Meadow Grove & Orchard Grove
UNITS
40
| DAYTON, OH
EXCLUSIVELY LISTED BY MICHAEL S. BARRON Executive Managing Director (216) 264-2016 mbarron@ipausa.com CHARLES R. GAGLIANO First Vice President Investments (216) 264-2022 cgagliano@marcusmillichap.com WILLIAM P. KOONTZ First Vice President Investments (216) 264-2033 wkoontz@marcusmillichap.com JORDAN DICKMAN First Vice President Investments (513) 878-7735 jdickman@marcusmillichap.com NICK ANDREWS First Vice President Investments (513) 878-7741 nandrews@marcusmillichap.com DANIEL J. BURKONS Executive Managing Director (216) 264-2018 dburkons@ipausa.com JOSHUA L. WINTERMUTE Executive Director (216) 264-2028 jwintermute@ipausa.com AUSTIN SUM Senior Associate (513) 878-7747 asum@marcusmillichap.com
DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. © 2021 Marcus & Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making analyses, and decision-making.
Meadow Grove
Meadow Grove
Orchard Grove
TABLE OF CONTENTS
11 EXECUTIVE SUMMARY 25 PROPERTY DESCRIPTION 35 FINANCIAL ANALYSIS 43 RENT COMPARABLES 55 MARKET OVERVIEW
EXECUTIVE SUMMARY
Units 40 Year Built 1965 Average Unit Size 898 SF Current Occupancy 83% In-Place Average Rent $726 ($0.81/SF) Market Average Rent $812 ($0.90/SF) MEADOW GROVE & ORCHARD GROVE 7835, 7837 & 7919 N MAIN STREET, DAYTON, OH 45515 NO. OF AVERAGE IN-PLACE IN-PLACE MARKET MARKET UNIT TYPE UNITS UNIT SF AVERAGE RENT RENT/SF RENT RENT/SF 1 BD / 1 BA 1 570 $650 $1.14 $675 $1.18 2 BD / 1 BA 33 869 $712 $0.82 $800 $0.92 3 BD / 2 BA 6 1,113 $815 $0.73 $900 $0.81 TOTALS/AVERAGES 40 898 $726 $0.81 $812 $0.90 12 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
OFFERING SUMMARY
13 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
Meadow Grove & Orchard Grove
INVESTMENT HIGHLIGHTS
• Owned and self-managed by West Coast based private investor
• In-Place rents $150+ below competing properties
• Additional upside through maintaining market occupancy
• Nearly all 2 and 3 bedroom units
• 10 minutes to Kettering Health Campus
• 15 minutes to Miami Valley Hospital
• 15 minutes to University of Dayton and Downtown Dayton
• 20 minutes to Wright-Patterson Air Force Base
14 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
The University of Dayton is a higher education institution located in Montgomery County, OH that offers about 80 undergraduate and more than 50 graduate majors with an enrollment of approximately 11,650 students.
1,395+ STAFF MEMBERS
8,637+ UNDERGRADUATES
3,334+ POSTGRADUATES
16 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
903+ EMPLOYEES
8,036+ UNDERGRADUTES
2,132+ POSTGRADUATES
18 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
2,500+ EMPLOYEES
8,245+ FULL-TIME STUDENTS
18,697+ TOTAL STUDENTS
19 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
12,000+ EMPLOYEES
2,100+ PHYSICIANS
403+ BEDS
20 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
7,354+ EMPLOYEES
1,165+ PHYSICIANS
1,111+ BEDS
21 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
MIAMI VALLEY HOSPITAL CAMPUS
WRIGHT-PATTERSON AIR FORCE BASE
With over 30,000 employees, including military, civilian and contractors, Wright-Patterson is the largest single site employer in the state of Ohio with an economic impact of $4.2 billion per year. The base covers more than 8,000 acres of land (12.5 square miles) and provides operational support for more than 100 associate units located at Wright-Patterson. There are two runways, supporting an average of 47,000 aircraft operations every year.
30,000+ EMPLOYEES
8,000+ ACRES
$4.2 BILLON ANNUAL REVENUE
22 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
23 MEADOW GROVE & ORCHARD GROVE | EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
Foundation Concrete Slab Framing Wood Exterior Brick Roof Type/Material Flat Rubber Parking Surface Asphalt MECHANICAL HVAC System Electric & Gas Hot Water Tanks Electric & Gas Wiring Copper Plumbing Copper Fire Protection Smoke Detectors PARKING Surface Spaces 36 Parking Ratio 1.1 Ratio SITE DESCRIPTION Address 7919 & 7837 N Main Street, Dayton, OH 45515 Units 40 Year Built 1963 & 1969 Buildings 2 Stories 2 & 3 Appx. Site Size +/- Acres REAL ESTATE TAXES Parcel Number M60-03210-0048 M60-03210-0292 County Montgomery School District Northmount CSD Net Effective Tax Rate 3.41%
MEADOW GROVE & ORCHARD GROVE | PROPERTY DESCRIPTION 26
CONSTRUCTION
PROPERTY DETAILS
UTILITIES
ADDITIONAL
Electric Tenant Pays Gas Tenant Pays Water/Sewer Owner Pays Trash Removal Owner Pays
Security Deposit 1 Month Rent Short Term Lease Premium $100 Per Month Pet Deposit $250 Pet Fee $25 - $35 Per Month Application Fee $35 Lease Termination Fee 3 Months Rent
MEADOW GROVE & ORCHARD GROVE | PROPERTY DESCRIPTION 27
FEES & CHARGES
Property Details
SITE MAP
NMain Street
Meadow Grove
Orchard Grove
MEADOW GROVE & ORCHARD GROVE | PROPERTY DESCRIPTION 32
Meadow Grove
Meadow Grove
Meadow Grove
Orchard Grove
FINANCIAL ANALYSIS
No. of % of Units Units Average Rent Rent / SF Rent / Month Rent / Unit Rent / SF Rent / Month Rent / Unit Rent / Month % 1 BD / 1 BA 1 2.5% 570 570 $650 - $650 $650 $1.14 $650 $675 $1.18 $675 ($25) ($25) -3.7% 2 BD / 1 BA 33 82.5% 869 28,677 $540 - $800 $712 $0.82 $24,025 $800 $0.92 $26,400 ($88) ($2,903) -11.0% 3 BD / 2 BA 6 15.0% 1,113 6,678 $675 - $850 $815 $0.73 $4,975 $900 $0.81 $5,400 ($85) ($510) -9.4% Total / Average 40 100.0% 898 35,925 $726 $0.81 $29,650 $812 $0.90 $32,475 ($86) ($3,438) -10.6% Unit Status Count Percent Occupied 33 82.5% Vacant 7 17.5% Total 40 100% Based on Rent Roll Dated: October 1, 2022 Rent Range / Unit In-Place Rents Unit Type EOY 1 Market Rents Loss-to-Lease Unit SF Total SF 1 BD / 1 BA 2% 2 BD / 1 BA 83% 3 BD / 2 BA 15% $650 $712 $815 $1.14 $0.82 $0.73 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 1 BD / 1 BA 2 BD / 1 BA 3 BD / 2 BA Average Rent Rent / SF
MEADOW GROVE & ORCHARD GROVE | FINANCIAL ANALYSIS 36
UNIT MIX & RENT ROLL SUMMARY
TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH TOTAL PER UNIT PER MONTH Total Rental Income $200,731 $5,018 $16,728 $234,310 $5,858 $19,526 $263,693 $6,592 $21,974 $287,400 $7,185 $23,950 $318,788 $7,970 $26,566 Total Other Income $15,335 $383 $1,278 $23,384 $585 $1,949 $27,846 $696 $2,320 $15,335 $383 $1,278 $20,717 $518 $1,726 Effective Gross Income $216,066 $5,402 $18,006 $257,695 $6,442 $21,475 $291,539 $7,288 $24,295 $302,735 $7,568 $25,228 $339,506 $8,488 $28,292 Non-Controllable Real Estate Taxes $16,681 $417 $1,390 $16,681 $417 $1,390 $16,681 $417 $1,390 $16,681 $417 $1,390 $16,729 $418 $1,394 Insurance $9,617 $240 $801 $9,617 $240 $801 $9,617 $240 $801 $9,617 $240 $801 $9,617 $240 $801 Gas $6,526 $163 $544 $6,526 $163 $544 $6,526 $163 $544 $6,526 $163 $544 $6,526 $163 $544 Electric $8,410 $210 $701 $8,410 $210 $701 $8,410 $210 $701 $8,410 $210 $701 $8,410 $210 $701 Water & Sewer $16,139 $403 $1,345 $16,139 $403 $1,345 $16,139 $403 $1,345 $16,139 $403 $1,345 $16,139 $403 $1,345 Total Non-Controllable $57,372 $1,434 $4,781 $57,372 $1,434 $4,781 $57,372 $1,434 $4,781 $57,372 $1,434 $4,781 $57,420 $1,436 $4,785 Controllable Payroll & Benefits $70,309 $1,758 $5,859 $70,309 $1,758 $5,859 $70,309 $1,758 $5,859 $70,309 $1,758 $5,859 $36,000 $900 $3,000 Landscape & Snow Removal $21,703 $543 $1,809 $21,703 $543 $1,809 $21,703 $543 $1,809 $21,703 $543 $1,809 $15,000 $375 $1,250 Trash Removal $7,874 $197 $656 $7,874 $197 $656 $7,874 $197 $656 $7,874 $197 $656 $7,874 $197 $656 Repairs & Maintenance $51,638 $1,291 $4,303 $51,638 $1,291 $4,303 $51,638 $1,291 $4,303 $51,638 $1,291 $4,303 $12,000 $300 $1,000 Unit Turnover $38,331 $958 $3,194 $38,331 $958 $3,194 $38,331 $958 $3,194 $38,331 $958 $3,194 $10,000 $250 $833 General & Administrative $8,505 $213 $709 $8,505 $213 $709 $8,505 $213 $709 $8,505 $213 $709 $8,505 $213 $709 Management Fee $20,310 $508 $1,693 $24,223 $606 $2,019 $27,405 $685 $2,284 $28,457 $711 $2,371 $16,975 $424 $1,415 Total Controllable Expenses $218,669 $5,467 $18,222 $222,582 $5,565 $18,549 $225,763 $5,644 $18,814 $226,816 $5,670 $18,901 $110,553 $2,764 $9,213 Reserves for Replacements $30,276 $757 $2,523 $30,276 $757 $2,523 $30,276 $757 $2,523 $30,276 $757 $2,523 $10,000 $250 $833 Total Operating Expenses $306,317 $7,658 $25,526 $310,230 $7,756 $25,853 $313,412 $7,835 $26,118 $314,464 $7,862 $26,205 $177,974 $4,449 $14,831 Net Operating Income -$90,251 -$2,256 -$7,521 -$52,535 -$1,313 -$4,378 -$21,872 -$547 -$1,823 -$11,729 -$293 -$977 $161,532 $4,038 $13,461 RENT ROLL ANNUALIZED EOY 1 PRO FORMA INCOME EXPENSES OCT/2021 - SEP/2022 T3 APR/2022 - SEP/2022 JUL/2022 - SEP/2022 10/1/2022 T12 T6
MEADOW GROVE & ORCHARD GROVE | FINANCIAL ANALYSIS 37
COMPARISON OF HISTORICAL OPERATIONS & PRO FORMA
END-OF-YEAR-ONE INCOME
FOOTNOTES:
1. All units rented at market rent.
2. The difference between current rents as of October 1, 2022 and market rents for all units.
3. Based on 2.50% of All Units at Market.
4. Based on 10.00% of Gross Potential Rent. The current vacancy as of the October 1, 2022 rent roll is 17.50%.
5. Based on 1.00% of Gross Potential Rent.
6. Based on the September 2022 TTM (Oct ‘21 - Sep ‘22) operations.
7. Calculated based on $12 per unit, per month.
INCOME MONTHLY ANNUAL PER UNIT PER SF % OF GPR All Units at Market $32,475 $389,700 $9,743 $10.85 100.00% 1 Loss-to-Lease ($3,438) ($41,253) ($1,031) ($1.15) -10.59% 2 Gain-to-Lease $812 $9,743 $244 $0.27 2.50% 3 Gross Potential Rent $29,849 $358,189 $8,955 $9.97 91.91% Economic Losses Vacancy ($2,985) ($35,819) ($895) ($1.00) -10.00% 4 Bad Debt & Collections ($298) ($3,582) ($90) ($0.10) -1.00% 5 Total Economic Losses ($3,283) ($39,401) ($985) ($1.10) -11.00% Net Rental Income $26,566 $318,788 $7,970 $8.87 89.00% Other Income Cleaning & Damage Charges $89 $1,065 $27 $0.03 0.30% 6 Late & NSF Fees $83 $990 $25 $0.03 0.28% 6 Laundry Income $480 $5,760 $144 $0.16 1.61% 7 Utility Reimbursements $703 $8,438 $211 $0.23 2.36% 6 Miscellaneous Income $372 $4,464 $112 $0.12 1.25% 6 Total Other Income $1,726 $20,717 $518 $0.58 5.78% Effective Gross Income $28,292 $339,506 $8,488 $9.45 94.78%
MEADOW GROVE & ORCHARD GROVE | FINANCIAL ANALYSIS 38
FOOTNOTES:
1. Based on the current taxes for EOY 1 and a 100% increase for EOY 2. The current 2021 County Auditor’s valuation is $466,710 and the current net effective rate is 3.41% plus $813.43 in assessments.
2. Based on the September 2022 TTM (Oct ‘21 - Sep ‘22) operations.
3. Calculated based on $900 per unit, per year.
4. Calculated based on $1,250 per month.
5. Calculated based on $300 per unit, per year.
6. Calculated based on $250 per unit, per year.
7. Calculated based on $350 per month.
END-OF-YEAR-ONE EXPENSES
8. Based on 5.00% of Effective Gross Income.
9. Based on $250 per unit, per year.
EXPENSES MONTHLY ANNUAL PER UNIT PER SF % OF EGI Non-Controllable Expenses Real Estate Taxes $1,394 $16,729 $418 $0.47 4.93% 1 Insurance $801 $9,617 $240 $0.27 2.83% 2 Gas $544 $6,526 $163 $0.18 1.92% 2 Electric $701 $8,410 $210 $0.23 2.48% 2 Water & Sewer $1,345 $16,139 $403 $0.45 4.75% 2 Total Non-Controllable Expenses $4,785 $57,420 $1,436 $1.60 16.91% Controllable Expenses Payroll & Benefits $3,000 $36,000 $900 $1.00 10.60% 3 Landscape & Snow Removal $1,250 $15,000 $375 $0.42 4.42% 4 Trash Removal $656 $7,874 $197 $0.22 2.32% 2 Repairs & Maintenance $1,000 $12,000 $300 $0.33 3.53% 5 Unit Turnover $833 $10,000 $250 $0.28 2.95% 6 General & Administrative $709 $8,505 $213 $0.24 2.50% 2 Advertising & Promotion $350 $4,200 $105 $0.12 1.24% 7 Management Fee $1,415 $16,975 $424 $0.47 5.00% 8 Total Controllable Expenses $9,213 $110,553 $2,764 $3.08 32.56% Reserves for Replacements $833 $10,000 $250 $0.28 2.95% 9 Total Operating Expenses $14,831 $177,974 $4,449 $4.95 52.42% Net Operating Income $13,461 $161,532 $4,038 $4.50 47.58%
MEADOW GROVE & ORCHARD GROVE | FINANCIAL ANALYSIS 39
CASH FLOW ANALYSIS
EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8 EOY 9 EOY 10 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Dec-2030 Dec-2031 Dec-2032 INCOME All Units at Market $389,700 $401,391 $413,433 $425,836 $438,611 $451,769 $465,322 $479,282 $493,660 $508,470 Loss-to-Lease ($41,253) ($32,456) ($23,094) ($23,787) ($24,500) ($25,235) ($25,993) ($26,772) ($27,575) ($28,403) Gain-to-Lease $9,743 $10,035 $0 $0 $0 $0 $0 $0 $0 $0 Gross Potential Rent $358,189 $378,970 $390,339 $402,049 $414,110 $426,534 $439,330 $452,510 $466,085 $480,067 Economic Losses Vacancy ($35,819) ($18,948) ($19,517) ($20,102) ($20,706) ($21,327) ($21,966) ($22,625) ($23,304) ($24,003) Bad Debt & Collections ($3,582) ($3,790) ($3,903) ($4,020) ($4,141) ($4,265) ($4,393) ($4,525) ($4,661) ($4,801) Total Economic Losses ($39,401) ($22,738) ($23,420) ($24,123) ($24,847) ($25,592) ($26,360) ($27,151) ($27,965) ($28,804) Net Rental Income $318,788 $356,231 $366,918 $377,926 $389,264 $400,942 $412,970 $425,359 $438,120 $451,263 Other Income Cleaning & Damage Charges $1,065 $1,097 $1,130 $1,164 $1,199 $1,235 $1,272 $1,310 $1,349 $1,390 Late & NSF Fees $990 $1,020 $1,050 $1,082 $1,114 $1,148 $1,182 $1,218 $1,254 $1,292 Laundry Income $5,760 $5,933 $6,111 $6,294 $6,483 $6,677 $6,878 $7,084 $7,297 $7,515 Utility Reimbursements $8,438 $8,691 $8,952 $9,220 $9,497 $9,782 $10,075 $10,377 $10,689 $11,009 Miscellaneous Income $4,464 $4,598 $4,736 $4,878 $5,024 $5,175 $5,330 $5,490 $5,655 $5,825 Total Other Income $20,717 $21,339 $21,979 $22,638 $23,317 $24,017 $24,737 $25,480 $26,244 $27,031 Effective Gross Income $339,506 $377,570 $388,897 $400,564 $412,581 $424,959 $437,707 $450,839 $464,364 $478,295 Average Rent $746 $790 $813 $838 $863 $889 $915 $943 $971 $1,000 Effective Gross Income Per Unit $8,488 $9,439 $9,722 $10,014 $10,315 $10,624 $10,943 $11,271 $11,609 $11,957 EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8 EOY 9 EOY 10 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Dec-2030 Dec-2031 Dec-2032 EXPENSES Non-Controllable Expenses Real Estate Taxes $16,729 $32,644 $33,623 $34,632 $35,671 $36,741 $37,843 $38,979 $40,148 $41,353 Insurance $9,617 $9,906 $10,203 $10,509 $10,824 $11,149 $11,483 $11,828 $12,183 $12,548 Gas $6,526 $6,722 $6,924 $7,131 $7,345 $7,566 $7,793 $8,026 $8,267 $8,515 Electric $8,410 $8,662 $8,922 $9,189 $9,465 $9,749 $10,041 $10,343 $10,653 $10,972 Water & Sewer $16,139 $16,623 $17,121 $17,635 $18,164 $18,709 $19,270 $19,848 $20,444 $21,057 Total Non-Controllable Expenses $57,420 $74,556 $76,793 $79,097 $81,470 $83,914 $86,431 $89,024 $91,695 $94,446 Controllable Expenses Payroll & Benefits $36,000 $37,080 $38,192 $39,338 $40,518 $41,734 $42,986 $44,275 $45,604 $46,972 Landscape & Snow Removal $15,000 $15,450 $15,914 $16,391 $16,883 $17,389 $17,911 $18,448 $19,002 $19,572 Trash Removal $7,874 $8,110 $8,353 $8,604 $8,862 $9,128 $9,402 $9,684 $9,974 $10,273 Repairs & Maintenance $12,000 $12,360 $12,731 $13,113 $13,506 $13,911 $14,329 $14,758 $15,201 $15,657 Unit Turnover $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 General & Administrative $8,505 $8,760 $9,022 $9,293 $9,572 $9,859 $10,155 $10,460 $10,773 $11,097 Advertising & Promotion $4,200 $4,326 $4,456 $4,589 $4,727 $4,869 $5,015 $5,165 $5,320 $5,480 Management Fee $16,975 $18,879 $19,445 $20,028 $20,629 $21,248 $21,885 $22,542 $23,218 $23,915 Total Controllable Expenses $110,553 $115,264 $118,722 $122,284 $125,952 $129,731 $133,623 $137,631 $141,760 $146,013 Reserves for Replacements $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 Total Operating Expenses $177,974 $199,820 $205,515 $211,380 $217,422 $223,644 $230,054 $236,655 $243,455 $250,459 Operating Expenses Per Unit $4,449 $4,996 $5,138 $5,285 $5,436 $5,591 $5,751 $5,916 $6,086 $6,261 Net Operating Income $161,532 $177,750 $183,382 $189,184 $195,159 $201,314 $207,654 $214,183 $220,909 $227,836 NOI Per Unit $4,038 $4,444 $4,585 $4,730 $4,879 $5,033 $5,191 $5,355 $5,523 $5,696
MEADOW GROVE & ORCHARD GROVE | FINANCIAL ANALYSIS 40
10-YEAR
RENT COMPARABLES
ORCHARD
RIVER’S EDGE WAYNEDALE CIRCLE MEADOWS OF CATALPA BROWNSTONE COUNTRY BROOKE FOUNTAINHEAD 1 1 2 2 4 4 3 3 5 5 6 6 RENT COMPARABLES
MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 44
MEADOW GROVE &
GROVE
MAP
836 Average SF
$846 Average Rent $1.01 Average Rent/SF
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT OCCUPANCY UNIT SIZE RENT RENT/SF RIVER’S EDGE 274 1964 93.8% 861 SF $1,012 $1.17 WAYNEDALE CIRCLE 76 1980 98.7% 872 SF $999 $1.15 MEADOWS OF CATALPA 323 1971 95.8% 842 SF $874 $1.04 MEADOW GROVE (IN-PLACE) 40 1965 82.5% 898 SF $726 $0.81 BROWNSTONE 258 1966 98.8% 851 SF $709 $0.83 COUNTRY BROOKE 108 1968 96.0% 828 SF $694 $0.84 FOUNTAINHEAD 90 1967 94.4% 681 SF $684 $1.00
RENT COMPARABLES SUMMARY
MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 45
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT UNIT SIZE RENT RENT/SF RIVER’S EDGE 120 1964 731 SF $874 $1.20 MEADOWS OF CATALPA 175 1971 682 SF $802 $1.18 BROWNSTONE 96 1966 650 SF $650 $1.00 MEADOW GROVE & ORCHARD GROVE (IN-PLACE) 1 1965 570 SF $650 $1.14 FOUNTAINHEAD 43 1967 583 SF $614 $1.05 COUNTRY BROOKE 6 1968 450 SF $595 $1.32
675 Average SF $767 Average Rent $1.14 Average Rent/SF MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 46
RENT COMPARABLES - 1 BD / 1 BA
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT UNIT SIZE RENT RENT/SF RIVER’S EDGE 114 1964 872 SF $1,039 $1.19 WAYNEDALE CIRCLE 76 1980 872 SF $999 $1.15 MEADOWS OF CATALPA 148 1971 1,030 SF $958 $0.93 FOUNTAINHEAD 47 1967 772 SF $748 $0.97 BROWNSTONE 148 1966 957 SF $735 $0.77 MEADOW GROVE & ORCHARD GROVE (IN-PLACE) 33 1965 869 SF $712 $0.82 COUNTRY BROOKE 102 1968 850 SF $700 $0.82 918 Average SF $868 Average Rent $0.95 Average Rent/SF RENT COMPARABLES - 2BD MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 47
UTILITIES & FEES / CHARGES COMPARISONS
MEADOW GROVE & ORCHARD GROVE BROWNSTONE COUNTRY BROOKE RIVER'S EDGE
MEADOWS OF CATALPA FOUNTAINHEAD
UTILITIES* Gas Tenant Owner Owner Tenant Tenant Owner Tenant Electric Tenant Tenant Tenant Tenant Tenant Tenant Tenant Water & Sewer Owner Owner Owner Tenant Owner Owner Tenant Trash Removal Owner Owner Owner Owner Owner Owner Tenant
WAYNEDALE CIRCLE
MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 48
MEADOW GROVE & ORCHARD GROVE
7835, 7837 & 7919 N Main Street, Dayton, OH 45515
40 1965 83%
274 1964 94%
RIVER’S EDGE 4339 Riverside Drive, Dayton, OH 45405 1
YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 120 624 - 837 $849 - $899 $1.20 2 BD / 1 BA 40 750 $999 $1.33 2 BD / 1 BA TWNH 19 870 $1,049 $1.21 2 BD / 1 BA TWNH 9 950 $1,079 $1.14 2 BD / 1 BA 9 961 $1,049 $1.09 2 BD / 1 BA 19 971 $1,049 $1.08 2 BD / 1.5 BA TWNH 18 958 $1,079 $1.13 3 BD / 2 BA 40 1,224 $1,349 $1.10 TOTAL/AVERAGES 274 861 $1,012 $1.17
UNITS
YEARS BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 1 570 $650 $1.14 2 BD / 1 BA 33 869 $712 $0.82 3 BD / 2 BA 6 1,113 $815 $0.73 TOTAL/AVERAGES 40 898 $726 $0.81 RENT COMPARABLES MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 49
UNITS
RENT COMPARABLES
WAYNEDALE CIRCLE
4502 Waynedale Circle, Dayton, OH 45424
MEADOWS OF CATALPA
99%
323 1971 96%
2
UNIT TYPE UNITS SF CURRENT RENT RENT/SF STUDIO 5 570 $725 - $735 $1.28 1 BD / 1 BA 18 770 $760 - $795 $1.01 2 BD/ 1 BA 18 1,100 $930 $0.85 2 BD/ 1.5 BA 60 1,182 $920 - $1,050 $0.83 2 BD/ 2 BA 19 1,240 $1,075 $0.87 3 BD / 2 BA 10 1,380 $1,260 - $1,420 $0.97 TOTAL/AVERAGES 130 1,114 $979 $0.88
76 1980
UNITS YEAR BUILT OCCUPANCY
4001 Indian Runn Drive, Dayton, OH 45415 3
UNITS YEAR
UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 44 637 $775 $1.22 1 BD / 1 BA 24 639 $775 $1.21 1 BD / 1 BA 74 676 $825 $1.22 1 BD / 1 BA 22 720 $775 $1.08 1 BD / 1 BA 11 920 $875 $0.95 2 BD / 1 BA 12 837 $925 $1.11 2 BD / 1 BA 21 920 $925 $1.01 2 BD / 1 BA 17 964 $925 $0.96 2 BD / 2 BA 8 929 $975 $1.05 2 BD / 2 BA 24 1,012 $975 $0.96 2 BD / 2 BA 44 1,100 $975 $0.89 2 BD / 2.5 BA 22 1,210 $975 $0.81 TOTAL/AVERAGES 323 842 $874 $1.04 MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 50
BUILT OCCUPANCY
258
BROWNSTONE
Jewelstone Drive, Dayton, OH 45414 4
3081
1966
YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 96 650 $650 $1.00 2 BD / 1 BA 18 800 $675 $0.84 2 BD / 1 BA 18 850 $700 $0.82 2 BD / 1 BA TWNH 112 1,000 $750 $0.75 3 BD / 1 BA TWNH 14 1,100 $850 $0.77 TOTAL/AVERAGES 258 851 $709 $0.83 COUNTRY BROOKE 2980 Stop Eight Road, Dayton, OH 45414 5
99% UNITS
BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 6 450 $595 $1.32 2 BD / 1 BA 102 850 $700 $0.82 TOTAL/AVERAGES 108 828 $694 $0.84 RENT COMPARABLES MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 51
108 1968 96% UNITS YEAR
RENT COMPARABLES
FOUNTAINHEAD
5610 N Main Street, Dayton, OH 45415
90 1967 94% UNITS YEAR BUILT OCCUPANCY
UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 43 550 - 615 $614 $1.05 2 BD / 1 BA 23 717 $698 $0.97 2 BD / 1 BA 24 824 $795 $0.96 TOTAL/AVERAGES 90 681 $684 $1.00 6
MEADOW GROVE & ORCHARD GROVE | RENT COMPARABLES 52
MARKET OVERVIEW
CINCINNATI / DAYTON, OH BY THE NUMBERS
2.2M POPULATION
38 MEDIAN AGE
$67,000 MEDIAN HOUSEHOLD INCOME 32% BACHELORS DEGREE OR HIGHER 6
FORTUNE 500 HEADQUARTERS
MEADOW GROVE & ORCHARD GROVE | MARKET OVERVIEW 56
MEADOW GROVE & ORCHARD GROVE | MARKET OVERVIEW 57
STRONG, DIVERSE EMPLOYMENT BASE
16,000+ Employees
634+ Beds
1,011+ Doctors
MEADOW GROVE & ORCHARD GROVE | MARKET OVERVIEW 58
12,000+ Employees
360+ Beds
20,000+ Employees
Headquarters
Fortune 500
MEADOW GROVE & ORCHARD GROVE
MARKET OVERVIEW 59
|
TOP 10 CINCINNATI EMPLOYERS
6 10 FORTUNE 500 COMPANIES FORTUNE 1000 COMPANIES
COMPANY INDUSTRY EMPLOYEES THE KROGER CO * RETAIL 21,000+ UNIVERSITY OF CINCINNATI EDUCATION 16,000+ CINCINNATI CHILDREN’S HOSPITAL HEALTHCARE 15,000+ CINCINNATI/KY INT’L AIRPORT PUBLIC AIRPORT 15,000+ TRIHEALTH INC HEALTHCARE 12,000+ UC HEALTH HEALTHCARE 11,000+ GENERAL ELECTRIC * AVIATION 10,500+ MERCY HEALTH HEALTHCARE 10,000+ PROCTER & GAMBLE * CONSUMER GOODS 10,000+ ST. ELIZABETH HEALTHCARE HEALTHCARE 8,400+ *Fortune 500 Company
MEADOW GROVE & ORCHARD GROVE | MARKET OVERVIEW 60
FORTUNE 500 COMPANIES
HQ BASED IN CINCINNATI
Source:: https://fortune.com/fortune500/
#21 ($137.8B)
#415 ($8.3B)
#47 ($76B)
#454 ($7.5B)
#372 ($9.4B)
#470 ($7.1B)
MEADOW GROVE & ORCHARD GROVE | MARKET OVERVIEW 61
AUSTIN SUM Senior Associate (513) 878-7747 asum@marcusmillichap.com MICHAEL S. BARRON Executive Managing Director (216) 264-2016 mbarron@ipausa.com EXCLUSIVELY LISTED BY WILLIAM P. KOONTZ First Vice President Investments (216) 264-2033 wkoontz@marcusmillichap.com DANIEL J. BURKONS Executive Managing Director (216) 264-2018 dburkons@ipausa.com JOSHUA L. WINTERMUTE Executive Director (216) 264-2028 jwintermute@ipausa.com CHARLES R. GAGLIANO First Vice President Investments (216) 264-2022 cgagliano@marcusmillichap.com JORDAN DICKMAN First Vice President Investments (513) 878-7735 jdickman@marcusmillichap.com NICK ANDREWS First Vice President Investments (513) 878-7741 nandrews@marcusmillichap.com
