Mt Lookout Development Analysis - Combs

MT LOOKOUT DEVELOPMENT ANALYSIS 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

2024 Cincinnati, Ohio

C O N T E N TS Our Team

04

The Asset

06

Density Competitors

08

Condo Sales

10

Completions

12

LEAD AGENTS Chuck Combs Associate Cincinnati Office D. 513.878.7704 chuck.combs@marcusmillichap.com

Austin Sum Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

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

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

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HQ

80+

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Offices

2,500

Sign up

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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

S e nior I nve s t m e n t As s o ciate

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

Brittany Campb ell-Ko ch Dire c to r o f O p e rat i ons

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

300 WEST 4TH STREET CINCINNATI, OHIO

MT. LOOKOUT

DEVELOPMENT 1.34 Acres

725 Delta Avenue, Cincinnati, Ohio

SUMMARY

13 MINS ( 5.8MI) TO DOWNTOWN

SUBJECT DETAILS

725 (0.473 Acres) 727 (.0.484 acres) Delta Ave PLUS a rear parcel (045-0003-0201-00) behind 735 Delta Ave (0.377 acres) = 1.334 acres total Parcel ID 045-0003-0005-00 and 045-0003-0006-00 (respectively for 725 and 727 Delta)

DENSITY COMPETITORS Property

Address

Distance From Subject

Type

Year Built

Acres

No. of Units

31Sixty Linwood

3160 Linwood Ave

0.5 miles

Low Rise

1952

0.11

28

Studios

Mowbray Manor

3318 Mowbray Ln

0.6 miles

Low Rise

2022

0.77

19

All 2

Delta House Apartments

1031 Delta Ave

0.5 miles

Mid Rise

1961

0.46

61

1s, 2s a

Four23/Hoge

423 Hoge St

0.7 miles

Mid Rise

2023

1.13

62

1s and

Delta Flats

427 Delta Ave

0.6 miles

Low Rise

2015

3.79

76

All

3451 Kleybolte Ave

0.3 miles

Mid Rise

1968

2.08

95

1s and

811 Delta Ave

812 Delta Ave

0.2 miles

Low Rise

1961

0.35

18

Studios

Ravenswood

3408 Erie Ave

1.5 miles

Mid Rise

2007

0.81

82

2s and

Tarpis Woods

3620 Tarpis Ave

1.5 miles

Low Rise

1974

1.796

62

1s and

River Mews

3401 Wallace Ave

0.7 miles

Mid Rise

1968

1.03

55

Studios, 1

Grandin Bridge Apartments

Unit M

Mix

Density (Units/Acre)

Zoning

254.54

No. of Units that could fit in subject property acreage 381.81

and 1s

2s

24.68

37.02

RM-2.0 Residential Multi-Family

and 3s

132.61

198.91

RM12

d 2s

54.87

82.3

CNP

1s

20.05

30.08

d 2s

45.67

68.51

RM12

and 1s

51.43

77.14

RM12

d 3s

101.11

151.67

CN-M Commercial Neighborhood-Mixed

d 2s

34.52

51.78

RM-2.0 Residential Multi-Family

1s and 2s

53.4

80.097

RM-2.0 Residential Multi-Family

ZONING RM-0.7 Multifamily Zoning This subdistrict is the most intense residential district and it will normally consist of tall multi-family or condominium structures. The character is intended to be urban and should be used where high intensity residential is needed to provide a residential base for important commercial areas.

The minimum land area for every dwelling unit is 700 square feet.

RM-1.2 Multifamily Zoning This subdistrict is intended to provide for mixed residential uses at moderately high densities. This is an intense district with an urban character. The minimum land area for every dwelling unit is 1,200 square feet.

RM-2.0 Multifamily Zoning This subdistrict is intended to provide for a medium density mix of residential housing predominantly duplexes and multi-family on lots that have already been platted. The scale of buildings is generally similar to a large single-family home on a small lot. Where land is assembled, the same scale should be maintained. The minimum land area for every dwelling unit is 2,000 square feet.

CONDO SALE COMPETITORS Property 1 2 3 4 5 6 7 8 9 10

Delta Ave Delta Ave Ononta Ave Observatory Ave Totten Way Delta Ave Tusculum Ave Erie Ave Delta Ave Corbett St

Address

Distance From Subject

Year Built

Unit Mix

SQFT

Sale Price

Sale Date

752 Delta Ave 600 Delta Ave 3128 Ononta Ave 2770 Observatory Ave 674 Totten Way 805 Delta Ave 538 Tusculum Ave 2801 Erie Ave 577 Delta Ave 1206 Corbett St

0.1 miles 0.3 miles 1.3 miles 1.2 miles 0.8 miles 0.2 miles 1.3 miles 1.5 miles 0.3 miles 0.7 miles

2007 1990 1957 2016 1989 1969 1980 2009 2007 1987

2BR/2.5BA 2BR/2.5BA 2BR/2BA 2BR/2BA 3BD/3.5BA 1BA/1BA 3BD/2.5BA 2BD/2.5BA 3BD/2.5BA 2BD/1.5BA

1,678 1,246 1,658 1,995 2,370 756 1,466 2,105 2,038 1,056

$440,000 $290,000 $330,000 $1,060,000 $459,000 $160,000 $353,000 $1,075,000 $439,000 $275,000

12/28/2023 8/30/2023 8/16/2024 10/20/2024 6/10/2024 5/9/2024 8/15/2024 10/4/2023 10/27/2023 6/21/2023

8 4 10

1 S 5 3

9

2

7

6

SUPPLY & DEMAND Cincinnati

Completions

Net Absorption

Vacancy

POPULATION 1 Mile

3 Mile

5 Mile

2022 Population

16,995

97,122

239,550

2023 Population

16,889

98,079

242,537

2028 Population Projection

16,609

103,072

256,512

Annual Growth 2022-2028

-2.3%

4.5%

5.6%

Median Age

25 - 44

25 - 44

25 - 44

HOUSEHOLDS 2 Mile

5 Mile

2010 Households

22,987

106,175

2023 Households

22,247

106,202

2028 Household Projection

22,233

106,661

Annual Growth 2010-2023

-0.1%

0.0%

Renter-Occupied Households

11,250

51,908

COMPLETIONS PAST 4 YEARS Address

Name

Star Rating

Yr Blt/Renv

Stories

Units

1

2940 Disney St

Graphite Oakley

3

2024

5

316

Absorption Units 32

Avg Ren

2

954 E McMillan St

Paramount Launch

4

2024

5

64

26

3

2745 Erie Ave

3

2024

3

12

11

4

933 Lincoln Ave

The Skyler on Hyde Park Square Thatcher Flats

3

2024

3

50

31

5

2520 Gilbert Ave

Peebles Apartments

3

2024

4

42

2

6

2533 Woodburn Ave

Woodburn Exchange

4

2023

5

322

0

$1,8

7

3660 Michigan Ave

Ila Hyde Park

4

2023

5

51

-2

$3,6

8

3725 Isabella Ave

3

2023

4

8

0

Con

9

4590 Beech St

Factory 52

3

2022

4

400

0

$1,9

10 3318 Mowbray Ln

Mowbray Manbor

2

2022

4

19

0

$2,6

$2,2

$1,4

$1,2

11

4919 Whetsel Ave

Madamore

3

2021

5

312

0

$1,5

12

5540 Madison Rd

The Jameson

4

2021

2

149

0

$1,7

13

3500 Madison Park Ave

The RED Corner

4

2021

3

19

0

$4,0

14

900 E McMillan St

Paramount Square

4

2020

3

15

0

$1,1

15

423 Hoge St

Four23/Hoge

4

2023

4

62

0

$2,3

nt/Unit

Location

232

Oakley

412

Walnut Hills

216

Hyde Park Walnut Hills Walnut Hills

815

East Walnut Hills

684

Hyde Park

ndos

Oakley 9

925

Norwood

659

Mt. Lookout

568

Madsionville

747

Madisonville

017

Oakley

145

Walnut Hills

312

Columbia-Tusculum

1

8

7 3 14 4 5 26

10 16 S 15

13

12

11

MT LOOKOUT DEVELOPMENT ANALYSIS