Continental OM

CONTINENTAL COURT Our Commitment Is To Help Our Clients Create And Preserve Wealth By Providing Them With The Best Real Estate Investment Sales, Financing, Research And Advisory Services Available

2025 Vandalia, Ohio

C O N T E N TS The Asset

06

Rent Competitors

10

Financials

18

Local Market

26

LEAD AGENTS

Austin Hall Associate Cincinnati Office D. 513.878.7712 austin.hall@marcusmillichap.com

Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com

Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com

Austin Sum First Vice President Investments Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

A Legacy of Success, Built for the Future For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest. We also assembled the industry’s largest and most qualified team of specialists to help provide real estate solutions that match your unique investment needs. Connect with an advisor today.

$43.6B

7,546

$ 1 0. 1 B

1 , 0 76

Value Of Recently Closed Transactions

Closed Sales In Most Recent Year

Total Value Of Recent Listings

Closed Financings In Most Recent Years

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Calabasas, California

|

HQ

80+

|

Offices

2,500

Sign up

|

Employees

YOUR TEAM

CORPORATE SUPPORT

Jordan Dickman

Liz Popp

First Vi ce Pre s i d e n ts Dire c tor, Nmhg

Nick Andrews First Vi ce Pre s i d e n ts Dire c tor, Nmhg

Mi d w e st O p erati o n s Man age r

Josh Caruana

Austin Sum

V i ce Pre si d en t Re gi o n al Man age r

First Vi ce Pre s i d e n ts Dire c tor

I n d i an ap o l i s | C i n c i n n ati | Lo ui sv i l l e | St Lo u i s | Ka n s a s C i ty

Austin Hall I nve st m e n t As s o c i ate

Alden Simms I nve st m e n t As s o c i ate

Jack Stava I nve st m e n t As s o c i ate

Peter Stanley N ati o n al D i re c to r

N ati o n al Mul ti H o usi n g G ro up

Michael Glas s

I nve st m e n t As s o c i ate

S en i o r V i ce Pre si d e n t Mi d w e st D i v i si o n Man ager N ati o n al D i re c to r, Man ufac ture d Ho m e C o m m u n i t i e s G ro u p

BROKER SUPPORT

OUR LOCATION

Chuck C ombs

S am Petrosino Va lu ati o n & Re s e a rch

Brett Martin I ntern a l Acco u n ta n t

Alex Papa Marke t i n g C o o rd i n ator

300 WEST 4TH STREET CINCINNATI, OHIO

830-834; 841-845; 852-856 Continental

C O N TI N E N TA L COU RT 32

100%

1970

total units

of units leased

Year Built

20,800

650

avg sqft

rentable square feet

32 1-BEDROOM UNITS UNIT MIX SUMMARY CURRENT Unit Type

MARKET RENTS

PRO FORMA RENTS

Avg. Effective Rent/Unit $712.34

Avg. Effective Rent/SF $1.10

Per Unit

Per SF

Per Unit

Per SF

One Bed

Average SF 650 SF

$777.50

$1.20 SF

$885.00

$1.36 SF

Total/Avg.

650 SF

$712.34

$1.10 SF

$777.50

$1.20 SF

$885.00

$1.36 SF

32

TOTAL UNITS

S

STRONG RENTAL MARKET VACANCY AT

J OBY AVI AT I ON P L AN T

4.1% WHILE RENTS GREW 3.1%

5 MI N DR I VE $ 5 0 0 MM I NVE S TME NT 2 ,0 0 0 JO B S J O BY AVIA TIO N P LA NT

Y-O-Y

CO NTINE NTAL C OU RT

3 MILE MEDIAN HOUSEHOLD INCOME

$75,821

RENOVATION VALUE ADD OPPORTUNITY

$170

RENTS BELOW MARKET

PROFIT AND LOSS SUMMARY CURRENT

Y1

Y2

GROSS POTENTIAL RENT

$273,540

$333,043

$343,034

EFFECTIVE GROSS INCOME

$271,766

$337,678

$347,809

NON-CONTROLLABLE

$63,848

$79,949

$81,072

CONTROLLABLE

$103,671

$95,046

$97,217

INCOME

EXPENSES

TOTAL EXPENSES

$167,520

$174,996

$178,289

NOI

$104,246

$162,683

$169,519

P R O P E R T Y D ATA Property Name:

Continental Court Apartments

Property Addresses:

829-833, 830-834, 841-845, 852-856 Continental Court

City, State, Zip:

Vandalia, OH 45377

Submarket:

Outer Northeast

County:

Montgomery

Years Built:

1968-1970

Property Type:

Market

Number Of Units:

32

Avg Unit Size:

650

Rentable Sqft:

20800

Number of Parcels:

4

# of Buildings:

4

# of Stories:

2

Laundry:

Community laundry in each building

Roof Type/Age:

Three buildings pitched shingle; one building flat rubber

HVAC Cooling

Through wall AC

HVAC Heating

Three buildings electric baseboard; one building boiler (gas)

Hot Water

Common hot water (gas) for each building

02

LOCAL COMPARABLES

RENT MATRIX | ONE BEDROOM

Imperial-Continental | $850 220 Kenbrook Dr | $800 127 Scott Ave | $895 Imperial Court | $850

314-322 Kenbrook Dr | $950

Subject Effective | $712

Robert Hock Apts | $899 533 Thoma Pl | $800

840 W Alkaline Springs | $699

One Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

314-322 Kenbrook Dr

1968

6

650

$950

$1.46

Robert Hock Apartments

1966

35

650

$899

$1.38

127 Scott Ave

1954

6

700

$895

$1.28

1968-1970

32

650

$885

$1.36

Imperial-Continental Apartments

1968

64

700

$850

$1.21

533 Thoma Pl

1969

6

650

$800

$1.23

220 Kenbrook Dr

1969

6

650

$800

$1.23

Subject Average Effective

1968-1970

32

650

$712

$1.10

840 West Alkaline Springs

1972

8

750

$699

$0.93

Subject Pro Forma

NOTEWORTHY COMPETITORS - 127 SCOTT

Units

6

Year Built

1954

Occupancy

N/A

Unit Mix One Bedroom

# of units

Square Feet

Asking Rent

Rent per SF

6

700

$895

$1.28

NOTEWORTHY COMPETITORS - 3 14 KENBROOK

Units

6

Year Built

1968

Occupancy

N/A

Unit Mix

# of units

Square Feet

Asking Rent

Rent per SF

One Bedroom

6

650

$950

$1.46

NOTEWORTHY COMPETITORS - ROBERT HOCK

Units

35

Year Built

1966

Occupancy

N/A

Unit Mix Two Bedroom

# of units

Square Feet

Asking Rent

Rent per SF

35

650

$899

$1.38

UTILITIES RESPONSIBILITY • • • •

Resident Paid Water Resident Paid Sewer Property Paid Trash Removal Resident Paid Electric

NOTEWORTHY COMPETITORS - IMPERIAL

Units

64

Year Built

1968

Occupancy

N/A

Unit Mix One Bedroom

# of units

Square Feet

Asking Rent

Rent per SF

64

700

$850

$1.24

UTILITIES RESPONSIBILITY • • • •

Resident Paid Water Resident Paid Sewer Property Paid Trash Removal Resident Paid Electric

03

THE FINANCIALS

UNIT MIX BREAKDOWN AV E R A G E E F F E C T I V E

MARKET

UNIT TYPE

NO. OF UNITS

R E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

One Bedroom 1BR/1BA - 829 Continental 1BR/1BA - 830 Continental 1BR/1BA - 833 Continental 1BR/1BA - 834 Continental 1BR/1BA - 841 Continental 1BR/1BA - 845 Continental 1BR/1BA - 852 Continental 1BR/1BA - 856 Continental Totals / Wtd. Averages

4 Units 4 Units 4 Units 4 Units 4 Units 4 Units 4 Units 4 Units 32 Units

650 SF 650 SF 650 SF 650 SF 650 SF 650 SF 650 SF 650 SF 650 SF

2,600 SF 2,600 SF 2,600 SF 2,600 SF 2,600 SF 2,600 SF 2,600 SF 2,600 SF 20,800 SF

$731.25 $712.50 $687.50 $725.00 $693.75 $698.75 $712.50 $737.50 $712.34

$1.13 SF $1.10 SF $1.06 SF $1.12 SF $1.07 SF $1.08 SF $1.10 SF $1.13 SF $1.10 SF

$2,925 $2,850 $2,750 $2,900 $2,775 $2,795 $2,850 $2,950 $22,795

UNIT DISTRIBUTION

UNIT RENTS

RENT/UNIT

$750.00 $800.00 $775.00 $750.00 $750.00 $845.00 $800.00 $750.00 $777.50

PROJECTED

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

$1.15 SF $1.23 SF $1.19 SF $1.15 SF $1.15 SF $1.30 SF $1.23 SF $1.15 SF $1.20 SF

$3,000 $3,200 $3,100 $3,000 $3,000 $3,380 $3,200 $3,000 $24,880

$885.00 $885.00 $885.00 $885.00 $885.00 $885.00 $885.00 $885.00 $885.00

$1.36 SF $1.36 SF $1.36 SF $1.36 SF $1.36 SF $1.36 SF $1.36 SF $1.36 SF $1.36 SF

$3,540 $3,540 $3,540 $3,540 $3,540 $3,540 $3,540 $3,540 $28,320

OCCUPANCY

AV E R A G E E F F E C T I V E

MARKET

UNIT TYPE

NO. OF UNITS

R E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

Summary One Bedroom Totals / Wtd. Averages

32 Units 32 Units

650 SF 650 SF

20,800 SF 20,800 SF

$712.34 $712.34

$1.10 $1.10 SF

$22,795 $22,795

RENT/UNIT

$777.50 $777.50

PROJECTED

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

$1.20 SF $1.20 SF

$24,880 $24,880

$885.00 $885.00

$1.36 SF $1.36 SF

$28,320 $28,320

INCOME & EXPENSES

Rent Roll: As of January 8, 2025 Income and Expenses: January 2024 - December 2024

EXPENSE

INCOME

CURRENT GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

YEAR 1 % of GPR

$298,560 RR ($25,020) $273,540 RR $23,901 $297,441 ($25,675) T12 Economic $0 $271,766

9.39% 0.00% 82.23%

Per Unit 9,330 (782) 8,548 747 9,295 (802) 0 8,493

Per Unit 744 744 168

$23,817 $23,817 $20,800

8.38% 8.74%

$339,840 ($6,797) $333,043 $24,618 $357,661 ($16,652) ($3,330) $337,678

NON-CONTROLLABLE Real Estate Taxes 2024 Taxes Total Real Estate Taxes Insurance Utilities Electric Gas Water & Sewage Total Utilities Total Non-Controllable

$23,817 Auditor $23,817 $5,392 T12

% of EGI 8.76% 8.76% 1.98%

$9,593 T12 $2,368 T12 $22,678 T12 $34,639 $63,848

3.53% 0.87% 8.34% 12.75% 23.49%

300 74 709 1,082 1,995

$9,785 $2,415 $23,132 $35,332 $79,949

CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion Labor General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

$1,610 T12 $4,007 T12 $860 T12 $6,477 $61,093 T12 $0 $0 $0 $26,501 T12 $9,600 Note 1 $103,671 $167,520 $104,246

0.59% 1.47% 0.32% 2.38% 22.48% 0.00% 0.00% 0.00% 9.75% 3.53% 38.15% 61.64% 38.36%

50 125 27 202 1,909 0 0 0 828 300 3,240 5,235 3,258

$1,120 $4,000 $1,120 $6,240 $20,800 $1,600 $27,200 $2,400 $27,014 $9,792 $95,046 $174,996 $162,683

UNDERWRITING NOTES 1

Replacement & Reserves: added based on market norm of $300 per unit per year

YEAR 2 % of GPR

YEAR 3

5.00% 1.00% 92.00%

Per Unit 10,620 (212) 10,408 769 11,177 (520) (104) 10,552

7.05% 7.05% 6.16%

% of EGI 744 744 650

$23,817 $23,817 $21,216

% of EGI 6.85% 6.85% 6.10%

2.90% 0.72% 6.85% 10.46% 23.68%

306 75 723 1,104 2,498

$9,981 $2,463 $23,594 $36,039 $81,072

2.87% 0.71% 6.78% 10.36% 23.31%

0.33% 1.18% 0.33% 1.85% 6.16% 0.47% 8.06% 0.71% 8.00% 2.90% 28.15% 51.82% 48.18%

35 125 35 195 650 50 850 75 844 306 2,970 5,469 5,084

$1,142 $4,080 $1,142 $6,365 $21,216 $1,632 $27,744 $2,448 $27,825 $9,988 $97,217 $178,289 $169,519

0.33% 1.17% 0.33% 1.83% 6.10% 0.47% 7.98% 0.70% 8.00% 2.87% 27.95% 51.26% 48.74%

2.00% 7.39%

% of GPR

Per Unit

$350,035 ($7,001) $343,034 $25,356 $368,391 ($17,152) ($3,430) $347,809

5.00% 1.00% 92.00%

792 11,512 (536) (107) 10,869

Per Unit 744 744 663

10,939

2.00%

(219) 10,720

7.39%

$360,536 ($7,211) $353,326 $26,117 $379,442 ($17,666) ($3,533) $358,243

% of GPR

Per Unit

2.00%

(225)

11,267 11,041

7.39% 5.00% 1.00% 92.00%

816 11,858 (552) (110) 11,195

$23,817 $23,817 $21,640

6.85% 6.85% 6.22%

% of EGI 744 744 676

312 77 737 1,126 2,534

$10,181 $2,513 $24,066 $36,759 $82,217

2.93% 0.72% 6.92% 10.57% 23.64%

318 79 752 1,149 2,569

36 128 36 199 663 51 867 77 870 312 3,038 5,572 5,297

$1,165 $4,162 $1,165 $6,492 $21,640 $1,665 $28,299 $2,497 $28,659 $10,188 $99,440 $181,657 $176,586

0.34% 1.20% 0.34% 1.87% 6.22% 0.48% 8.14% 0.72% 8.00% 2.93% 28.35% 52.23% 50.77%

36 130 36 203 676 52 884 78 870 318 3,081 5,677 5,518

EXPENSE

INCOME

CASH FLOW CURRENT

YR 1 YE JAN-2026

YR 2 YE JAN-2027

YR 3 YE JAN-2028

YR 4 YE DEC-2028

YR 5 YE DEC-2029

YR 6 YE DEC-2030

YR 7 YE DEC-2031

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$298,560 ($25,020) $273,540 $23,901 $297,441 ($25,675) $0 $271,766

$339,840 ($6,797) $333,043 $24,618 $357,661 ($16,652) ($3,330) $337,678

$350,035 ($7,001) $343,034 $25,356 $368,391 ($17,152) ($3,430) $347,809

$360,536 ($7,211) $353,326 $26,117 $379,442 ($17,666) ($3,533) $358,243

$371,352 ($7,427) $363,925 $26,639 $390,565 ($18,196) ($3,639) $368,729

$382,493 ($7,650) $374,843 $27,172 $402,015 ($18,742) ($3,748) $379,525

$393,968 ($7,879) $386,088 $27,715 $413,804 ($19,304) ($3,861) $390,639

$405,787 ($8,116) $397,671 $28,270 $425,941 ($19,884) ($3,977) $402,081

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion Labor General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$23,817 $5,392 $34,639 $6,477 $61,093 $0 $0 $0 $26,501 $9,600 $167,520

$23,817 $20,800 $35,332 $6,240 $20,800 $1,600 $27,200 $2,400 $27,014 $9,792 $174,996

$23,817 $21,216 $36,039 $6,365 $21,216 $1,632 $27,744 $2,448 $27,825 $9,988 $178,289

$23,817 $21,640 $36,759 $6,492 $21,640 $1,665 $28,299 $2,497 $28,659 $10,188 $181,657

$24,294 $22,073 $37,495 $6,622 $22,073 $1,698 $28,865 $2,547 $29,498 $10,391 $185,556

$24,780 $22,515 $38,245 $6,754 $22,515 $1,732 $29,442 $2,598 $30,362 $10,599 $189,541

$25,275 $22,965 $39,009 $6,889 $22,965 $1,767 $30,031 $2,650 $31,251 $10,811 $193,613

$25,781 $23,424 $39,790 $7,027 $23,424 $1,802 $30,632 $2,703 $32,166 $11,027 $197,776

NET OPERATING INCOME

$104,246

$162,683

$169,519

$176,586

$183,173

$189,984

$197,025

$204,304

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

INCOME Gross Potential Rent (Loss) / Gain to Other Income EXPENSES

13.83% 2.00% 3.00%

Management Fee**

8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

3.00% 2.00% 3.00% 2.00% 8.00%

Physical Vacancy Non-Revenue Units Bad Debt Concessions

5.00% 0.00% 1.00% 0.00% 6.00%

YR 1

Total Economic Loss

YR 2

5.00% 0.00% 1.00% 0.00% 6.00%

YR 3

5.00% 0.00% 1.00% 0.00% 6.00%

YR 4

5.00% 0.00% 1.00% 0.00% 6.00%

YR 5

5.00% 0.00% 1.00% 0.00% 6.00%

YR 6

5.00% 0.00% 1.00% 0.00% 6.00%

YR 7

5.00% 0.00% 1.00% 0.00% 6.00%

YR 8

5.00% 0.00% 1.00% 0.00% 6.00%

OTHER INCOME BREAKDOWN CURRENT % of GPR

GROSS POTENTIAL RENT

RR

Per Unit

All Units at Market Rent

$298,560

9,330

Gain (Loss) to Lease

($25,020)

GROSS SCHEDULED RENT

$273,540

RR

Utility Income

$14,100

T12

5.15%

441

Security Deposit Income

$8,022

T12

2.93%

251

Pet Rent Income

$900

T12

0.33%

28

Pet Deposit Income

$500

T12

0.18%

16

Repairs Income

$379

T12

0.14%

12

Total Other Income

$23,901

8.74%

747

GROSS POTENTIAL INCOME

$297,441

Physical Vacancy

($25,675)

8.38%

(782) 8,548

OTHER INCOME

Bad Debt EFFECTIVE GROSS INCOME

9,295 T12 Economic

9.39%

(802)

$0

0.00%

0

$271,766

82.23%

8,493

Tax Breakdown

Property Address 852-856 Continental Court 830-834 Continental Court 841-845 Continental Court 829-833 Continental Court Total

Parcel ID B02-00516-0005 B02-00516-0003 B02-00516-0013 B02-00516-0014

Year Built 1968 1969 1970 1970

Market Value $206,870 $206,870 $255,370 $255,370 $924,480

Assessed Value $72,400 $72,400 $89,380 $89,380 $323,560

Tax Rate 0.025620 0.025620 0.025473 0.026285

Taxes Payable $5,300.02 $5,300.02 $6,505.04 $6,712.35 $23,817.43

Land Use Code C - Apartments 4-19 Rental Units C - Apartments 4-19 Rental Units C - Apartments 4-19 Rental Units C - Apartments 4-19 Rental Units

DEBT QUOTE

Bank Bridge 70-75% LTC 3-5 year term 1-2 years IO SOFR + 2.75 – 3.00% = 7.25 – 7.50% rate (could be higher) Full Recourse

Noah D. Juran 513.985.2263 614.323.0076 njuran@northmarq.com

RATES & SPREADS AS OF FEB 26TH Current Index Rates

Life Companies

5 Year Treasury 7 year Treasury 10 year Treasury 30-day Avg SOFR 1Mo Term SOFR

TERM 5-Year 5-Year 10-Year 10-Year 15-Year

4.13% 4.21% 4.29% 4.35% 4.32%

Freddie Mac - Conventional Term 15-Year 10-Year 10-Year 10-Year 7-Year

LTV 80% 55% 65% 70% 55%

DSCR 1.25x 1.55x 1.35x 1.25x 1.55x

SPREAD 140 - 165 105 - 110 110 - 130 125 - 150 110 - 125

RATE 5.54% - 5.79% 5.19% - 5.24% 5.24% - 5.44% 5.39% - 5.64% 5.13% - 5.28%

7-Year 7-Year 5-Year 10 ARM

65% 80% 75% 80%

1.35x 1.25x 1.25x 1.25x

130 - 150 145 - 170 145 - 170 210 - 235

5.33% - 5.53% 5.48% - 5.73% 5.38% - 5.63% 6.46% - 6.71%

Freddie Mae - Conventional Term 15-Year 10-Year 10-Year 10-Year 7-Year

LTV 65% 55% 65% 75% 55%

DSCR 1.35x 1.55x 1.35x 1.25x 1.55x

SPREAD 105 - 145 95 - 125 105 - 145 125 - 165 100 - 130

RATE 5.19% - 5.59% 5.09% - 5.39% 5.19% - 5.59% 5.39% - 5.79% 5.03% - 5.33%

7-Year 7-Year 5-Year 5-Year 5-Year 10 SARM

65% 75% 55% 65% 65% 75%

1.35x 1.25x 1.55x 1.35x 1.25x 1.00x

110 - 150 135 - 175 105 - 135 115 - 155 150 - 190 260 - 275

5.13% - 5.53% 5.38% - 5.78% 4.98% - 5.28% 5.18% - 5.58% 5.53% - 5.93% 6.96% - 7.11%

LTV 25-30 50%-65% 25-30 60%-75% 25-30 50%-65% 25-30 60%-75% Fully Amortizing 60%-75% AMORTIZATION

SPREAD 145 - 205 155 - 215 130 - 175 155 - 215 155 - 215

RATE 5.38% - 5.98% 5.48% - 6.08% 5.44% - 5.89% 5.69% - 6.29% 5.87% - 6.47%

CMBS Term 5-Year

Amortization 30

LTV 65-75%

10-Year 5-Year

30 30

65-75% 65-75%

10-Year

30

65-75%

Spread 250 300 225 - 275 250 300 225 - 275

Rate 6.43% - 6.93% 6.39% - 6.89% 6.43% - 6.93% 6.39% - 6.89%

“* Rate buy downs available on deal by deal basis.

Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.

Commercial Real Estate Debt + Equity Investment Sales Loan Servicing Fund Management”

04

LOCAL MARKET

LOCAL MARKET: DAYTON

projected completions as % of prior inventory Market Overall 2.4% | 1,236 Units

Quarterly Rent Growth – 1.1% Rent- $1,199 Rent/SF- $1.300 Occupancy- 95.1% Units Completed in last 4 quarters- 830 Annual Supply Growth- 1.4% Units under construction- 593 Projected Supply growth- 1.01% Submarket

Annual Job Change- 600

QUARTER 3 JUL

AUG

SEP

Growth

# Units

Dayton - West

23.8%

315

Englewoood

11.2%

106

Kettering - West

9.9%

142

Dayton - Downtown

9.4%

382

Miami

6.2%

130

Trotwood

2.3%

50

Springfield

1.8%

60

supply

occupancy

1| New apartment completions in Dayton were modest recently, as 830 units delivered in the year- ending 3rd quarter 2024. 2| Completions over the past year expanded the local inventory base 1.4%. In the past year, supply was greatest in Central Dayton/Kettering. 3| Annual new supply averaged 667 units, and annual inventory growth averaged 1.2% over the past five years. 4| During that period, new supply was concentrated in Central Dayton/Kettering, which received 39% of the market’s total completions.

5| At the end of 3rd quarter 2024, there were 593 units under construction with 289 of those units scheduled to complete in the next four quarters. 6| Scheduled deliveries in the coming year are expected to remain concentrated in Central Dayton/Kettering.

1| Occupancy in the Dayton apartment market has ranged from 95.1% to 98.0% over the past five years, averaging 96.3% during that period.

Over the past year, occupancy lost 0.4 points, with the 3rd quarter 2024 rate landing at 95.1%. 2| Product classes in Dayton, 3rd quarter 2024 occupancy registered at 93.7% in Class A units, 96.1% in Class B units and 95.6% in Class C units. 3| Occupancy in Class C product was generally tightest over the past five years. 4| Among submarkets, 3rd quarter 2024 occupancy was strongest in Greene County (97.0%). The weakest readings were seen in Northwest Dayton (92.2%) and North Dayton/Miami County (92.7%). 5| Over the past five years, Greene County generally led for occupancy. 6| During the coming year, occupancy in Dayton is expected to register around 95.5%.

rent

the economy

1| Over the past five years, annual change in effective asking rents in Dayton ranged from 2.2% to 10.2%. 2| In 3rd quarter 2024, effective asking rents for new leases were up 4.8% year-over-year. 3| That annual rent performance was below the market’s five-year average of 5.7%. 4| Looking at product classes in Dayton, Class A led for rent performance over the past five years.

In 3rd quarter 2024, annual effective rent change registered at 4.2% in Class A units, 6.8% in Class B units and 3.8% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in South Montgomery County (6.0%) and Greene County (5.2%).

The weakest performances were in North Dayton/Miami County (2.2%) and Central Dayton/Kettering (3.9%). 6| Over the past five years, rent growth was strongest in South Montgomery County. 7| In the coming year, effective asking rent change in Dayton is expected to slow from the current level.

1| Prior to the pandemic, Dayton’s real gross metropolitan product grew at an average annual rate of 1.4% from 2015 to 2019. During that same five-year period, job growth averaged 1.0% annually, with roughly 3,700 jobs added on average each year. 2| In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.2% year-over-year in 2nd quarter. 3| In the year-ending 3rd quarter 2024, the metro’s inflation-adjusted economic output expanded 1.4%. At the same time, the metro recorded a net gain of 600 jobs, expanding the employment base 0.2%. 4| Dayton’s unemployment rate in August 2024 rose 0.6 points year-over-year to 4.4%, matching the national average of 4.4%. 5| During the past year, job gains in Dayton were most pronounced in the Education/ Health Services sector followed by Mining/Logging/Construction. 6| Despite job losses stemming from the pandemic, Dayton’s current employment base now sits roughly 1,500 jobs above the pre-pandemic level in February 2020.

DAYTON Caresource Headquarters A Beavercreek company will provide design work for one of the largest projects in downtown Dayton. The $38.9 million CareSource building, which is one of the most substantial projects underway in the city’s downtown, will house 800 employees when it opens next year.

The 205,000 square-foot, six-story tower is at the site of the former Patterson Co-op High School. The building recently hit its “topping out” milestone, which signifies when the steel frame of a building reaches its maximum height.

In addition to office and collaborative work spaces, the facility will provide employee amenities, including a cafeteria, a fitness center, locker rooms and training rooms. CareSource, a nonprofit health care company headquartered in Dayton, provides coverage to more than 1.8 million customers across five states. It has a workforce of more than 3,100 at multiple sites, including 2,200 local employees. It posted $7.2 billion in revenue last year, making it the second-largest company in the Dayton area.

Woolpert is both the largest engineering company and the largest architectural firm in Dayton by billings, according to DBJ research. The company’s revenue was $133.8 million in 2016, up more than 13 percent from 2015 when it posted $118 million. Woolpert has more than 200 employees locally and about 690 employees overall.

$38.9M Investment 205,000 Sqft 690 Employees

6 Story Building

Mendelsons Redevelopment Project A massive redevelopment project that could exceed $100 million is planned for one of downtown Dayton’s most recognizable buildings.

Columbus-area developer Crawford Hoying purchased the Mendelsons building at 340 E. First St. for $7.3 million, setting the stage for future development.

While the project is in its early stages (the sale was recorded Tuesday), Crawford Hoying Principal Brent Crawford revealed some preliminary plans for the massive, 545,000-square-foot building.

In addition to the main building, another adjacent building and parking lot — owned by Mendelsons at 418 E. First St. — was sold for $400,000 to Crawford Hoying in a separate transaction. Crawford said this property will be included in the project, and may be redeveloped before the main facility. The Mendelsons project is the latest in a string of developments Crawford Hoying has been involved with in downtown Dayton. Along with Delco, Centerfield and Water Street Apartments, the developer helped construct a nearby office building and Fairfield Inn & Suites by Marriott hotel.

Crawford sees the latest effort as a continuation of the work they’ve been doing downtown since their first project in 2015. Crawford cautioned the project is complex and will likely take multiple years to complete. He estimated work will begin in late spring 2020, and build out will take two to three years.

$100M Investment 545,000 Sqft Building

DAYTON Delco Lofts A $25M extension of Water Street District at 329 E. 1st St. Developers envision 129 market-rate apartments and ground-floor restaurant space which will house a new Lock 27 Brewing Co.

$25M Extension

Crawford Hoying set out to reinvigorate the project by converting the building into high-end apartments with parking and ground floor restaurant space. The team worked hard to maintain the industrial character of the building throughout the restoration. Particular attention was given to the large industrial-scale windows which were replaced to match the original windows, and to retaining the mushroom columns and high ceilings found throughout. The historic sixth floor office space said to be associated with Delco founder, Charles Kettering, was also preserved and made into a stunning amenity space for residents to enjoy. The first floor and basement serve as parking spaces for the building’s tenants, which was a compatible use for this building made possible by existing vehicular use and the introduction of ramps in an altered location below an existing light court.

Ground Floor Restaurant

129 Apartments

Studios

1-Bedrooms

Short-Term Leases Available 24hr. Fitness Center On-Site Maintenance Community Room Private Underground Parking River or Day Air Ballpark Views* Exclusive Resident Perks Program

2-Bedrooms

24 Hour Emergency Maintenance Military Discounts* Pet-Friendly* Key Fob Access Only Smoke-Free Community

Centerfield Flats The demand for downtown Dayton housing shows no signs of slowing down.

Developers have shed light on their latest project, a new apartment building in the Water Street District near Fifth Third Field. The apartment building — called Centerfield Flats — will be located at 507 E. First St., the former Dayton Supply & Tool site. The project will draw even more residents to the city core, which is in the midst of a renaissance.

The five-story, 120,000-square-foot building will house 112 units, as well as feature first-floor restaurant space. The units will range from 532-square-foot studios to three-bedroom units with more than 1,700 square feet. Water Street, developed by Dayton-based Woodard Development and Columbus-based Crawford Hoying, has been a more than $100 million project on Dayton’s riverfront. The first phase resulted in a 50,000-square-foot professional office building now 100 percent leased, a 500-space parking garage and 215 residential apartments and town homes — which are now totally occupied.

Phase two saw the $25 million renovation of the Delco Lofts, which brought 133 more residential units and a new Lock 27 Brewing location. Those units also are fully occupied. The third phase of the project — even more residential units, another office building and a nearly 100-room Fairfield Inn & Suites — represents around $30 million in investment.

+$100M Project 460 Units 1 to 3 Bedroom units 50,000 Sqft Professional Office Building 100 Room Fairfield Inn & Suites

DAYTON Fire Blocks District A boutique hotel, several restaurants and additional parking are on the wish list for a developer working to transform the Fire Blocks District in downtown Dayton.

Located in the heart of downtown, the Fire Blocks District is a section of buildings being revitalized by The Windsor Companies, a Columbus developer that took over the project this past summer. Windsor is transforming the mostly vacant city block into a mix of commercial, housing and office space.

Along with The Elks, the $50 million first phase of the Fire Blocks project includes redevelopment of The 124 Office Building and The Huffman Lofts.

Windsor will transform the three buildings into 150,000 square feet of commercial space; 200,000 square feet of residential space including loft apartments; and 100,000 square feet of unconventional office space. The apartments are expected to be move-in ready by fall 2019.

$50M

Phase 1 Investment

150,000 Sqft Of Commercial Space 200,000 Sqft Of Residential Space 100,000 Unconventional Office Space

Grant-Deneau Tower A historic downtown Dayton building is being eyed for a $30 million mixeduse redevelopment project that includes a hotel, luxury apartments and office space.

Grant-Deneau Tower, a vacant building located at 40 W. Fourth St., is a 22-story structure that served as Dayton’s first modern skyscraper — setting the benchmark for the office experience during the city’s mid-century revival. It was built by acclaimed architect Paul Deneau in the 1960s. Six months later, Windsor has announced a detailed plan for the building that includes six floors of apartments, 10 floors of office space and six floors dedicated to a hotel.

The 220,000 square-foot building would include: 90,000 square feet of office space. 60,000 square feet of luxury apartments. 50,000 square feet of hotel space. 10,000 square feet of first-floor retail space. Floors 11 through 16 will offer 60 apartment units that include modern appliances, views of the city and other amenities. The luxury apartments will consist of 48 one-bedroom, one-bathroom units, and 12 two-bedroom, two-bathroom units. Prices will range from $1,250 to $2,000 a month. On floors two through 10, Grant-Deneau will feature open floor plans to provide the opportunity for customization

Luxury Apartments 21st Century Class A Office Restaurant And Coffee Shop Boutique Hotel On Site Fitness Facility

DAYTON Dayton Arcade Members of a team that is rehabbing the Dayton Arcade have been awarded nearly $14 million in tax credits from the state’s Transformational Mixed-Use Development Program.

Dayton Arcade Partners LLC says this funding will help convert the long-vacant Centre City building at 40 S. Main St. into 200 apartments, and will help complete work on the Dayton Arcade.

The Dayton Arcade is a collection of nine buildings in the heart of downtown, between Third and Fourth streets, and between Main and Ludlow. The Centre City building is a vacant, 21-story office tower at the northeast corner of Fourth and Main, across the street from the Arcade complex.

The total project costs are expected to be nearly $140 million.

“This award is a unique funding opportunity that is geared towards large transformational projects in Ohio. Since its inception, it has only ever been awarded to projects in Columbus, Cincinnati, and Cleveland,” said Taylor Vogt, developer with Arcade District partner Model Group. This tax credit “was a critical component of the capital stack needed to push these next phases forward and to sustain the needed momentum to realize the broad vision of redevelopment in the Arcade District and continue to catalyze sustainable revitalization of downtown Dayton.”

200 $145M 9

APARTMENTS

PROJECT COST

BUILDINGS IN THE HEART OF DOWNTOWN

CONTINENTAL COURT