba - 60% AMI 700 11,200 $1,309 ($100) $1,209 $1,225 $1,209 $16 99% 64 590 37,760 Compiled by CBRE We have concluded the subject's restricted rents at the maximum allowable amounts. As the subject's concluded LIHTC rents are measurably less than market rental rates in the subject's expanded neighborhood area, we would expect high demand for the subject's units on an encumbered basis. CBRE VALUATION & ADVISORY SERVICES 55 c; 2026 CBRE. INC Conclusion mmm M.- "I Project Viability The project is viable as the low-income units will cater to an underserved portion of the market and will provide an affordable housing option to a variety of households. Due to the high level of demand for this product in the subject's market area, we expect that the subject will be able to achieve the maximum allowable rental rates at the 30% - 60% AMI levels. Additionally, similar low-income projects in the greater market area have performed well, with rental rates at the maximum allowable amounts. Current or Projected Market Need As presented in the market analysis, the LIHTC comparables used in this analysis reported a weighted average occupancy level of 89.3%. The majority of these properties are over 20 years old and are restricted to 60% AMI thresholds, where market rent is either near or below maximum allowable rates. Given the subject will be in above average condition post construction/renovation, coupled with its lower AMI thresholds for the majority of the units, demand should remain strong into the foreseeable future for low- income housing at the 30%-60% AMI level in the subject's expanded neighborhood area. As presented in the market analysis, the current and projected LIHTC supply in the PMA when including the subject's proposed units equates to a penetration rate of 22.5% based on the 30%-60% AMI levels. This indicates that there is a lack of low-income housing in the subject's PMA. Other Public Benefit • Our demographic demand analysis indicates demand for the subject's low-income units; • Half of the subject's units will be set aside at the extremely low income limit of 30% AMI, which is an underserved portion of the market; • A portion of the subject's units will be set aside for persons experiencing homelessness, which is an underserved portion of the market; • The subject will offer a variety of on -site services to residents. Competitive Advantages • The subject will be newly constructed/recently renovated; • The subject will have studio and two -bedroom floor plans, which appeals to smaller and medium-sized households; • There is little new low-income construction planned for the area or immediate neighborhood, which decreases the risk of oversupply; • Public transportation is located near the subject, providing good access throughout the neighborhood and access to other parts of the larger metro area. In conclusion, we expect the subject to enjoy good market acceptance in relation to alternative low-income housing options in its expanded neighborhood area. As the subject will be new, it will reflect current design and market standards. Based on the analysis herein, it appears there is sufficient demand for low-income households and development would be well suited for the immediate market. As such, market acceptance for the subject property is considered high. In addition, the subject will be aimed toward an underserved population (low income households) which will benefit the community. The subject property, as proposed, is recommended as a low-income housing complex. CBRE VALUATION & ADVISORY SERVICES 56 2026 CBRE, INC Assumptions and Limiting Conditions Assumptions and LI*Miting Conditi*ons 1 . CBRE, Inc. through its appraiser (collectively, "CBRE") has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters. 2. The report, including its conclusions and any portion of such report (the "Report"), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date. 3. Unless otherwise expressly noted in the Report, CBRE has assumed that: (i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or. value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company. (ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. (iii) Any proposed improvements, on or off -site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices. (iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or other potentially hazardous materials may affect the value of the property. (v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report. (vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property. (vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based. (viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently, nor super -efficiently. (ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses. (x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to assess the subject property's compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report. (xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property, nor reviewed or confirmed the accuracy of any legal description of the subject property. CBRE VALUATION & ADVISORY SERVICES 57 P 2026 CBRE, INC Assumptions and Limiting Conditions Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE's attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report and any conclusions stated therein. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions. 4. CBRE has assumed that all documents, data and information furnished by or on behalf of the client, property owner or property owner's representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor's Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report and any conclusions stated therein. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report. 5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including, without limitation, any termite inspection, survey or occupancy permit. 6. All furnishings, equipment and business operations have been disregarded with only real property, being considered in the Report, except as otherwise expressly stated and typically considered part of real property. 7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. This Report has been prepared in good faith, based on CBRE's current anecdotal and evidence -based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this Report, they are subject to significant uncertainties and contingencies, many of which are. beyond CBRE's control. In addition, many of CBRE's views are opinion and/or projections based on CBRE's subjective analyses of current market circumstances. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections. Further, other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE's current views to later change or be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change. 8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE's independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decision based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property. 9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge including, but not limited to, environmental, social, and governance principles ("ESG"), beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters. 10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user's failure to become familiar with and understand the same. CBRE VALUATION & ADVISORY SERVICES 58 Oc, 2026 CBRE. INC Assumptions and Limiting Conditions 12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests. 13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use. 14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report. 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user. CBRE VALUATION & ADVISORY SERVICES 59 Oc, 2026 CBRE. INC Addenda CBRE VALUATION & ADVISORY SERVICES 9 2026 CBRE. INC Addenda '��. C ' 1 1 11 � Rent Comparable Data Sheets CBRE VALUATION & ADVISORY SERVICES 4) 2026 CBRE. INC ,Comparable Residential Multimunit Garden No. I Property Name The Gateway Address 5075 NE Owens Rd Moses Lake, WA 98837 United States i l Government Tax Agency Grant Govt./Tax I D 121956923 Unit Mix Detail ' Rate Timeframe t , Y; Monthly Unit Type No. % Size (sf) Rent Rent / sf 1 bd/1 ba N/A N/A 596 $11250 $2.10 " .R 2bd/2ba N/A N/A 11006 $11575 $1.57 Totals/Avg 0 N/A N/A Improvements Land Area 1.270 ac Status Existing Net Rentable Area (NRA) N/A Year Built 2021 Total # of Units 30 Unit Year Renovated N/A Average Unit Size sf Condition Good Floor Count 3 Exterior Finish N/A Property Features Surface Parking Project Amenities N/A Unit Amenities Dishwasher, Garbage Disposal, Microwave Oven, Plank Flooring, Quartz Countertops, Range / Oven, Refrigerator with Icemaker, Washer / Dryer Rental Survey Occupancy 93% Utilities Included in Rent None, WSG Flat Fee +$55-$65 Lease Term N/A Rent Premiums N/A Tenant Profile Market Concessions None Survey Date 06/2026 Owner N/A Survey Notes N/A Management N/A Map & Comments The Gateway is a 30-unit apartment building completed in 2021, and is located at 5075 Owens Road in Moses Lake. Property amenities include in -unit laundry. No utilities are included with rent, and the t.= r property is currently 93% occupied, _ !, •mil' ■ rT' A� dwi we j a 1 Property Name Pioneer Meadows Apartments Address 300 E 9th Avenue Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 110868051 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf Studio 26 14% 578 $11163 $2.01 1 bd/1 ba 49 27% 760-783 $11350-$11400 $1.78 2bd/2ba 78 43% 11104-11126 $11450 $1.30 3bd/2ba 28 15% 11286 $11500 $1.17 Totals/Avg 181 $11396 $1.44 Improvements Land Area 10.870 ac Status Existing Net Rentable Area (NRA) N/A Year Built 2018 Total # of Units 181 Unit Year Renovated N/A Average Unit Size 971 sf Condition Excellent Floor Count 3 Exterior Finish Wood Property Features Carports, Detached Garages, Surface Parking Project Amenities Business Center, Clubhouse, Fitness Center, Pool Unit Amenities Dishwasher, Microwave Oven, Private Patios / Balconies, Washer / Dryer Occupancy 94% Utilities Included in Rent None Lease Term 6 - 12 Mo(s). Rent Premiums N/A Tenant Profile Market Concessions 2 Months Free on Select Units Survey Date 06/2026 Owner N/A Survey Notes N/A Management Rudeen Management 4. Map & Commen The Pioneer Meadows Apartments is a 181-unit garden -style apartment property developed in 2018 and is in good condition. Current asking rent ranges between $1,139 and $1,824 per month. Water, sewer, rand trash is charged back to tenants based on RUBS. Project amenities include a business center, clubhouse, fitness center, outdoor pool, and multi -purpose room. Unit amenities include air conditioning, patio/balcony, and washer/dryer. Garages rent for $100 per month extra per month, however the property manager did not disclose their current occupancy. The property is currently 94% occupied, and 2 months free is currently being offered on select units and we have discounted rents on those floor plans �a gY accordin I Property Name The Vintage Apartments Address 1 133 N Grape Dr Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 110628000 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 1 bd/l ba 96 44% 740 $11200 $1:62 2bd/l ba 96 44% 934 $11300 $1.39 2bd/2ba 24 1 1 % 978 $11460 $1.49 Totals/Avg 216 $1,273 $1.49 Improvements Land Area 7.120 ac Status Existing Net Rentable Area (NRA) 184,176 sf Year Built 2009 Total # of Units 216 Unit Year Renovated N/A Average Unit Size 853 sf Condition Good Floor Count 3 Exterior Finish Fiber Cement Board Property Features On -Site Management Project Amenities Barbeque Area, Clubhouse, Fitness Center, Playground, Pool Unit Amenities Dishwasher, Private Patios / Balconies, Refrigerator, Washer / Dryer Rental Survey Occupancy 95% Utilities Included in Rent None Lease Term 6 - 12 Mo(s). Rent Premiums None Tenant Profile Market Concessions 1 month free for immediate move -ins Survey Date 06/2026 Owner N/A Survey Notes N/A Management Weidner Map & ColMents The Vintage is a 216-unit apartment complex that was constructed in 2009 offering one- and two - bedroom units. Property amenities feature a clubhouse, fitness center, cabana, BBQ grills and swimming pool. There are also 64 garages on the property that lease for $85 per month. All units include in -unit washers and dryers, dishwashers, disposals, and microwaves. No utilities are included in the rent. The complex is 95% occupied and one months free is currently being offered for immediate move -ins on select units. Map data �0'2,0226 Googie [44 .1 am now r Property Name Solara Address 1401 E Nelson Road Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 091759708 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 1 bd/l ba 132 58% 740 $1,100-$1,150 $1.52 2bd/l ba 48 21 % 948 $11200 $1.27 2bd/2 ba 48 21 % 985 $11285 $1.30 Totals/Avg 228 $11174 $1.41 Improvements ' T9FW110, Y Land Area 13.470 ac Status Existing Gross Building Area (GBA) N/A Year Built 2017 Total # of Units 228 Unit Year Renovated N/A Average Unit Size 835 sf Condition Excellent Floor Count 3 Exterior Finish Fiber Cement Plank Property Features Attached Garages Project Amenities Barbeque Area, Clubhouse, Dog Park / Run, Fitness Center, On -Site Security, Pool Unit Amenities Black Appliances, Dishwasher, Gourmet Kitchen, Granite Countertops, Microwave Oven, Private Patios / Balconies, Refrigerator, Vaulted / Cathedral Ceilings, Washer / Dryer Rental Survey Occupancy 94% Utilities Included in Rent None Lease Term 9 - 12 Mo(s). Rent Premiums Upper Floor Tenant Profile Market Concessions 1 month free for select units Survey Date 06/2026 Owner N/A Survey Notes N/A Management Weidner 9 iw 64W ResidentialComparable ! Map & Comments 410IWER, �-. 1-1. 1.1, � " _ Solara is a 228-unit apartment complex completed in 2017 and the property is currently 82% occupied according to their website. Property amenities include resident lounge, outdoor pool, barbecue area with covered seating, fitness center, garages available, and gated/controlled access. Units include washer and E"Nelson Rd dryer, gourmet style kitchen, pantry, granite countertops, skylights, patio/deck with storage closet, etc. Garages rent for $100 and covered stalls are $30 per month. No utilities are included with rent, and one month free is being offered for select units, and we have discounted the asking rates accordingly. M p data 02026 CBRE Property Name The Weston Apartments Address 901 NW Sunburst Ct. Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 091255227 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 1 bd/l ba 36 26% 865 $11125 $1.30 2bd/2ba 48 35% 11100 $11250 $1.14 2bd/2ba 48 35% 1,265 $11320 $1.04 3bd/2ba 5 4% 11335 $11435 $1.07 Totals/Avg 137 $1,248 $1.13 Improvements Land Area 5.740 ac Status Existing Net Rentable Area (NRA) 151,335 sf Year Built 1999 Total # of Units 137 Unit Year Renovated N/A Average Unit Size 1,105 sf Condition Average Floor Count 3 Exterior Finish Vinyl Siding Property Features Electric Baseboard Units, Exterior Stairwells, On -Site Management, Pitched Roofs, Surface Parking, Thru-The-Wall Systems Project Amenities Clubhouse, Fitness Center, Playground, Pool Unit Amenities 8-Foot Ceilings, Black Appliances, Carpeted Flooring, Dishwasher, Double -Pane Windows, Garbage Disposal, Laminate Countertops, Microwave Oven, Private Patios / Balconies, Range / Oven, Refrigerator, Vinyl Flooring, Washer / Dryer, White / Beige Appliances Rental Survey Occupancy 97% Utilities Included in Rent Water, sewer, trash Lease Term 9 - 12 Mo(s). Rent Premiums None Tenant Profile Market Concessions 1-2 Months Free Survey Date 06/2026 Owner N/A Survey Notes N/A Management ROR Residential = Multimunit Garden No. 5: Map & Comment T. . . . . . . . . . . . . heWeston is a 1999/2009-built, 137-unit apartment complex that was constructed in two phases. The property features one-, two-, and three -bedroom floorplans, Property amenities feature a swimming pool, clubhouse, basketball court, playground, and fitness center. Additionally, one covered parking space is included with rent. Units have in -unit washers and dryers, microwaves, disposals, and dishwashers. Eight of the units offer fireplaces but do not rent for any premium. Currently, the occupancy is at 97%. 1-2 months free is being offered for immediate move ins, and the rental rates have been t discounted accordingly. Water, sewer and garbage is included in the rental rate. Property Name Heron Creek Apartments Address 222 E 9th Ave. Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 312947000 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 1 bd/1 ba - 60% AMI 24 25% 620 $11032 $1.66 2 bd/1 ba - 60% AMI 24 25% 825 $11238 $1.50 2bd/2 ba - 60% AMI 24 25% 895 $11,238 $1.38 3bd/2ba - 60% AMI 24 25% 11120 $11428 $1.27 Totals/Avg 96 $11234 $1.43 Land Area 3.670 ac Status Existing Net Rentable Area (NRA) N/A Year Built 2007 Total # of Units 96 Unit Year Renovated N/A Average Unit Size 865 sf Condition Good Floor Count 3 Exterior Finish Vinyl Siding Property Features Detached Garages, LIHTC (Low Income Housing Tax Credit), Surface Parking Project Amenities Clubhouse, Fitness Center, Playground, Pool Unit Amenities Dishwasher, Washer / Dryer Occupancy 89% Utilities Included in Rent Water, sewer, trash Lease Term 6 - 12 Mo(s). Rent Premiums None Tenant Profile 60% AMI Concessions 2 months free on select units Survey Date 06/2026 Owner N/A Survey Notes N/A Management N/A ` Heron Creek is a 96-unit LIHTC family property limiting resident's income to 60% of area median income (AMI). The property offers one-, two-, and three -bedroom unit types. Property amenities feature a swimming pool, fitness center, clubhouse, playground and business center. All units have in -unit washers/dryers, patio/balcony and dishwashers. The property is 99% occupied, and all units are being leased at the maximum allowable rate. Two months free is being offered for immediate move -ins on ' select units. Water, sewer, and garbage is included in the rent. Garages rent for additional $60 fee. LA A Mimi] _# Comparable Residential Multimunit Subsidized No. 7 Property Name Chaparral II Apartments Address 1422 NE Craig Street Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 110069605 Unit Mix Detail ,,;, ownmom Z� Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 2bd/1 ba - 60% AMI 6 23% 807 $11230 $1.52 3bd/2ba - 60% AMI 12 46% 11043 $11423 $1.36 4bd/2ba - 60% AMI 8 31 % 11153 $11589 $1.38 Totals/Avg 26 $11430 $1.40 Land Area 1.870 ac Status Existing Net Rentable Area (NRA) 52,478 sf Year Built 1998 Total # of Units 26 Unit Year Renovated 2004 Average Unit Size 2,018 sf Condition Good Floor Count 2 Exterior Finish Vinyl Siding Property Features Carports, LIHTC (Low Income Housing Tax Credit), Surface Parking Project Amenities Clubhouse, Playground Unit Amenities MEN Dishwasher, Private Patios / Balconies, Range / Oven, Refrigerator, Washer / Dryer Connections Occupancy 81 % Utilities Included in Rent Water, sewer, trash Lease Term 6 - 12 Mo(s). Rent Premiums None Tenant Profile 60% of AMI Concessions 1 month free on select units Survey Date 06/2026 Owner N/A Survey Notes N/A Management Cambridge 9� W go Comparable Residential Multimunit Subsidized No. 7 This property is a 26-unit garden -style apartment property with the first phase developed in 1998 and the second phase developed in 2004 and is in average condition. This comparable is a Section 42 tax credit property with rent and income restrictions at 60% of area median income. The property is 81 % occupied, and all units are being leased at the maximum allowable rate. One month free is being offered for immediate move -ins on select units. Utilities include the tenant paying electricity and cable, while the landlord pays for water, sewer and garbage collection expenses. Project amenities include a communityroom playground, and carports. Unit amenities include air conditioning, washer/dryer er � � t ���3� , p Yg P 9 , ry hookups and patio/decks, ,Comparable Residential Multimunit Subsidized No Property Name Moses Lake Meadows Address 1501 Monroe St. Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 311980000 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf - -_ 2bd/1 ba - 60% AMI N/A N/A 807 $1,230 $1.52 3bd/2 ba - 60% AMI N/A N/A 11043 $11423 $1.36 4bd/2 ba - 60% AMI N/A N/A 11153 $11589 $1.38 Totals/Avg 0 N/A N/A Improvements Land Area 2.000 ac Status Existing Net Rentable Area (NRA) N/A Year Built 1997 Total # of Units 26 Unit Year Renovated N/A Average Unit Size sf Condition Average Floor Count 2 Exterior Finish Vinyl Siding Property Features LIHTC (Low Income Housing Tax Credit) Project Amenities Clubhouse, Playground Unit Amenities Dishwasher, Private Patios / Balconies, Range / Oven, Refrigerator, Washer / Dryer Occupancy 88% Utilities Included in Rent Water, sewer, trash Lease Term 6 - 12 Mo(s). Rent Premiums None Tenant Profile 60% AMI Concessions $500 off move in Survey Date 06/2026 Owner N/A Survey Notes N/A Management Cambridge ------------ _ Residential 7 This property is a 26-unit garden -style apartment property developed in 1997 and is in average condition. This property is 88% occupied, and all units are being leased at the maximum allowable rate. $500 off move -in charges is being offered for immediate move -ins on select units. This comparable is a Section 42 tax credit property with rent and income restrictions at 60% of area median income. Utilities include the tenant paying electricity and cable, while the landlord pays for water, sewer and garbage collection expenses. Project amenities include a community room, carports and playground. Unit IZE raP data° 20 ti DM__' tamenities include air conditioning, washer/dryers and patio/decks. Property Name Lakeland Pointe Address 801-825 Evelyn Dr. Moses Lake, WA 98837 U nited States Government Tax Agency Grant Govt./Tax ID 312266000 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 2bd/1 ba - 60% AMI N/A N/A 807 $11230 $1.52 3bd/2ba - 60% AMI N/A N/A 11043 $11423 $1.36 4bd/2ba - 60% AMI N/A N/A 11153 $11589 $1.38 Totals/Avg 0 N/A N/A Land Area 3.440 ac Status Existing Net Rentable Area (NRA) N/A Year Built 1997 Total # of Units 52 Unit Year Renovated 2001 Average Unit Size sf Condition Good Floor Count 3 Exterior Finish Vinyl Siding Property Features Carports, LIHTC (Low Income Housing Tax Credit), Surface Parking Project Amenities Clubhouse, Playground Unit Amenities Dishwasher, Private Patios / Balconies, Range / Oven, Refrigerator, Washer / Dryer Occupancy 94% Utilities Included in Rent Water, sewer and garbage Lease Term 6 - 12 Mo(s). Rent Premiums None Tenant Profile 60% AMI Concessions None Survey Date 06/2026 Owner N/A Survey Notes N/A Management Cambridge �Comparable Residential Multimunit Subsidized No., 91: ............. Map & Comments This property is a 52-unit garden -style apartment property with the first phase developed in 1997 and the second phase developed in 2001 and is in average condition. This comparable is a Section 42 tax o credit property with rent and income restrictions at 60% of area median income. The property is 94% occupied, and all units are being leased at the maximum allowable rate. No concessions are currently being offered. Utilities include the tenant paying electricity and cable, while the landlord pays for water, sewer, and garbage collection expenses. Project amenities include a community room, playground, and . 0 - carports. Unit amenities include air conditioning, washer/dryers and patio/decks. to Property Name Pioneer Village Address 816 E Sharon Avenue Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 313165000 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 1 bd/1 ba - 60% AMI 43 51 % 548-549 $11091 $1.99 2bd/1 ba - 60% AMI 41 49% 746-756 $11309 $1.74 Totals/Avg 84 $1119 7 $1.85 Improvements Land Area 2.469 ac Status Existing Net Rentable Area (NRA) 54,335 sf Year Built 2008 Total # of Units 84 Unit Year Renovated N/A Average Unit Size 647 sf Condition Good Floor Count 3 Exterior Finish Vinyl Siding Property Features Age Restricted, Elevators, LIHTC (Low Income Housing Tax Credit), Surface Parking Project Amenities Business Center, Clubhouse, Courtyard, Fitness Center, Laundry Facility Unit Amenities Dishwasher, Laminate Countertops, Private Patios / Balconies, Range / Oven, Refrigerator, White / Beige Appliances Occupancy 90% Utilities Included in Rent Water, sewer, trash, electric Lease Term N/A Rent Premiums None Tenant Profile 60% AMI, 55+ Concessions 1 /2 off first month Survey Date 06/2026 Owner N/A Survey Notes N/A Management N/A gag !Comparable Residential Multimunit Senior No. 1 O� This property is an 84-unit apartment project located at 816 East Sharon Avenue in Moses Lake, Washington, and known as Pioneer Village Senior Apartments. The property is encumbered by Section 42 of the Low -Income Housing Tax Credit (LIHTC) program with units having income and rent restrictions to residents earning 60% of area median income (AMI) levels. In addition, the units are required to be occupied by senior persons 55 years and older. The improvements were completed in 2008 and are situated on a 2.47 acre site. The property is currently 90% occupied, and 1 /2 off first month's rent is ,• ,• M;. a. ft..,026 being offered for immediate move -ins. The project amenities include a community room with a community kitchen, library, business center, media room, fitness center, salon, two laundry facilities, and sitting areas on each floor. The property also includes a large courtyard and has community garden areas, The unit amenities include air conditioning and select units with patios/balconies. [A " I * 0 - aw - A Property Name The Cape at Interlake Address 511 S Interlake Rd Moses Lake, WA 98837 United States Government Tax Agency Grant Govt./Tax ID 111077107 Unit Mix Detail Rate Timeframe Monthly Unit Type No. % Size (sf) Rent Rent / sf 2bd/2ba - 30% AMI N/A N/A 936 $600 $0.64 2bd/2ba - 40% AMI N/A N/A 936 $927 $0.99 2bd/2ba - 50% AMI N/A N/A 936 $11091 $1.17 3bd/2ba - 30% AMI N/A N/A 11077 $696 $0.65 3bd/2ba - 40% AMI N/A N/A 11077 $949 $0.88 3bd/2ba - 50% AMI N/A N/A 11077 $11321 $1.23 4bd/2ba - 30% AMI N/A N/A 11255 $779 $0.62 4bd/2ba - 40% AMI N/A N/A 11255 $11126 $0.90 4bd/2ba - 50% AMI N/A N/A 11255 $11342 $1.07 Totals/Avg 0 N/A N/A Land Area 6.810 ac Status Existing Net Rentable Area (NRA) N/A Year Built 2024 Total # of Units 72 Unit Year Renovated N/A Average Unit Size sf Condition Good Floor Count 2 Exterior Finish Fiber Cement Board Property Features Electric Wall Heaters, Surface Parking, Thru-The-Wall Systems Project Amenities Playground Unit Amenities Dishwasher, Garbage Disposal, Laminate Countertops, Microwave Oven, Private Patios / Balconies, Range / Oven, Washer / Dryer Connections Occupancy 89% Utilities Included in Rent Water, sewer, trash Lease Term N/A Rent Premiums N/A Tenant Profile 30%140%, 50% AMI Concessions 1 Month Free Survey Date 06/2026 Owner N/A Survey Notes N/A Management N/A Map & Comments The Cape at Interlake is a 96-unit LIHTC family property limiting resident's income to 30%, 40%, and 50% of area median income (AMI). The property offers two-, three-, and four -bedroom unit types. +r,,r• Property amenities feature a swimming pool, fitness center, clubhouse, playground and business center. All units have in -unit washers/dryers, patio/balcony and dishwashers. The property is 89% occupied, and _ _ } all units are being leased at the maximum allowable rate. One month free is being offered for ., immediate move -ins on select units. Water, sewer, and garbage is included in the rent. Addenda F perating at CBRE VALUATION & ADVISORY SERVICES Oc 2026 CBRE, INC Form 8A: Proposed Rents and AMIs Served % of Median Income Served Qty. Unit Type Units Accessable Avg Unit Square Footage Tenant - Paid Monthly Rent Tenant - Paid Utilities (Utility Allowance) Sum of Tenant - Paid Rent and Utilities PHA / HUD I USDA Subsidy Payment Gross Monthly Rent -VaXiolulu— Allowed Rent + UAs for AMI Oft-mtFk1ed , Market Rents % Difference --to Market- Ren --f--.- Annual Gross Tenant Paid — Rental Annual Gross Rental Subsidy Income Annual Gross Rental Income 210%, 16 Studio homeless 540i $ 339 $ 60 $ 399 399 $ 509 $ 922 -57% 65,126 40%1 281Studio 5401 $ 619 $ 60 $ 679 $ 6.79 $ 679 $ 922 26% 207,984 207,984 60W O'Ztudio 540i $ 770 $ 60 $ 830 $ 830 s 1,018 s 922 $ .......... 30%:� 011 BR 625; $ 464 i $ 81 $ 545 M5 $ 5 4 5 1 $ 1.230 i -56% 40%: ....... . . . . GA BR 6241$ 647 $ 80 $ 727 727 s 727 $ 1.1230 -41% 60% 1 0A BR . . ......... 624� 1,010 1 $ 81 1,091 $ 1,091 $ 1,091 $ ....... ...... 1,230 -11% .. ........ ... $ 30% 4 012SR 700 S 554 5 1,001 $ 654 654 $ 654 1 $ 1,436 -54% $ 40%, 42 BR 7001 $ 773 1 S 100, $ 873 $ 873 s 873 1,436 -39% $ 37,104 $ 37,104 60W 1612 BR 700 1,192 $ 100 1,292 1,292 $ 1,309 t $ 1,436 -jo% $ 228,941 $ $ 228,941 265601 Non-LIH Units Select — Select... Total 64 ------ JIM 539,155 $ 539,155 Grant County MTSP-Income and Rent Limits Effective 511126 Median Income: $ 78,000 Set -aside Percentage 1 _person 2-personp 3-person 4-person p 5- person 6-person 7-person 8-person 20% 13580 15520 17460 19400 20960 22520 24060 25620 30% 20370 23280 26190 29100 31440 33780 36090 38430 35% 23765 27160 30555 33950 36680 39410 42105 44835 40% 27160 31040 34920 38800 41920 45040 48120 51240 45% 30555 34920 39285 43650 47160 50670 54135 57645 50% 33950 38800 43650 48500 52400 56300 60150 64050 60% 40740 46560 52380 58200 62880 67560 72180 76860 70% 47530 54320 61110 67900 73360 78820 84210 89670 E80% 54320 62080 69840 77600 83840 90080 96240 102480 Set -aside Percentage Studio 1-Bedroom 2-Bedroom 3-Bedroom 4-Bedroom 5-Bedroom 20% 339 363 436 504 563 621 30% 509 545 654 756 844 931 35% 594 636 763 882 985 1086 40% 679 727 873 1009 1126 1242 45% 763 818 982 1135 1266 1397 50% 848 909 1091 1261 1407 1552 60% 1018 1091 1309 1513 16891863 70% 1188 1273 1527 1765 19702173 80% 1358 1455 -1746 2018 1-225212484 Addenda Addq _nclum C Lia" al D escription CBRE VALUATION & ADVISORY SERVICES t12026 CBRE, INC 6/1/26,12:14 PIVI Grant County Property Search - Property Details - 25103 Yao's LLC for Year 2025 - 2026 Grant County Property Search Property Search Results > 2S103 Yai(,,.V's L L C for Nw`i, a 202S - 2026 Property Account Property ID: 25103 Abbreviated Legal Description: LOT 4 PARKPLACE PLAZA LOT 2 COMMERCIAL BSP #2 Parcel # / Geo ID: 102114000 Agent Code: Type: Real Tax Area: 0073 - MOSES LAKE AREA Land Use Code Open Space: N DFL N Historic Property: N Remodel Property: N Multi -Family Redevelopment: N Township: Section: Range: Legal Acres: 24.9800 Location Address: Mapsco: Neighborhood: 250204 Map ID: Neighborhood CD: 3438 Owner Name: Yao's LLC Owner ID: 40754 Mailing Address: 1425 Broadway PMB 29473 % Ownership: 100.0000000000% Seattle, WA 98122 Exemptions: Taxes and Assessment Details Property Tax Information as of 06/01/2026 NOTE: If you plan to submit payment on a future date, make sure you enter the date and click RECALCULATE to obtain the correct total amount due. Amount Due if Paid on: _7- Click on "Statement Details" to expand or collapse a tax statement. Year Statement ID First Half Second Half Base Amt. Base Amt. Penalty Interest Base Paid Amount Due Statement Details 2026 20761 $15240.08 $15240.03 $0.00 $0.00 $15240.08 $15240.03 k Statement Details 2025 20839 $12686.74 $12686.70 $0.00 $0.00 $25373.44 $0.00 Statement Details 2024 20887 $14648.36 $14648.32 $0.00 $0.00 $29296.68 $0.00 https:Hpropertysearch.grantcountywa.gov/propertyaccess/Property.aspx?cid-1 O&year=2025&prop_id=25103 1/5 6/1/26, 12:14 PM Grant County Property Search - Property Details - 25103 Yao's LLC for Year 2025 - 2026 Statement Details '2023 251032022 $13584.27 $13584.26 $0.00 $0.00 $27168.53 $0.00 Statement Details 2022 251032021 $14014.82 $14014.81 $0.00 $0.00 $28029.63 $0.00 (+} Improvement Homesite Value: + $0 (+� Improvement Non-Homesite Value: + $0 (+) Land Homesite Value: + $0 (+) Land Non-Homesite Value: + $2,6531720 (+} Curr Use (HS): + $0 $0 (+) Curr Use (NHS): + $0 $0 (_) Market Value: -------------------------- _ $2,653,720 (—) Productivity Loss: — $0 (_) Subtotal: -------------------------- _ $2,653,720 (+} Senior Appraised Value: + $0 (+) Non -Senior Appraised Value: + $2,653,720 (_) Total Appraised Value: -------------------------- _ $2,653,720 (—) Senior Exemption Loss: -- $0 (—) Exemption Loss: — $0 (=) Taxable Value: _ $2,653,720 T t.7� Jurirdic° on Owner: Yao's LLC % Ownership: 100.0000000000 % Total Value: $2,653,720 Tax Area: 0073 - MOSES LAKE AREA Levy Code MOSESLAK Description Moses Lake Levy Rate 2.6495664205 Appraised Value $2,653,720 Taxable Value $2,653,720 Estimated Tax $7,031.21 CTYCE MHEALTH VETERANS County Current Expense Mental Health Veterans Relief Fund 1.0762764470 0.0225084430 0.0102844188 $2,653,720 $21653,720 $2,653,720 $21653,720 $21653,720 $21653,720 $2,856.14 $59.73 ,,,,,,,,,, ,, ,,,, $27.29 HOS01 Hospital 01 0.5109341107 $2,653,720 $2,653,720 $1,355.88 , https://propertysearch.grantcountywa.gov/propertyaccess/Property.aspx'?cid=10&year=2025&prop_id=25103 2/5 6/1/269 12:14 PM Grant County Property Search - Property Details - 25103 Yao's LLC for Year 2025 - 2026 HOS01 Bond Hospital 01 Bond 1.0407122739 $2..653,720 $2,653,720 $2,7611.176 .1, 11.1-111.1-1-1 LIBRARY Library 0.2479020006 $2..653..720 $2,.65311.,720 $61,51,71.86, PORT10 Port 10 0.3579307478 $2..653,720 $2..653..720 $949.851 SD161 School 161 Moses Lake 1.5246913829 $2,.653..720 $2.,653.,720 $4.,046.10 SD161BD School 161 Moses Lake - Bond 0.9151764732 $2..653,,720 $2..653.,720 $2.,428.62. STATE1 State School - Pt 1 1.6612320800 $2.,653,720 $2,653,720 $4.,408.44, STATE2 State School - Pt 2 0.8954469500 $2..653.,720 $2.,65%72011 $213716.271111-111 11.1 ... . .. ...... STATEREF State School Refund 0.0000000000 $2,6531720 $2,653,7201 $0.00-1 Total Tax Rate: 10.9126617484 Taxes w/Current Exemptions: $28..959.15 ......... .. ........... . .... . Taxes w/o Exemptions: $28,959.15 Impro vemellt / 93tiiflldin.�g Sketch No sketches available for this property. Property Irnage No image available for this property. # Type Description Acres Sqft Eff Front Eff Depth # Lots Market Value, "fro"d.- Va I u e 1 MLC-ART ML CArt 24.9800 1088128.00 0.00 0.00 0.00 $2,?653.,720 $0 Roll Valut-',�' Year Improvements 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Land Market Current Use Total Appraised Taxable Value N/A N/A N/A N/A N/A $0 $2,6531720 $0 $2,653,720 $21653,7112L0-111 $0 $2,653,720 $0 $2,?653..720 $0 $2,,653,,720 $0 $2,653,720 1 2,? 615 31.1,7 2.10 $0 $2,,470.,504 $0 $21470.,504 $2,470,504 $0 $2,470,504 $0 $2.,470.,504 $2,.470..504 $0 $2..470..504 $0 $2,470.,1504 $0 $2,470,504 $0 $21470,504 $2,470,1594 $0 $2,470,504 $0 $2,470,504 $2..470..504LI $0 $2,470,,505 $0 $0 $0 $0 $2,47%505 $0 $0 $0 hftps:Hpropertysearch.grantcountywa.gov/propertyaccess/Property.aspx?cid=1 O&year=2025&prop_id=25103 3/5 6/1/26,12:14 PM Grant County Property Search - Property Details - 25103 Yao's LLC for Year 2025 - 2026 2015 2014 2013 2012 and SalesllstorV $0 $0 $0 $0 $3,260,465 $0 $0 $0 $3,260,465 $0 $0 $0 $3,2601465 $0 $0 $0 $3,260,465 $0 $0 $0 # Deed Type Description Grantor Grantee Volume Page Sale Price Excise Number Deed Number Date 1 03/17/2010 Olympic Coast Investment Inc Yao's LLC $3,.000,?000.00 203724 1268482 25096 PARCEL 2 PARKPLACE PLAZA MAJOR PLAT LOT 1 CBSP 25097 PARCEL 3 PARKPLACE PLAZA MAJOR PLAT LOT 1 CBSP 25101 831 N Central Dr Moses Lake,, LOT 2 PARKPLACE PLAZA LOT 2 COMMERCIAL BSP #2 25104 1111 N EVELYN DR MOSES LAKE, PARCEL 1 PARKPLACE PLAZA LOT 3 COMMERCIAL BSP #1 25106 PARCEL 3 PARKPLACE PLAZA LOT 3 COMMERCIAL BSP #1 2 03/17/2010 Yao's LLC Yao's LLC $3,000.,000.00 203724 1268482 25096 PARCEL 2 PARKPLACE PLAZA MAJOR PLAT LOT 1 CBSP 25097 PARCEL 3 PARKPLACE PLAZA MAJOR PLAT LOT 1 CBSP 25101 831 N Central Dr Moses Lake, LOT 2 PARKPLACE PLAZA LOT 2 COMMERCIAL BSP #2 25104 1111 N EVELYN DR MOSES LAKE., PARCEL 1 PARKPLACE PLAZA LOT 3 COMMERCIAL BSP #1 25106 PARCEL 3 PARKPLACE PLAZA LOT 3 COMMERCIAL BSP #1 3 01/05/2010 QCD Quit Claim Deed Olympic 11 Coast Investment Inc Olympic Coast Investment Inc 203229 1266132 4 09/25/2009 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INV MGR $0.00 2909202113.. V:1101 Pg.10 5 04/15/2009 Quit Claim Quit Claim OLYMPIC COAST INV INC DUNE LAKES, LLC $0.00 200920055 V: 0 Pg 0 6 04/15/2009 Quit Claim Quit Claim OLYMPIC COAST INV INC OLYMPIC COAST INV INC $0.00 200920055 V: 0 Pg 0 7 12/02/2008 Quit Claim Quit Claim OLYMPIC COAST INVT MGR OLYMPIC COAST INVESTMENT MGR $0.00 200819933 V: 0 Pg 0 8 06/09/2008 Quit Claim Quit Claim OLYMPIC COAST INVEST OLYMPIC COAST INVESTMENT $0.00 11, 200819733 V: 0 Pg.10 9 04/29/2008 Quit Claim Quit Claim OLYMPIC COAST INV OLYMPIC COAST INV -$0.010 210,0819,6861, V1:111 0. Pg O 10 02/27/2008 Quit Claim Quit Claim OLYMPIC COAST INOLYMPIC COAST INVESTMENT INC $5,881.00 20081 1 91609. Y,:- 01 0 25101 831 N Central Dr Moses Lake, LOT 2 PARKPLACE PLAZA LOT 2 COMMERCIAL BSP #2 11 07/13/2007 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INVESTMENT MANAGER $0.00 200719314 V: 0 Pg 0 12 03/09/2007 Quit Claim Quit Claim OLYMPIC COAST INVESTMENT OLYMPIC COAST INVESTMENT, INC MGR $4..599.00 200719105 V: 0 P9 0 25101 831 N Central Dr Moses Lake., LOT 2 PARKPLACE PLAZA LOT 2 COMMERCIAL BSP #2 13 01/19/2007 Quit Claim Quit Claim OLYMPIC COAST INVESTMENT OLYMPIC COAST INVESTMENT $0.00 200719037 V:1 0 Pg 01 14 04/20/2006 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INV MGR $911.00 20016185851111 1 V: 10.P1g 10 15 04/07/2006 Quit Claim Quit Claim OLYMPIC COAST INV INC MGR OLYMPIC COAST INV INC MGR $0.00 200618564 V: 0 Pg 0 16 02/02/2006 Quit Claim Quit Claim OLYMPIC COAST INVESTMENT OLYMPIC COAST INVESTMENT MGR $0.00 200618465 V: 0 Pg 0 17 12/02/2005 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INVESTMENT MANAGER $0.00 200518390 V: 0 Pg 0 hftps:Hpropertysearch.grantcountywa.gov/propertyaccess/Property.aspx?cid=l O&year=2025&prop_id=25103 4/5 6/1/26, 12:14 PM Grant County Property Search - Property Details - 25103 Yao's LLC for Year 2025 - 2026 18 10/21/2005 Quit Claim Quit Claim OLYMPIC COAST INV INC OLYMPIC COAST INV INC $0.00 200518336 V: 0 Pg 0 19 09/29/2005 Quit Claim Quit Claim OLYMPIC COAST INVES MGR OLYMPIC COAST INVESTMENT MGR $0.00 200518295 V: 0 Pg 0 20 03/17/2005 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INVESTMENT MANGAGER $0.00 200517989 V: 0 Pg 0 21 08/16/2004 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INVESTMENT MANAGER $0.00 200417730 V: 0 Pg 0 22 06/23/2004 Quit Claim Quit Claim OLYMPIC COAST INV MGR OLYMPIC COAST INV MGR $0.00 200417658 V: 0 Pg 0 23 06/09/2004 Quit Claim Quit Claim OLYMPIC COAST INVESTMENT OLYMPIC COAST INVESTMENT INC INV MGR $0.00 200417638 V: 0 Pg 0 24 06/03/2004 Quit Claim Quit Claim OLYMPIC COAST INV IN MGR OLYMPIC COAST INV IN MGR $0.00 200417628 V: 0 Pg 0 25 01/29/2004 Quit Claim Quit Claim OLYMPIC COAST INVESTMENT OLYMPIC COAST INVESTMENT, INC $0.00 200417464 V: 0 Pg 0 26 02/25/2003 Quit Claim Quit Claim JEFFERS, DANIELSON SONN OLYMPIC COAST INVESTMENT $0.00 200317018 V: 0 Pg 0 27 05/20/2002 HOTS NOTS BOULTON, KEVIN/ANN $0.00 200200000 V: 0 Pg 0 28 05/20/2002 NOTS NOTS HARSH, BETTY/LARRY $0.00 200200000 V: 0 Pg 0 29 05/20/2002 NOTS, NOTS, WELCH, JAY C $0.00 200200000 V: 0 Pg 0 30 11/25/2001 NOTS NOTS VALDEZ, RUBEN/MARIA D $0.00 200100000 V: 0 Pg 0 31 11/25/2001 NOTS NOTS WILLMORTH, ROBERT/PRICE PAMELA $0.00 200100000 V: 0 Pg 0 a t Agreement No payout information available.. Database last updated on: 5/31/2026'7:45 PM (�) N. 11arns Ccmip utter Corporation oration https:Hpropertysearch.grantcountywa.gov/propertyaccess/Property.aspx?cid=10&year=2025&prop_id=25103 5/5 5/18/2612:27 PM Grant County Property Search - Property Details - 23160 Tyler, Carl & Teresa M for Year 2023 - 2024 Grant County Property Search Property Search Results > 23160 Tyler, Car1&11",(,,,,%resa M for Yew 2023 - 2024 Progoerty Account Property ID: 23160 Parcel # / Geo ID: 100144000 Type: Real Tax Area: 0073 - MOSES LAKE AREA Open Space: N Historic Property: N Multi -Family Redevelopment: N Township: .Range: Location Address: 116 E HILL AVE MOSES LAKE, Neighborhood: 250303 Neighborhood CD: 3470 Owner Name: Tyler, Carl & Teresa M Mailing Address: 201 W 5th Ave Moses Lake, WA 98837 Abbreviated Legal Description: LOT 1 KENNING -SMITH ADD Agent Code: Land Use Code DFL N Remodel Property: N Section: Legal Acres: Mapsco: Map ID: Owner ID: 291850 % Ownership: 100.0000000000% Exemptions: Taxes aind Assessment Detail's Property Tax Information as of 05/18/2026 Amount Due if Paid on: ,77 1 NOTE: If you plan to submit payment on a future date, make sure you enter the date and click RECALCULATE to obtain the correct total amount due. Click on "Statement Details" to expand or collapse a tax statement. Year Statement ID First Half Base Amt. Second Half Base Amt. Penalty Interest Base Paid Amount Due Statement Details 2026 18912 $2250.07 $2250.02 $0.00 $0.00 $2250.07 $2250.02 0 Statement Details 2025 18989 $1948.14 $1948.08 $0.00 $0.00 $3896.22 $0.00 0 Statement Details 2024 19031 $2157.90 $2157.84 $0.00 $0.00 $4315.74 $0.00 0 Statement Details 2023 231602022 $5209.01 $5209.01 $0.00 $0.00 $10418.02 $0.00 1 � Statement Details 2022 231602021 $5336.45 $5336.44 $0.00 $0.00 $10672.89 $0.00 Values hftps:Hpropertysearch.grantcountywa.gov/PropertyAccess/Property.aspx?cid=10&year--2023&prop_id=23160 1/4 5/18/26, 2:27 PM (+) Improvement Homesite Value: + (+) Improvement Non-Homesite Value: + (+) Land Homesite Value: + (+) Land Non-Homesite Value: + (+) Curr Use (HS): + (+) Curr Use (NHS): + (_) Market Value: _ (-) Productivity Loss: - (_) Subtotal: _ (+) Senior Appraised Value: + (+) Non -Senior Appraised Value: + (=) Total Appraised Value: _ (-) Senior Exemption Loss: - (-) Exemption Loss: - (=) Taxable Value: _ Owner: Tyler, Carl & Teresa M Ownership: 100.0000000000% Total Value: $319,145 Tax Area: 0073 - MOSES LAKE AREA Levy Code Description MOSESLAK Moses Lake CTYCE County Current Expense MHEALTH Mental Health VETERANS Veterans Relief Fund HOS01 Hospital01 HOS01 Bond Hospital 01 Bond LIBRARY Library PORT10 Port 10 SD161 School 161 Moses Lake SD161BD School 161 Moses Lake - Bond STATEI State School - Pt 1 STATE2 State School - Pt 2 STATEREF State School Refund Total Tax Rate: Grant County Property Search - Property Details - 23160 Tyler, Carl & Teresa M for Year 2023 - 2024 $0 $264,395 $0 $54,750 $0 $0 $0 $0 -------------------------- $319,145 $0 ------------------------- $319,145 $0 $3190145 -------------------------- $319,145 $0 $0 -------------------------- $319,145 Levy Rate Appraised Value 2.5591681507 $319,145 1.0572560730 $319,145 0.0250000000 $319,145 0.0112500000 $319,145 0.4625956028 $319,145 1.1552832009 $319,145 0.2646132505 $3190145 0.3575071783 $319,145 1.1690022742 $3190145 0.9589739903 $319,145 1,7355156300 $319,145 0.9311071500 $319,145 0.0000000000 $319,145 10.6872725007 Taxable Value Estimated Tax $319,145 $816.75 $319,145 $337.42 $319,145 $7.98 $319,145 $3.59 $319,145 $147.64 $319,145 $368.70 $319,145 $84.45 $319,145 $114.10 $319,145 $373.08 $319,145 $306.05 $319,145 $553.88 $319,145 $297.16 $319,145 $0.00 Taxes w/Current Exemptions: $3,410.80 Taxes w/o Exemptions: $3,410.80 https:Hpropertysearch.grantcountywa.gov/PropertyAccess/Property.aspx?cid=10&year 2023&prop_id=23160 2/4 5/18/2612:27 PM Grant County Property Search - Property Details - 23160 Tyler, Carl & Teresa M for Year 2023 - 2024 Improvement #1: Multiple Family State Code: 13 14340.0 sqft Value: $261,150 Foundation: Concrete Units: 20 Class Sub Year Type Description CD Class Built Area CD 2STORY RES TWO STORY RESIDENCE 0.0 3.0 1962 14340.0 Improvement #2: MISCELLANEOUS State Code: 13 0.0 sqft Value: $3,245 No sketches available for this property. Property Image No image available for this property. La ri cl # Type Description Acres 1 MLRES-1 MLResl 0.0000 U, e Sqft Eff Front Eff Depth # Lots Market Value Prod. Value 0.00 0.00 0.00 3.75 $54,750 $0 - - M Year Improvements Land Market Current Use Total Appraised Taxable Value 2026 N/A N/A N/A N/A N/A 2025 $264,395 $54,750 $0 $319,145 $319,145, 2024 $264.395 $54,,750 $0 $319,145 $319,145 2023 $264,395 $54,750 $0 $319,145 $319445 2022 $754,910 $129,888 $0 $884..798 $884,798 2021 $754,910 $129,888 $0 $884,798 $884,798, 2020 $754,910 $129,888 $0 $884,798 $884,7198, 2019 $754,910 $129,888 $0 $884,798 $884,798 2018 $754,910 $1290890 $0 $884,800 $884o800 2017 $551,410 $129,890 $0 $0 $0-- 2016 $551,410 $129,890 $0 $0 $0 2015 $315,465 $131,920 $0 $0 $0 2014 $315,465 $131,920 $0 $0. $0- 2013 $315,465 $131,920 $0 $0 $0- 2012 $315,,465 $1311,920 $0 $0 $0 A Sal iHtcjry # Deed Type Description Grantor Grantee Date 1 07/23/2021 QCD Quit Claim Deed Tyler, Carlos T & Teresa M Tyler, Carl & Teresa M 2 11/04/2016 SWFD SWFD Shovein Tr, R Carol Tyler, Carlos T & Teresa M hftps:Hpropertysearch.grantcountywa.gov/PropertyAccess/Property.aspx?cid=l 0&year=2023&prop_id-23160 Volume Page Sale Price Excise Deed Number Number 249876 1454428 0 1370826 3/4 Grant County Property Search - Property Details - 23160 Tyler, Carl & Teresa M for Year 2023 - 2024 5/18/2 2:27 PM 3 04/04/2000 ASCT ASCT SHOVEIN, CAROL SHOVEIN TR, CAROL R 4 02/03/1994 SACD Sellers Assignmentof Contract and Deed DOLLARHIDE., DAVID/DIANA DOLLARHIDE, DAVID/DIANA\DANIEL/SANDRA K $0.00 199400000 5 02/03/1994 SACD Sellers Assignmentof Contract and Deed DOLLARHIDE, DAVID/DIANA KUNTZ ETAL, JOHN/SHERRY $0.00 199400000 6 02/03/1994 SACD Sellers Assignmentof Contract and Deed Gear, Ronald C DOLLARHIDE., DAVID/DIANA\DANIEL/SANDRA K $0.00 199400000 7 02/03/1994 SACD Sellers Assignmentof Contract and Deed Gear, Ronald C KUNTZ ETAL, JOHN/SHERRY $0.00 199400000 8 02/03/1994 SACD Sellers Assignmentof Contract and Deed KUNTZ, RUTH LENORE DOLLARHIDE, DAVID/DIANA\DANIEL/SANDRA K $ 1 0.00 199400000 9 02/03/1994 SACD Sellers Assignmentof Contract and Deed KUNTZ, RUTH LENORE KUNTZ ETAL, JOHN/SHERRY $0.00 199400000 10 02/03/1994 CT CT SWANSON, CARL E TYLER, CARLOS/TERESA $460,000.00 199413188 V:1411..,Pg 1018 11 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL $0.00 198800000 V: 0 Pg 0 12 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL ANSTINE, JUNE K $0.00 198800000 V: 0 Pg 0 13 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL BARRIOS, EULA M $0.00 198800000 V: 0 Pg 0 14 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL DECEASED $0.00 198800000 V: 0 Pg 0 15 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL DILLS, JOHN H $0.00 198800000 V: 0 Pg 0 16 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL Herring, Helen V $0.00 198800000 V: 0 Pg 0 17 02/16/1988 Death Cert Death Cert KAUFMAN, ANTHONY MICHAEL ROMMEL, WARREN E ESTATE $0.00 198800000 V: 0 Pg 0 18 09/01/1987 Purchasers Purchasers Unknown seller Unknown buyer $230,000.00 198710711 19 03/30/1984 WILL WILL SHINN, JOHN M $0.00 198400000 V: 0 Pg 0 20 10/01/1982 Sellers As Sellers As KAUFMAN, ANTHONY/KATHERIN $0.00 198209108 V: 406 Pg 558 21 01/26/1977 SWD Statutory Warranty Deed KAUFMAN, TONVKATHERINE CASTRO, JESIE R/EXPEDITA L.... $0.00 197700000 V: 30 Pg 1735 22 01/01/1977 Sellers As Sellers As KAUFMAN, KATHERINE $0.00 197707233 V: 598 Pg 139 Payout !�,"ggreement No payout information available.. Website version: 9.0,50.1004 Database last updated on; 5/17/2026 7-46 PM (K) N�-iarhs Carnputei- Corpomtion https://propertysearch.grantcountywa.gov/PropertyAccess/Property.aspx?cid=1O&year=2023&prop_id=23160 4/4 Addenda cl* C -jv�--ttract I f ient o n ormati*on CBRE VALUATION & ADVISORY SERVICES � 2026 CBRE. INC VALUATION & ADVISORY SERVICES Proposal and Contract for Services CBRE, Inc. 421 W Riverside Ave, Suite 353 Spokane, WA 99201 www.cbrems valuation April 21, 2026 David Adamson., MAI VAS - Senior Vice President Tori Rios STEWARDSHIP DEVELOPMENT 1247 Villard St Eugene, OR 97403 Phone: 541-968-4868 Email: tori@stewardship.net RE: Assignment Agreement I CB26US044036 Market Studies & Appraisals Land, Residential 2 Properties - Multiple Locations Dear Ms. Rios: CBRE, Inc. ("CBRE") is pleased to submit this proposal and our Terms and Conditions for this assignment. Purpose: To provide two market studies and two appraisals for affordable and/or age -restricted developments in Moses Lake, which will include an estimate of the "As -is" Market Value of the referenced real estate for both properties. Premise: As Is Market Value and Comprehensive Market Analysis for both properties Rights Appraised: Fee Simple/Leased Fee, as applicable to each property in the portfolio Intended Use: Internal Decisions/Other Intended Use Comments: The purpose of this appraisal is to meet requirements for applying for public funding for low- income and/or age -restricted housing, including a Comprehensive Market Study Report to meet WSHFC standards as part of the respective application process. Intended User: The intended user is STEWARDSHIP DEVELOPMENT ("Client"), and such other parties and entities (if any) expressly recognized by CBRE as intended users (each an "Intended Users" and collectively the "Intended Users") provided that any Intended User's use of, and reliance upon, any report produced by CBRE under this Agreement shall be subject to the Terms and Conditions attached hereto and incorporated herein (including, without limitation, any limitations of liability set forth in the attached Terms and Conditions). ........ . ..............................................................------ .. . .......... . _____ ---- - - --- _ ... _ ........ - .... .......... ...... ........ - .... ___ -------- - ................. ........................... ....... ..... . . ......... ................ ............... ------- - --- - ........... ................ ................. ................ ... - STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL 21,2026 I PAGE 1 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services Reliance: Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder have been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof, whether as a result of its direct dissemination or by any other means, may not use or rely upon any opinions or conclusions contained in the report or such portions thereof, and CBRE will not be responsible for any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith. Unless otherwise expressly identified in this Agreement, there are no third -party beneficiaries of this Agreement pertaining to this appraisal assignment or any reports produced by CBRE under this Agreement, and no other person or entity shall have any right, benefit or interest under this Agreement or with respect to any reports produced by CBRE under this Agreement. Scope of 'Inspection: A full interior and exterior inspection of the property will be conducted and arranged with the property contact and performed by CBRE Valuations. If.this expected property inspection is not possible due to unforeseen issues (such as lack of on - site personnel cooperation, physical obstructions, or appraiser/property contact health and safety concerns), the client will be promptly advised. The client may continue this assignment based on other inspection options agreed upon by CBRE and client or provide CBRE with a written notice to cancel. If CBRE determines that a credible appraisal result cannot be achieved due to inspection limitations, it will promptly provide the client with a written cancellation of this assignment. Valuation Approaches: All three traditional approaches to value will be considered. For the market analysis reports, as applicable, a rent comparison analysis will be used, which is a component of income capitalization. Report Type: Comprehensive Market Studies to meet WSHFC standards, and Appraisal Reports, as applicable to each respective property, which will meet USPAP standards. Report Type Description: Comprehensive Market Studies and Appraisals Appraisal Standards: WSHFS and USPAP, as applicable Appraisal Fee: $11,500.00 (see break-out after signature line for each respective property, including the report type to be completed for each property). If cancelled by either party before a completion, the fee will be based on CBRE's hourly rates for the time expended; plus actual expenses. Expenses: Fee includes all associated expenses except to the extent otherwise provided in the attached Terms and Conditions. Retainer: A retainer is not required for this assignment. Payment Terms: Final payment is due upon delivery of the final report or within thirty (30) days of your receipt of the draft report, whichever is sooner. The full appraisal fee is considered earned upon delivery of the draft report. We will invoice you for the assignment in its entirety at the completion of the assignment. ---- - - - ---- ........... ........ . . ... ....... ................ ....... . .. . ..... - ------- __ - ------ .................. ................ ....... ---------- -------- - - -- --------------- .................. ...................... .... . .. ...... STEWARDSHIP ASSIGNMENT AGREEMENT I APRIL 21,2026 PAGE 2 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services Delivery Instructions: Delivery Schedule: Start Date: Acceptance Date: I CBRE encourages our clients to join in our environmental sustainability efforts by accepting an electronic copy of the report. An Adobe PDF file via email will be delivered to tori@stewardship.net.The client has requested 0 bound final copy (ies). 25 business days after the Start Date The appraisal process will start upon receipt of your signed agreement and the property specific data. These specifications are subject to modification or withdrawal if this proposal is not accepted within 5 business days from the date of this letter. When executed and delivered by all parties, this letter, together with the Terms and Conditions and the Specific Property Data Request attached hereto and incorporated herein, will serve as the Agreement for appraisal services by and between CBRE and Client. Each person signing below represents that it is authorized to enter into this Agreement and to bind the respective parties, including all intended users, hereto. STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL 21,2026 PAGE 3 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services We appreciate this opportunity to be of service to you on this assignment. If you have additional questions, please contact us. Sincerely, CBRE, Inc. Valuation & Advisory Services David Adamson, MAI VAS - Senior Vice President As Agent for CBRE, Inc. T 509-998-9997 David.Adamson@cbre.com Enclosures: PROPERTY LIST Property Name Property Location Report Type Appraisal Fees Central Ave (Portion of Parcel -- ------- Central Avenue, Moses Comprehensive Market 102114000) Lake, WA 98837 Analysis / As -is Appraisal $2,000 / $3?000 Report 116 E Hill St, Moses Lake, Comprehensive Market 20-Unit Multi -Family WA 98837 Analysis / As -is Appraisal $3,500 / $3,000 Report Assignment Total: $11,500.00 ---------- - .. .... -- - ---- ------ -- ----- -- STEWARDSHIP I ASSIGNMENT AGREEMENT APRIL 21,2026 I PAGE 4 OF 11 ©2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services FOR STEWARDSHIP DEVELOPMENT ("CLIENT"): e- Signed by: Signature Tori Rios Name 541-968-4868 Phone Number 4/21/2026 Date Acquisitions Manager Title tori@stewardship.net E-Mail Address Assessment & Consulting Services: CBRE's Assessment & Consulting Services group has the capability of providing a wide array of solution -oriented due diligence services in the form of property condition and environmental site assessment reports, ALTA Surveys, and other necessary due diligence service (seismic risk analysis, zoning compliance service, construction risk management, annual inspections, etc.),Initial below if you desire CBRE to contact you to discuss a proposal for any part or the full complement of consulting services, or you may reach out to us at ACSProposals@cbre.com. We will route your request to the appropriate manager. For more information, please visit www.cbre.com/assessment. STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL 21,2026 1 PAGE 5 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES C B R E Proposal and Contract for Services TERMS AND CONDITIONS 1. The Terms and Conditions herein are part of an assignment agreement (the "Agreement") for appraisal services ("Services") between CBRE, Inc. ("CBRE") and the client signing this Agreement and for whom the Services will be performed'(the "Client") for the property identified herein (the "Property") and shall bedeemed a part of such Agreement as though fully set forth therein. In addition, with respect to any appraisal report prepared by CBRE pursuant to the Agreement (the "Report"), any use of, or reliance on, the Report by any Intended User constitutes acceptance of these Terms and Conditions as well as acceptance of all qualifying statements, limiting conditions, and assumptions stated in the Report. The Agreement shall be governed and construed by the laws of the state where the CBRE office executing this Agreement is located without regard to conflicts of laws principles. 2. Client shall be responsible for the payment of all fees stipulated in this Agreement. Payment of the fees and preparation of the Report are not contingent upon any predetermined value or on any action or event resulting from the analyses, opinions, conclusions, or use of the Report. Final payment is due as provided in the Proposal Specifications Section of this Agreement. If a draft Report is requested, the fee is considered earned upon delivery of the draft Report. it is understood that the Client may cancel this assignment in writing at any time prior to delivery of the completed Report. In such event, the Client is obligated to pay CBRE for the time and expenses incurred (including, but not limited to, travel expenses to and from the job site) prior to the effective date of cancellation, with a minimum charge of $500. Hard copies of the Reports are available at a cost of $250 per original color copy and $100 per photocopy (black and white), plus shipping fees of $30 per Report. 3. If CBRE is subpoenaed or ordered to give testimony, produce documents or information, or otherwise required or requested by Client or a third party to participate in meetings, phone calls and conferences (except routine meetings, phone calls and conferences with the Client for the sole purpose of preparing the Report), litigation, or other legal proceedings (including preparation for such proceedings) because of, connected with or in any way pertaining to this assignment, the Report, CBRE's expertise, or the Property, Client shall pay CBRE's additional out-of-pocket costs and expenses, including but not limited to CBRE's reasonable attorneys' fees, and additional time incurred by CBRE based on CBRE's then -prevailing hourly rates and related fees. Such charges include and pertain to, but are not limited to, time spent in preparing for and providing court room testimony, depositions, travel time, mileage and related travel expenses, waiting time, document review and production, and preparation time (excluding preparation of the Report), meeting participation, and CBRE's other related commitment of time and expertise. Hourly charges and other fees for such participation will be provided upon request. In the event Client requests additional Services beyond the scope and purpose stated in the Agreement, Client agrees to pay additional fees for such services and to reimburse related expenses, whether or not the completed Report has been delivered to Client at the time of such request. 4. CBRE shall have the right to terminate this Agreement at any time for cause effective immediately upon written notice to Client on the occurrence of fraud or the willful misconduct of Client, its employees or agents, or without cause upon 5 days written notice. 5. In the event Client fails to make payments when due then, from the date due until paid, the amount due and payable shall bear interest at the maximum rate permitted in the state where the CBRE office executing this Agreement is located. EACH PARTY,, AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL OF ITS CHOICE, KNOWINGLY AND VOLUNTARILY,, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION IN ANY WAY RELATED TO THIS AGREEMENT. 6. CBRE assumes there are no major or significant items or issues affecting the Property that would require the expertise of a professional building contractor, engineer, or environmental consultant for CBRE to prepare a valid Report hereunder. Client acknowledges that such additional expertise is not covered in the fee and agrees that, if such additional expertise is required, it shall be provided by others at the discretion and direction of the Client, and solely at Client's additional cost and expense. STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL 21,2026 PAGE 6 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services 7. Client acknowledges that CBRE is being retained hereunder as an independent contractor to perform the Services described herein and nothing in this Agreement shall be deemed to create any other relationship between Client and CBRE. Unless otherwise stated in this Agreement, Client shall not designate or disclose CBRE or any of its agents or employees as an expert or opinion witness in any court, arbitration, or other legal proceedings without the prior written consent of CBRE. 8. This assignment shall be deemed concluded and the Services hereunder completed upon delivery to Client of the Report discussed herein. 9. All statements of fact in the Report which are used as the basis of CBRE's analyses, opinions, and conclusions will be true and correct to CBRE's actual knowledge and belief. CBRE does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information or the condition of the Property furnished to CBRE by Client or others. TO THE FULLEST EXTENT PERMITTED BY LAW, CBRE DISCLAIMS ANY GUARANTEE OR WARRANTY AS TO THE OPINIONS AND CONCLUSIONS PRESENTED ORALLY OR IN ANY REPORT, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE EVEN IF KNOWN TO CBRE. Furthermore, the conclusions and any permitted reliance on and use of the Report shall be subject to the assumptions, limitations, and qualifying statements contained in the Report. 10. CBRE shall have no responsibility for legal matters, including zoning, or questions of survey or title, soil or subsoil conditions, engineering, or other similar technical matters. The Report will not constitute a survey of the Property analyzed. 11. Client shall provide CBRE with such materials with respect to the assignment as are requested by CBRE and in the possession or under the control of Client. Client shall provide CBRE with sufficient access to the Property to be analyzed, and hereby grants permission for entry unless discussed in advance to the contrary. 12. The data gathered in the course of the assignment (except data furnished by Client, "Client Information") and the Report prepared pursuant to the Agreement are, and will remain, the property of CBRE. With respect to Client Information provided by Client, CBRE shall not violate the confidential nature of the appraiser -client relationship by improperly disclosing any confidential and proprietary Client Information furnished to CBRE. Notwithstanding the foregoing to the contrary, CBRE is authorized by Client to disclose all or any portion of the Report and related data as may be required by applicable law, statute, government regulation, legal process, or judicial decree, including to appropriate representatives of the Appraisal Institute if such disclosure is required to enable CBRE or its employees and agents to comply with the Bylaws and Regulations of the Appraisal Institute as now or hereafter in effect. 13. Unless specifically noted, in preparing the Report CBRE will not be considering the possible existence of asbestos, PCB transformers, or other toxic, hazardous, or contaminated substances and/or underground storage tanks (collectively, "Hazardous Materials") on or affecting the Property, or the cost of encapsulation or removal thereof. Further, Client represents that there are no major or significant repairs, improvements or deferred maintenance of the Property that would require the expertise of a professional cost estimator, engineer, architect or contractor. If any such repairs, improvements or maintenance are needed, the estimates for such repairs, improvements or maintenance are to be prepared by other parties pursuant to a separate written agreement in Client's sole discretion and direction, and are not deemed part of the Services or otherwise covered as part of the fee hereunder. 14. In the event Client intends to use the Report in connection with a tax matter, Client acknowledges that CBRE provides no warranty, representation or prediction as to the outcome of such tax matter. Client understands and acknowledges that any relevant taxing authority (whether the Internal Revenue Service or any other federal, state or local taxing authority) may disagree with or reject the Report or otherwise disagree with Client's tax position, and further understands and acknowledges that the taxing authority may seek to collect additional taxes, interest, penalties or fees from Client beyond what may be suggested by the Report. Client agrees that CBRE shall have no responsibility or liability to Client or any other party for any such taxes, interest, penalties or fees and that Client will not seek damages or other .......... ........ .... ................ ____.___.__._ ----------- __.__-_ .... . .......... _ ... ------- - - - ......... ....... . .... .... --- - - --- ........... ....... ... ........ ................... ..... . ........... .................... . .... ........ .. ..................... ...... ... ___ ....... ....... STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL 21,2026 I PAGE 7 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services compensation from CBRE relating to any such taxes, interest, penalties or fees imposed on Client, or for any attorneys' fees, costs or other expenses relating to Client's tax matters. 15. LIMITATION OF LIABILITY. NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY: (A) EXCEPT TO THE EXTENT ARISING FROM SECTION 16, OR SECTION 17 IF APPLICABLE, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR CONTRACTORS BE LIABLE TO THE OTHER PARTY, FOR ANY LOST OR PROSPECTIVE PROFITS OR ANY OTHER INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR OTHER EXEMPLARY LOSSES OR DAMAGES, WHETHER BASED IN CONTRACT, WARRANTY, INDEMNITY, NEGLIGENCE, STRICT LIABILITY OR OTHER TORT OR OTHERWISE, REGARDLESS OF THE FORESEEABILITY OR THE CAUSE THEREOF. (B) EXCEPT TO THE EXTENT ARISING FROM SECTION 16, OR SECTION 17 IF APPLICABLE, AGGREGATE DAMAGES IN CONNECTION WITH THIS AGREEMENT FOR EITHER PARTY (EXCLUDING THE OBLIGATION TO PAY THE FEES AND COSTS REQUIRED HEREUNDER) SHALL NOT EXCEED THE GREATER OF THE TOTAL FEES PAYABLE TO CBRE UNDER THIS AGREEMENT OR TEN THOUSAND DOLLARS ($10,000). (C) CBRE SHALL HAVE NO LIABILITY WITH RESPECT TO ANY LOSS, DAMAGE, CLAIM OR EXPENSE INCURRED BY OR ASSERTED AGAINST CLIENT ARISING OUT OF, BASED UPON OR RESULTING FROM CLIENT'S OR ANY INTENDED USER'S FAILURE TO PROVIDE ACCURATE OR COMPLETE INFORMATION OR DOCUMENTATION PERTAINING TO ANY SERVICES OR REPORT ORDERED UNDER OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING CLIENT'S OR ANY INTENDED USER'S FAILURE, OR THE FAILURE OF ANY OF CLIENT'S OR ANY INTENDER USER'S RESPECTIVE OFFICERS, DIRECTORS, MEMBERS, PRINCIPALS, AGENTS OR EMPLOYEES, TO PROVIDE A COMPLETE AND ACCURATE COPY OF THE REPORT TO ANY THIRD PARTY. CBRE SHALL HAVE NO LIABILITY WHATSOEVER FOR REPORTS OR DELIVERABLES THAT ARE SUBMITTED IN DRAFT FORM. (D) THE LIMITATIONS OF LIABILITY IN SUBSECTIONS 15(A) AND 15(B) ABOVE SHALL NOT APPLY IN THE EVENT OF A FINAL FINDING BY A COURT OF COMPETENT JURISDICTION THAT SUCH LIABILITY IS THE RESULT OF A PARTY'S FRAUD OR WILLFUL MISCONDUCT. 16. (a) Client shall not disseminate, distribute, make available or otherwise provide any Report prepared hereunder to any third party (including without limitation, incorporating or referencing the Report, in whole or in part, in any offering, including, but not limited to any offering of the Property or any securities offering as defined by applicable law, or other material intended for review by other third parties) except (i) to any third party (a) identified in the Agreement as an Intended User subject to the terms and conditions of this Agreement or (b) otherwise expressly acknowledged in a separate writing executed by CBRE, such third party and Client, setting forth that such third party is an "Intended User" of the Report and providing CBRE with an acceptable release from such third party with respect to such Report or wherein Client provides acceptable indemnity protections to CBRE against any claims resulting directly from the distribution of the Report to such third party; 00 to any third party service provider (including accountants, attorneys, rating agencies and auditors) using the Report in the course of providing Services for the sole benefit of an Intended User and limited to the Intended Use of the Report as defined in this Agreement, or (iii) to the extent required by applicable law, statute, government regulation, legal process, or judicial decree. (b) In the event CBRE consents, in writing, to Client incorporating or referencing the Report in any offering or other materials intended for review by other parties, Client shall not distribute, file, or otherwise make such other materials available to any such parties unless and until Client has provided CBRE with complete copies of such offering or other materials and CBRE has approved the inclusion of the Report, or reference to the Report and/or CBRE, in such offering and other materials in writing. Further, CBRE's consent to such inclusion of the Report, or reference to the Report and/or CBRE, in any securities offering is subject to W CBRE's and CBRE's securities counsel's review and approval, in writing, of any inclusion of the Report, or reference to the Report and/or CBRE, in such securities offering; 00 Client shall not modify the Report, any such inclusion of or reference to the Report and/or CBRE in such securities offering once approved STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL 21,2026 I PAGE 8 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services by CBRE and its securities counsel in writing; and (iii) Client shall reimburse CBRE for its out-of-pocket costs and expenses, including attorneys' fees, arising from legal review of such securities offering and related materials on CBRE's behalf. (c) In the absence of satisfying the conditions of this Section 16 with respect to any party who is not designated as an Intended User, in no event shall the receipt of a Report by such party extend any right to the party to use and rely on such Report, and CBRE shall have no liability for such unauthorized use and reliance on any Report. (d) In the event Client breaches the provisions of this Section 16, Client shall indemnify, defend and hold CBRE and its affiliates and their officers, directors, employees, contractors, agents and other representatives (CBRE and each of the foregoing an "Indemnified Party" and collectively the "Indemnified Parties"), fully harmless from and against all losses, liabilities, damages and expenses (collectively, "Damages") claimed against, sustained or incurred by any Indemnified Party arising out of or in connection with such breach, regardless of any negligence on the part of any Indemnified Party in preparing the Report. 17. In the event Client incorporates or references the Report, in whole or in part, in any offering, including, but not limited to any offering of the Property or any securities offering as defined by applicable law, or other material intended for review by other parties, Client shall indemnify, defend and hold each of the Indemnified Parties harmless from and against any Damages in connection with (i) any transaction contemplated by this Agreement or in connection with the Report or the engagement of or performance of Services by any Indemnified Party hereunder, 00 any Damages claimed by any user or recipient of the Report, whether or not an Intended User, (iii) any actual or alleged untrue statement of a material fact, or the actual or alleged failure to state a material fact necessary to make a statement not misleading in light of the circumstances under which it was made with respect to all information furnished to any Indemnified Party or made available to a prospective party to a transaction, or (iv) an actual or alleged violation of applicable law by an Intended User (including, without limitation, securities laws) or the negligent or intentional acts or omissions of an Intended User (including the failure to perform any duty imposed by law); and will reimburse each Indemnified Party for all reasonable fees and expenses (including fees and expenses of counsel) (collectively, "Expenses") as incurred in connection with investigating, preparing, pursuing or defending any threatened or pending claim, action, proceeding or investigation (collectively, "Proceedings") arising therefrom, and regardless of whether such Indemnified Party is a formal party to such Proceeding. Client agrees not to enter into any waiver, release or settlement of any Proceeding (whether or not any Indemnified Party is a formal party to such Proceeding) without the prior written consent of CBRE (which consent will not be unreasonably withheld or delayed) unless such waiver, release or settlement includes an unconditional release of each Indemnified Party from all liability arising out of such Proceeding. 18. Time Period for Legal Action. Unless the time period is shorter under applicable law, except in connection with Section16 and Section 17, CBRE and Client agree that any legal action or lawsuit by one party against the other party or its affiliates, officers, directors, employees, contractors, agents, or other representatives, whether based in contract, warranty, indemnity, negligence, strict liability or other tort or otherwise, relating to (a) this Agreement, (b) any Services or Reports under this Agreement or (c) any acts or conduct relating to such Services or Reports, shall be filed within two (2) years from the date of delivery to Client of the Report to which the claims or causes of action in' the legal action or lawsuit relate. The time period stated in this section shall not be extended by any incapacity of a party or any delay in the discovery or accrual of the underlying claims, causes of action or damages. 19. Miscellaneous. (a) This Agreement contains the entire agreement and understanding of the parties with respect to the subject matter hereof. This Agreement may not be amended, modified or discharged, nor may any of its terms be waived except by written agreement of both parties. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. A signed copy of this Agreement ................. - ............... - .................... ...... ............. ............. ..... - ............ ........ ----- --- ------ _.-_ .... - ................................ ----------------------- ...... ...... - -------- - ------ - .......... ................... . ........... .................... - ................ 1 --- I ------- - ------ STEWARDSHIP ASSIGNMENT AGREEMENT APRIL 21,2026 I PAGE 9 OF 11 @2026 CBRE, INC. DEVELOPMENT VALUATION & ADVISORY SERVICES Proposal and Contract for Services transmitted by facsimile, email, or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this Agreement for all purposes. (b) Neither party shall assign this Agreement in whole or in part (other than by operation of law) to any person or entity without the prior written consent of the other party. Subject to the foregoing, this Agreement and all of its provisions shall be binding upon and shall inure to the benefit of the parties and their respective successors and permitted assigns. (c) No consent or waiver, either expressed or implied, by a party to or of any breach or default, shall be construed to be a consent or waiver to or of any other breach or default in the performance of any obligations hereunder. Failure of a party to complain or declare the other party in default shall not constitute a waiver by such party of rights and remedies hereunder. (d) Except as hereinafter provided, no delay or failure in performance by a party shall constitute a default hereunder to the extent caused by Force Majeure. Unless the Force Majeure substantially frustrates performance of the Services, Force Majeure shall not operate to excuse, but only to delay, performance of the Services. If Services are delayed by reason of Force Majeure, CBRE promptly shall notify Client. Once the Force Majeure event ceases, CBRE shall resume performance of the Services as soon as possible. As used herein, "Force Majeure" means any event beyond the control of the Party claiming inability to perform its obligations and which such Party is unable to prevent by the exercise of reasonable diligence, including, without limitation, the combined action of workers, fire, acts of terrorism, catastrophes, changes in laws, condemnation of property, governmental actions or delays, national emergency, war, civil disturbance, floods, unusually severe weather conditions, endemic or pandemic, or other acts of God. Inability to pay or financial hardship shall not constitute Force Majeure regardless of the cause thereof and whether the reason is outside a party's control. (e) Any provision of this Agreement that, by its language, contemplates performance or observation subsequent to any termination or expiration of this Agreement shall survive such termination or expiration and shall continue in full force and effect. If any pro\iision of this Agreement, or application thereof to any person or circumstance, shall to any extent be invalid, then such provision shall be modified, if possible, to fulfill the intent of the parties reflected in the original provision. The remainder of this Agreement, or the application of such provision to person or circumstance other than those as to which it is held invalid, shall not be affected thereby, and each provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. STEWARDSHIP I ASSIGNMENT AGREEMENT I APRIL21,2026 PAGE 10 OF 11 @2026 CBRE, INC. DEVELOPMENT �U��vALu^T�w&ADvSORYSERv�ES RE Proposal and Contract for Services In order to complete this assignment under the terms outlined, CBRE,|nc., Valuation& Advisory Services, will require the following specific information for the property: 1 PLEASE NOTIFY US IMMEDIATELY IF ANY OTHER CBRE SERVICE LINE (INCLUDING CAPSTONE) IS INVOLVED IN THE BROKERAGE, FINANCING, INVESTMENT OR MANAGEMENT OF THIS ASSET. 2. Current title report and title holder name 3. Legal description 4. Survey and/or plat map 5. Site plan for proposed orentitled development 6. Current county property tax assessment ortax bill 7. Details on any sale, contract, or listing of the property within the past three years 8. Engineering studies, soil tests orenvironmental eoaeoamerta 9. Building plans and specifications, including square footage for all buildings and units lO. Ground lease, ifapplicable 11. Details regarding any planned rental concessions to be included in the initial lease -up of the project 12. Details regarding all personal property, including furniture, fixtures, and equipment 13. Details regarding the development costs, including land costs 14. Pro forma income and expense projections 15. Budgeted occupancy report 16. Details regarding construction timeline 17. Marketing plan, absorption projections and/or local competitive study 18. Any previous market/demand studies orappraisals 19. Nome and telephone number of property contact for physical inspection and additional information needed during the appraisal process 20. Any other information that might be helpful invaluing this property If any of the requested data and information is not available, CBRE,|nc., reserves the right to extend the delivery date by the amount ofdmeit takes to receive the requested information or make other arrangements. Please have the requested information delivered to the following: David Adamson, MA| VAS ' Senior Vice President David^4damaon@cbre.com CBRE,|no. Valuation & Advisory Services 421VVRiverside Ave, Suite 353 Spokane, WA 99201 arEWmmosmp ASSIGNMENT AGREEMENT / Arnu21,z02s / PAGE ncFn Cz02ecBn�INC. Addenda Addendum IE Qualifiications CBRE VALUATION & ADVISORY SERVICES c 2026 CBRE, INC PROFILES 14d =1 zi L VALUATION & ADVISORY SERVICES Todd Henderson, MAI, AI-GRS National Practice Leader - Multifamily T +1206 292 6189 M +1206 819 1677 E todd.henderson@cbre.com Professional Experience Todd leads a team of appraisal professionals dedicated to the multifamily Clients Represented asset class across the United States. The team leverages their collective knowledge and experience to meet the unique needs of each client. Todd's - Major National Financial commitment to excellence and client satisfaction has earned him a Institutions reputation for reliability and professionalism in the industry. - Regional Financial Institutions - Life Insurance Companies - Core Investors - Non -Core Investors - Private Investors - REITS - Attorneys - Development Companies - Low Income Developers - Non -Profit Owners Education - California State University Fresno - History- Magna Cum Laude With over 20 years of valuation and consulting experience, Todd brings a deep understanding of the multifamily sector to his national leadership role. Todd's background includes valuation assignments for both institutional and private capital investment properties, as well as market rate and affordable/low-income developments. This diverse experience has equipped Todd with a deep understanding of the complexities and nuances of the real estate industry, ensuring accurate and reliable valuations for a wide range of property types. Todd has served in multiple roles at CBRE, most recently as Managing Director for Washington, Oregon, Idaho and Montana in primary, secondary and tertiary markets. Pro Affiliations / Accreditations - Designated Member (MAI), Appraisal Institute - Appraisal Institute - General Review Specialist (Al-GRS) - Former Board of Directors, Seattle Chapter of the Appraisal Institute - Former and current board member for various local non-profit groups Awards — 2015 President's Award, Seattle Chapter of the Appraisal Institute — CBRE RISE Award Winner - 2018 and 2019 — Appraisal Institute Volunteer of Distinction - June 2017 — Appraiser of the Year 2024, Appraisal Institute - Seattle Chapter Oc2025 CBRE, INC. State of Washington DEPARTMENT OF LICENSING BUSINESS AND PROFESSIONS DIVISION APPRAISER PROGRAM PO Box 9021 Olympia, WA 98507-9021 TODD ROBERT HENDERSON 1420 5TH AVE SUITE 3800 SEATTLE WA 98101-4087 of 65666054 on Bud am Von one asset of was on off an .0066640 so 27. ;- a STA TP STATE O F WAS H I N GTO N WASH INGUON STATE 0WARTME41 OF DEPARTMENT OF LICENSING - BUSINESS AND PROFESSIONS DIVISION ci LICENSING 1889 THIS CERTIFIES THE PERSON OR BUSINESS NAMED BELOW IS AUTHORIZED AS A CERTIFIED GENERAL REAL ESTATE APPRAISER TODD ROBERT HENDERSON 1101931 04/05/2008 License Number Issue Date 04/05/2028 Expiration Date Z J GlazOer, Director (R-/4/23) Curriculum Vitae /Qualifications Clients Represented - Major National Financial Institutions - Regional Financial Institutions - Life Insurance Companies - Core Investors - Non -Core Investors - Private Investors - REITS - Accountants - Real Estate Advisory Firms - Development companies Pro Affiliations Accreditations - Certified General Real Estate Appraiser, since 2018 - Washington # 11102544 - Idaho # CGA-4860 Education - Washington State University, Bachelor of Arts in Business (Emphasis in Finance) - Washington State University, Bachelor of Arts in Communication (Emphasis in Broadcast Management) VALUATION & ADVISORY SERVICES / WEST DIVISION Cole Taylor Senior Associate, CBRE Spokane VAS C (509) 998-5300 E cole.taylor@cbre.com 421 W Riverside Ave, Suite 353 1 Spokane, WA 99201 Professional Experience Amin]# Cole Taylor is a Senior Appraiser within the Pacific Northwest Region in the Spokane, Washington office. Located in the CBRE Spokane office since July 2017, Mr. Taylor has over five years of real estate appraisal and consulting experience throughout the Inland Northwest and Midwest region. Prior to July 2017, Mr. Taylor was located in the CBRE Milwaukee, Wisconsin office from July 2014 to June 2017. Prior to joining CBRE in 2014, Mr. Taylor was an on -site property manager for Weidner Apartment Homes in Issaquah, Washington. During his tenure at Weidner, Mr. Taylor managed several different apartment communities within the greater Seattle area, ranging from 90 to 325 units in size. Duties included: pricing and leasing units, collecting rent, managing on -site revenues and expenses, and overseeing the maintenance team. Mr. Taylor is currently working with a variety of clients on various commercial property types primarily in Eastern Washington and North Idaho. His primary focus is multi- family valuation, and has previously worked on Class A/B/C multi -family product in urban, suburban, and rural communities. Additionally, Cole has experience with commercial land, retail, office, and industrial properties. Leadership Experience/Other Qualif ications — Appraisal Institute - Inland Northwest Chapter Leadership, including Secretary (2019-2020) — Courses Completed - Basic Appraisal Principles, Basic Appraisal Procedures, 15- Hour USPAP Course, Income Approach I & 11, Sales Comparison Approach, Site Valuation & Cost Approach, Highest & Best Use, Statistics Modeling & Finance, Report Writing & Case Studies, Expert Witness for Commercial Appraisers, Commercial Appraisal Review, Advanced Highest and Best Use, Business Practice and Ethics Cc)2024 CBRE, INC. -c:1 State of Washington DEPARTMENT OF LICENSING ;w ' BUSINESS AND PROFESSIONS DIVISION APPRAISER PROGRAM PO Box 9021 Olympia, WA 98507-9021 COLE LESLIE TAYLOR 1709 S UPPER TERRACE RD SPOKANE WA 99203-3558 • • ■ • a • ■ • • • ■ ■ • • ■ • ■ • s ■ • ■ ■ • ■ • • • • ■ • • ■ • • ■ a ■ ■ ■ ■ a ■ • • ■ • • ■ ■ ■ • ■ • • ■ • • • ■ ■ • • ■ • ■ a ■ ■ • • • • • • • • ■ ■ a • s • ■ a ■ • a ■ • ■ • a a a • • • a a a a ■ • • • a a ■ • • ■ ■ a • a a • ■ a a a • ■ a • ■ ■ ■ a • a ■ ■ • • ■ ■ ■ • • s ■ �■ a ■ ■ wagon one ■ ■ • ■ ■ ■ ■ ■ ■ ■ • s ■ mania zones ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ • ■ ■ ■ ■ ■ • ■ ■ ■ ■ a ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ a ■ ■ ■ ■ ■ ■ ■ ■ ■ • ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ • ■ ■ ■ ■ ■ ■ • ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ • • ■ • ■ ■ • ■ ■ ■ • ■ • ■ ■ ■ ■ • ■ • ■ ■ i i ■ ■ STATE OF WASHINGTON o WASHINGTON STATE OU'SRIMENT OF �n DEPARTMENT OF LICENSING - BUSINESS AND PROFESSIONS DIVISION d' LICENSING y THIS CERTIFIES THE PERSON OR. BUSINESS NAMED BELOW IS AUTHORIZED AS A 0 CERTIFIED GENERAL REAL ESTATE APPRAISER COLE LESLIE TAYLOR S 1102544 12/03/2018 03/27/2028 =�-- License Number Issue Date Expiration Date wMarcmJ GWp :r ..r-.`ornum.iriitnya■iiuvw�is.Llw�.aL.- --. . :'yiuiri.aun(d.� r8.��e.•iuTe o?ii.�.u�NMs.+`��.L..un�rn„urn ��-_a:i..w-wnSi�`!rw' :;�y�uyatiw:■�ri•r:SOa�---n5•—''ridla�!r3`r�■��.�«.r■&iseY�Sde.�..N4.ur-m.iix��'r�or:r:a�ld.�ra��:�uil:iyc+e■ei7�..� - `�.a.�e-• "�r.+�i (R/4i23) CBRE Valuation & Advisory Services C R Is Delivering more thanjust a number At CBRE, we offer more than expert appraisal services, we consult an4ra advise to help you see the full picture of a property or portfolio, Valuation & Appraisal Understand all aspects of value — Lending & Debt Valuations — Portfolio Valuations — Institutional Fund Valuations — Litigation Support & Testimony — Right -of -Way & Eminent Domain — Evaluations/Alternative Valuations Quality You Can Count On Assessment & Consulting Property & Transaction Tax Understand all aspects of value Understand all aspects of value Property Condition Assessments Environmental Site Assessments Land Surveying Seismic Risk Analysis Radon, Asbestos, Indoor Air Quality Zoning Reports & Compliance Assessment Reviews & Appeals Real Estate Transaction Tax Property Tax Payment Services Pre -Acquisition Due Diligence Pre -Construction Due Diligence Budgeting & Accruals Reliable valuations depend on accurate insights. Our quality and risk management (ORM) framework ensures the highest -quality reports and analyses, giving you confidence in our calculations. 0 Upfront conflict and Embedded risk detection Landmark training, practice Dedicated, global team qualification checks and leadership reviews guidelines and governance of ORM experts Industry -leading people, data and technologies Experience You Can Trust CBRE is the global leader in commercial real estate services, with more than 100 years of industry experience. We provide unmatched market coverage and sector expertise across every dimension of our Valuation & Advisory Services, delivering insights you can't get anywhere else 90+ 1 80K+ I 600k+ 1 200+ U.S. Valuation Offices U.S. Yearly Assignments Global Yearly Assignments Global Valuation Offices