The Flats of Eden OM

Page 1

WOODLAND ACRES 2024

203 BLACKBIRD WAY, LEWISBURG WV

jordan.dickman@marcusmillichap.com

CONTENTS LEAD AGENTS Austin Sum Senior Associate Cincinnati Office D. 513.503.4972 austin.sum@marcusmillichap.com Nick Andrews First Vice President Investments Cincinnati Office D. 614.402.6685
Jordan Dickman First Vice President Investments Cincinnati Office D. 440.474.2269
nicholas.andrews@marcusmillichap.com
The Investment Local Market Local Competitors Financials 06 12 20 24 SECTIONS

“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.”

300 WEST 4TH STREET, CINCINNATI, OH

GLOBAL REACH, LOCAL EXPERTISE

$86.3B

VALUE OF RECENTLY CLOSED TRANSACTIONS

12,272

CLOSED SALES IN MOST RECENT YEAR

$12.8B

TOTAL VALUE OF RECENT LISTINGS

2,143

CLOSED FINANCINGS IN MOST RECENT YEARS

CALABASAS, CALIFORNIA | HQ 2,500 | EMPLOYEES 80+ | OFFICES
CINCINNATI DAYTON LEXINGTON LOUISVILLE

CORPORATE SUPPORT

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

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

MARKETING

YOUR TEAM

DATA SUMMARY

BUILDING DESCRIPTION

Property Address: 203 Blackbird Way

City, State: Lewisburg, West Virginia

# of Buildings: 14

Exterior Finishes: Masonry & Vinyl Siding

Building Fram: Wood

Roof: Pitched, Shingled

Parking: Asphalt with Some Concrete Assigned

Tenant Parking Designated Guest Parking

Lot

MECHANICAL METERING

Hvac: Heat Pump System

Cooking Energy: Electric

Electric Service: MonPower

Water Heating: Individual Tank (Electric) Tankless in Building #228

Wiring: Copper

Plumbing: PVC/Galvanized

Sewer: Owner Paid Water: Owner Paid Trash Removal: Owner Paid Gas: No Gas Electric: Tenant Paid

Size: 5.93 +/- Acres
Number: 10 16004800000000 10 16007300000000 10 16004700010000
Parcel
UTILITIES
PROPERTY TAXES Tax Amount: $42,145 Tax Year: 2023 01 SECTION - THE INVESTMENT

TOWNHOMES FLATS

LEWISBURG

Lewisburg is the county seat of Greenbrier County and has a population of almost 4,000 people.

Amidst the rolling Allegheny Mountains is Lewisburg, West Virginia. Known for being rich in history, the city is also picturesque due to its natural beauty. Since its earliest days in the late 18th century, Lewisburg, West Virginia has been the Greenbrier Valley’s crossroads and commercial epicenter, and remains so today. Con-sidered part of the Southern West Virginia region, the city has a total area of 3.81 square miles. Named as one of “America’s Top 100 Small Arts Towns”, Lewisburg has long attracted talented artists of all kinds. The community is home to many musicians and plays host to well-known touring artists who perform at venues like the famous Carnegie Hall. This lively, picturesque town continues to thrive as a center for education, the performing arts, business, shopping, and fine dining. Whether you’re planning a food-centric day trip, drawn here for live entertainment, or searching for a oneof-a-kind item, Lewisburg is the perfect destination.

Historic Lewisburg is centered at the crossroads of U.S. Routes 60 and 219. Most modern development in the area has been drawn in by the intersection of Inter-state 64 and U.S. Route 219, which

Lewisburg is overflowing with diverse shopping experiences for residents and visitors alike. Guests will be able to find everything from antique treasures to must-have fashion, and everything in between. A few local hotspots include the Lewisburg Antique Trail, The Greenbrier, and Ronceverte Main Street. The Lewisburg Antique Trail covers Routes 60 and 219 and is full of fantastic antique finds, carrying everything from books and collectibles to furniture and more. With its 38 retail shops, The Greenbrier is a shopper’s paradise. Its stores carry everything from designer jewelry, fine art, clothing, and home goods; including The Greenbrier Gourmet Shoppe, Polo Ralph Lauren, and The Art Colony Gallery. Visitors enjoy Ronceverte Main Street because of its diverse shopping and dining options that are all

LEWISBURG

When it comes to things to do in Lewisburg, the possibilities are endless. Outdoor enthusiasts will enjoy hiking trails, rivers, caves, and the many different golf courses, including the five championship courses at The Greenbrier. History buffs will enjoy the preserved buildings and sites that date back to before the Civil War. For those interested in breweries and distilleries, the Greenbrier Valley Brewing Company, Hawk Knob Appalachian Hard Cider & Mead, and Smooth Ambler Spirits are all great options to enjoy craft spirits while learning the history and process of “grain-to-glass”. Lewisburg is full of festivals throughout the year, but the local favorite and largest is the Taste of Our Towns. Fall brings the Taste of Our Towns (TOOT) to downtown, where you can literally eat your way up and

There are several hospitals in the area, including Greenbrier Valley Medical, VA Medical Center, MedExpress Urgent Care, Carilion Giles Community Hospital, Beck-ley ARH Hospital, and Raleigh General

LEWISBURG attractions

THE GREENBRIER RESORT

This luxury resort features 710 rooms and 33 suites and is located in the Allegheny Mountains. Southern hospitality and charm go hand-in-hand with the Greenbrier. Out of the United States’ 45 Presidents, 27 of them have stayed at The Greenbrier Resort. This world-class resort is also a National Historic Landmark.

LOST WORLD CAVERNS

Located just outside of Lewisburg, the Lost World Caverns is a natural series of under-ground caverns that was discovered in 1942. Since 1973, these caverns have been recog-nized and registered as a National Natural Landmark. The Lost World Caverns cover about 1.25 miles and have a depth of 235 feet. Self-guided tours, which take about 45 minutes, are available and feature a

CARNEGIE HALL

This historic theater is one of only four Carnegie Halls in the entire world. Built in 1902, the theater is named after Andrew Carnegie, who was a philanthropic steel tycoon. Annually, there are more than 75,000 visitors served by the hall and its performances, classes, and events. Ther are two fundraising events hosted by Carnegie Hall each year, Taste of Our Towns (TOOT) and the Carnegie

LEWIS THEATRE AND TRILLIUM

In 1939, the Lewis Theatre opened its doors in downtown Lewisburg, providing film showings and vaudeville entertainment performances. Now it is the home of Trillium Performing Arts Collective and features big screen movies and live performances. Tril-lium’s mission is to encourage artistic expression and creative opportunities through education, participationm and perfor-

GREEN BRIER RESORT

Located amongst the beautiful Allegheny Mountains of West Virginia, The Greenbrier Resort has wel-comed guests for well over 200 years. Greenbrier’s vision and mission is to become the leader of luxury resorts around the world, creating timeless experi-ences and memories. Through the combination of grace, elegance, serenity, and class, The Greenbrier is bringing a whole new meaning to the idea of a “luxury re-sort”.

The Greenbrier Resort spans a massive 11,000 acres in Greenbrier County, West Virginia. There are 710 guest rooms at the Greenbrier Resort, including 33 suites, as well as 96 guest and estate homes. The resort features many different attractions and amentites, includ-ing 38 retail shops, 20 restaurants of diverse cuisines, and over 55 different activities for guests to take part in. Guests can think of The Greenbrier as their own personal playground due to the giant 103,000 square foot entertainment and gaming venue.

38 Retail Shops

20 Restaurants

Over 55+ Activities

11,000-ACRE LUXURY RETREAT 1,800+ EMPLOYEES $2.0M+ IN TAX
GENERATED ANNUALLY
REVENUE

WV SCHOOL OF OSTEOPATHIC MEDICINE

AVG AG OF STUDENTS

$64.6M

IMPACT ON STATE 260+

EMPLOYEES

839 STUDENTS

233 IN-STATE STUDENTS

606 OUT-OF-STATE STUDENTS

“The mission of the West Virginia School of Osteopathic Medicine (WVSOM) is to educate students from diverse backgrounds as lifelong learners in osteopathic medicine and complementary health-related programs; to support and develop graduate medical education training; to advance scientific knowledge through academic, clinical and basic science research; and to promote patient-centered, evidence-based medicine. WVSOM is dedicated to serve, first and foremost, the state of West Virginia and the health care needs of its resi-

26

RENT MATRIX | ONE BED

02 SECTIONLOCAL COMPETITORS One Bedroom Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 1988 84 747 $1,150 $1.54 607 Main St 1910 4 850 $995 $1.17 300 N Court Street 1928 5 703 $800 $1.14 225 Lafayette St 1986 4 700 $875 $1.25 Subject Average Effective 1988 84 747 $949 $1.27

RENT MATRIX | two bed

02 SECTIONLOCAL COMPETITORS
Property Year Built # Units Avg SF Avg Rent Avg Rent/SF Subject Pro Forma 1988 84 880 $1,250 $1.42 Subject Average Effective 1988 84 880 $1,001 $1.14 648 Farm Road 1973 6 750 $975 $1.30 Westridge Town Homes 2003 36 100 $950 $9.50 643 Jefferson St N/A 4 1000 $1,050 $1.05
Two Bedroom

UNIT MIX BREAKDOWN

WOODLAND ACRES - financials 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 One Bedroom 1BR/1BA 30 Units 747 SF 22,410 SF $949.48 $1.27 SF $28,484 $1,100.00 $1.47 SF $33,000 $1,150.00 $1.54 SF $34,500 Totals / Wtd. Averages 30 Units 747 SF 22,410 SF $949.48 $1.27 SF $28,484 $1,100.00 $1.47 SF $33,000 $1,150.00 $1.54 SF $34,500 Two Bedroom 2BR/1BA 54 Units 880 SF 47,520 SF $1,000.93 $1.14 SF $54,050 $1,200.00 $1.36 SF $64,800 $1,250.00 $1.42 SF $67,500 Totals / Wtd. Averages 54 Units 880 SF 47,520 SF $1,000.93 $1.14 SF $54,050 $1,200.00 $1.36 SF $64,800 $1,250.00 $1.42 SF $67,500 Summary One Bedroom 30 Units 747 SF 22,410 SF $949.48 $1.27 $28,484 $1,100.00 $1.47 SF $33,000 $1,150.00 $1.54 SF $34,500 Two Bedroom 54 Units 880 SF 47,520 SF $1,000.93 $1.14 $54,050 $1,200.00 $1.36 SF $64,800 $1,250.00 $1.42 SF $67,500 Totals / Wtd. Averages v 833 SF 69,930 SF $982.56 $1.18 SF $82,535 $1,164.29 $1.40 SF $97,800 $1,214.29 $1.46 SF $102,000 03 SECTION - THE FINANCIALS

UNIT RENTS

UNIT DISTRIBUTION

WOODLAND ACRESfinancials EXPENSE INCOME UNDERWRITING NOTES # NOTE 1 Replacement & Reserves: added based on market norm of $255 per unit per year CURRENT RENT ROLL: AS OF APRIL 30, 2024 INCOME AND EXPENSES: JANUARY 2024 - MARCH 2024 GROSS POTENTIAL RENT % of GPR Per Unit All Units at Market Rent $1,173,600 RR 13,971 $1,224,000 Gain (Loss) to Lease ($181,380) 15.46% (2,159) ($24,480) GROSS SCHEDULED RENT $992,220 RR 11,812 $1,199,520 Utility Charge Inc $1,621 T3 0.16% 19 TOTAL OTHER INCOME $1,621 0.16% 19 GROSS POTENTIAL INCOME $993,841 11,831 $1,201,189 Physical Vacancy $0 0.00% 0 ($59,976) Bad Debt $0 0.00% 0 ($23,990) EFFECTIVE GROSS INCOME $993,841 11,831 $1,201,189 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit 2023 Taxes $54,927 Auditor 5.53% 654 Adjustment for Sale $0 0.00% 0 Total Real Estate Taxes $54,927 5.53% 654 Insurance $34,981 T3 3.52% 416 Utilities Electric & Gas $43,797 T12 4.37% 461 Water & Sewage $67,173 T12 6.70% 707 Trash Removal $11,121 T12 1.11% 117 Utilities $122,091 12.18% 1,285 Electric $7,495 T3 0.75% 89 Water & Sewage $44,344 T3 4.46% 528 Trash Removal $3,215 T3 0.32% 38 Total Utilities $55,055 5.54% 655 Total Non-Controllable $144,964 14.59% 1,726 $207,094 CONTROLLABLE Contract Services Contract Services $0 0.00% 0 Snow Removal $0 0.00% 0 Landscaping/Grounds $1,802 T3 0.18% 21 Pest Control $1,802 0.18% 21 Total Contract Services $1,802 0.18% 21 Repairs & Maintenance $30,226 T3 3.04% 360 Marketing & Promotion $0 0.00% 0 On-Site Payroll $21,602 T3 2.17% 257 Payroll Taxes & Benefits $0 0.00% 0 General & Administrative $11,148 T3 1.12% 133 Management Fee $74,061 T3 7.45% 882 Replacement & Reserves $21,420 Note 1 2.16% 255 Total Controllable $160,260 16.13% 1,908 $245,290 TOTAL EXPENSES $305,224 30.71% 3,634 $452,383 NET OPERATING INCOME $688,617 69.29% 8,198 $664,840 INCOME INCOME EXPENSES
YEAR 1 (RECAPTURE LTL, STABILIZED OCCUPANCY AND OTHER INCOME, NORMALIZED EXPENSES, START RENO) YEAR 2 (...STABILIZED OCCUPANCY, FINISH RENO ON REMAINING UNITS) YEAR 3 (PROJECTED RENT INCREASE AFTER STABILIZATION, RENO) % of GPR Per Unit % of GPR Per Unit % of GPR Per Unit $1,224,000 14,571 $1,260,720 15,009 $1,298,542 15,459 ($24,480) 2.00% (291) ($25,214) 2.00% (300) ($25,971) 2.00% (309) $1,199,520 14,280 $1,235,506 14,708 $1,272,571 15,150 $1,669 0.14% 20 $1,719 0.14% 20 $1,771 0.14% 21 $1,669 0.14% 20 $1,719 0.14% 20 $1,771 0.14% 21 $1,201,189 14,300 $1,237,225 14,729 $1,274,342 15,171 ($59,976) 5.00% (714) ($61,775) 5.00% (735) ($63,629) 5.00% (757) ($23,990) 2.00% (286) ($24,710) 2.00% (294) ($25,451) 2.00% (303) $1,201,189 14,300 $1,237,225 14,729 $1,274,342 15,171 % of EGI % of EGI Per Unit % of EGI $54,927 4.92% 654 $54,927 4.77% 654 $54,927 4.77% 654 $60,310 5.40% 718 $60,310 5.24% 718 $60,310 5.24% 718 $115,238 10.31% 1,372 $115,238 10.01% 1,372 $115,238 10.01% 1,372 $35,700 3.20% 425 $36,414 3.16% 434 $37,142 3.23% 442 $43,797 T12 4.37% 461 $43,797 T12 4.37% 461 $44,673 3.97% 470 $67,173 T12 6.70% 707 $67,173 T12 6.70% 707 $68,517 6.09% 721 $11,121 T12 1.11% 117 $11,121 T12 1.11% 117 $11,343 1.01% 119 $122,091 11.81% 1,285 $122,091 10.85% 1,285 $124,533 11.06% 1,311 $7,645 0.68% 91 $7,798 0.68% 93 $7,954 0.69% 95 $45,231 4.05% 538 $46,136 4.01% 549 $47,059 4.09% 560 $3,280 0.29% 39 $3,345 0.29% 40 $3,412 0.30% 41 $56,156 5.03% 669 $57,279 4.98% 682 $58,425 5.08% 696 $207,094 18.54% 2,465 $208,931 18.16% 2,487 $210,805 18.32% 2,510 $2,940 0.26% 35 $2,999 0.26% 36 $3,059 0.27% 36 $8,400 0.75% 100 $8,568 0.74% 102 $8,739 0.76% 104 $2,940 0.26% 35 $2,999 0.26% 36 $3,059 0.27% 36 $14,280 1.28% 170 $14,566 1.27% 173 $14,857 1.29% 177 $14,280 1.28% 170 $14,566 1.27% 173 $14,857 1.29% 177 $46,200 4.14% 550 $47,124 4.10% 561 $48,066 4.18% 572 $6,300 0.56% 75 $6,426 0.56% 77 $6,555 0.57% 78 $75,600 6.77% 900 $77,112 6.70% 918 $78,654 6.84% 936 $12,600 1.13% 150 $12,852 1.12% 153 $13,109 1.14% 156 $12,600 1.13% 150 $12,852 1.12% 153 $13,109 1.14% 156 $55,861 5.00% 665 $57,537 5.00% 685 $59,263 5.00% 685 $21,848 1.96% 260 $22,285 1.94% 265 $22,731 1.98% 271 $245,290 21.96% 2,920 $250,754 21.79% 2,985 $256,344 22.13% 3,031 $452,383 40.49% 5,386 $459,685 39.95% 5,472 $467,149 40.60% 5,561 $664,840 59.51% 7,915 $691,055 60.05% 8,227 $718,113 62.40% 8,549
T12 T6 T3 YR 1 YR 2 YR 3 YR 4 YR 5 YE APR-2025 YE APR-2026 YE APR-2027 YE MAR-2028 YE MAR-2029 GROSS POTENTIAL RENT All Units at Market Rent $1,173,600 $1,224,000 $1,260,720 $1,298,542 $1,337,498 $1,377,623 $1,418,951 $1,461,520 Gain (Loss) to Lease ($181,380) ($24,480) ($25,214) ($25,971) ($26,750) ($27,552) ($28,379) ($29,230) GROSS SCHEDULED RENT $992,220 $1,199,520 $1,235,506 $1,272,571 $1,310,748 $1,350,070 $1,390,572 $1,432,290 Utility Charge Inc $1,621 $1,669 $1,719 $1,771 $1,806 $1,842 $1,879 $1,917 TOTAL OTHER INCOME $1,621 $1,669 $1,719 $1,771 $1,806 $1,842 $1,879 $1,917 GROSS POTENTIAL INCOME $993,841 $1,201,189 $1,237,225 $1,274,342 $1,312,554 $1,351,913 $1,392,452 $1,434,207 Physical Vacancy $0 ($59,976) ($61,775) ($63,629) ($65,537) ($67,504) ($69,529) ($71,614) Bad Debt $0 ($23,990) ($24,710) ($25,451) ($26,215) ($27,001) ($27,811) ($28,646) EFFECTIVE GROSS INCOME $993,841 $1,117,223 $1,150,740 $1,185,262 $1,220,802 $1,257,408 $1,295,112 $1,333,946 Real Estate Taxes $54,927 $115,238 $115,238 $115,238 $117,542 $119,893 $122,291 $124,737 Insurance $34,981 $35,700 $36,414 $37,142 $37,885 $38,643 $39,416 $40,204 Utilities $55,055 $56,156 $57,279 $58,425 $59,593 $60,785 $62,001 $63,241 Contract Services $1,802 $14,280 $14,566 $14,857 $15,154 $15,457 $15,766 $16,082 Repairs & Maintenance $30,226 $46,200 $47,124 $48,066 $49,028 $50,008 $51,009 $52,029 Marketing & Promotion $0 $6,300 $6,426 $6,555 $6,686 $6,819 $6,956 $7,095 On-Site Payroll $21,602 $75,600 $77,112 $78,654 $80,227 $81,832 $83,469 $85,138 Payroll Taxes & Benefits $0 $12,600 $12,852 $13,109 $13,371 $13,639 $13,911 $14,190 General & Administrative $11,148 $12,600 $12,852 $13,109 $13,371 $13,639 $13,911 $14,190 Management Fee $74,061 $55,861 $57,537 $59,263 $61,040 $62,870 $64,756 $66,697 Replacement & Reserves $21,420 $21,848 $22,285 $22,731 $23,186 $23,649 $24,122 $24,605 TOTAL EXPENSES $305,224 $452,383 $459,685 $467,149 $477,084 $487,235 $497,608 $508,206 NET OPERATING INCOME $688,617 $664,840 $691,055 $718,113 $743,718 $770,173 $797,504 $825,740 INCOME EXPENSE WOODLAND ACRESfinancials
Tax Breakdown Property Address Parcel ID Year Built Acres Market Value Assessed Value Tax Rate Taxes Payable Cardinal Way 10-16-0073-00000000 1988 0.93 $1,013,800 $608,280 0.015911 $16,131.06 Cardinal Way 10-16-0048-00000000 1988 4.81 $2,439,500 $1,463,700 0.015903 $38,796.43 Total 5.74 $3,453,300 $2,071,980 $54,927.49
CASH FLOW

INCOME

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2
Gross Potential Rent 24.16% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 13.58% 13.58% 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** 5.00% 5.00% 5.00% 5.00% 5.00% CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T12 T6 T3 YR 1 YR 2 Physical Vacancy 13.11% 11.64% 5.00% 5.00% 5.00% Non-Revenue Units 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 0.00% 0.00% 1.00% 1.00% 1.00% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 13.11% 11.64% 6.00% 6.00% 6.00%

WOODLAND ACRES

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