Rent Analysis — Polpo Group Real Estate

PGREM Portfolio

Actual: $114,055/mo · Market: $77,905/mo (where set)

Target: $146,255/mo (all occupied units at target)

Captured: 102.4% of listed market rents

42 units with blank market rent (38 Meeting House + 4 Broadway)

B&C Managed

Actual: $7,550/mo · Market: $7,650/mo

Target: $8,650/mo

Captured: 98.7% of listed market rents

0 units with blank market rent

Grand Total

Actual: $121,605/mo · Market: $85,555/mo (where set)

Target: $154,905/mo

Captured: 102.4% of occupied units with market rents

42 total units with blank market rent

At or above market

1–10% below market

>10% below market or blank market rent

⚠ Stale market rent (actual exceeds market)

Target column: At target 1–10% below >10% below

611 E Dewald St — Meeting House

38 units 97.4% occupied Market rents not set in AppFolio

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All 38 units have blank market rent fields in AppFolio. Target = $1,020 (highest actual 1/1 rent in building). Actual rents range from $510 to $1,020 — significant spread suggests many below-market holdovers.

Actual total (occupied): $24,943/mo Market total: N/A Target total (occupied): $37,740/mo Avg rent: $674/mo

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1A	1/1	—	—	$1,020	$635	N/A	-$385	Current
1B	1/1	—	—	$1,020	$600	N/A	-$420	Current
1C	1/1	—	—	$1,020	$531	N/A	-$489	Current
1D	1/1	—	—	$1,020	$1,020	N/A	$0	Current
1E	1/1	—	—	$1,020	$517	N/A	-$503	Current
1F	1/1	—	—	$1,020	$531	N/A	-$489	Current
1G	1/1	—	—	$1,020	$533	N/A	-$487	Current
1H	1/1	—	—	$1,020	$725	N/A	-$295	Current
1I	1/1	—	—	$1,020	$930	N/A	-$90	Current
1J	1/1	—	—	$1,020	$842	N/A	-$178	Current
1K	1/1	—	—	$1,020	$655	N/A	-$365	Current
1L	1/1	—	—	$1,020	$870	N/A	-$150	Current
2A	1/1	—	—	$1,020	$842	N/A	-$178	Current
2B	1/1	—	—	$1,020	$708	N/A	-$312	Current
2C	1/1	—	—	$1,020	$545	N/A	-$475	Current
2D	1/1	—	—	$1,020	$575	N/A	-$445	Current
2E	1/1	—	—	$1,020	$708	N/A	-$312	Current
2F	1/1	—	—	$1,020	$665	N/A	-$355	Current
2G	1/1	—	—	$1,020	$534	N/A	-$486	Current
2H	1/1	—	—	$1,020	$615	N/A	-$405	Current
2I	1/1	—	—	$1,020	$955	N/A	-$65	Current
2J	1/1	—	—	$1,020	$645	N/A	-$375	Current
2K	1/1	—	—	$1,020	$559	N/A	-$461	Current
2L	1/1	—	—	$1,020	$925	N/A	-$95	Current
3A	1/1	—	—	$1,020	$660	N/A	-$360	Current
3B	1/1	—	—	$1,020	$615	N/A	-$405	Current
3C	1/1	—	—	$1,020	$565	N/A	-$455	Current
3D	1/1	—	—	$1,020	$555	N/A	-$465	Current
3E	1/1	—	—	$1,020	$511	N/A	-$509	Current
3F	1/1	—	—	$1,020	$510	N/A	-$510	Current
3G	1/1	—	—	$1,020	$632	N/A	-$388	Current
3H	1/1	—	—	$1,020	$650	N/A	-$370	Current
3I	1/1	—	—	$1,020	$975	N/A	-$45	Current
4A	1/1	—	—	$1,020	—	—	—	Vacant
4B	1/1	—	—	$1,020	$615	N/A	-$405	Current
4C	1/1	—	—	$1,020	$685	N/A	-$335	Current
4D	1/1	—	—	$1,020	$615	N/A	-$405	Current
4E	1/1	—	—	$1,020	$690	N/A	-$330	Current

2445 Fairfield Ave — Fairfield Flats

42 units 83.3% occupied 103.1% captured

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Units 210, possibly 204 & 206 are YWCA voucher units with elevated rents (utilities included). Units showing $0 rent are new move-ins where first charge hasn't posted. Target based on formal pricing: 1st floor 1-bed=$950, 2-bed=$1,150, 3-bed=$1,350; 2nd/3rd floor 1-bed=$895, 2-bed=$1,095, 3-bed=$1,295.

Actual (occupied): $35,997/mo Market (occupied): $34,915/mo Target (occupied): $36,460/mo Gap: +$1,082

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
100	1/1	700	$900 ⚠	$950	$935	+$35	-$15	Current
103	1/1	700	$950	$950	$950	$0	$0	Current
112	1/1	700	$950	$950	$950	$0	$0	Current
101	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
102	2/1.5	950	$1,150	$1,150	—	—	—	Vacant-Rented
104	2/1.5	950	$1,150	$1,150	—	—	—	Vacant-Rented
105	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
106	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
107	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
109	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
110	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
111	2/1.5	950	$1,150	$1,150	$1,150	$0	$0	Current
108	3/2	1,200	$1,350	$1,350	$1,350	$0	$0	Current
113	3/2	1,200	$1,350	$1,350	$1,350	$0	$0	Current
203	1/1	700	$875	$895	$0*	—	—	New move-in
212	1/1	700	$800 ⚠	$895	$895	+$95	$0	Current
200	2/1.5	950	$1,000 ⚠	$1,095	$1,095	+$95	$0	Current
201	2/1.5	950	$1,075	$1,095	$1,075	$0	-$20	Notice
202	2/1.5	950	$1,050	$1,095	$1,075	+$25	-$20	Notice
204	2/1.5	950	$1,050	$1,095	$1,141	+$91 YWCA?	+$46 YWCA?	Current
205	2/1.5	950	$1,050	$1,095	—	—	—	Vacant-Rented
206	2/1.5	950	$1,050	$1,095	$1,215	+$165 YWCA?	+$120 YWCA?	Current
207	2/1.5	950	$1,075	$1,095	$1,075	$0	-$20	Current
209	2/1.5	950	$1,095	$1,095	$1,095	$0	$0	Current
210	2/1.5	950	$1,050	$1,095	$1,260	+$210 YWCA	+$165 YWCA	Current
211	2/1.5	950	$1,050	$1,095	$1,095	+$45	$0	Current
208	3/2	1,200	$1,295	$1,295	$1,295	$0	$0	Current
213	3/2	1,200	$1,275	$1,295	$1,275	$0	-$20	Current
303	1/1	700	$895	$895	—	—	—	Vacant
312	1/1	700	$850	$895	$0*	—	—	New move-in
300	2/1.5	950	$1,000 ⚠	$1,095	$1,171	+$171	+$76	Current
301	2/1.5	950	$1,095	$1,095	—	—	—	Vacant
302	2/1.5	950	$1,075	$1,095	$1,050	-$25	-$45	Current
304	2/1.5	950	$1,075	$1,095	$1,050	-$25	-$45	Current
305	2/1.5	950	$1,000 ⚠	$1,095	$1,075	+$75	-$20	Current
306	2/1.5	950	$1,050	$1,095	$1,050	$0	-$45	Current
307	2/1.5	950	$1,050	$1,095	$1,075	+$25	-$20	Evict
309	2/1.5	950	$1,050	$1,095	—	—	—	Vacant-Rented
310	2/1.5	950	$1,000 ⚠	$1,095	$1,075	+$75	-$20	Current
311	2/1.5	950	$1,050	$1,095	—	—	—	Vacant-Rented
308	3/2	1,200	$1,250	$1,295	$0*	—	—	New move-in
313	3/2	1,200	$1,250	$1,295	$1,275	+$25	-$20	Current

2121 Engle Rd — Indian Village Manor

22 units 90.9% occupied 102.4% captured

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2/1 targets tiered by renovation level: Original=$850, Partial reno (LVP)=$900, Full reno=$950. 3/2=$1,190 (highest actual), 1/1=$635 (only unit, vacant). Market rents updated April 2026.

Actual (occupied): $18,440/mo Market (occupied): $18,015/mo Target (occupied): $20,170/mo Gap: +$425

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1A	3/2	1,200	$950	$1,190	$950	$0	-$240	Current
1B	3/2	1,200	$1,000	$1,190	$1,000	$0	-$190	Current
2A	2/1	950	$950	$950	$950	$0	$0	Current
2B	2/1	950	$850	$850	$850	$0	$0	Current
3A	3/2	1,200	$805 ⚠	$1,190	$950	+$145	-$240	Current
3B	3/2	1,200	$950	$1,190	$1,100	+$150	-$90	Current
4A	2/1	950	$900	$900	$850	-$50	-$50	Current
4B	2/1	950	$850	$850	—	—	—	Vacant
5A	2/1	950	$900	$900	$850	-$50	-$50	Current
5B	2/1	950	$850	$850	$850	$0	$0	Current
5C	1/1	700	$635	$635	—	—	—	Vacant
6A	2/1	950	$900	$900	$850	-$50	-$50	Current
6B	2/1	950	$850	$850	$850	$0	$0	Current
6C	2/1	950	$950	$950	$850	-$100	-$100	Current
7A	2/1	950	$850	$850	$850	$0	$0	Current
7B	2/1	950	$950	$950	$950	$0	$0	Current
8A	3/2	1,200	$785 ⚠	$1,190	$1,190	+$405	$0	Current
8B	3/2	1,200	$975	$1,190	$950	-$25	-$240	Current
9A	2/1	950	$850	$850	$850	$0	$0	Notice
9B	2/1	950	$850	$850	$850	$0	$0	Current
10A	3/2	1,200	$950	$1,190	$950	$0	-$240	Current
10B	3/2	1,200	$950	$1,190	$950	$0	-$240	Current

914 / 916 Lake Ave

2 units 100% occupied 101.0% captured

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916's market rent ($1,095) is significantly stale — comparable 914 rented at $1,425. Target = $1,425 (highest actual 2/1 rent).

Actual (occupied): $2,520/mo Market (occupied): $2,495/mo Target (occupied): $2,850/mo Gap: +$25

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
914 Lake	2/1	1,000	$1,400	$1,425	$1,425	+$25	$0	Notice
916 Lake	2/1	1,000	$1,095 ⚠	$1,425	$1,095	$0	-$330	Current

1232 W Washington Blvd

6 units 100% occupied 99.6% captured

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Actual (occupied): $5,350/mo Market (occupied): $5,370/mo Target (occupied): $5,370/mo Gap: -$20

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1	1/1	550	$895	$895	$895	$0	$0	Current
2	1/1	—	$895	$895	$895	$0	$0	Current
3	1/1	550	$895	$895	$895	$0	$0	Current
4	1/1	500	$895	$895	$875	-$20	-$20	Current
5	1/1	500	$895	$895	$895	$0	$0	Current
6	1/1	500	$895	$895	$895	$0	$0	Current

1123 W Washington Blvd

5 units 80% occupied 103.4% captured

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Unit 201 is Airbnb (excluded). Units 102 & 103 are month-to-month holdovers at well-below-market rates ($395–$495). Target = $895 (highest actual 1/1 rent in building).

Actual (occupied): $2,455/mo Market (occupied): $2,375/mo Target (occupied): $3,580/mo Gap: +$80

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
101	1/1	—	$875	$895	$895	+$20	$0	Current
102	1/1	—	$475 ⚠	$895	$495	+$20	-$400	M-t-M
103	1/1	—	$375 ⚠	$895	$395	+$20	-$500	M-t-M
201	1/1	—	—	—	—	—	—	Airbnb
202	1/1	—	$650	$895	$670	+$20	-$225	Current

1314 W Washington Blvd

2 units 100% occupied 109.4% captured

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Unit 2's market rent ($725) is significantly stale — currently paying $850. Target = $850 (highest actual 1/1 rent).

Actual (occupied): $1,685/mo Market (occupied): $1,540/mo Target (occupied): $1,700/mo Gap: +$145

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1	1/1	—	$815	$850	$835	+$20	-$15	Current
2	1/1	—	$725 ⚠	$850	$850	+$125	$0	Current

849 Columbia Ave

4 units 75% occupied 102.6% captured

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Actual (occupied): $2,590/mo Market (occupied): $2,525/mo Target (occupied): $2,670/mo Gap: +$65

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
101	1/1	700	$875	$890	$890	+$15	$0	Current
102	2/1	—	$950	$950	—	—	—	Vacant
201	1/1	—	$850	$890	$850	$0	-$40	Current
202	1/1	—	$800	$890	$850	+$50	-$40	Current

803 Edgewater Ave

4 units 50% occupied 101.4% captured

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2 units designated as Airbnb (managed separately). Unit 4 on notice — month-to-month since 2021. Target: 1/1=$770 (highest actual), studio/eff=$650 (only unit).

Actual (occupied): $1,420/mo Market (occupied): $1,400/mo Target (occupied): $1,420/mo Gap: +$20

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1	1/1	—	$750	$770	$770	+$20	$0	Current
4	—/1	—	$650	$650	$650	$0	$0	Notice
AirBnB-2	1/1	—	—	—	—	—	—	Airbnb
AirBnB-3	1/1	—	—	—	—	—	—	Airbnb

1032 W Washington Blvd

2 units 0% occupied 1 vacant-rented

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Unit 1 is vacant-rented (lease signed, not moved in yet). AirBnB unit managed separately. Per market notes: target $1,600 at next vacancy.

Actual (occupied): $0/mo Market: $1,500/mo Target: $1,600/mo

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
Unit 1	2/1.5	—	$1,500	$1,600	—	—	—	Vacant-Rented
AirBnB-2	1/1	—	—	—	—	—	—	Airbnb

1204 W Jefferson Blvd

1 unit 100% occupied 106.3% captured

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Actual: $1,700/mo Market: $1,600/mo Target: $1,700/mo Gap: +$100

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1204 W Jefferson	3/1.5	—	$1,600 ⚠	$1,700	$1,700	+$100	$0	Current

1032 College St

1 unit 100% occupied 100.0% captured

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Actual: $1,400/mo Market: $1,400/mo Target: $1,400/mo Gap: $0

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1032 College	2/1	1,000	$1,400	$1,400	$1,400	$0	$0	Current

1122 Broadway

6 units 83.3% occupied Mostly blank market rents

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Mixed-use building. Commercial tenant (The Abstract) at $8,000/mo dominates. Units 1124 & 1124 1/2 are month-to-month holdovers at $350–$425, far below the $670–$700 comparable residential rents. Target = $700 (highest actual residential 1/1). Commercial = —.

Actual (occupied): $10,145/mo Market (with data): $670/mo Target (residential): $2,800/mo 4 of 6 units have blank market rent

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1122	1/1	—	—	$700	$700	N/A	$0	Current
1122 1/2	1/1	600	$670	$700	$670	$0	-$30	Current
1124	1/1	—	—	$700	$350	N/A	-$350	M-t-M
1124 1/2	1/1	—	—	$700	$425	N/A	-$275	M-t-M
1126	1/1	—	—	—	$8,000	N/A	—	Commercial
1126 1/2	1/2	—	—	$700	—	—	—	Vacant

1650 Cass St Industrial

1 unit Vacant Asking $4,500/mo NNN

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Industrial property — 11,797 SF. Actively marketed on LoopNet and Crexi. NNN lease structure.

Actual: $0/mo Asking: $4,500/mo NNN Target: —

Unit	Type	Sqft	Market	Target	Actual	Diff	vs Target	Status
1	Industrial	11,797	—	—	—	—	—	Vacant

1230 Delta Blvd

8 units · 87.5% occ Market: $6,400 · Actual: $5,410

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All 1/1 units at 400 sqft. Target = $800 for all units (highest proven rent). Market rents updated to $800 April 2026. Unit 3 at $695 is significantly below target.

Actual (occupied): $5,410/mo Market: $6,400/mo Target (occupied): $5,600/mo

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
1	1/1	400	$800	$800	$800	$0	$0	Current
2	1/1	400	$800	$800	$775	-$25	-$25	Current
3	1/1	400	$800	$800	$695	-$105	-$105	Current
4	1/1	400	$800	$800	$800	$0	$0	Current
5	1/1	400	$800	$800	$750	-$50	-$50	Current
6	1/1	400	$800	$800	$795	-$5	-$5	Current
7	1/1	400	$800	$800	$795	-$5	-$5	Current
8	1/1	400	$800	$800	—	—	—	Vacant-Rented

Unit 3 at $695 is underpriced vs $800 target. Market rents updated to $800 across all units April 2026.

B&C Managed Properties

501 Ann St — Haven Heights B&C

6 units 83.3% occupied 100.0% captured

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Target: 1/1=$900 (only unit), 2/1=$1,250 (highest actual). Unit 203F sets the benchmark for 2/1 units.

Actual (occupied): $5,250/mo Market (occupied): $5,250/mo Target (occupied): $6,150/mo Gap: $0

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
101A	2/1	—	$1,000	$1,250	—	—	—	Vacant
102B	1/1	—	$900	$900	$900	$0	$0	Current
103C	2/1	—	$1,100	$1,250	$1,100	$0	-$150	Current
201D	2/1	800	$1,000	$1,250	$1,000	$0	-$250	Current
202E	2/1	800	$1,000	$1,250	$1,000	$0	-$250	Current
203F	2/1	—	$1,250	$1,250	$1,250	$0	$0	Current

10623 Cherry Creek Rd B&C

1 unit 100% occupied 95.8% captured

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Actual: $2,300/mo Market: $2,400/mo Target: $2,300/mo Gap: -$100

Unit	Bd/Ba	Sqft	Market	Target	Actual	Diff	vs Target	Status
10623 Cherry Creek	4/2.5	2,066	$2,400	$2,300	$2,300	-$100	$0	Current

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B&C Managed Properties