Hopeview Apartments

HOPEVIEW APARTMENTS

SUBMITTED BY: LEAD AGENTS

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

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.

CONTENTS

B R O K E R C A PA B I L I T I E S

6 | HOPEV IEW

01

&

16 | LOCAL COMP E TITORS

02

28 | FIN AN C I ALS

03

36 | LOCAL M ARKE T

04

O P I N I O N O F V A L U E

CALABASAS, CALIFORNIA | HQ

80+ | OFFICES

2,500 | EMPLOYEES

UNRIVALED SUCCESS IN THE MIDWEST Nick Andrews

Jordan Dickman

First Vice President Investments Director, NMHG

First Vice President Investments Director, NMHG

Austin Sum

Senior Investment Associate

INVESTMENT ADVISORS

JD Schmerge Investment Associate

Brian Johnston Investment Associate

Tim VanWingerden Investment Associate

DEBT & STRUCTURED FINANCE

Chris Litzler

Senior Director of Organization MMCC

VALUATION & RESEARCH

Sam Petrosino

Financial & Research Analyst

CLIENT RELATIONS

MARKETING

Alex Papa

Marketing Coordinator

Kristin Smith Marketing

Skyler Wilson

Client Relations Manager

OPERATIONS

Liz Popp

Brittany Campbell-Koch

Midwest Operations Manager

Director of Operations

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

S E C T I O N

01

HOPEV

VIEW

INVESTMENT HIGHLIGHTS

HOPEVIEW APARTMENTS THE LOCATION: Xenia has a population of roughly 26,000 that saw slight growth in the 2020 census of half a percent. The median HHI is $46k with 56% of the population living in owner-occupied units. One of the largest resident draws to Xenia is the proximity to Beavercreek which is one of the most sought after submarkets in Dayton and is only 8 miles away. Beavercreek is home to 47k residents where the median HHI is $95k and the average cost of a home is $305k per census data and Coldwell Bank Realty. The close proximality of Xenia offers residents a convenient living options with a more affordable average rent of $764 compared to the average rent in Beavercreek at $1,414.

PROVEN RENTAL UPSIDE: Current ownership has been actively renovating interior units on turns resulting in a $194 rental premium compared to the average effective rent of standard units. Roughly 35 units have been renovated over the last 12 months in addition to exterior improvements made to the property.

GROWING MARKET: Xenia has seen an inflow of capital from the public and private sectors over the last 18 months. The school district has received $38m which will go towards building a new middle school and updating the high school. The town square is getting a $124m make over with a ground up mixed use building offering luxury apartment units, eateries, cafes, and retailers. The mixed use building is in the final planning phase and has a completion target of Fall 2024. Additionally there are four semi-custom home developments slated to deliver a total of 792 homes by the end of 2025. The average starting price for the first phase of deliveries is roughly $250k.

PROPERTY SUMMARY #1 Bedrooms

42

#2 Bedrooms

30

% Leased

93%

HOPEVIEW APARTMENTS

42,000

RE N TABLE S Q UARE FE E T

72

TOTAL UNI T S

583 AV G S F

HOPE VIE W APARTMEN T S

*

Over the last 12 months ownership has been aggressively renovating the property addressing interior unit updates as well as exterior items such landscaping and the parking surface. An incoming investor has the opportunity to continue renovations on the remaining units which lease at a $194 rental premium compared to the average effective rent.

VALUE ADD OPPORTUNITY

HOPEVIEW APARTMENTS 35 UNITS HAVE RECEIVED: • LVP Flooring Everywhere Aside from Bedrooms • New Carpet in Bedrooms • White Appliance Package • Accent Lighting Fixtures Throughout • New Ceiling Fans in Living/Dining Rooms • New Oak Cabinets • Faux Granite or Faux Solid Surface Counter Tops • Kitchen Sinks, Fixtures, and Plumbing Connections • Tile Backsplash* Select Units • Bathroom Vanity and Sink and Fixtures • Toilets • New Tubs* Select Units • 6-Panel Doors Throughout with SS Hardware • Paint Throughout • White Outlet Covers EXTERIOR IMPROVEMENTS: • New Signage • New Landscaping • Parking Lot Patched & Striped* Select Areas

STANDARD UNIT

RENOVATED UNIT

STANDARD UNIT

RENOVATED UNIT

PROPERTY SNAPSHOT

HOPEVIEW

SUBMARKE T: XENIA | COUNTY: GREENE

SUMMARY

1047 FREDRICK DRVE, XENIA, OHIO YEAR BUILT UNIT COUNT AVERAGE UNIT SIZE RENTABLE SQFT OCCUPANCY PARKING PARKING RATIO # OF BUILDINGS FOUNDATION FRAME ROOF

1973 72 583 42,000 92% 100 SURFACE SPOTS 1.4 6 CONCRETE STICK FLAT RUBBER - EST. 10YRS OLD

WIRING

COPPER

HVAC HVAC

ELECTRIC BASEBOARD ELECTRIC THROUGH WALL A/C

UTILITIES ELECTRIC WATER SEWER TRASH

TENANT OWNER OWNER OWNER

62 MILES (1 HOUR)

HOPEVIEW 16.8 MILES (25 MINS)

60 MILES (1 HOUR)

*

HOPEVIEW

PHOTOS

S E C T I O N

02

LOCAL C

COMPETITORS

LOCAL COMPETITORS 3 2

HOPE VIE W APARTMEN T S

* 1

REN T C OMPAR ABLE S 1

XENIA TRAILS

2

THISTLEWOOD APTS

3

KINSEY VILLAGE APTS

4

MEADOWS OF XENIA

4

XENIA DEMOGRAPHICS AVERAGE AGE: 33.6 HOME OWNERSHIP RATE: 56.1% AVERAGE INCOME: $46k POPULATION: 26,000 HOUSEHOLDS: 11,188 AVERAGE RENT: $764

XENIA TRAILS APARTMENTS UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom

# OF UNITS 132

SQFT 569

RENT $1,070

312 2005 N/A RENT/SF $1.88

Two Bedroom

140

931

$1,240

$1.33

Three Bedroom

40

1084

$1,535

$1.61

THISLEWOOD APARTMENTS UNITS YEAR BUILT OCCUPANCY UNIT MIX Studio

# OF UNITS 23

SQFT 288

RENT $533

114 1980 100.0% RENT/SF $1.85

One Bedroom

82

576

$675

$1.17

Two Bedroom

9

864

$816

$0.94

KINSEY VILLAGE UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom

47 1965 # OF UNITS SQFT 24 529 23

850

RENT $725

RENT/SF $1.37

$825

$0.97

MEADOW OF XENIA UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom Three Bedroom

# OF UNITS 44

SQFT 575

RENT $615

88 1969 N/A RENT/SF $1.07

30 14

750 953

$725 $670

$0.97 $1.02

LOCAL COMPETITORS - ONE BEDROOM

One Bedroom Property Xenia Trails Apartments Kinsey Village Subject Pro Forma Thistlewood Apartments Meadow of Xenia Subject Average Effective

Year Built 2005 1965 1973 1980 1969 1973

# Units 312 47 72 114 88 72

Avg SF 569 529 545 576 575 545

Avg Rent $1,070 $725 $695 $675 $615 $564

Avg Rent/SF $1.88 $1.37 $1.28 $1.17 $1.07 $1.03

LOCAL COMPETITORS - TW0 BEDROOM

Two Bedroom Property Xenia Trails Apartments Kinsey Village Thistlewood Apartments Subject Pro Forma Meadow of Xenia Subject Average Effective

Year Built 2005 1965 1980 1973 1969 1973

# Units 312 47 114 72 88 72

Avg SF 931 850 864 637 750 637

Avg Rent $1,240 $825 $816 $815 $725 $616

Avg Rent/SF $1.33 $0.97 $0.94 $1.28 $0.97 $0.97

S E C T I O N

03

FINAN

CIALS

HOPEVIEW - FINANCIALS

UNIX 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

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

SUMMARY One Bedroom Two Bedroom

42 Units 30 Units

545 SF 637 SF

22,890 SF 19,110 SF

$566.91 $620.20

$1.04 $0.97

$23,810 $18,606

$597.98 $715.00

$1.10 SF $1.12 SF

$25,115 $21,450

$695.00 $815.00

$1.28 SF $1.28 SF

$29,190 $24,450

Totals / Wtd. Averages

72 Units

583 SF

42,000 SF

$589.11

$1.01 SF

$42,416

$646.74

$1.11 SF

$46,565

$745.00

$1.28 SF

$53,640

UNIT TYPE

RENT/UNIT

UNIT DISTRIBUTION

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

42% 58%

One Bed

Two Bedroom

1 Bed

Avg. Effective

2 Bed

Pro Forma Projection

HOPEVIEW - FINANCIALS

UNIX MIX BREAKDOWN AV E R A G E E F F E CT I V E UNIT TYPE

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

19 Units 23 Units 42 Units

545 SF 545 SF 545 SF

10,355 SF 12,535 SF 22,890 SF

$490.83 $629.75 $566.91

$0.90 SF $1.16 SF $1.04 SF

$9,326 $14,484 $23,810

$535.00 $650.00 $597.98

$0.98 SF $1.19 SF $1.10 SF

$10,165 $14,950 $25,115

$695.00 $695.00 $695.00

$1.28 SF $1.28 SF $1.28 SF

$13,205 $15,985 $29,190

18 Units 12 Units 30 Units

637 SF 637 SF 637 SF

11,466 SF 7,644 SF 19,110 SF

$546.39 $730.91 $620.20

$0.86 SF $1.15 SF $0.97 SF

$9,835 $8,771 $18,606

$675.00 $775.00 $715.00

$1.06 SF $1.22 SF $1.12 SF

$12,150 $9,300 $21,450

$815.00 $815.00 $815.00

$1.28 SF $1.28 SF $1.28 SF

$14,670 $9,780 $24,450

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

ONE BEDROOM

1BR/1BA - Unrenovated 1BR/1BA - Renovated Totals / Wtd. Averages TWO BEDROOM

2BR/1BA - Unrenovated 2BR/1BA - Renovated Totals / Wtd. Averages

INCOME EXPENSE

HOPEVIEW - FINANCIALS

INCOME & EXPENSES

CURRENT GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT Other Income Utility Income Late Fees Laundry Income Renters Insurance Income Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2021 Taxes Paid Total Real Estate Taxes Insurance Utilities Electric Water & Sewage Trash Removal Other Utilities 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

$597,600 RR ($85,740) $511,860 RR $31,221 $1,728 $496 $51 $33,495 $545,355 ($142,879) $0 $402,477

YEAR 1

% of GPR

14.35%

Per Unit 8,300 (1,191) 7,109

$643,680 ($64,368) $579,312 $32,157 $1,779 $511 $53 $34,500 $613,812 ($28,966) ($5,793) $579,054

5.00% 1.00% 84.00%

447 25 7 1 479 8,525 (402) (80) 8,042

% of GPR

10.00%

8,940 (894) 8,046

T7 T7 T7 T7

6.10% 0.34% 0.10% 0.01% 6.54%

T7

27.91% 0.00% 57.74%

434 24 7 1 465 7,574 (1,984) 0 5,590

$31,231 $31,231 $17,793 T7

% of EGI 7.76% 7.76% 4.42%

Per Unit 434 434 247

$31,231 $31,231 $21,600

5.39% 5.39% 3.73%

% of EGI 434 434 300

$15,597 $17,723 $6,322 $113 $39,754 $88,779

T7 T7 T7 T7

3.88% 4.40% 1.57% 0.03% 9.88% 22.06%

217 246 88 2 552 1,233

$15,909 $18,078 $6,448 $115 $40,549 $93,381

2.75% 3.12% 1.11% 0.02% 7.00% 16.13%

221 251 90 2 563 1,297

$4,239 $8,483 $0 $12,722 $39,600 $6,570 $62,251 $0 $8,500 $26,863 $18,360 $174,865 $263,643 $138,833

T7 T7

1.05% 2.11% 0.00% 3.16% 9.84% 1.63% 15.47% 0.00% 2.11% 6.67% 4.56% 43.45% 65.51% 34.49%

59 118 0 177 550 91 865 0 118 373 255 2,429 3,662 1,928

$2,520 $7,200 $2,520 $12,240 $39,600 $5,400 $64,800 $10,800 $7,200 $28,953 $18,727 $187,720 $281,101 $297,953

0.44% 1.24% 0.44% 2.11% 6.84% 0.93% 11.19% 1.87% 1.24% 5.00% 3.23% 32.42% 48.54% 51.46%

35 100 35 170 550 75 900 150 100 402 260 2,607 3,904 4,138

T7 T7 T7

T7 Note 1

5.55% 0.31% 0.09% 0.01% 5.96%

Per Unit

YEAR 2 $662,990

% of GPR

($13,260)

2.00%

$33,122 $1,833 $526 $54 $35,535 $685,266 ($32,487) ($6,497) $646,282

5.10% 0.28% 0.08% 0.01% 5.47%

YEAR 3 Per Unit 9,208 (184) 9,024

$682,880

% of GPR

Per Unit 9,484 (190) 9,295

($13,658)

2.00%

$34,116 $1,888 $542 $56 $36,601 $705,824 ($33,461) ($6,692) $665,670

5.10% 0.28% 0.08% 0.01% 5.47%

5.00% 1.00% 92.00%

460 25 7 1 494 9,518 (451) (90) 8,976

5.00% 1.00% 92.00%

474 26 8 1 508 9,803 (465) (93) 9,245

$31,231 $31,231 $22,032

% of EGI 4.83% 4.83% 3.41%

Per Unit 434 434 306

$31,231 $31,231 $22,473

% of EGI 4.83% 4.83% 3.48%

Per Unit 434 434 312

$16,227 $18,439 $6,577 $117 $41,360 $94,624

2.51% 2.85% 1.02% 0.02% 6.40% 14.64%

225 256 91 2 574 1,314

$16,551 $18,808 $6,708 $120 $42,188 $95,892

2.56% 2.91% 1.04% 0.02% 6.53% 14.84%

230 261 93 2 586 1,332

$2,570 $7,344 $2,570 $12,485 $40,392 $5,508 $66,096 $11,016 $7,344 $32,314 $19,102 $194,257 $288,880 $357,402

0.40% 1.14% 0.40% 1.93% 6.25% 0.85% 10.23% 1.70% 1.14% 5.00% 2.96% 30.06% 44.70% 55.30%

36 102 36 173 561 77 918 153 102 449 265 2,698 4,012 4,964

$2,622 $7,491 $2,622 $12,734 $41,200 $5,618 $67,418 $11,236 $7,491 $33,284 $19,484 $198,465 $294,356 $371,314

0.41% 1.16% 0.41% 1.97% 6.37% 0.87% 10.43% 1.74% 1.16% 5.00% 3.01% 30.56% 45.55% 57.45%

36 104 36 177 572 78 936 156 104 449 271 2,743 4,088 5,157

$649,731

$669,223

INCOME EXPENSE

HOPEVIEW - FINANCIALS

CASH FLOW

CURRENT

Yr 1

Yr 2

Yr 3

Yr 4

Yr 5

Yr 6

Yr 7

Yr 8

Yr 9

Yr 10

YE JUL-2023

YE JUN-2024

YE JUN-2025

YE JUN-2026

YE JUN-2027

YE JUN-2028

YE JUN-2029

YE JUN-2030

YE JUN-2031

YE JUN-2032

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

$597,600 ($85,740) $511,860 $33,495 $545,355 ($142,879) $0 $402,477

$643,680 ($64,368) $579,312 $34,500 $613,812 ($28,966) ($5,793) $579,054

$662,990 ($13,260) $649,731 $35,535 $685,266 ($32,487) ($6,497) $646,282

$682,880 ($13,658) $669,223 $36,601 $705,824 ($33,461) ($6,692) $665,670

$703,367 ($14,067) $689,299 $37,333 $726,633 ($34,465) ($6,893) $685,275

$724,468 ($14,489) $709,978 $38,080 $748,058 ($35,499) ($7,100) $705,459

$746,202 ($14,924) $731,278 $38,842 $770,119 ($36,564) ($7,313) $726,242

$768,588 ($15,372) $753,216 $39,618 $792,834 ($37,661) ($7,532) $747,641

$791,645 ($15,833) $775,812 $40,411 $816,223 ($38,791) ($7,758) $769,674

$815,395 ($16,308) $799,087 $41,219 $840,306 ($39,954) ($7,991) $792,361

$839,856 ($16,797) $823,059 $42,043 $865,103 ($41,153) ($8,231) $815,719

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

$31,231 $17,793 $39,754 $12,722 $39,600 $6,570 $62,251 $0 $8,500 $26,863 $18,360 $263,643

$31,231 $21,600 $40,549 $12,240 $39,600 $5,400 $64,800 $10,800 $7,200 $28,953 $18,727 $281,101

$31,231 $22,032 $41,360 $12,485 $40,392 $5,508 $66,096 $11,016 $7,344 $32,314 $19,102 $288,880

$31,231 $22,473 $42,188 $12,734 $41,200 $5,618 $67,418 $11,236 $7,491 $33,284 $19,484 $294,356

$31,856 $22,922 $43,031 $12,989 $42,024 $5,731 $68,766 $11,461 $7,641 $34,264 $19,873 $300,558

$32,493 $23,381 $43,892 $13,249 $42,864 $5,845 $70,142 $11,690 $7,794 $35,273 $20,271 $306,893

$33,143 $23,848 $44,770 $13,514 $43,722 $5,962 $71,544 $11,924 $7,949 $36,312 $20,676 $313,365

$33,806 $24,325 $45,665 $13,784 $44,596 $6,081 $72,975 $12,163 $8,108 $37,382 $21,090 $319,976

$34,482 $24,812 $46,578 $14,060 $45,488 $6,203 $74,435 $12,406 $8,271 $38,484 $21,512 $326,729

$35,172 $25,308 $47,510 $14,341 $46,398 $6,327 $75,924 $12,654 $8,436 $39,618 $21,942 $333,629

$35,875 $25,814 $48,460 $14,628 $47,326 $6,453 $77,442 $12,907 $8,605 $40,786 $22,381 $340,677

NET OPERATING INCOME

$138,833

$297,953

$357,402

$371,314

$384,716

$398,566

$412,878

$427,666

$442,945

$458,732

$475,042

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

7.71% 10.00% 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%

5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

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% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

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

S E C T I O N

04

LOCAL M

MARKET

DAYTON Since the arrival of the first settlers on April 1, 1796, Dayton to today’s biggest issues. has always been a place for pioneering vision and change. With the crossroads of Interstate 70 and 75, the railroad caThey have hosted many firsts as the patent capital of the pacity, and the international airport, Dayton provides one U.S. and provided the world with a staggering number of of the most accessible cities in the nation. In fact, Dayton’s life-changing innovations and technological advancements. location puts it within one day’s drive of 60% of the U.S. Today they’re still setting trends and promoting growth. In population. The superior transportation makes us among the the research labs of Wright-Patterson Air Force Base, the most competitive mid-sized cities for logistics.

University of Dayton, Wright State University, and many of the top businesses, the innovative spirit of Dayton continues to produce cutting-edge technology and dynamic solutions

E C O N O M I C OV E R V I E W • Dayton is home to a diverse group of employers, including Wright-Patterson Air Force Base, large health and insurance networks, advanced manufacturing companies and educational entities.

• In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 10.0% year-over-year in 2nd quarter. In the year-ending 2nd quarter 2021, the metro’s inflation­adjusted economic output expanded 12.9%.

• Dayton’s unemployment rate in May 2021 declined 9.1 points year-over-year to 5.2%. This unemployment rate was slightly below the national average of 5.5%.

• During the past year, job gains in Dayton were most pronounced in the Leisure/Hospitality Services sector followed by Trade/Transportation/Utilities and Manufacturing. Due to job losses stemming from the pandemic, Dayton’s current employment base now sits around 11,900 jobs, or about 3% below the 1st quarter 2008 level, prior to the Great Recession.

ADG MULTIFAMILY

D E M O G R A P H I C OV E R V I E W Dayton is a city located in Greene County cent years comes to $706 per month, and Montgomery County Ohio. It is also and the median house value is $66,800. the county seat of Montgomery Coun- The median age in Dayton is 33 years, ty. With a 2020 population of 140,343, 31.6 years for males, and 34.4 years for it is the 6th largest city in Ohio and the females.

198th largest city in the United States . Part of Dayton is located in neighboring Dayton is currently declining at a rate of Greene County. The city is the sixth most -0.02% annually and its population has populous in the state, and its metro area decreased by -0.84% since the most re- is the fourth largest in Ohio. cent census, which recorded a population of 141,527 in 2010. Spanning over 57 miles, Dayton has a population density of 2,533 people per square mile.

The average household income in Dayton is $46,430 with a poverty rate of 30.57%. The median rental costs in re-

D E M O G R A P H I C S : STAT I ST I C S Population: 812,657

Msa median hhi: $32,540

Msa median home value: $97,545

Average occupancy: 96.2%

Median age: 33

1 - Year growth: 0.31%

1 - Year growth: 4.83%

Rent growth: 4.5%

S U P P LY

• The level of new apartment completions in Dayton were modest recently, as 525 units delivered in the year-ending 2nd quarter 2021. That annual completion volume compares to a low of 276 units and a high of 1,136 units over the past five years. Annual new supply averaged 630 units, and annual inventory growth averaged 1.2% over the past five years.

• Completions over the past year expanded the local inventory base 0.9%. Over the next year, inventory growth is set to slow with the scheduled addition of 280 units.

• At the end of 2nd quarter 2021, there were 404 units under construction, as construction volumes have slowed in recent years.

• Among submarkets, new supply over the past five years has been concentrated in South Montgomery County, which received 44% of the market’s total completions over that time. Scheduled new deliveries in the coming year are expected to be concentrated in Central Dayton/ Kettering.

O C C U PA N CY

• Occupancy in the Dayton apartment market has ranged from 93.9% to 97.4% over the past five years, averaging 95.6%. Over the past year, occupancy gained 0.2 points, with the 2nd quarter 2021 rate landing at 96.8%.

• That occupancy rate ranked 12th amongst 29 key Midwest region markets.

• 2nd quarter 2021 occupancy registered at 95.8% in Class A units, 97.6% in Class B units and 96.8% in Class C units.

• Occupancy in Class B was generally tightest over the past five years.

• Among submarkets, 2nd quarter 2021 occupancy was strongest in North Dayton/ Miami County. The weakest reading was seen in Greene County. Over the past five years, North Dayton/ Miami County generally led for occupancy.

WRIGHT PATTERSON Located in Dayton, Wright-Patterson Air Force Base (WPAFB) is one of the most diverse, largest, and organizationally complex bases in the Air Force. Not only is WPAFB the largest single-site employer in the entire state of Ohio, but it is also a center of innovation for the Air Force. It was selected as the “preferred location” for the F-35 Lightning II Hybrid Product Support Intergrator organization, which supports the entire F-35 enterprise. This would bring a minimum of 400 new jobs to the base. The potential impact to the region cannot only be measured in jobs alone, neighboring communities would benefit through the result of more growth for contractors and businesses. Wright-Patterson Air Force Base employs 27,500 military, civilian, and contract employees and has an annual economic impact of $4.3 billion.

“Wright Patterson AFB is the crown jewel of the state of Ohio, and our department will continue to do everything we can to accelerate the growth of the WPAFB and attract more jobs to the region.”

Eric Henry, Greene County’s Economic Development Coordinator

Q U I C K STATS $4.3B ECONOMIC IMPACT 27,500 EMPLOYEES 8,000+ ACRES 1M+ ANNUAL VISITORS

HIGHER EDUCATION U N I V E RS I T Y O F DAY TO N Founded in 1850, the University of dayton (UD) spans a massive 373-acres with state-of-the-art facilities in the downtown area. It boasts 38 academic, athletic, administrative, and research buildings, five resident halls, 18 student apartment complexes, and 473 houses (347 being owned by UD). In 2019, there were a total of 8,483 undergrad students enrolled. 85% of students live on-campus or in student neighborhoods. UD offers more than 80 undergraduate programs and 50 graduate and doctoral programs. UD has 17 Division I sports temas, 37 club sports, and 12 intramural sports. Since 2001, the NCAA tournament has had an impact of more than $70 million on dayton’s economy and UD Arena has hosted more Division I Basketball Championship gams than any other venue in the US.

SINCLAR COMMUNITY COLLEGE

UD

UD

Sinclair Community College was founded in 1887 and is located in downtown Dayton. Sinclair has a student to faculty ratio of 19:1, which is among the lowest at Ohio colleges. They offer over 250 degree and certificate programs and have 35 fully-online programs available. Tuition for a full-time undergraduate student at Sinclair is a tenth of the cost of a private four-year university and a third of the cost of a public four-year university. It is one of the largest community colleges in the nation, with an enrollment of over 30,000 students.

Sinclar Community College

WRIGHT STATE UNIVERSITY Located in the Dayton area, Wright State University is a national pub- capacity. WSU’s Nutter Center is southwest Ohio’s premier sports and lic research university. WSU offers 140 undergraduate programs and

entertainment facility. With a capacity of 11,200, it has also been rec-

136 graduate programs. Wright State has 20 percent more affordable

ognized nationally as a top venue of its size.

in-state tuition than the national average. WSU adds $1.5 billion into the region’s economy annually and supports more than 20,000 jobs through its spending on operations and research and throuigh spending of students, alumni, and visitors. With a student body population of more than 13,000, there is only a 3,000 on-campus student housing

$1.5B ECONOMIC IMPACT 13,000+ STUDENTS ENROLLED 20,000+ JOBS SUPPORTED 2,500+ WSU FACULTY

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