Greenland OM

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GREENLAND 2024 OFFERING MEMORANDUM 7732 GREENLAND PLACE, CINCINNATI, OHIO

Alden Simms

Associate

Cincinnati Office

D. 513.878.7759

alden.simms@marcusmillichap.com

Austin Sum

Senior Associate

Cincinnati Office

D. 513.878.7747

austin.sum@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

CONTENTS LEAD
AGENTS
The Investment Local Competitors Financials 06 08 14 SECTIONS
“OUR
COMMITMENT
HELP OUR CLIENTS CREATE
PRESERVE WEALTH BY PROVIDING THEM WITH
BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.” 300 WEST 4TH STREET, CINCINNATI, OH
IS TO
AND
THE

TOTAL VALUE OF RECENT LISTINGS CLOSED SALES IN MOST RECENT YEAR CLOSED FINANCINGS IN MOST RECENT YEARS

$86.3B $12.8B 12,272 2,143 VALUE OF RECENTLY CLOSED TRANSACTIONS
CALABASAS, CALIFORNIA | HQ 2,500 | EMPLOYEES 80+ | OFFICES
CINCINNATI DAYTON LEXINGTON LOUISVILLE
GLOBAL REACH, LOCAL EXPERTISE

YOUR TEAM

JORDAN DICKMAN

FIRST VICE PRESIDENTS DIRECTOR, NMHG

NICK ANDREWS

FIRST VICE PRESIDENTS DIRECTOR, NMHG

AUSTIN SUM

SENIOR INVESTMENT ASSOCIATE

AUSTIN Hall

INVESTMENT ASSOCIATE

ALDEN SIMMS

INVESTMENT ASSOCIATE

CORPORATE SUPPORT

LIZ POPP

MIDWEST OPERATIONS MANAGER

JOSH CARUANA

VICE PRESIDENT

REGIONAL MANAGER

INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY

JOHN SEBREE

SENIOR VICE PRESIDENT

NATIONAL DIRECTOR

NATIONAL MULTI HOUSING GROUP

MICHAEL GLASS

SENIOR VICE PRESIDENT

MIDWEST DIVISION MANAGER

NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP

BROKER SUPPORT

SAM PETROSino

VALUATION & RESEARCH

BRETT MARTIN

INTERNAL ACCOUNTANT

BRITTANY CAMPBELL-KOCH

DIRECTOR OF OPERATIONS

ALEX PAPA

MARKETING COORDINATOR

DATA SUMMARY

Property Address: 7732 Greenland Pl City, State, Zip: Cincinnati, OH 45237 Submarket: Roselawn County: Hamilton Year Built/Reno: 1965 Number Of Units: 38 Number of Parcels: 1 Lot Size (Acres): 2.7 # of Buildings: 1 # of Stories: 1 Current Occupancy: 95%
01 SECTION - THE INVESTMENT

RENT MATRIX | studio

Bloks $750 GREENLAND $786
$750 300 W Seymour Ave $725
The
Twin Maples
02 SECTIONLOCAL COMPETITORS
Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 1965 38 550 $888 $1.61 Subject Average Effective 1965 38 550 $786 $1.43 The Bloks 1952 43 250 $750 $3.00 Twin Maples n/a 8 300 $750 $2.50 300 W Seymour Ave n/a 10 300 $725 $2.42 Market Average 1957 18 139 $742 $2.64
Studio Property

RENT MATRIX | ONE BED

7740 Stillwell Rd - $850
1652 Summit Rd - $900
Bedford Woods - $625 Roselawn Apts - $775 GREENLAND $893
Twin Maples $795
02 SECTIONLOCAL COMPETITORS One Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 1965 38 700 $1,000 $1.43 1652 Summit Road n/a 4 790 $900 $1.14 Subject Average Effective 1965 38 700 $893 $1.28 7740 Stillwell Road n/a 4 900 $850 $0.94 Twin Maples n/a 8 650 $795 $1.22 Roselawn Apartments 1959 37 700 $755 $1.08 Bedford Woods 1967 24 500 $625 $1.25 Market Average 1957 18 353 $803 $1.15

RENT MATRIX | TWO BED

GREENLAND $1,200

7606 Reading $1,295

7734 Greeland Place - $1,050

Bedford Woods - $650

Roselawn Apts - $895

Graceland - $900

02 SECTIONLOCAL COMPETITORS
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF 7606 Reading Road 1937 25 1100 $1,295 $1.18 Subject Average Effective 1965 38 950 $1,200 $1.26 Subject Pro Forma 1965 38 950 $1,200 $1.26 7734 Greenland Pl n/a 0 950 $1,050 $1.11 Graceland 1954 23 850 $900 $1.06 Roselawn Apartments 1959 37 925 $895 $0.97 Bedford Woods 1967 24 650 $650 $1.00 Market Average 1957 18 455 $1,027 $1.12
Two Bedroom

GREENLAND - financials

UNIT MIX BREAKDOWN

AVERAGE EFFECTIVE MARKET PROJECTED UNIT TYPE NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL Studio 0BR/1BA 11 Units 550 SF 6,050 SF $772.00 $1.40 SF $8,492 $885.00 $1.61 SF $9,735 $885.00 $1.61 SF $9,735 0BR/1BA - Subsidized 5 Units 550 SF 2,750 SF $815.20 $1.48 SF $4,076 $893.00 $1.62 SF $4,465 $893.00 $1.62 SF $4,465 Totals / Wtd. Averages 16 Units 550 SF 8,800 SF $785.50 $1.43 SF $12,568 $887.50 $1.61 SF $14,200 $887.50 $1.61 SF $14,200 One Bedroom 1BR/1BA 14 Units 700 SF 9,800 SF $832.31 $1.19 SF $11,652 $950.00 $1.36 SF $13,300 $950.00 $1.36 SF $13,300 1BR/1BA - Subsidized 5 Units 700 SF 3,500 SF $939.60 $1.34 SF $4,698 $1,061.00 $1.52 SF $5,305 $1,061.00 $1.52 SF $5,305 1BR/1BA - With Yard 1 Units 700 SF 700 SF $1,200.00 $1.71 SF $1,200 $1,200.00 $1.71 SF $1,200 $1,200.00 $1.71 SF $1,200 1BR/1BA 1 Units 725 SF 725 SF $1,200.00 $1.66 SF $1,200 $1,200.00 $1.66 SF $1,200 $1,200.00 $1.66 SF $1,200 Totals / Wtd. Averages 21 Units 701 SF 14,725 SF $892.87 $1.27 SF $18,750 $1,000.24 $1.43 SF $21,005 $1,000.24 $1.43 SF $21,005 Two Bedroom 2BR/1BA 1 Units 950 SF 950 SF $1,200.00 $1.26 SF $1,200 $1,200.00 $1.26 SF $1,200 $1,200.00 $1.26 SF $1,200 Totals / Wtd. Averages 1 Units 950 SF 950 SF $1,200.00 $1.26 SF $1,200 $1,200.00 $1.26 SF $1,200 $1,200.00 $1.26 SF $1,200 Summary Studio 16 Units 550 SF 8,800 SF $785.50 $1.43 $12,568 $887.50 $1.61 SF $14,200 $887.50 $1.61 SF $14,200 One Bedroom 21 Units 701 SF 14,725 SF $892.87 $1.27 $18,750 $1,000.24 $1.43 SF $21,005 $1,000.24 $1.43 SF $21,005 Two Bedroom 1 Units 950 SF 950 SF $1,200.00 $1.26 $1,200 $1,200.00 $1.26 SF $1,200 $1,200.00 $1.26 SF $1,200 Totals / Wtd. Averages 38 Units 644 SF 24,475 SF $855.75 $1.33 SF $32,518 $958.03 $1.49 SF $36,405 $958.03 $1.49 SF $36,405 03 SECTION - THE FINANCIALS
UNIT DISTRIBUTION UNIT RENTS

GREENLANDfinancials

CURRENT RENT ROLL: AS OF MARCH 1, 2024 INCOME AND EXPENSES: JANUARY 2023 - DECEMBER 2023 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $436,860 RR 11,496 Gain (Loss) to Lease ($43,872) 10.04% (1,155) GROSS SCHEDULED RENT $392,988 RR 10,342 GROSS POTENTIAL INCOME $392,988 10,342 Physical Vacancy ($1,793) T12 Economic 0.46% (47) Bad Debt $0 0.00% 0 EFFECTIVE GROSS INCOME $391,195 89.50% 10,295 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2023 Taxes $14,549 Auditor 3.72% 383 Total Real Estate Taxes $14,549 3.72% 383 Insurance $11,690 T12 2.99% 308 Utilities Electric $5,749 T12 1.47% 151 Water & Sewage $13,684 T12 3.50% 360 Trash Removal $3,500 T12 0.89% 92 Total Utilities $22,933 5.86% 604 Total Non-Controllable $49,172 12.57% 1,294
Contract Services Security Expense $500 T12 0.13% 13 Landscaping/Grounds/Snow $3,750 T12 0.96% 99 Pest Control $0 0.00% 0 Total Contract Services $4,250 1.09% 112 Repairs & Maintenance $106,351 T12 27.19% 2,799 Marketing & Promotion $0 0.00% 0 On-Site Payroll $0 0.00% 0 Payroll Taxes & Benefits $0 0.00% 0 General & Administrative $4,636 T12 1.19% 122 Management Fee $4,260 T12 1.09% 112 Replacement & Reserves $9,690 Note 1 2.48% 255 Total Controllable $129,187 33.02% 3,400 TOTAL EXPENSES $178,359 45.59% 4,694 NET OPERATING INCOME $212,836 54.41% 5,601 EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year
CONTROLLABLE
YEAR 1 YEAR 2 YEAR 3 % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $436,860 11,496 $449,966 11,841 $463,465 12,196 ($8,737) 2.00% (230) ($8,999) 2.00% (237) ($9,269) 2.00% (244) $428,123 11,266 $440,966 11,604 $454,195 11,953 $428,123 11,266 $440,966 11,604 $454,195 11,953 ($21,406) 5.00% (563) ($22,048) 5.00% (580) ($22,710) 5.00% (598) ($4,281) 1.00% (113) ($4,410) 1.00% (116) ($4,542) 1.00% (120) $402,435 92.00% 10,590 $414,508 92.00% 10,908 $426,944 92.00% 11,235 % of EGI % of EGI Per Unit % of EGI $14,549 3.62% 383 $14,549 3.51% 383 $14,549 3.51% 383 $14,549 3.62% 383 $14,549 3.51% 383 $14,549 3.51% 383 $15,200 3.78% 400 $15,504 3.74% 408 $15,814 3.82% 416 $5,864 1.46% 154 $5,981 1.44% 157 $6,101 1.47% 161 $13,958 3.47% 367 $14,237 3.43% 375 $14,522 3.50% 382 $3,570 0.89% 94 $3,641 0.88% 96 $3,714 0.90% 98 $23,392 5.81% 616 $23,860 5.76% 628 $24,337 5.87% 640 $53,141 13.20% 1,398 $53,913 13.01% 1,419 $54,700 13.20% 1,439 $1,330 0.33% 35 $1,357 0.33% 36 $1,384 0.33% 36 $3,800 0.94% 100 $3,876 0.94% 102 $3,954 0.95% 104 $1,330 0.33% 35 $1,357 0.33% 36 $1,384 0.33% 36 $6,460 1.61% 170 $6,589 1.59% 173 $6,721 1.62% 177 $24,700 6.14% 650 $25,194 6.08% 663 $25,698 6.20% 676 $2,850 0.71% 75 $2,907 0.70% 77 $2,965 0.72% 78 $34,200 8.50% 900 $34,884 8.42% 918 $35,582 8.58% 936 $5,700 1.42% 150 $5,814 1.40% 153 $5,930 1.43% 156 $4,750 1.18% 125 $4,845 1.17% 128 $4,942 1.19% 130 $24,146 6.00% 635 $24,871 6.00% 654 $25,617 6.00% 654 $9,884 2.46% 260 $10,081 2.43% 265 $10,283 2.48% 271 $112,690 28.00% 2,966 $115,185 27.79% 3,031 $117,738 28.22% 3,079 $165,831 41.21% 4,364 $169,098 40.79% 4,450 $172,438 41.60% 4,538 $236,604 58.79% 6,226 $245,410 59.21% 6,458 $254,506 61.40% 6,698
CURRENT YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YE APR-2025 YE APR-2026 YE APR-2027 YE MAR-2028 YE MAR-2029 YE MAR-2030 YE MAR-2031 GROSS POTENTIAL RENT All Units at Market Rent $436,860 $436,860 $449,966 $463,465 $477,369 $491,690 $506,440 $521,634 Gain (Loss) to Lease ($43,872) ($8,737) ($8,999) ($9,269) ($9,547) ($9,834) ($10,129) ($10,433) GROSS SCHEDULED RENT $392,988 $428,123 $440,966 $454,195 $467,821 $481,856 $496,312 $511,201 GROSS POTENTIAL INCOME $392,988 $428,123 $440,966 $454,195 $467,821 $481,856 $496,312 $511,201 Physical Vacancy ($1,793) ($21,406) ($22,048) ($22,710) ($23,391) ($24,093) ($24,816) ($25,560) Bad Debt $0 ($4,281) ($4,410) ($4,542) ($4,678) ($4,819) ($4,963) ($5,112) EFFECTIVE GROSS INCOME $391,195 $402,435 $414,508 $426,944 $439,752 $452,945 $466,533 $480,529 Real Estate Taxes $14,549 $14,549 $14,549 $14,549 $14,840 $15,137 $15,440 $15,749 Insurance $11,690 $15,200 $15,504 $15,814 $16,130 $16,453 $16,782 $17,118 Utilities $22,933 $23,392 $23,860 $24,337 $24,824 $25,320 $25,826 $26,343 Contract Services $4,250 $6,460 $6,589 $6,721 $6,855 $6,993 $7,132 $7,275 Repairs & Maintenance $106,351 $24,700 $25,194 $25,698 $26,212 $26,736 $27,271 $27,816 Marketing & Promotion $0 $2,850 $2,907 $2,965 $3,024 $3,085 $3,147 $3,210 On-Site Payroll $0 $34,200 $34,884 $35,582 $36,293 $37,019 $37,760 $38,515 Payroll Taxes & Benefits $0 $5,700 $5,814 $5,930 $6,049 $6,170 $6,293 $6,419 General & Administrative $4,636 $4,750 $4,845 $4,942 $5,041 $5,142 $5,244 $5,349 Management Fee $4,260 $24,146 $24,871 $25,617 $26,385 $27,177 $27,992 $28,832 Replacement & Reserves $9,690 $9,884 $10,081 $10,283 $10,489 $10,699 $10,913 $11,131 TOTAL EXPENSES $178,359 $165,831 $169,098 $172,438 $176,143 $179,929 $183,800 $187,756 NET OPERATING INCOME $212,836 $236,604 $245,410 $254,506 $263,609 $273,015 $282,733 $292,773 INCOME EXPENSE GREENLANDfinancials
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Land Use Code 7732 Greenland Pl 117-0014-0201-00 1965 2.70 $506,480 $177,270 82.074213 $29,328.72 402 - APARTMENT, 20-39 UNITS Total 2.70 $506,480 $177,270 $29,328.72
CASH FLOW
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 INCOME Gross Potential Rent 0.00% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 2.00% 2.00% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% EXPENSES Expenses 2.00% 2.00% 2.00% 2.00% Management Fee** 6.00% 6.00% 6.00% 6.00% 6.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1 YR 2 YR 3 YR 4 YR 5 Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 1.00% 1.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 6.00% 6.00% 6.00% 6.00% 6.00%

CINCINNATI

THE ECONOMY

1| Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 2.1% 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 8.4% year-over-year in 2nd quarter. 2| In 2023, the metro’s inflation-adjusted economic output expanded 2.3%. 3| The metro recorded a net gain of 21,100 jobs, expanding the employment base 1.8%. 4| Cincinnati’s unemployment rate in November 2023 was unchanged year-over-year at 3.0%, below the national average of 3.5%. 5| Despite job losses stemming from the pandemic, Cincinnati’s current employment base now sits roughly 63,700 jobs or about 6% above the pre-pandemic level in February 2020.

3,263 units completed in past 12 months

5,184 units currently in progress HIGHEST

RENT

1| Over the past five years, annual change in effective asking rents in Cincinnati ranged from 2.0% to 11.9%. 2| In 4th quarter 2023, effective asking rents for new leases were up 3.6% year-over- year. That annual rent performance was below the market’s five-year average of 5.7%. 3| Cincinnati’s recent annual rent change performance ranked #10 in the Midwest region and #27 nationally. 4| Looking at product classes in Cincinnati, Class B led for rent performance over the past five years. In 4th quarter 2023, annual effective rent change registered at 2.5% in Class A units, 3.4% in Class B units and 5.8% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in West Cincinnati and Southeast Cincinnati. 6| The weakest performances were in Central Cincinnati, Butler County and North Central Cincinnati. Over the past five years, rent growth was strongest in Southeast Cincinnati.

LOCAL MARKET
Q4 2023 MARKET SNAPSHOT Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 93.8% 95.4% 96.2% 94.8% 94.7% Y-O-Y Rent Growth 5.2% 3.5% 3.4% 3.0% 3.5% Average Rent Per Unit $1,094 $1,148 $1,283 $1,367 $1,732
SUBMARKETS RENT OCCUPANCY YOY Dent/Harrison $1,147 97.6% 11.0% Roselawn $1,022 92.5% 8.5% Mt Washington $1,155 94.7% 8.3% Mt Healthy $1,123 96.7% 8.1% Middletown/Franklin $969 94.1% 7.3%
OVERALL PERFORMING SUBMARKET

SUPPLY

OCCUPANCY

SCAN FOR MORE

1| New apartment completions in Cincinnati were moderate recently, as 3,263 units delivered in 2023. That annual completion volume was a 24-year high. 2| With 150 units removed from existing stock over the past year, the local inventory base grew 1.9%. In the past year, supply was greatest in North Central Cincinnati. 3| Annual new supply averaged 1,754 units, and annual inventory growth averaged 1.0% over the past five years. During that period, new supply was concentrated in Central Cincinnati and Campbell/Kenton Counties, which received 42% of the market’s total completions. 4| At the end of 2023, there were 5,184 units under construction with 3,531 of those units scheduled to complete in the next four quarters. Scheduled deliveries in the coming year are expected to be concentrated in Central Cincinnati. 1| Occupancy in the Cincinnati apartment market has ranged from 94.9% to 98.2% over the past five years, averaging 96.4% during that period. 2| Over the past year, occupancy lost 1.2 points, with the 4th quarter 2023 rate landing at 94.9%. 3| Looking at product classes in Cincinnati, 4th quarter 2023 occupancy registered at 94.1% in Class A units, 94.9% in Class B units and 95.6% in Class C units. 4| Occupancy in Class C product was generally tightest over the past five years. 5| Among submarkets, 4th quarter 2023 occupancy was strongest in Southeast Cincinnati and Campbell/Kenton Counties. 6| The weakest readings were seen in Central Cincinnati and North Central Cincinnati. During the coming year, occupancy in Cincinnati is expected to register around 95%.

UNDER CONSTRUCTION SECTOR UNITS Central Cincinnati 1,747 Northeast Cincinnati/Warren County 811 Boone County/Erlanger 769 Campbell/Kenton Counties 497 Butler County 482 TOTAL FUTURE INVENTORY GROWTH SUBMARKET CHANGE Central Cincinnati 11.9% Boon County/Erlanger 7.0% Northeast Cincinnati/Warren County 4.8% Campbell/Kenton Counties 2.9% Butler County 2.4%
UNITS
SUBMARKETS RENT OCCUPANCY YOY Dent/Harrison $1,147 97.6% 11.0% Roselawn $1,022 92.5% 8.5% Mt Washington $1,155 94.7% 8.3% Mt Healthy $1,123 96.7% 8.1% Middletown/Franklin $969 94.1% 7.3%
HIGHEST OVERALL PERFORMING SUBMARKET
SUBMARKETS RENT OCCUPANCY YOY Fort Mitchell/Crescent Springs $1,162 96.1% 1.0% Fairfield $1,291 94.2% 1.0% Covington/Newport $1,608 93.9% 0.8% Clifton $1,038 90.6% -0.5% Downtown $1,786 94.6% -0.8
LOWEST OVERALL PERFORMING SUBMARKETS

GREENLAND

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