40 UNITS
DAYTON, OH
Erica Court
|
EXCLUSIVELY LISTED BY MICHAEL S. BARRON Executive Managing Director (216) 26 4-2016 mbarron@ipausa.com CHARLES R. GAGLIANO First Vice President Investments (216) 26 4-2022 cgagliano@marcusmillichap.com WILLIAM P. KOONTZ First Vice President Investments (216) 264-2033 wkoontz@marcusmillichap.com JORDAN DICKMAN First Vice President Investments (513) 878-7735 jdickman@marcusmillichap.com NICK ANDREWS First Vice President Investments (513) 878-7741 nandrews@marcusmillichap.com AUSTIN SUM Senior Associate (513) 878-7747 asum@marcusmillichap.com DANIEL J. BURKONS Executive Managing Director (216) 26 4-2018 dburkons@ipausa.com JOSHUA L. WINTERMUTE Executive Director (216) 26 4-2028 jwintermute@ipausa.com
DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. © 2021 Marcus & Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making analyses, and decision-making.
EXECUTIVE SUMMARY
TABLE OF CONTENTS
PROPERTY DESCRIPTION
FINANCIAL ANALYSIS
RENT COMPARABLES
07 21 29 3 7
EXECUTIVE SUMMARY
OFFERING SUMMARY
Units 40 Year Built 1989 Average Unit Size 700 SF Current Occupancy 90% In-Place Average Rent $666 ($0.95/SF) Market Average Rent $846 ($1.01/SF)
5900 ERICA COURT, DAYTON, OHIO 45414 NO. OF AVERAGE IN-PLACE IN-PLACE MARKET MARKET UNIT TYPE UNITS UNIT SF AVERAGE RENT RENT/SF RENT RENT/SF 1 BD / 1 BA 20 600 $616 $1.03 $675 $1.13 2 BD/ 1 BA 20 800 $704 $0.88 $775 $1.04 TOTALS/AVERAGES 40 700 $666 $0.95 $725 $1.04 8 ERICA COURT | EXECUTIVE SUMMARY
ERICA COURT
Erica Court 9 ERICA COURT | EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
• Owned and self-managed by West Coast based private investor
• In-place rents $75+ below competing properties
• Additional upside through maintaining market occupancy
• 10 minutes to Kettering Health Campus
• 15 minutes to Miami Valley Hospital
• 15 minutes to University of Dayton and Downtown Dayton
• 20 minutes to Wright-Patterson Air Force Base
10 ERICA COURT | EXECUTIVE SUMMAR Y
The University of Dayton is a higher education institution located in Montgomery County, OH that offers about 80 undergraduate and more than 50 graduate majors with an enrollment of approximately 11,650 students.
1,395+ STAFF MEMBERS
8,637+ UNDERGRADUATES
3,334+ POSTGRADUATES
12 ERICA COURT | EXECUTIVE SUMMAR Y
903+ EMPLOYEES
8,036+ UNDERGRADUTES
2,132+ POSTGRADUATES
14 ERICA COURT | EXECUTIVE SUMMAR Y
2,500+ EMPLOYEES
8,245+ FULL-TIME STUDENTS
18,697+ TOTAL STUDENTS
15 ERICA COURT | EXECUTIVE SUMMARY
12,000+ EMPLOYEES
2,100+ PHYSICIANS
403+ BEDS
16 ERICA COURT | EXECUTIVE SUMMAR Y
7,354+ EMPLOYEES
1,165+ PHYSICIANS
1,111+ BEDS
17 ERICA COURT | EXECUTIVE SUMMARY
MIAMI VALLEY HOSPITAL CAMPUS
WRIGHT-PATTERSON AIR FORCE BASE
With over 30,000 employees, including military, civilian and contractors, Wright-Patterson is the largest single site employer in the state of Ohio with an economic impact of $4.2 billion per year. The base covers more than 8,000 acres of land (12.5 square miles) and provides operational support for more than 100 associate units located at Wright-Patterson. There are two runways, supporting an average of 47,000 aircraft operations every year.
30,000+ EMPLOYEES
8,000+ ACRES
$4.2 BILLON ECONOMIC IMPACT
18 ERICA COURT | EXECUTIVE SUMMAR Y
19 ERICA COURT | EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
CONSTRUCTION
Foundation Concrete Slab Framing Wood Exterior Vinyl Siding Roof Type/Material Pitched Asphalt Shingles Parking Surface Asphalt
HVAC System Electric Baseboard - Heat PTAC - A/C Hot Water Tanks Electric Wiring Copper Electrical 100 Amp Breakers Plumbing Copper & PVC Fire Protection Smoke Detectors & Fire Extinguishers In Common Areas SITE DESCRIPTION Address 5900 Erica Ct Dayton, OH 45414 Units 40 Year Built 1989 Buildings 2 Stories 2 REAL ESTATE TAXES Parcel Number E21-24119-0001 County Montgomery School District Northridge LSD Net Effective Tax Rate 4.65% PROPERTY DETAILS ERICA COURT | PROPERTY DESCRIPTION 22
MECHANICAL
UTILITIES
Electric Tenant Pays Water/Sewer Owner Pays Trash Removal Owner Pays
FEES & CHARGES Security Deposit 1 Month Rent Short Term Lease Premium $100 Per Month Pet Deposit $250 Pet Fee $25-$35 Per Month Application Fee $35 Lease Termination Fee 3 Months Rent Property Details ERICA COURT | PROPERTY DESCRIPTION 23
ADDITIONAL
SITE MAP Arthur Avenue Keats Drive EricaCourt ERICA COURT | PROPERTY DESCRIPTION 26
FINANCIAL ANALYSIS
UNIT MIX & RENT ROLL SUMMARY
No. of % of Units Units Average Rent Rent / SF Rent / Month Rent / Unit Rent / SF Rent / Month Rent / Unit Rent / Month % 1 BD / 1 BA 20 50.0% 600 12,000 $520 - $650 $616 $1.03 $12,630 $675 $1.13 $13,500 ($59) ($1,177) -8.7% 2 BD / 1 BA 20 50.0% 800 16,000 $460 - $775 $704 $0.88 $14,114 $775 $0.97 $15,500 ($71) ($1,418) -9.2% Total / Average 40 100.0% 700 28,000 $666 $0.95 $26,745 $725 $1.04 $29,000 ($65) ($2,595) -8.9% Unit Status Count Percent Occupied 36 90.0% Vacant 4 10.0% Total 40 100% Unit Type EOY 1 Market Rents Loss-to-Lease Unit SF Total SF Rent Range / Unit In-Place Rents Based on Rent Roll Dated: October 1, 2022 1 BD / 1 BA 50% 2 BD / 1 BA 50% $616 $704 $1.03 $0.88 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $0 $100 $200 $300 $400 $500 $600 $700 $800 1 BD / 1 BA 2 BD / 1 BA Average Rent Rent / SF
ERICA COURT | FINANCIAL ANALYSIS 30
COMPARISON OF HISTORICAL OPERATIONS & PRO FORMA
TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH Total Rental Income $235,120 $5,878 $19,593 $220,850 $5,521 $18,404 $197,045 $4,926 $16,420 $218,525 $5,463 $18,210 $287,705 $7,193 $23,975 $301,115 $7,528 $25,093 Total Other Income $11,491 $287 $958 $16,960 $424 $1,413 $23,543 $589 $1,962 $24,408 $610 $2,034 $16,960 $424 $1,413 $20,486 $512 $1,707 Effective Gross Income $246,611 $6,165 $20,551 $237,810 $5,945 $19,818 $220,588 $5,515 $18,382 $242,933 $6,073 $20,244 $304,665 $7,617 $25,389 $321,601 $8,040 $26,800 Non-Controllable Real Estate Taxes $57,706 $1,443 $4,809 $58,673 $1,467 $4,889 $58,673 $1,467 $4,889 $58,673 $1,467 $4,889 $58,673 $1,467 $4,889 $58,916 $1,473 $4,910 Insurance $5,991 $150 $499 $4,848 $121 $404 $4,848 $121 $404 $4,848 $121 $404 $4,848 $121 $404 $4,848 $121 $404 Electric $5,206 $130 $434 $6,540 $164 $545 $6,540 $164 $545 $6,540 $164 $545 $6,540 $164 $545 $6,540 $164 $545 Water & Sewer $12,986 $325 $1,082 $15,180 $380 $1,265 $15,180 $380 $1,265 $15,180 $380 $1,265 $15,180 $380 $1,265 $15,180 $380 $1,265 Total Non-Controllable $81,889 $2,047 $6,824 $85,241 $2,131 $7,103 $85,241 $2,131 $7,103 $85,241 $2,131 $7,103 $85,241 $2,131 $7,103 $85,483 $2,137 $7,124 Controllable Payroll & Benefits $57,080 $1,427 $4,757 $68,364 $1,709 $5,697 $68,364 $1,709 $5,697 $68,364 $1,709 $5,697 $68,364 $1,709 $5,697 $36,000 $900 $3,000 Landscape & Snow Removal $5,462 $137 $455 $15,049 $376 $1,254 $15,049 $376 $1,254 $15,049 $376 $1,254 $15,049 $376 $1,254 $15,049 $376 $1,254 Trash Removal $3,619 $90 $302 $4,902 $123 $409 $4,902 $123 $409 $4,902 $123 $409 $4,902 $123 $409 $4,902 $123 $409 Repairs & Maintenance $10,163 $254 $847 $57,008 $1,425 $4,751 $57,008 $1,425 $4,751 $57,008 $1,425 $4,751 $57,008 $1,425 $4,751 $12,000 $300 $1,000 Unit Turnover $7,808 $195 $651 $32,935 $823 $2,745 $32,935 $823 $2,745 $32,935 $823 $2,745 $32,935 $823 $2,745 $10,000 $250 $833 General & Administrative $2,703 $68 $225 $10,401 $260 $867 $10,401 $260 $867 $10,401 $260 $867 $10,401 $260 $867 $8,000 $200 $667 Advertising & Promotion $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,200 $105 $350 Management Fee $6,221 $156 $518 $22,987 $575 $1,916 $21,322 $533 $1,777 $23,482 $587 $1,957 $29,449 $736 $2,454 $16,080 $402 $1,340 Total Controllable Expenses $93,057 $2,326 $7,755 $211,646 $5,291 $17,637 $209,982 $5,250 $17,498 $212,142 $5,304 $17,678 $218,109 $5,453 $18,176 $106,231 $2,656 $8,853 Reserves for Replacements $3,755 $94 $313 $17,466 $437 $1,456 $17,466 $437 $1,456 $17,466 $437 $1,456 $17,466 $437 $1,456 $10,000 $250 $833 Total Operating Expenses $178,701 $4,468 $14,892 $314,354 $7,859 $26,196 $312,689 $7,817 $26,057 $314,849 $7,871 $26,237 $320,816 $8,020 $26,735 $201,715 $5,043 $16,810 Net Operating Income $67,910 $1,698 $5,659 -$76,543 -$1,914 -$6,379 -$92,101 -$2,303 -$7,675 -$71,916 -$1,798 -$5,993 -$16,151 -$404 -$1,346 $119,886 $2,997 $9,990 T12 T6 T3 APR/2022 - SEP/2022 JUL/2022 - SEP/2022 10/1/2022 INCOME EXPENSES 2021 OCT/2021 - SEP/2022 RENT ROLL ANNUALIZED EOY 1 PRO FORMA
ERICA COURT | FINANCIAL ANALYSIS 31
END-OF-YEAR-ONE INCOME
FOOTNOTES:
1. All units rented at market rent.
2. The difference between current rents as of October 1, 2022 and market rents for all units.
3. Based on 3.00% of All Units at Market.
4. Based on 7.00% of Gross Potential Rent. The current vacancy as of the October 1, 2022 rent roll is 10.00%.
5. Based on 1.00% of Gross Potential Rent.
6. Based on the September 2022 TTM (Oct ‘21 - Sep ‘22) operations.
7. Calculated based on $10 per unit, per month.
INCOME MONTHLY ANNUAL PER UNIT PER SF % OF GPR All Units at Market $29,000 $348,000 $8,700 $12.43 100.00% 1 Loss-to-Lease ($2,595) ($31,141) ($779) ($1.11) -8.95% 2 Gain-to-Lease $870 $10,440 $261 $0.37 3.00% 3 Gross Potential Rent $27,275 $327,299 $8,182 $11.69 94.05% Economic Losses Vacancy ($1,909) ($22,911) ($573) ($0.82) -7.00% 4 Bad Debt & Collections ($273) ($3,273) ($82) ($0.12) -1.00% 5 Total Economic Losses ($2,182) ($26,184) ($655) ($0.94) -8.00% Net Rental Income $25,093 $301,115 $7,528 $10.75 92.00% Other Income Cleaning & Damage Charges $103 $1,234 $31 $0.04 0.38% 6 Late & NSF Fees $48 $573 $14 $0.02 0.18% 6 Laundry Income $400 $4,800 $120 $0.17 1.47% 7 Pet Income $118 $1,419 $35 $0.05 0.43% 6 Utility Reimbursement $752 $9,019 $225 $0.32 2.76% 6 Miscellaneous Income $287 $3,440 $86 $0.12 1.05% 6 Total Other Income $1,707 $20,486 $512 $0.73 6.26% Effective Gross Income $26,800 $321,601 $8,040 $11.49 98.26%
ERICA COURT | FINANCIAL ANALYSIS 32
FOOTNOTES:
1. Based on the current taxes for EOY 1 and a 25% increase for EOY 2. The current 2021 County Auditor’s valuation is $1,250,000 and the current net effective rate is 4.65% plus $819.18 in assessments.
2. Based on the September 2022 TTM (Oct ‘21 - Sep ‘22) operations.
3. Calculated based on $900 per unit, per year.
4. Calculated based on $300 per unit, per year.
END-OF-YEAR-ONE EXPENSES
5. Calculated based on $250 per unit, per year.
6. Calculated based on $350 per month.
7. Based on 5.00% of Effective Gross Income.
8. Based on $250 per unit, per year.
EXPENSES MONTHLY ANNUAL PER UNIT PER SF % OF EGI Non-Controllable Expenses Real Estate Taxes $4,910 $58,916 $1,473 $2.10 18.32% 1 Insurance $404 $4,848 $121 $0.17 1.51% 2 Electric $545 $6,540 $164 $0.23 2.03% 2 Water & Sewer $1,265 $15,180 $380 $0.54 4.72% 2 Total Non-Controllable Expenses $7,124 $85,483 $2,137 $3.05 26.58% Controllable Expenses Payroll & Benefits $3,000 $36,000 $900 $1.29 11.19% 3 Landscape & Snow Removal $1,254 $15,049 $376 $0.54 4.68% 2 Trash Removal $409 $4,902 $123 $0.18 1.52% 2 Repairs & Maintenance $1,000 $12,000 $300 $0.43 3.73% 4 Unit Turnover $833 $10,000 $250 $0.36 3.11% 5 General & Administrative $667 $8,000 $200 $0.29 2.49% 6 Advertising & Promotion $350 $4,200 $105 $0.15 1.31% 7 Management Fee $1,340 $16,080 $402 $0.57 5.00% 8 Total Controllable Expenses $8,853 $106,231 $2,656 $3.79 33.03% Reserves for Replacements $833 $10,000 $250 $0.36 3.11% 9 Total Operating Expenses $16,810 $201,715 $5,043 $7.20 62.72% Net Operating Income $9,990 $119,886 $2,997 $4.28 37.28%
ERICA COURT | FINANCIAL ANALYSIS 33
10-YEAR CASH FLOW ANALYSIS
EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8 EOY 9 EOY 10 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Dec-2030 Dec-2031 Dec-2032 INCOME All Units at Market $348,000 $358,440 $369,193 $380,269 $391,677 $403,427 $415,530 $427,996 $440,836 $454,061 Loss-to-Lease ($31,141) ($21,322) ($10,886) $196 $202 $208 $214 $220 $227 $234 Gain-to-Lease $10,440 $10,753 $11,076 $0 $0 $0 $0 $0 $0 $0 Gross Potential Rent $327,299 $347,871 $369,383 $380,465 $391,879 $403,635 $415,744 $428,216 $441,063 $454,295 Economic Losses Vacancy ($22,911) ($24,351) ($25,857) ($26,633) ($27,432) ($28,254) ($29,102) ($29,975) ($30,874) ($31,801) Bad Debt & Collections ($3,273) ($3,479) ($3,694) ($3,805) ($3,919) ($4,036) ($4,157) ($4,282) ($4,411) ($4,543) Total Economic Losses ($26,184) ($27,830) ($29,551) ($30,437) ($31,350) ($32,291) ($33,260) ($34,257) ($35,285) ($36,344) Net Rental Income $301,115 $320,042 $339,833 $350,028 $360,528 $371,344 $382,485 $393,959 $405,778 $417,951 Other Income Cleaning & Damage Charges $1,234 $1,271 $1,310 $1,349 $1,389 $1,431 $1,474 $1,518 $1,564 $1,611 Late & NSF Fees $573 $591 $608 $627 $645 $665 $685 $705 $726 $748 Laundry Income $4,800 $4,944 $5,092 $5,245 $5,402 $5,565 $5,731 $5,903 $6,080 $6,263 Pet Income $1,419 $1,461 $1,505 $1,550 $1,597 $1,645 $1,694 $1,745 $1,797 $1,851 Utility Reimbursement $9,019 $9,289 $9,568 $9,855 $10,151 $10,455 $10,769 $11,092 $11,425 $11,767 Miscellaneous Income $3,440 $3,544 $3,650 $3,759 $3,872 $3,988 $4,108 $4,231 $4,358 $4,489 Total Other Income $20,486 $21,100 $21,733 $22,385 $23,057 $23,748 $24,461 $25,195 $25,950 $26,729 Effective Gross Income $321,601 $341,142 $361,566 $372,413 $383,585 $395,093 $406,945 $419,154 $431,728 $444,680 Average Rent $682 $725 $770 $793 $816 $841 $866 $892 $919 $946 Effective Gross Income Per Unit $8,040 $8,529 $9,039 $9,310 $9,590 $9,877 $10,174 $10,479 $10,793 $11,117 EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8 EOY 9 EOY 10 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Dec-2030 Dec-2031 Dec-2032 EXPENSES Non-Controllable Expenses Real Estate Taxes $58,916 $73,440 $75,643 $77,912 $80,250 $82,657 $85,137 $87,691 $90,322 $93,031 Insurance $4,848 $4,993 $5,143 $5,297 $5,456 $5,620 $5,788 $5,962 $6,141 $6,325 Electric $6,540 $6,736 $6,938 $7,146 $7,361 $7,582 $7,809 $8,043 $8,285 $8,533 Water & Sewer $15,180 $15,636 $16,105 $16,588 $17,085 $17,598 $18,126 $18,670 $19,230 $19,807 Total Non-Controllable Expenses $85,483 $100,805 $103,829 $106,944 $110,152 $113,456 $116,860 $120,366 $123,977 $127,696 Controllable Expenses Payroll & Benefits $36,000 $37,080 $38,192 $39,338 $40,518 $41,734 $42,986 $44,275 $45,604 $46,972 Landscape & Snow Removal $15,049 $15,500 $15,965 $16,444 $16,938 $17,446 $17,969 $18,508 $19,063 $19,635 Trash Removal $4,902 $5,050 $5,201 $5,357 $5,518 $5,683 $5,854 $6,029 $6,210 $6,397 Repairs & Maintenance $12,000 $12,360 $12,731 $13,113 $13,506 $13,911 $14,329 $14,758 $15,201 $15,657 Unit Turnover $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 General & Administrative $8,000 $8,240 $8,487 $8,742 $9,004 $9,274 $9,552 $9,839 $10,134 $10,438 Advertising & Promotion $4,200 $4,326 $4,456 $4,589 $4,727 $4,869 $5,015 $5,165 $5,320 $5,480 Management Fee $16,080 $17,057 $18,078 $18,621 $19,179 $19,755 $20,347 $20,958 $21,586 $22,234 Total Controllable Expenses $106,231 $109,913 $113,720 $117,131 $120,645 $124,265 $127,993 $131,832 $135,787 $139,861 Reserves for Replacements $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 Total Operating Expenses $201,715 $220,718 $227,549 $234,075 $240,797 $247,721 $254,853 $262,198 $269,764 $277,557 Operating Expenses Per Unit $5,043 $5,518 $5,689 $5,852 $6,020 $6,193 $6,371 $6,555 $6,744 $6,939 Net Operating Income $119,886 $120,424 $134,017 $138,338 $142,788 $147,371 $152,092 $156,955 $161,964 $167,123 NOI Per Unit $2,997 $3,011 $3,350 $3,458 $3,570 $3,684 $3,802 $3,924 $4,049 $4,178
ERICA COURT | FINANCIAL ANALYSIS 34
RENT COMPARABLES
ERICA COURT RIVER’S EDGE WAYNEDALE CIRCLE MEADOWS OF CATALPA BROWNSTONE COUNTRY BROOKE FOUNTAINHEAD 1 1 2 2 4 4 3 3 5 5 6 6 RENT COMPARABLES MAP ERICA COURT | RENT COMPARABLES 38
836 Average SF
$846 Average Rent $1.01 Average Rent/SF
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT OCCUPANCY UNIT SIZE RENT RENT/SF RIVER’S EDGE 274 1964 93.8% 861 SF $1,012 $1.17 WAYNEDALE CIRCLE 76 1980 98.7% 872 SF $999 $1.15 MEADOWS OF CATALPA 323 1971 95.8% 842 SF $874 $1.04 BROWNSTONE 258 1966 98.8% 851 SF $709 $0.83 COUNTRY BROOKE 108 1968 96.0% 828 SF $694 $0.84 FOUNTAINHEAD 90 1967 94.4% 681 SF $684 $1.00 ERICA COURT (IN-PLACE) 40 1989 90.0% 700 SF $666 $0.95
RENT COMPARABLES SUMMARY
ERICA COURT | RENT COMPARABLES 39
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT UNIT SIZE RENT RENT/SF RIVER’S EDGE 120 1964 731 SF $874 $1.20 MEADOWS OF CATALPA 175 1971 682 SF $802 $1.18 BROWNSTONE 96 1966 650 SF $650 $1.00 ERICA COURT (IN-PLACE) 20 1989 600 SF $616 $1.03 FOUNTAINHEAD 43 1967 583 SF $614 $1.05 COUNTRY BROOKE 6 1968 450 SF $595 $1.32
675 Average SF $767 Average Rent $1.14 Average Rent/SF ERICA COURT | RENT COMPARABLES 40
RENT COMPARABLES - 1 BD / 1 BA
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
RENT COMPARABLES - 2 BD
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT UNIT SIZE RENT RENT/SF RIVER’S EDGE 114 1964 872 SF $1,039 $1.19 WAYNEDALE CIRCLE 76 1980 872 SF $999 $1.15 MEADOWS OF CATALPA 148 1971 1,030 SF $958 $0.93 FOUNTAINHEAD 47 1967 772 SF $748 $0.97 BROWNSTONE 148 1966 957 SF $735 $0.77 ERICA COURT (IN-PLACE) 20 1989 800 SF $704 $0.88 COUNTRY BROOKE 102 1968 850 SF $700 $0.82 918 Average SF $868 Average Rent $0.95 Average Rent/SF ERICA COURT | RENT COMPARABLES 41
UTILITIES & FEES / CHARGES COMPARISONS
WAYNEDALE
UTILITIES* Gas Tenant Owner Owner Tenant Tenant Owner Tenant Electric Tenant Tenant Tenant Tenant Tenant Tenant Tenant Water/ Sewer Owner Owner (Gardens) Owner Tenant Owner Owner Tenant Trash Removal Owner Owner Owner Owner Owner Owner Owner
ERICA COURT BROWNSTONE COUNTRY BROOKE RIVER'S EDGE MEADOWS OF CATALPA FOUNTAINHEAD
CIRCLE
ERICA COURT | RENT COMPARABLES 42
RIVER’S EDGE 4339 Riverside Dr, Dayton, OH 45405 1 274
UNITS YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 120 624 - 837 $849 - $899 $1.20 2 BD / 1 BA 40 750 $999 $1.33 2 BD / 1 BA TWNH 19 870 $1,049 $1.21 2 BD / 1 BA TWNH 9 950 $1,079 $1.14 2 BD / 1 BA 9 961 $1,049 $1.09 2 BD / 1 BA 19 971 $1,049 $1.08 2 BD / 1.5 BA TWNH 18 958 $1,079 $1.13 3 BD / 2 BA 40 1,224 $1,349 $1.10 TOTAL/AVERAGES 274 861 $1,012 $1.17 ERICA COURT 5900 Erica Ct, Dayton, OH 45414
1989
UNITS YEARS BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 20 600 $616 $1.03 2 BD / 1 BA 20 800 $704 $0.88 TOTAL/AVERAGES 40 700 $666 $0.95 RENT COMPARABLES ERICA COURT | RENT COMPARABLES 43
1964 94%
40
90%
Waynedale Cir, Dayton, OH 45424 2
1980
UNITS YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 2 BD / 1 BA 76 872 $999 $1.15 TOTAL/AVERAGES 76 872 $999 $1.15
OF CATALPA 4001 Indian Runn Dr, Dayton, OH 45415 3
UNITS YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 44 637 $775 $1.22 1 BD / 1 BA 24 639 $775 $1.21 1 BD / 1 BA 74 676 $825 $1.22 1 BD / 1 BA 22 720 $775 $1.08 1 BD / 1 BA 11 920 $875 $0.95 2 BD / 1 BA 12 837 $925 $1.11 2 BD / 1 BA 21 920 $925 $1.01 2 BD / 1 BA 17 964 $925 $0.96 2 BD / 2 BA 8 929 $975 $1.05 2 BD / 2 BA 24 1,012 $975 $0.96 2 BD / 2 BA 44 1,100 $975 $0.89 2 BD / 2.5 BA 22 1,210 $975 $0.81 TOTAL/AVERAGES 323 842 $874 $1.04
ERICA COURT | RENT COMPARABLES 44
WAYNEDALE CIRCLE 4502
76
99%
MEADOWS
323 1971 96%
RENT COMPARABLES
BROWNSTONE
Jewelstone Dr, Dayton, OH 45414 4
1966
YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 96 650 $650 $1.00 2 BD / 1 BA 18 800 $675 $0.84 2 BD / 1 BA 18 850 $700 $0.82 2 BD / 1 BA TWNH 112 1,000 $750 $0.75 3 BD / 1 BA TWNH 14 1,100 $850 $0.77 TOTAL/AVERAGES 258 851 $709 $0.83 COUNTRY BROOKE 2980 Stop Eight Rd, Dayton, OH 45414 5
3081
258
99% UNITS
BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 6 450 $595 $1.32 2 BD / 1 BA 102 850 $700 $0.82 TOTAL/AVERAGES 108 828 $694 $0.84 RENT COMPARABLES ERICA COURT | RENT COMPARABLES 45
108 1968 96% UNITS YEAR
FOUNTAINHEAD
5610 N Main St, Dayton, OH 45415
90 1967 94% UNITS YEAR BUILT OCCUPANCY
UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 43 550 - 615 $614 $1.05 2 BD / 1 BA 23 717 $698 $0.97 2 BD / 1 BA 24 824 $795 $0.96 TOTAL/AVERAGES 90 681 $684 $1.00 6
ERICA COURT | RENT COMPARABLES 46
RENT COMPARABLES
AUSTIN SUM Senior Associate (513) 878-7747 asum@marcusmillichap.com MICHAEL S. BARRON Executive Managing Director (216) 264-2016 mbarron@ipausa.com EXCLUSIVELY LISTED BY WILLIAM P. KOONTZ First Vice President Investments (216) 264-2033 wkoontz@marcusmillichap.com DANIEL J. BURKONS Executive Managing Director (216) 264-2018 dburkons@ipausa.com JOSHUA L. WINTERMUTE Executive Director (216) 264-2028 jwintermute@ipausa.com CHARLES R. GAGLIANO First Vice President Investments (216) 264-2022 cgagliano@marcusmillichap.com JORDAN DICKMAN First Vice President Investments (513) 878-7735 jdickman@marcusmillichap.com NICK ANDREWS First Vice President Investments (513) 878-7741 nandrews@marcusmillichap.com
