Henley OM

HENLEY 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 Troy, Ohio

C O N T E N TS The Asset

06

Local Competitors

24

Financials

28

LEAD AGENTS

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

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

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

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

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

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

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

Austin Hall

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

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

BROKER SUPPORT

Michael Glas s

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

OUR LOCATION

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

HENLEY 16

94 %

1967

11,600

Unit Count

Occupancy

Year Built

Rentable SqFt

1415 & 1425 Henley Road, Troy, Ohio

SUMMARY PROPERTY DETAILS Property Address:

1415 & 1425 Henley Road

City, State:

Troy, Ohio

Submarket:

Troy

County:

Miami

Year Built/Reno:

1967

Property Type:

Market Rate

HVAC:

Through Wall A/C | Electric Baseboard Heat

Roof:

Pitched Shingle

Number Of Units:

16

25 MINS (22 MI) TO DAYTON Unit Mix Summary Current

Market Rents

Pro Forma Rents

E XT E R I O R

UPGRADES Removed & replaced landscaping Entire exterior freshly painted with modern color scheme Improved exterior lighting Replaced all back steps and decking, stained.

Repaired exterior drainage Secured and painted front railings

COMMON

2 BED

MECHANICAL UPGRADES 2 bed units: Replaced 3 furnaces for 7 of 8 now newer. Replaced 2 hot water heaters

2 BED

KITCHEN UPGRADES Re-arranged kitchen layout, freshly painted cabinets, painted walls, added washer/dryer, new countertops, new sink, new fridge and stove

2 BED

LIVINGROOM & BED ROOM UPGRADES Freshly painted modern color scheme, gray paint, white trim. New carpet and doors as appropriate.

Updated alarms, blinds, etc.

R E N N O VAT E D 2 B E D

B AT H R O O M UPGRADES Freshly painted, new tub surrounds, lighting, medicine cabinet, vanity, toilet, vinyl plank flooring

STUDIO

KITCHEN UPGRADES New countertop and sink. New fridge, stove and hood as appropriate. Freshly painted cabinets when appropriate

STUDIO

B AT H R O O M UPGRADES New tub surround, plumbing fixtures, lighting, mirror, vanity, toilet, vinyl plank flooring

L I V I N G S PA C E UPGRADES New vinyl plank flooring, freshly painted, new ceiling fan, updated alarms, blinds, etc

RENT MATRIX | STUDIO

1331 Trade Square | $ Pleasant Subject Effective Village | $| $621 The Flats of Troy | $730

Terrace Ridge Apts | $547

Studio Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Subject Pro Forma

1967; 1988

16

500

$765

$1.53

1980

56

300

$730

$2.43

Subject Average Effective

1967; 1988

16

500

$621

$1.24

Terrace Ridge Apartments

1945

167

280

$547

$1.95

Flats of Troy

RENT MATRIX | TWO BEDROOM

1200 Bunker Hill Dr | $1,021

1331 Trade Square | $950 Pleasant Subject Effective Village | |$$939 The Flats of Troy | $1,080 Heritage Apartments | $975

550 Stonyridge Ave | $975

114 S Mulberry | $925

1550 Windridge Pl | $1,200 1480 Wayne Street | $1,150

Two Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

1550 Windridge Pl

1990

0

960

$1,200

$1.25

1480 Wayne St

1994

4

912

$1,150

$1.26

Subject Pro Forma

1967; 1988

16

950

$1,104

$1.16

Flats of Troy

1980

56

864

$1,080

$1.25

1200 Bunker Hill Rd

1988

4

900

$1,021

$1.13

Heritage Apartments

Year Built

70

819

$975

$1.19

550 Stonyridge Ave

1970

8

1200

$975

$0.81

1331 Trade Sq W

1977

0

743

$950

$1.28

Subject Average Effective

1967; 1988

16

950

$939

$0.99

114 S Mulberry St

1920/2006

0

1000

$925

$0.93

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

Summary Studio Two Bedroom Totals / Wtd. Averages

8 Units 8 Units 16 Units

500 SF 950 SF 725 SF

4,000 SF 7,600 SF 11,600 SF

$621.18 $939.05 $780.12

$1.24 $0.99 $1.08 SF

$4,969 $7,512 $12,482

UNIT DISTRIBUTION

UNIT RENTS

RENT/UNIT

$746.00 $1,082.00 $914.00

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

$1.49 SF $1.14 SF $1.26 SF

$5,968 $8,656 $14,624

$765.00 $1,103.75 $934.38

$1.53 SF $1.16 SF $1.29 SF

$6,120 $8,830 $14,950

OCCUPANCY

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

MARKET

PROJECTED

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

Totals / Wtd. Averages

8 Units 8 Units

500 SF 500 SF

4,000 SF 4,000 SF

$621.18 $621.18

$1.24 SF $1.24 SF

$4,969 $4,969

$746.00 $746.00

$1.49 SF $1.49 SF

$5,968 $5,968

$765.00 $765.00

$1.53 SF $1.53 SF

$6,120 $6,120

Two Bedroom 2BR/1BA - Partial 2BR/1BA - Renovated Totals / Wtd. Averages

6 Units 2 Units 8 Units

950 SF 950 SF 950 SF

5,700 SF 1,900 SF 7,600 SF

$865.40 $1,160.00 $939.05

$0.91 SF $1.22 SF $0.99 SF

$5,192 $2,320 $7,512

$1,046.00 $1,190.00 $1,082.00

$1.10 SF $1.25 SF $1.14 SF

$6,276 $2,380 $8,656

$1,075.00 $1,190.00 $1,103.75

$1.13 SF $1.25 SF $1.16 SF

$6,450 $2,380 $8,830

UNIT TYPE

Studio 0BR/1BA

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

INCOME & EXPENSES

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

Per Unit

$175,488 RR ($23,586) $151,902 RR $11,040 $162,942 ($7,595) $0 $155,347 T3 Note 3

5.00% 0.00% 81.56%

10,968 (1,474) 9,494 690 10,184 (475) 0 9,709

Per Unit 317 317 276

13.44% 7.27%

% of GPR

$179,400 ($10,764) $168,636 $11,040 $179,676 ($8,432) ($3,373) $167,871

Per Unit

5.00% 2.00% 87.00%

11,213 (673) 10,540 690 11,230 (527) (211) 10,492

$5,067 $5,067 $8,800

3.02% 3.02% 5.24%

% of EGI 317 317 550

6.00% 6.55%

NON-CONTROLLABLE Real Estate Taxes 2024 Taxes Total Real Estate Taxes Insurance Utilities Utilities Total Utilities Total Non-Controllable

$5,067 Auditor $5,067 $4,416 T12

% of EGI 3.26% 3.26% 2.84%

$8,250 T12 Note 4 $8,250 $17,733

5.31% 5.31% 11.42%

516 516 1,108

$8,415 $8,415 $22,282

5.01% 5.01% 13.27%

526 526 1,393

CONTROLLABLE Contract Services 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

$5,132 T12 Note 5 $0 $0 $0 $5,132 $7,179 T12 $0 $12,800 Note 6 $14,634 T12 Note 7 $2,989 $4,800 Note 1 $47,535 $65,267 $90,079

3.30% 0.00% 0.00% 0.00% 3.30% 4.62% 0.00% 8.24% 9.42% 1.92% 3.09% 30.60% 42.01% 57.99%

321 0 0 0 321 449 0 800 915 187 300 2,971 4,079 5,630

$0 $800 $2,400 $560 $3,760 $8,000 $1,200 $16,000 $3,200 $10,072 $4,896 $47,128 $69,410 $98,461

0.00% 0.48% 1.43% 0.33% 2.24% 4.77% 0.71% 9.53% 1.91% 6.00% 2.92% 28.07% 41.35% 58.65%

0 50 150 35 235 500 75 1,000 200 630 306 2,946 4,338 6,154

$

YEAR 2

YEAR 3 % of GPR

$184,782 ($3,696) $181,086 $11,371 $192,458 ($9,054) ($3,622) $179,782

2.00% 6.28% 5.00% 2.00% 91.00%

Per Unit

11,549 (231) 11,318 711 12,029 (566) (226) 11,236

% of GPR

$190,325 ($3,807) $186,519 $11,712 $198,231 ($9,326) ($3,730) $185,175

2.00% 6.28% 5.00% 2.00% 91.00%

Per Unit

11,895 (238) 11,657 732 12,389 (583) (233) 11,573

$5,067 $5,067 $8,976

% of EGI 2.82% 2.82% 4.99%

Per Unit 317 317 561

$5,067 $5,067 $9,156

2.82% 2.82% 5.09%

% of EGI 317 317 572

$8,583 $8,583 $22,626

4.77% 4.77% 12.59%

536 536 1,414

$8,755 $8,755 $22,977

4.87% 4.87% 12.78%

547 547 1,436

$0 $816 $2,448 $571 $3,835 $8,160 $1,224 $16,320 $3,264 $10,787 $4,994 $48,584 $71,210 $108,571

0.00% 0.45% 1.36% 0.32% 2.13% 4.54% 0.68% 9.08% 1.82% 6.00% 2.78% 27.02% 39.61% 60.39%

0 51 153 36 240 510 77 1,020 204 674 312 3,037 4,451 6,786

$0 $832 $2,497 $583 $3,912 $8,323 $1,248 $16,646 $3,329 $11,110 $5,094 $49,664 $72,641 $112,534

0.00% 0.46% 1.39% 0.32% 2.18% 4.63% 0.69% 9.26% 1.85% 6.00% 2.83% 27.44% 40.41% 62.59%

0 52 156 36 244 520 78 1,040 208 674 318 3,084 4,540 7,033

UNDERWRITING NOTES #

NOTE

1

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

2

Other Income: Included Utility & Washer/Dryer Income

3

EGI: Rental income and other income categories are all consolidated into a combined number on trailing P&L

4

Utilities: Includes Water/Sewer & Trash for whole property and common electric

5

Contract Services: Includes Pest Control, Landscaping/Grounds, Snow. Broken out starting 'Year 1'

6

Added based on market norms

7 G&A: Includes 'Prof/Admin/Marketing' & 'Office/Leasing/Mgt Expense'

CASH FLOW

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

$175,488 ($23,586) $151,902 $11,040 $162,942 ($7,595) $0 $155,347 $5,067 $4,416 $8,250 $5,132 $7,179 $0 $12,800 $14,634 $2,989 $4,800 $65,267 $90,079

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YE AUG-2025

YE AUG-2026

YE AUG-2027

YE JUL-2028

YE JUL-2029

YE JUL-2030

YE JUL-2031

$179,400 ($10,764) $168,636 $11,040 $179,676 ($8,432) ($3,373) $167,871 $5,067 $8,800 $8,415 $3,760 $8,000 $1,200 $16,000 $3,200 $10,072 $4,896 $69,410 $98,461

$184,782 ($3,696) $181,086 $11,371 $192,458 ($9,054) ($3,622) $179,782 $5,067 $8,976 $8,583 $3,835 $8,160 $1,224 $16,320 $3,264 $10,787 $4,994 $71,210 $108,571

$190,325 ($3,807) $186,519 $11,712 $198,231 ($9,326) ($3,730) $185,175 $5,067 $9,156 $8,755 $3,912 $8,323 $1,248 $16,646 $3,329 $11,110 $5,094 $72,641 $112,534

$196,035 ($3,921) $192,115 $11,947 $204,061 ($9,606) ($3,842) $190,613 $5,169 $9,339 $8,930 $3,990 $8,490 $1,273 $16,979 $3,396 $11,437 $5,196 $74,198 $116,415

$201,916 ($4,038) $197,878 $12,186 $210,063 ($9,894) ($3,958) $196,212 $5,272 $9,525 $9,108 $4,070 $8,659 $1,299 $17,319 $3,464 $11,773 $5,300 $75,789 $120,423

$207,974 ($4,159) $203,814 $12,429 $216,244 ($10,191) ($4,076) $201,977 $5,378 $9,716 $9,290 $4,151 $8,833 $1,325 $17,665 $3,533 $12,119 $5,406 $77,415 $124,561

$214,213 ($4,284) $209,929 $12,678 $222,607 ($10,496) ($4,199) $207,912 $5,485 $9,910 $9,476 $4,234 $9,009 $1,351 $18,019 $3,604 $12,475 $5,514 $79,077 $128,834

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

2.23% 6.00% 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%

6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

2.00% 6.00%

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

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

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

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%

DEBT QUOTE Bank 70-75% LTC 5-10 year term 25 year am, 1-2 years IO Rate 6.5 – 7.5% Full Recourse

Noah D. Juran 513.985.2263 614.323.0076 njuran@northmarq.com

RATES & SPREADS AS OF AUGUST 14TH Current Index Rates 5 year Treasury 7 year Treasury 10 year Treasury 30-day Avg SOFR 1Mo Term SOFR

3.65% 3.70% 3.79% 5.35% 5.31%

Previous Week

Life Companies

3.70% 3.74% 3.85% 5.34% 5.35%

TERM 5-Year 10-Year 10-Year 15-Year 15-20 Year

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

LTV 80% 55% 65% 80% 55%

DSCR 1.25x 1.55x 1.35x 1.25x 1.55x

SPREAD 170-195 135-140 140-160 155-180 140-145

RATE 5.50%-5.75% 5.15%-5.20% 5.20%-5.40% 5.35%-5.60% 5.10%-5.15%

7-Year 7-Year 5-Year 10-Year ARM

65% 80% 75% 80%

1.35x 1.25x 1.25x 1.25x

150-170 165-190 160-185 215-240

5.20%-5.40% 5.30%-5.55% 5.25%-5.50% 7.50%-7.75%

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

LTV 65% 55% 65% 80% 55%

DSCR 1.35x 1.55x 1.35x 1.25x 1.55x

SPREAD 120-160 100-140 120-160 140-180 105-145

RATE 5.00%-5.40% 4.80%-5.20% 5.00%-5.40% 5.20%-5.60% 4.75%-5.15%

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

65% 80% 65% 75%

1.35x 1.25x 1.25x 1.00x

125-165 155-195 185-225 265-280

4.95%-5.35% 5.25%-5.65% 5.50%-5.90% 8.00%-8.15%

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

SPREAD 155-215 130-175 155-215 155-215 155-215

RATE 5.20%-5.80% 5.10%-5.55% 5.35%-5.95% 5.35%-5.95% 5.35%-5.95%

CMBS Term 5-Year 10-Year

Amortization 30 30

LTV 65%-75% 65%-75%

Spread 250-399 225-275

Rate 6.20%-6.70% 6.10%-6.60%

“* 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”

HENLEY