Gobel Worthington OM

GOBEL WORTHINGTON offering memorandum 1

CONTENTS LEAD AGENTS JD Schmerge Associate Cincinnati Office D. 513.878.7756 jd.schmerge@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 Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

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“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.”

SECTIONS

01 - THE INVESTMENT 02 - local competitors 03 - FINANCIALS 04 - LOCAL MARKET

NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information.

References to square footage or age are approximate.

Buyer must verify the information and bears all risk for any inaccuracies.

NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

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CALABASAS, CALIFORNIA | HQ

80+ | OFFICES

2,500 | EMPLOYEES

UNRIVALED SUCCESS IN THE MIDWEST YOUR TEAM

C ORPORATE SUPPORT

JO RDA N DI C K M A N FI RS T V I CE P R E S I D EN T S DI R EC T OR , N M H G

L IZ PO PP M IDW E ST OPE R ATIONS MANAG ER

NI C K A N DR E WS FI RS T V I CE P R E S I D EN T S DI R EC T OR , N M H G AUS TI N SUM S E NI OR I N V E S TME N T AS S OC I AT E JD S C H M E R G E I NVE S TME N T A S S O C I AT E B RIAN JO H N ST O N I NVE S TME N T A S S O C I AT E TI M VA N WI N G ER D E N I NVE S TME N T A S S O C I AT E AUS TI N H a l l I NVE S TME N T A S S O C I AT E ALDEN SI M M I S I NVE S TME N T A S S O C I AT E

JO S H CA R UA NA V ICE PR E SIDE N T R E GION A L M A N A GER IN DIA N A POL IS | C INC INNATI | LOUISVILLE | ST LOUIS | KANSAS C ITY JO HN S E BR E E SE N IOR V ICE PR E SIDENT N A T ION A L DIR E CTOR N A T ION A L M U LT I HOUSING G ROUP MICHA E L G L A S S SE N IOR V ICE PR E SIDENT M IDW E ST DIVISIO N MANAG ER N A T ION A L DIR E CTOR, MANUFAC TURED HOME C OMMUNITIES G ROUP

BROKER SUPPORT SAM PE T R O SN I O VALUA TI O N & R E S E AR C H

BR IT TA NY CA MPBE L L- KO CH DIR E CT OR OF OPE R A T ION S

SKLY E R WI L SO N CLI E NT R E LA TI O N S M AN AG ER

A L E X PA PA M A R K E T IN G COOR DIN A T OR

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THE INVESTMENT

GOBEL WORTHINGTON

P R O P E R T Y D E TA I L S Property Address: City, State, Zip: Submarket: County: Year Built: Number Of Units: Avg Unit Size: Rentable Sqft: Number of Parcels: # of Buildings: # of Stories: Current Occupancy: Parking Type: Parking Surface: # Garage/Carport: UTILITIES Foundation: Framing: Roof Type/Age: Exterior of Building: Windows Age/Pane: Wiring:

3216/3224/3246 Gobel Ave; 3127/3128 Worthington Ave Cincinnati, OH 45211 Westwood Hamilton 1951 20 850 16,000 5 5 2 80% Off Street/Garage Asphalt 10 Concrete Block Wood Framing Pitched Shingle; <10 years Brick Vinyl

Copper

utilities Electric: Tenant Gas: Owner heat; tenant cooking W/S: Owner Trash: Owner

GOBEL WORTHINGTON

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to present Gobel/Worthington, a portfolio of 20 units in Cincinnati’s Westwood submarket. The assets are a group of five contiguous 4-unit apartment buildings. All 20 units are two bedroom/one bath apartments and all buildings have garages.

The properties are a mix of market rate and subsidized tenants. Current ownership has maintained 90%+ occupancy throughout 2022 and shown $300/mo premiums over avg. rent on recent leases.

DEAL SUMMARY 17,000 20 850 R EN TABL E S QUA RE FEET

TOTA L UNITS

PROPERTY SUMMARY #2 Bedrooms

20

% Leased

80% * GOBEL WORTHINGTON

AVG SF

RENT COMPETITORS

GOBEL WORTHINGTON

LOCAL COMPETITORS Property

Montclair Apartments 3104 Gobel Ave. 3143 Saffer St. 2187 Westwood Northern Blvd Gobel/Worthington Market Montana Valley 2714 Montana Ave Royal Sentry 2850 Harrison Ave Executive Park-2734 Harrison Vista West-3382 McHenry Ave Renata Apts-2459 Westwood Northern Blvd 3121 Gobel Ave 2390 Harrison Ave 2738 Shaffer Ave Ferncrest Apartments 3173 Ferncrest Ave Glen Oaks-2860 Harrison Ave Gobel/Worthington Avg. Effective Westwood Manor-3272 Gobel Ave Averages

Year Built

SF

Market Rent

Utility Adjustment/ Month

Net Rent

Net Rent/SF

1970 1940 1958 1958 1951 1968 1956 1978 1958 1973 1966 1949 1949 1927 1966 1961 1951 1964 1958

791 800 800 900 850 851 800 800 898 850 900 750 775 800 900 800 850 800 823

$1,200.00 $1,225.00 $1,200.00 $1,100.00 $1,084.00 $1,045.00 $975.00 $950.00 $950.00 $950.00 $950.00 $895.00 $895.00 $850.00 $850.00 $850.00 $811.00 $750.00 $974

$65 $100 $140 $65 $100 $65 $65 $65 $65 $100 $100 $100 $100 $65 $100 $100 $100 $65 $87

$1,135 $1,125 $1,060 $1,035 $984 $980 $910 $885 $885 $850 $850 $795 $795 $785 $750 $750 $711 $685 $887

$1.43 $1.41 $1.33 $1.15 $1.23 $1.15 $1.14 $1.11 $0.99 $1.00 $0.94 $1.06 $1.03 $0.98 $0.83 $0.94 $0.89 $0.86 $1.08

4 5 6

* 3

2

1

RENT COMPARABLES 1 2187 WESTWOOD NORTHERN BLVD 2 3143 SAFFER STREET 3 3104 GOBEL AVE 4 2714 MONTANA AVE 5 ROYAL SENTRY 6 EXECUTIVE PARK

FINANCIALS

GOBEL WORTHINGTON - FINANCIALS

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

MARKET

P RO J E CT E D

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 Two Bedroom

20 Units

850 SF

17,000 SF

$811.31

$0.95

$16,226

$1,084.00

$1.28 SF

$21,680

$1,084.00

$1.28 SF

$21,680

Totals / Wtd. Averages

20 Units

850 SF

17,000 SF

$811.31

$0.95 SF

$16,226

$1,084.00

$1.28 SF

$21,680

$1,084.00

$1.28 SF

$21,680

UNIT DISTRIBUTION

18

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

UNIT RENTS

GOBEL WORTHINGTON - FINANCIALS

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

MARKET

P RO J E CT E D

UNIT TYPE

N O . O F U N I TS

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

Two Bedroom Two Bedroom

20 Units

850 SF

17,000 SF

$811.31

$0.95

$16,226

$1,084.00

$1.28 SF

$21,680

$1,084.00

$1.28 SF

$21,680

Totals / Wtd. Averages

20 Units

850 SF

17,000 SF

$811.31

$0.95 SF

$16,226

$1,084.00

$1.28 SF

$21,680

$1,084.00

$1.28 SF

$21,680

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

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INCOME EXPENSE

GOBEL WORTHINGTON - FINANCIALS

INCOME & EXPENSES 20

CURRENT

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

$273,360 RR ($62,916) $210,444 RR

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$210,444 ($37,205) T3 Economic $0 $173,239

NON-CONTROLLABLE Real Estate Taxes 2021 Taxes Paid Total Real Estate Taxes Insurance Utilities Gas & Electric Water & Sewage Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

YEAR 1

Per Unit 13,668 (3,146) 10,522

$260,160 ($5,203) $254,957

17.68% 0.00% 59.30%

10,522 (1,860) 0 8,662

$254,957 ($12,748) ($5,099) $237,110

5.00% 2.00% 91.00%

12,748 (637) (255) 11,855

$6,109 Auditor $6,109 $7,973 T12

% of EGI 3.53% 3.53% 4.60%

Per Unit 305 305 399

$6,109 $6,109 $8,000

2.58% 2.58% 3.37%

% of EGI 305 305 400

$12,500 T12 $18,300 T12 $3,000 T12 $33,800 $47,882

7.22% 10.56% 1.73% 19.51% 27.64%

625 915 150 1,690 2,394

$12,750 $18,666 $3,060 $34,476 $48,585

5.38% 7.87% 1.29% 14.54% 20.49%

638 933 153 1,724 2,429

$0 $3,009 $0 $3,009 $14,762 $0 $0 $0 $0 $12,590 $5,100 $35,460 $83,342 $89,897

0.00% 1.74% 0.00% 1.74% 8.52% 0.00% 0.00% 0.00% 0.00% 7.27% 2.94% 20.47% 48.11% 51.89%

0 150 0 150 738 0 0 0 0 629 255 1,773 4,167 4,495

$700 $2,000 $700 $3,400 $12,000 $1,000 $18,000 $2,000 $2,000 $16,598 $5,202 $60,200 $108,785 $128,325

0.30% 0.84% 0.30% 1.43% 5.06% 0.42% 7.59% 0.84% 0.84% 7.00% 2.19% 25.39% 45.88% 54.12%

35 100 35 170 600 50 900 100 100 830 260 3,010 5,439 6,416

T12 Note 2

T12 Note 1

% of GPR 23.02%

% of GPR 2.00%

Per Unit 13,008 (260) 12,748

YEAR 2

$267,965 ($5,359) $262,606

YEAR 3

% of GPR 2.00%

Per Unit 13,398 (268) 13,130

$276,004 ($5,520) $270,484

% of GPR 2.00%

Per Unit 13,800 (276) 13,524

$262,606 ($13,130) ($5,252) $244,223

5.00% 2.00% 91.00%

13,130 (657) (263) 12,211

$270,484 ($13,524) ($5,410) $251,550

5.00% 2.00% 91.00%

13,524 (676) (270) 12,577

$6,109 $6,109 $8,160

% of EGI 2.50% 2.50% 3.34%

Per Unit 305 305 408

$6,109 $6,109 $8,323

% of EGI 2.50% 2.50% 3.41%

Per Unit 305 305 416

$13,005 $19,039 $3,121 $35,166 $49,435

5.33% 7.80% 1.28% 14.40% 20.24%

650 952 156 1,758 2,472

$13,265 $19,420 $3,184 $35,869 $50,301

5.43% 7.95% 1.30% 14.69% 20.60%

663 971 159 1,793 2,515

$714 $2,040 $714 $3,468 $12,240 $1,020 $18,360 $2,040 $2,040 $17,096 $5,306 $61,570 $111,004 $133,219

0.29% 0.84% 0.29% 1.42% 5.01% 0.42% 7.52% 0.84% 0.84% 7.00% 2.17% 25.21% 45.45% 54.55%

36 102 36 173 612 51 918 102 102 855 265 3,078 5,550 6,661

$728 $2,081 $728 $3,537 $12,485 $1,040 $18,727 $2,081 $2,081 $17,608 $5,412 $62,972 $113,273 $138,277

0.30% 0.85% 0.30% 1.45% 5.11% 0.43% 7.67% 0.85% 0.85% 7.00% 2.22% 25.57% 46.38% 56.62%

36 104 36 177 624 52 936 104 104 855 271 3,123 5,664 6,914

UNDERWRITING NOTES

#

NOTE

1

Replacement & Reserves: added based on market norm of $255 per unit per year

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INCOME EXPENSE

GOBEL WORTHINGTON - FINANCIALS

CASH FLOW 22

CURRENT

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

YE FEB-2024

YE FEB-2025

YE FEB-2026

YE FEB-2027

YE FEB-2028

YE FEB-2029

YE FEB-2030

YE FEB-2031

YE FEB-2032

YE FEB-2033

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

$273,360 ($62,916) $210,444

$260,160 ($5,203) $254,957

$267,965 ($5,359) $262,606

$276,004 ($5,520) $270,484

$284,284 ($5,686) $278,598

$292,812 ($5,856) $286,956

$301,597 ($6,032) $295,565

$310,645 ($6,213) $304,432

$319,964 ($6,399) $313,565

$329,563 ($6,591) $322,972

$339,450 ($6,789) $332,661

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$210,444 ($37,205) $0 $173,239

$254,957 ($12,748) ($5,099) $237,110

$262,606 ($13,130) ($5,252) $244,223

$270,484 ($13,524) ($5,410) $251,550

$278,598 ($13,930) ($5,572) $259,096

$286,956 ($14,348) ($5,739) $266,869

$295,565 ($14,778) ($5,911) $274,875

$304,432 ($15,222) ($6,089) $283,122

$313,565 ($15,678) ($6,271) $291,615

$322,972 ($16,149) ($6,459) $300,364

$332,661 ($16,633) ($6,653) $309,375

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$6,109 $7,973 $33,800 $3,009 $14,762 $0 $0 $0 $0 $12,590 $5,100 $83,342

$6,109 $8,000 $34,476 $3,400 $12,000 $1,000 $18,000 $2,000 $2,000 $16,598 $5,202 $108,785

$6,109 $8,160 $35,166 $3,468 $12,240 $1,020 $18,360 $2,040 $2,040 $17,096 $5,306 $111,004

$6,109 $8,323 $35,869 $3,537 $12,485 $1,040 $18,727 $2,081 $2,081 $17,608 $5,412 $113,273

$6,231 $8,490 $36,586 $3,608 $12,734 $1,061 $19,102 $2,122 $2,122 $18,137 $5,520 $115,715

$6,356 $8,659 $37,318 $3,680 $12,989 $1,082 $19,484 $2,165 $2,165 $18,681 $5,631 $118,210

$6,483 $8,833 $38,064 $3,754 $13,249 $1,104 $19,873 $2,208 $2,208 $19,241 $5,743 $120,761

$6,613 $9,009 $38,826 $3,829 $13,514 $1,126 $20,271 $2,252 $2,252 $19,819 $5,858 $123,369

$6,745 $9,189 $39,602 $3,906 $13,784 $1,149 $20,676 $2,297 $2,297 $20,413 $5,975 $126,035

$6,880 $9,373 $40,394 $3,984 $14,060 $1,172 $21,090 $2,343 $2,343 $21,025 $6,095 $128,760

$7,018 $9,561 $41,202 $4,063 $14,341 $1,195 $21,512 $2,390 $2,390 $21,656 $6,217 $131,545

NET OPERATING INCOME

$89,897

$128,325

$133,219

$138,277

$143,382

$148,659

$154,114

$159,752

$165,580

$171,604

$177,830

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

-4.83% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

2.00% 7.00%

Income Gross Potential Rent (Loss) / Gain to Lease* Other Income Expenses Expenses Management Fee**

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Total Economic Loss

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

5.00% 0.00% 2.00% 0.00% 7.00%

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income

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LOCAL MARKET

C I N C I N N A T I , Ohio The steady and stable nature of the Cincinnati apartment market due to seasonal demand patterns, the three subsemarket was undoubtfully a benefit through 2020. The MSA quent quarters saw huge demand and absorption totaled saw a 2.7% annual increase in effective asking rents on 1,563 units. That is 38% above the 20-year norm for annual new leases which matched the market’s norm for the 2010s absorption. During the peak of the pandemic challenges the decade. This growth put Cincinnati at #14 amongst the 50 job market declined 4.6%, this ranked Cincinnati 3rd best largest markets for rent growth in 2020. Although occupan- among the Midwest and was significantly better than the cy was down 0.3 points from the prior year’s rate, the 4th national average of 5.8%. quarter 2020 occupancy rate (96.4%) ranked #11 among the top 50 markets and #3 regionally. Only Q1 2020 saw net move-outs, although that’s typically the case in the local

ECONOMIC OVERVIEW Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 1.8% from 2015 to 2019.

During that same five-year period, job growth averaged 1.4% annually, with roughly 15,500 jobs added on average each year.

In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.7% year-over-year in 2nd quarter. In the year-ending 3rd quarter 2022, the metro’s inflation-adjusted economic output expanded 0.3%. At the same time, the metro recorded a net gain of 1,400 jobs, expanding the employment base 0.1%. Cincinnati’s unemployment rate in August 2022 declined 0.5 points yearover-year to 3.8%, on par with the national average of 3.8%.

During the past year, job gains in Cincinnati were most pronounced in the Manufacturing sector followed by Trade/Transportation/Utilities. Due to job losses stemming from the pandemic, Cincinnati’s current employment base now sits at about 1% below the pre-pandemic level in February 2020. Cincinnati, like many other Rust Belt markets, has long had a concentration in higher-paying manufacturing jobs and has been working to reinvent its economy as a high-skill, high-value manufacturing center. Further, Cincinnati is home to corporate headquarters for seven Fortune 500 companies.

DEMOGRAPHIC OVERVIEW • Cincinnati characteristically managed to escape the more extreme swings in apartment market performance seen over the last two years in the wake of the pandemic. Although apartment absorption cooled considerably in 3rd quarter 2022, Cincinnati apartment demand did not plumet to the degree seen in many other markets nationwide.

• As deliveries mount to a record rate over the next year, operators will be unlikely to sustain Cincinnati’s recent record high rent growth. There were 6,411 units under construction at the end of 3rd quarter, with 3,722

D E M O G R A P H I C S : S TA T I S T I C S Population: 2.2M

Average occupancy: 96.9%

Median age: 37.9

Rent growth: 11.8%

MSA median home value: $270,000

MSA median hhi: $66,900

1 - Year growth: 10.6%

1 - Year growth: 2.35%

of those units slated to come online within the next 12 months. Although those deliveries will be spread more evenly throughout the Cincinnati market, new supply will test the depth of the Class A renter pool in a market that has still yet to recover all its pandemic-era job losses.

• During the year-ending 3rd Quarter 2022, median home prices in Cincinnati increased an average of 10.6%, landing at a median price of roughly $270,000.

• The local homeownership rate averaged 70.6% in the year-ending 2nd

the rent

• In 3rd quarter 2022, effective asking rents for new leases were up 11.8% year­over-year. That annual rent performance was above the market’s five-year average of 4.7%. Cincinnati’s recent annual rent change performance ranked #2 in the Midwest region.

• Product classes in Cincinnati, annual effective rent change registered at 14.8% in Class A units, 11.6% in Class B units and 8.1% in Class C units.

• Among submarkets, the strongest annual rent change performances over the past year were in Butler County and North Central Cincinnati.

• The weakest performances were in West Cincinnati and North Cincinnati. As of 3rd quarter 2022, effective asking rental rates in Cincinnati averaged S1,286 per month, or $1.372 per square foot.

S U P P LY & D E M A N D • New apartment completions in Cincinnati were modest recently, as

• Over the past five years, annual absorption in Cincinnati has ranged

2,130 units delivered in the year-ending 3rd quarter 2022. With 176

from 675 units to 4,536 units, averaging 2,286 units annually during that

units removed from existing stock over the past year, the local inventory

time.

base grew 1.2%.

• In the year-ending 3rd quarter 2022, the market recorded demand for

• In the past year, supply was greatest in Central Cincinnati and Camp-

1,013 units, trailing concurrent supply volumes. Among submarkets, the

bell/Kenton Counties. New supply was concentrated in Central Cincinna-

strongest absorption over the past five years was seen in Central Cincin-

ti, Campbell/Kenton Counties and Northeast Cincinnati/Warren County,

nati, Campbell/Kenton Counties and Northeast Cincinnati/Warren Coun-

which received 65% of the market’s total completions.

ty.

• At the end of 3rd quarter 2022, there were 6,411 units under construc-

• Those areas accounted for 56% of the market’s total demand over the

tion with 3,722 of those units scheduled to complete in the next four

past five years. In the past year, demand was greatest in Central Cincinna-

quarters.

ti and Campbell/Kenton Counties.

• Scheduled deliveries in the coming year are expected to be concentrated in North Central Cincinnati and Central Cincinnati.

CAPITAL MARKETS

• Transaction dollar volumes in Cincinnati totaled roughly $332.9 million in the year-ending 3rd quarter 2022, down about 40% year-over-year.

• Transactions in the year-ending 3rd quarter 2022 yielded an average cap rate of 5.50%, down 21 basis points year-over-year. By comparison, cap rates averaged 5.05% in the Midwest region and 4.56% nationally.

• The average price per unit in Cincinnati came in at roughly $151,800, up 57.4% annually. Cincinnati’s average price per unit landed below the norms for both the Midwest region ($173,900) and U.S. overall ($238,700).

ATTRACTIONS

HEART OF DOWNTOWN Right on the water and brimming with activity- The Banks is where you will find everything from sports events to a lively nightlife scene. Located along the Ohio River, The Banks provides spectacular riverfront views and lines the water with a family friendly park. Along with great biking, walking, and other recreational amenities during the daytime, The Banks comes alive at night.

With live music and entertainment, a thriving bar scene nestled between two sports stadiums, The Banks is the place to be.

A major attraction at The Banks, the Andrew J Brady ICON Music Center was built for the audience experience, offering an intimate yet spacious setting.

Offering both indoor and outdoor venues, the state-of-the-art facility hosts a wide variety of musical acts, spanning all genres. Visitors can enjoy a live concert while taking in the scenic riverfront view.

Ranked by USA Today readers as a Top 5 Riverwalk in the nation, Smale Riverfront Park offers walking trails, water features, swings, and other amenities to enjoy, while taking in the beautiful views of the Ohio River and the historic John A. Roebling Suspension Bridge. If you have kids in tow, make sure to visit Carol Ann’s Carousel, featuring 44 characters and illustrations incorporating Cincinnati landmarks. Enclosed in a glass building, the carousel is open year-round.

TQL S TA D I U M The FCC-TQL partnership brings together two Cincinnati-grown, leading businesses that share a “no limits” philosophy as well as a deep connection and commitment to our local community. There are a lot of synergies that make this alliance between TQL and FCC a perfect match and are reflected throughout the stadium from — the fin lighting to the TQL Beer District. The stadium features first-in-the-world lighting technology powered by 2.7 miles of LED lights.

ATTRACTIONS

CINCINNATI ZOO The Cincinnati Zoo & Botanical Garden is the second oldest zoo in the United States, founded in 1873 and officially opening in 1875, after the Roger Williams Park Zoo. It is located in the Avondale neighborhood of Cincinnati, Ohio. It originally began with 64.5 acres in the middle of the city, but has spread into the neighboring blocks and several reserves in Cincinnati’s outer suburbs. It was appointed as a National Historic Landmark in 1987.

DORA From 11am – 1am daily, the 85-acre DORA district at The Banks allows guests to take their beverage purchased from one of the 18 Banks establishments and explore our public plazas and green spaces. It simply needs to be in the Official DORA Cup. At risk of missing the first pitch? Late for the opening act? Take your beverage purchased in a DORA cup from a Banks establishment and go! Waiting for a table, or wish to picnic outside in The Banks plazas or greenspaces? Grab a DORA beverage from a Banks establishment and explore!

HARD ROCK CASINO The game is always on at Hard Rock Casinos, where stars are made every night. Come try your hand at the tables, with classic games including blackjack, baccarat and poker, or tap into thousands of the hottest slots on the planet. With the world’s greatest rock memorabilia collection to enhance the thrill, plus the accompaniment of live, world-class entertainment, the atmosphere is like no other.

CINCINNATI ART MUSEUM Located in scenic Eden Park, the Cincinnati Art Museum features a diverse, encyclopedic art collection of more than 67,000 works spanning 6,000 years. In addition to displaying its own broad collection, the museum also hosts several national and international traveling exhibitions each year. Visitors can enjoy the exhibitions or participate in the museum’s wide range of art-related programs, activities and special events. General admission is always free

for all. Museum members receive additional benefits. The museum is supported by the generosity of individuals and businesses that give annually to ArtsWave. The Ohio Arts Council helped fund the museum with state tax dollars to encourage economic growth, educational excellence and cultural enrichment for all Ohioans. The museum gratefully acknowledges operating support from the City of Cincinnati, as well as our museum members.

R E TA I L & S H O P P I N G In addition to the restaurant and nightlight scene, the area has no shortage of retail options. Downtown offers both boutiques and department stores. Over-the-Rhine (OTR) is a historic, walkable district of downtown Cincinnati with many independent shops. Cincinnati’s Over-the-Rhine neighborhood was once a place where residents would not recommend to visitors, but that has changed. The restaurant and nightlife scene is now thriving, and the shopping scene is beginning to catch up. Most of the shops are in the southwest quarter of Over-the-Rhine, on either Vine or Main St. You won’t find chain stores in this walkable shopping district. MiCA 12/v and Urban Eden are a popular gift shops that sell local arts and crafts. Elm & Iron sells vintage and up-cycled items for the home. The Little Mahatma sells exotic jewelry and folk art from around the world. You’ll find several clothing boutiques, including Mannequin, a non-profit upscale and vintage boutique that benefits local charities.

Park + Vine is a popular general store for environmentally-conscious shoppers; they sell a variety of merchandise including green cleaning and personal products, vegan foods, garden products and more.

FINDLAY MARKET Findlay Market is Ohio’s oldest continuously operated public market and is located in the historic Over-the-Rhine neighborhood. The market is a wonderful place for locals to buy their groceries as well as a must-see historic spot for visitors to Cincinnati. Findlay Market is open year-round, Tuesday through Sunday, with a seasonal farmers market. Nearly 40 full-time businesses operate year-round, plus over 100 more vendors operate on weekends or part-time. Many vendors sell raw food while others specialize in prepared foods. Some of the merchants are new startups, while others have been in business for generations. You’ll find everything from fresh meat and produce to imported fine teas to Belgian waffles. There are restaurants as well as a beer garden, so plan to stay for lunch. Findlay Market has a fascinating history. Why not take a tour to learn more? There are several different tour options, including a culinary tour with tasty samples.

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