PINE TREE VILLAGE
2023 3170 MELISSA PLACE, COLUMBUS, OHIO
GLOBAL REACH, LOCAL EXPERTISE
$86.3B VA L U E O F R E C E N T LY C L O S E D T R A N S A C T I O N S
12,272 CLOSED SALES IN MOST RECENT YEAR
DAY TO N
$12.8B
C I N C I N N AT I
T O TA L VA L U E O F R E C E N T L I S T I N G S
2,143
LOUISVILLE
LEXINGTON
CLOSED FINANCINGS IN MOST RECENT YEARS
CALABASAS, CALIFORNIA | HQ
80+ | OFFICES
2,500 | EMPLOYEES
YOUR TEAM
C O R P O R AT E S U P P O R T
J O RDAN DICK M A N F I R S T VIC E PR ES I D E N T S D I RE CT O R, N M HG
L I Z P OP P MI DW E S T OP E R A TI ON S MA NAGER
NIC K ANDREWS F I R S T VIC E PR ES I D E N T S D I RE CT O R, N M HG
J OS H C A R U A N A V I C E P R E S I DE N T R E G I ON A L MA N A G E R I N DI A N A P OL I S | C I N C I N N A TI | L O UISVIL L E | S T L O UIS | K ANS AS CITY
AUS T IN SUM S ENIO R INVESTME N T A SSO CI A T E B RI A N JOHNST O N INVESTM ENT ASSO CI A T E AUS T IN Hall INVESTM ENT ASSO CI A T E AL D E N SIMM S INVESTM ENT ASSO CI A T E
J OH N SE B R E E S E N I OR V I C E P R E S I DE N T N A T I ON A L DI R E C T OR N A T I ON A L MULTI H OUS I N G GR O UP MI C H A E L G L A S S S E N I OR V I C E P R E S I DE N T MI DW E S T DI V I S I ON MA N A GER N A T I ON A L DI R E C T OR , MA N UFACTUR ED HO M E CO M M UNITIES GR O UP
BROKER SUPPORT S AM PET ROSino VA L UATIO N & R E S E A RCH
B R I TTA N Y C A MP B E L L- KOC H DI R E C TOR OF OP E R A T I ON S
B RETT MART IN INT ER NAL AC CO UN TA N T
A L E X PA PA MA R K E TI N G C OOR DI N A TOR
LIMITLESS
GEOGRAPHIC BOUNDARIES Through the synergy of our closely-knit team, our expansive proprietary platform, and a far-reaching national network, we possess the innate ability to seamlessly facilitate the fluid movement of capital across the entire expanse of the country. What sets us apart is not just our technological prowess, but the collaborative ethos that infuses every facet of our operation. At the heart of our success lies a culture of collaboration, where diverse minds converge to formulate innovative solutions. This, coupled with our cutting-edge technological infrastructure, propels us to the forefront of the industry. But what truly underpins our efficiency is a time-tested methodology that has consistently yielded remarkable results. One of our core competencies is the art of precision in buyer-seller matching. Whether the focus is on a regional or national scale, our processes are adept at seamlessly aligning buyers with sellers in a manner that goes beyond mere transactions. This approach ensures that your success is
INBOUND / OUTBOUND $2.1B- MW. OUTBOUND $3.8B- MW. INBOUND $9.2BB- W. OUTBOUND $1.6B- W. INBOUND $3.1B- S. OUTBOUND $7.8B- S. INBOUND $1.8B- TX/OK OUTBOUND $6.4B- TX/OK INBOUND $6.4B- NE. OUTBOUND $1.4B- NE. INBOUND $3.3B- MOUNTAIN OUTBOUND $5.0B- MOUNTAIN INBOUND
#1 U.S. brokerage in number of transactions 1031 EXCHANGE LEADER
Marcus & Millichap is the premier commercial real estate investment services firm in the United States. Founded in 1971 with a unique model that matches each property with the largest pool of pre-qualified investors, we leverage nearly five decades of experience and relationships to handle all your commercial real estate needs. Our team of more than 2,000 professionals in the United States and Canada focuses exclusively on real estate investment sales, financing, research and advisory services.
13,255 Transactions In most recent year
6.74
Transactions closed Every Business Hour
We Execute More Tax-Deferred Exchanges Than Any Other Firm In The United States (32% Of Total Transactions), And Our Market Share Is A Direct Benefit To Clients. Over The Years, We Have Developed The Skills And Expertise To Maximize Value And Meet Sensitive Timelines Required In A 1031 Exchange. With Billions Of Dollars Of Commercial Real Estate Exclusively Listed With Us At Any Time, Motivated Exchange Buyers Seek Out Marcus & Millichap For Quality Investment Opportunities. Through Our Industry-Leading Inventory, We Deliver The Best Of Both Worlds – We Maximize The Value Of Your Asset Through Our Unparalleled Marketing. We Then Help Identify Appropriate Upleg Options To Execute A Successful Tax Deferral Acquisition.
M O V I N G C A P I TA L . M A X I M I Z I N G VA L U E .
L E A D I N G
N AT I O N A L
P L AT F O R M
cl ie nt s r epr e sent e d
2014 2015 2016 2017 2018
2024
2019 2020 2021 2022 2023
10 YEARS EXPERIENCE
$1.65B 20k+ CAREER CLOSED
CAREER UNITS CLOSED
NOTEWORTHY DEALS WYNDGATE 240
UNITS CLOSING PRICE CITY
$12M DAYTON, OH
UNION HILL 100
UNITS
$7.150M DAYTON,OH
CLOSING PRICE CITY
BURLINGTON OAKS 240
UNITS CLOSING PRICE CITY
$30.5M CINCINNATI, OH
VIEWS OF MT. AIRY UNITS CLOSING PRICE CITY
282 $15.150M CINCINNATI, OH
FINISH LINE UNITS CLOSING PRICE CITY
192 $32M LOUISVILLE,KY
BOURBON COURT UNITS CLOSING PRICE CITY
218 $9.1M LEXINGTON, KY
RECENT TRANSACTIONS UNITS
SALE PRICE
CITY, STATE
Wayne Estates
96
$6,000,000.00
Dayton, OH
Union Hill
100
$7,150,000.00
Dayton, OH
Northside Flats
139
$9,200,000.00
Cincinnati, OH
Tri West Portfolio
640
$12,800,000.00
Cincinnati, OH
Springfield Portfolio
333
$14,046,000.00
Springfield, OH
Cedar Ridge
176
$13,850,000.00
Park Hills, KY
1840 McCullough
139
$14,500,000.00
Lexington, KY
Bourbon Court
218
$9,100,000.00
Lexington, KY
Woods and Grinstead
72
$14,850,000.00
Louisville, KY
Independent Oaks
144
$13,500,000.00
Indepedence, KY
Burlington Oaks
240
$30,500,000.00
Cincinnati, OH
Oldham Oaks
216
$22,896,000.00
Oldham, KY
Kentucky Towers
276
$17,700,000.00
Louisville, KY
Views of Mt Airy
282
$15,150,000.00
Cincinnati, OH
Kingsview
176
$10,500,000.00
Cincinnati, OH
Arts Apartments
248
$9,400,000.00
Cincinnati, OH
REM Portfolio
771
$50,000,000.00
Cincinnat, OH
Finish Line
192
$32,000,000.00
Louisville, KY
Wyndgate
240
$12,000,000.00
Dayton, OH
PINE TREE VILLAGE
snapshots
rent sort TWO bedroom Bexley Commons $1,000
Bexley Village $1,197
College Park $1,300
PINE TREE VILLAGE $941
Charles at Bexley $1,199
Mason Run $914
Subject Average Effective Mason Run
Year Built 1999 1974 1970 1975 1966 1974 1975
# Beds 250 166 650 112 213 166 100
Avg SF 942 850 1015 875 720 850 856
Avg Rent $1,300 $1,200 $1,199 $1,197 $1,000 $941 $914
Avg Rent/SF $1.38 $1.41 $1.18 $1.37 $1.39 $1.11 $1.07
SECTION 2 - LOCAL COMPETITORS
Two Bedroom Property College Park Subject Pro Forma The Charles at Bexley Bexley Village Bexley Commons
SECTION 2 - LOCAL COMPETITORS 8 39 SHERIDAN AVE
BEXLEY VILLAGE UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom
UNITS 24 88
SQFT 705 875
112 1975 92.0% RENT RENT/SF $961 $1.36 $1,197 $1.37
3090 E LIVINGSTON
BEXLEY COMMONS UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom
UNITS 179
SQFT 680
213 1966 87.0% RENT RENT/SF $890 $1.31
Two Bedroom
34
720
$1,000
$1.39
SECTION 2 - LOCAL COMPETITORS 1708 CREEKSEDGE DR
COLLEGE PA R K UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom Two Bedroom
UNITS 124 126
SQFT 756 942
250 1999 91.6% RENT RENT/SF $1,145 $1.51 $1,300 $1.38
2765 COLDSTREAM LN
C H A R L E S AT BEXLEY UNITS YEAR BUILT OCCUPANCY UNIT MIX One Bedroom
UNITS 208
SQFT 750
650 1970 NA RENT RENT/SF $1,139 $1.52
Two Bedroom
412
1015
$1,199
$1.18
Three Bedroom
30
1400
$1,399
$1.00
PINE TREE VILLAGE
UNIT MIX BREAKDOWN AV E R A G E E F F E C T I V E
MARKET
PROJECTED
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
Two Bedroom 2BR/1BA Totals / Wtd. Averages
166 Units 166 Units
850 SF 850 SF
141,100 SF 141,100 SF
$941.25 $941.25
$1.11 SF $1.11 SF
$156,248 $156,248
$1,080.00 $1,080.00
$1.27 SF $1.27 SF
$179,280 $179,280
$1,200.00 $1,200.00
$1.41 SF $1.41 SF
$199,200 $199,200
Summary Two Bedroom Totals / Wtd. Averages
166 Units 166 Units
850 SF 850 SF
141,100 SF 141,100 SF
$941.25 $941.25
$1.11 $1.11 SF
$156,248 $156,248
$1,080.00 $1,080.00
$1.27 SF $1.27 SF
$179,280 $179,280
$1,200.00 $1,200.00
$1.41 SF $1.41 SF
$199,200 $199,200
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
SECTION 3 - FINANCIALS
UNIT RENTS
UNIT DISTRIBUTION
INCOME EXPENSE
PINE TREE VILLAGE
INCOME & EXPENSES
T12 RENT ROLL: AS OF OCTOBER 19, 2023 INCOME AND EXPENSES: OCTOBER 2022 - SEPTEMBER 2023 GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT
$2,151,360 RR ($258,432) $1,892,928 RR
GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME
$1,892,928 ($224,087) T12 Economic $0 $1,668,841
11.84% 0.00% 76.15%
11,403 (1,350) 0 10,053
$101,845 Auditor $101,845 $41,565 T12
% of EGI 6.10% 6.10% 2.49%
Per Unit 614 614 250
$55,565 $23,012 $80,919 $14,367 $173,863 $317,272
3.33% 1.38% 4.85% 0.86% 10.42% 19.01%
335 139 487 87 1,047 1,911
1.77% 4.88% 0.36% 13.87% 0.00% 3.98% 0.00% 0.09% 2.54% 27.49% 46.50% 53.50%
177 491 37 1,395 0 400 0 9 255 2,763 4,675 5,379
NON-CONTROLLABLE Real Estate Taxes 2022 Taxes Paid Total Real Estate Taxes Insurance Utilities Electric Gas Water & Sewage Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Total Contract Services Repairs & Maintenance Marketing & Promotion Labor Payroll Taxes & Benefits General & Administrative Management Fee Internet Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME
% of GPR
$29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $1,439 $42,330 $458,737 $776,009 $892,832
T12 T12 T12 T12
T12 T12
T12 T12 T12 Note 1
12.01%
Per Unit 12,960 (1,557) 11,403
T6
T3
% of GPR
Per Unit 12,960 (1,557) 11,403
$2,151,360 ($258,432) $1,892,928
6.64% 0.00% 81.34%
11,403 (758) 0 10,645
$1,892,928 ($55,798) $0 $1,837,130
$101,845 $101,845 $41,565
5.76% 5.76% 2.49%
% of EGI 614 614 250
$55,565 $23,012 $80,919 $14,367 $173,863 $317,272
3.33% 1.38% 4.85% 0.86% 9.84% 18.09%
$29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $1,439 $42,330 $458,737 $776,009 $991,138
1.67% 4.88% 0.36% 13.87% 0.00% 3.98% 0.00% 0.09% 2.40% 27.25% 43.91% 56.09%
$2,151,360 ($258,432) $1,892,928 $1,892,928 ($125,781) $0 $1,767,147
12.01%
#
YEAR 1
% of GPR
Per Unit 12,960 (1,557) 11,403
$2,390,400 ($47,808) $2,342,592
2.95% 0.00% 85.04%
11,403 (336) 0 11,067
$2,342,592 ($117,130) ($23,426) $2,202,036
$101,845 $101,845 $41,565
% of EGI 5.54% 5.54% 2.49%
Per Unit 614 614 250
335 139 487 87 1,047 1,911
$55,565 $23,012 $80,919 $14,367 $173,863 $317,272
3.33% 1.38% 4.85% 0.86% 9.46% 17.50%
177 491 37 1,395 0 400 0 9 255 2,763 4,675 5,971
$29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $1,439 $42,330 $458,737 $776,009 $1,061,121
1.60% 4.88% 0.36% 13.87% 0.00% 3.98% 0.00% 0.09% 2.30% 27.09% 42.24% 57.76%
12.01%
% of GPR 2.00%
1
Per Unit 14,400 (288) 14,112
5.00% 1.00% 92.00%
14,112 (706) (141) 13,265
$101,845 $101,845 $66,400
5.54% 5.54% 3.61%
% of EGI 614 614 400
335 139 487 87 1,047 1,911
$56,677 $23,472 $82,537 $14,654 $177,340 $345,585
3.09% 1.28% 4.49% 0.80% 9.65% 18.81%
341 141 497 88 1,068 2,082
177 491 37 1,395 0 400 0 9 255 2,763 4,675 6,392
$30,710 $99,600 $8,300 $182,600 $24,900 $33,200 $88,081 $1,660 $42,330 $511,381 $856,966 $1,345,070
1.67% 4.52% 0.38% 8.29% 1.13% 1.51% 4.00% 0.08% 1.92% 23.50% 46.65% 73.22%
185 600 50 1,100 150 200 531 10 255 3,081 5,162 8,103
UNDERWRITING NOTES
NOTE Replacement & Reserves: added based on market norm of $255 per unit per year
INCOME EXPENSE
PINE TREE VILLAGE
CASH FLOW
T12
T6
T1
YR 1
YR 2
YR 3
YR 4
YR 5
YE SEP-2024
YE SEP-2025
YE SEP-2026
YE SEP-2027
YE SEP-2028
GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT
$2,151,360 ($258,432) $1,892,928
$2,151,360 ($258,432) $1,892,928
$2,151,360 ($258,432) $1,892,928
$2,390,400 ($47,808) $2,342,592
$2,462,112 ($49,242) $2,412,870
$2,535,975 ($50,720) $2,485,256
$2,612,055 ($52,241) $2,559,814
$2,690,416 ($53,808) $2,636,608
GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME
$1,892,928 ($224,087) $0 $1,668,841
$1,892,928 ($125,781) $0 $1,767,147
$1,892,928 ($55,798) $0 $1,837,130
$2,342,592 ($117,130) ($23,426) $2,202,036
$2,412,870 ($120,643) ($24,129) $2,268,098
$2,485,256 ($124,263) ($24,853) $2,336,141
$2,559,814 ($127,991) ($25,598) $2,406,225
$2,636,608 ($131,830) ($26,366) $2,478,411
Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion Labor Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES
$101,845 $41,565 $173,863 $29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $42,330 $776,009
$101,845 $41,565 $173,863 $29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $42,330 $776,009
$101,845 $41,565 $173,863 $29,465 $81,446 $6,071 $231,504 $0 $66,483 $0 $42,330 $776,009
$101,845 $66,400 $177,340 $30,710 $99,600 $8,300 $182,600 $24,900 $33,200 $88,081 $42,330 $856,966
$103,882 $67,728 $180,887 $31,324 $101,592 $8,466 $186,252 $25,398 $33,864 $113,405 $43,177 $897,667
$105,959 $69,083 $184,505 $31,951 $103,624 $8,635 $189,977 $25,906 $34,541 $116,807 $44,040 $916,755
$108,078 $70,464 $188,195 $32,590 $105,696 $8,808 $193,777 $26,424 $35,232 $120,311 $44,921 $936,258
$110,240 $71,873 $191,959 $33,241 $107,810 $8,984 $197,652 $26,953 $35,937 $123,921 $45,819 $956,186
NET OPERATING INCOME
$892,832
$991,138
$1,061,121
$1,345,070
$1,370,430
$1,419,386
$1,469,967
$1,522,225
CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS YR 1
YR 2
YR 3
YR 4
YR 5
11.11% 12.01% 3.00%
3.00% 12.01% 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%
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
6.64% 0.00% 0.00% 0.00% 6.64%
2.95% 0.00% 0.00% 0.00% 2.95%
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%
PINE TREE