Issuu

THE DISTILLERY

ALLEN BEL L C ONTRACTING

EST 2024

LEAD AGENTS

JORDAN DICKMAN

First Vice President Investments

Cincinnati Office

D. 513.878.7735

NICK

First Vice President Investments

Cincinnati Office

D. 513.878.7741

nicholas.andrews@marcusmillichap.com

jordan.dickman@marcusmillichap.com AUSTIN SUM

Senior Associate

Cincinnati Office

D. 513.878.7747

austin.sum@marcusmillichap.com

ANDREWS

THE DISTILLERY

YOUR TEAM

JORDAN DICKMAN

FIRST VICE PRESIDENTS DIRECTOR, NMHG

NICK ANDREWS

FIRST VICE PRESIDENTS DIRECTOR, NMHG

AUSTIN SUM

SENIOR INVESTMENT ASSOCIATE

BRIAN JOHNSTON

INVESTMENT ASSOCIATE

AUSTIN HALL

INVESTMENT ASSOCIATE

ALDEN SIMMS

INVESTMENT ASSOCIATE

BROKER SUPPORT

SAM PETROSINO

VALUATION & RESEARCH

SKYLER WILSON

CLIENT RELATIONS MANAGER

CORPORATE SUPPORT

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

BRITTANY CAMPBELL-KOCH

DIRECTOR OF OPERATIONS

ALEX PAPA

MARKETING COORDINATOR

AB TRACK RECORD 01

TRACK RECORD

AB Contracting, Inc. is Ohio’s premier multi-family developer. We are your source for residential, commercial, and industrial structures. We have been building custom homes and businesses throughout West Virginia and Ohio for over 30 years. Our experience is evident in each job we undertake. The AB Contracting Team brings their knowledge and skill to each job. We strive to provide each customer with a quality product and exceptional customer service.

CURRENT COMMUNITIES

THE LANDING BRIDGEPORT, WV PAGE 13 900 ON LEE CHARLESTON, WV PAGE 8 HIGHLAND PARK TRIADELPHIA, WV PAGE 9 SUGAR MAPLE RIDGE MORGANTOWN, WV PAGE 11 UNION SQUARE MARYSVILLE, OH PAGE 10 THE BEND AT MEADOW VALLEY HURRICANE, WV PAGE 12

900 ON LEE

65 | UNITS

2022 | YEAR BUILT CHARLESTON | WEST VIRIGNIA

900 on Lee is located in Charleston, West Virgina. 900 on Lee unveils an exceptional portrait of living with 1- and 2-bedroom apartment units for rent. This unique fusion of style and sophistication, makes the apartment residences reflect contemporary flair. When residences live at 900 on Lee, their address says it all.

65 | UNITS

2022 | YEAR BUILT CHARLESTON | WEST VIRIGNIA

HIGHLAND PARK

Overlooking West Virginia’s beautiful and majestic mountains, Highland Park offers one and two bedroom luxury apartments for rent as well as three bedroom townhomes for rent. It is conveniently located near shopping and dining off of exit 10 in the Triadelphia – Wheeling West Virginia area. Whether you’re an outdoor enthusiast, busy professional or empty nester, Highland Park has something to fit your lifestyle! Highland Park features a clubhouse equipped with a 24-hour fitness center and a community room, an outdoor pool for those hot summer days, children’s playground area with grill stations, and a half basketball court with Versa Court technology.

AMENITIES

CLUBHOUSE

COMMUNITY ROOM

PLAYGROUND

FIRE PIT AREA

HALF BASKETBALL COURT

FITNESS CENTER

SWIMMING POOL

GRILLING STATIONS

WALKING TRAILS

UNION SQUARE

Union Square is the newest luxury community located in Marysville, Ohio. Offering 1-, 2- and 3-bedroom floor plans. At Union Square, apartments are designed to meet your lifestyle needs. It offers exceptional amenities including a clubhouse that features a fitness room, movie theater, lounge area, and an outdoor swimming pool with a splash pad. It is one of the few pet-friendly communities in the area that not only cater to residents, but to their pets as well. If it is swimming, working out, playing a game of pickle ball, having coffee, or enjoying a community event, you can do it here.

SUGAR MAPLE RIDGE

Sugar Maple Ridge offers multiple floorplan to suit a variety of styles and needs. Detached homes, one level living, patio homes and townhomes! Quality finishes, granite counters, and stainless steel appliances come standard in every home.

2022 | YEAR BUILT

MORGANTOWN | WEST VIRIGNIA

AMENITIES

FITNESS CENTER

YOGA & BOXING STUDIO

HEATED SALTWATER POOL

PLAYGROUND

FIRE PIT

GAZEBO

CLUBHOUSE

BASKETBALL COURT

WALKING TRAILS

BEND AT MEADOW VALLEY

Rustic and Chic, This Patio and Townhome Community has open floor plan options, select customizations and main level owners suites.

55 STEVE CIRCLE HURRICANE, WEST VIRGINIA

THE LANDING

Offering 1- and 2-bedroom floor plans. At The Landing its brought all to you with apartments designed to meet your lifestyle needs. The Landing offers exceptional amenities including a clubhouse that features a fitness room, pickle ball court, lounge area, and an outdoor swimming pool. It is one of the few pet-friendly communities in the area that not only cater to their residents, but to residences pets as well. If it is swimming, working out, playing a game of pickle ball, having coffee, or enjoying a community event, you can do it here.

AMENITIES

CLUBHOUSE

FIRE PIT

PLAYGROUND

FITNESS CENTER

POOL

CONFERENCE ROOM

LOUNGE

MAIL ROOM

SALES COMPS 02

HUTCHINSON PLACE

500 HUTCHISON STREET, ASHVILLE OHIO UNITS 300 SOLD 2021 BUILT 2021

SALE COMP Units 300 Occ at Sale 96% Sale Price $46.5M Price per Unit $155,000 Sale Date Dec 17th, 2021

THE BENTLEY

3986 PARKMEAD DRIVE, GROVE CITY OHIO UNITS 138 SOLD 2021 BUILT 2019

Units 138

Occ at Sale 96%

Sale Price $30.2M

Price per Unit $218,841

Sale Date Oct 11th, 2021

SALE COMP

UNITS 236 SOLD 2021 BUILT 2020

INDUSTRY

230 EAST LONG STREET, COLUMBUS OHIO

SALE COMP Units 236 Occ at Sale 76% Sale Price $81M Price per Unit

Date

$343,220 Sale

Dec 6th, 2021

THE ASSET 03

THE DISTILLERY

EST 2024

The Distillery is the newest luxury community located in Ashville, Ohio. Offering 1, 2 & 3 bedroom floor plans. At The Distillery, they bring it all to you with apartments designed to meet your lifestyle needs. The Distillery offers exceptional amenities including a clubhouse that features a fitness room, movie theater, lounge area, and an outdoor swimming pool with a splash pad. They are one of the few pet-friendly communities in the area that not only caters to their residents, but also to their pets as well. If it is swimmming, working out, playing a game of pickle ball, having coffee, or enjoying community events, you can do it here.

1812 BOURBON STREET ASHVILLE OHIO

FLOORPLANS

UNIT TYPE NO. OF UNITS RENTABLE SQFT TOTAL SF 1x1 69 759 52,371 1x1 FURNISHED 7 759 5,313 TOTALS / WTD. AVERAGES 76 759 57,684 2x2 125 1,104 138,000 2x2 FURNISHED 7 1,104 7,728 TOTALS / WTD. AVERAGES 132 1,104 145,728 3x2 24 1,326 31,824 TOTALS / WTD. AVERAGES 24 1,326 31,824 UNIT DISTRIBUTION ONE BEDROOM TWO BEDROOM THREE BEDROOM 26

1326

759 Sqft 1104 Sqft

Sqft

THE

KNOB | 1 BEDROOM 1 BATHROOM

BREAKDOWN LEARN 76

132

MORE 27

THE WOODFORD | 2 BEDROOMS 2 BATHROOMS THE BLANTON | 3 BEDROOMS 2 BATHROOMS

- KNOB

- WOODFORD

- BLANTON

RESIDENT FEATURES

• 24 Hour Fitness Center

• Movie Theater

• Community Lounge

• Swimming Pool

• Splash Pad

• Dog Park

• Pickle Ball Court

• Half Basketball Court

• Fire Pit

• Grilling Stations

• Mailroom

• Rented Garage Space

UNIT FINISHES

TD 31

LOCAL COMPS 04

LOCAL RENTAL COMPETITORS SUMMARY

HUTCHINSON PLACE

Located just 20 minutes south of Downtown Columbus, Hutchison Place offers one, two, and three bedroom luxury apartments for rent. Whether you’re an outdoor enthusiast,

LAKES AT ASHTON VILLAGE

If a beautiful country atmosphere is your ideal location to call home, then The Lakes at Ashton Village was designed just for you! They have taken outstanding amenities, spacious

CORNERSTONE APARTMENTS

The property is walking distance to the library, the post office, dining and grocery shopping. It is also convenient to State Route 23. Residents attend Teays Valley Schools which re

LOCATION

LOCAL COMPETITORS

Understanding real estate comparables and the state of the market in your local area is essential. It can help you make an informed decision about buying or selling a property.

35 HUTCHINSON PLACE 300 UNITS

CORNERSTONE APARTMENTS 35 UNITS LAKES AT ASHTON VILLAGE 192 UNITS

HUTCHINSON PLACE

36 UNITS 300 YEAR BUILT 2021 OCCUPANCY N/A UNIT MIX UNITS SQFT RENT RENT/SF One Bedroom 132 759 $925 $1.22 Two Bedroom 132 1104 $1,225 $1.11 Three Bedroom 36 1403 $1,495 $1.16

• Walk in closets • Patio and Balcony • New Appliances • Clubhouse • Fitness center • Basketball court • Pool • Theater • Playground • Resident pays Sewer

Resident pays trash • Resident pays water

Resident pays partial electricity UNIT FEATURES FEATURED AMENITIES

•

UTILITIES

LAKES AT ASHTON VILLAGE

38 UNITS 192 YEAR BUILT 1999 OCCUPANCY N/A UNIT MIX UNITS SQFT RENT RENT/SF One Bedroom 48 764 $835 $1.09 Two Bedroom 128 990 $935 $0.94 Three Bedroom 16 1284 $1,150 $1.02

• Walk in closet • Clubhouse • Fitness Center • Pool • Resident pays electricity • Resident pays gas • Resident pays water • Property pays sewer • Property pays trash UNIT FEATURES FEATURED AMENITIES UTILITIES

CORNERSTONE APARTMENTS

UNIT

UTILITIES

40 UNITS 35 YEAR BUILT 1958 OCCUPANCY N/A UNIT MIX UNITS SQFT RENT RENT/SF One Bedroom 10 700 $935 $1.34 Two Bedroom 15 900 $950 $1.06 Three Bedroom 10 1125 $1,150 $1.20

• Hardwoood floors • Fitness center • Playground • Laundry facilities • Courtyard/picnic area

gas

electricity

• Resident pays

• Resident pays water • Resident pays

• Resident pays sewer

• Resident pays trash • Resident pays heat FEATURES FEATURED AMENITIES

THE MARKET 05

33 ASHVILLE POPULATION | 4,772 Ashville Columbus MSA Lancaster London Marysville Distance from Ashville 0 miles 16.2 mi 21.5 mi 33.5 mi 47 Population 4,772 2.1 million 40,763 10241 24569 Median Age 31 26.1 39.2 39.6 26.9 Poverty Rate 10.47% 12.7% 19.3% 12.3% 7.0% Median Household Income $77,976 $66,715 $44,794 $56,401 $79,016 Median Property Value $159,700 $195,900 $131,700 $149,200 $206,700

4,772 POPULATION CHANGE (1 YEAR GROWTH)

+1.62% HOMEOWNERSHIP RATE 65.9%

POPULATION

ASHVILLE, OHIO HH INCOME $77,976 MEDIAN PROPERTY VALUE $159,700 MEDIAN AGE 31

Marysville Springfield MSA mi 58 mi 24569 134409 26.9 41.5 7.0% 15.3% $79,016 $51,504 $206,700 $120,500

ASHVILLE EMPLOYMENT

DUPONT: chemical company, makes adhesives, printing solutions, construction materials, consumer products, electronics and industrial materials, fabrics, fibers, and nonwovens, healthcare solutions, and industrial films.

• 23,000 total employees, around 104 plants

PPG: short for Pittsburgh Plate Glass Company. Manufacture paint, stain, auto coatings.

• Roughly 60 employees

ALERIS: aluminum rolled products

• Roughly 1500 employees

INTEL: manufacture computer chips

• 3000 employees

AMAZON: distribution centers

• as of 2020, 2500 jobs in Etna Township (40 minutes north)

FACEBOOK:

• Will employ 1800 Contruction workers

• 300 jobs

GOOGLE:

• To employ 1000 construction workers

• Around 20 full-time workers once the plants are complete

47 L BRANDS New Facilitiy GOOGLE Data Center INTEL Future Building META Data Center

SHOPPING & RETAIL

1 GOODYEAR DISTRIBUTION 2 RICKENBACKER INTERNATIONAL AIRPORT 3 FEDEX 4 KROGER FULFILLMENT CENTER 5 RCS LOGISTICS 6 AMAZON LOGISTICS 7 LULULEMON ATHLETICA 8 DHL SUPPLY CHAIN 9 LOVES 10 SHEETS 11 SCIOTO DOWNS 12 AREA 51 GOLF COURSE 13 SKYLINE 14 KROGER 15 OLLIE’S BARGAIN OUTLET 16 LOWES 17 BESTBUY 18 HOMEDEPOT 19 CHICK-FIL-A 20 WALMART 21 AMC THEATERS 15 17 18 19 20 21

DRIVE TIME

THE DISTILLERY TO COLUMBUS

THE DISTILLERY TO GOODYEAR

26 MINS 20 MINS 15 MINS

THE DISTILLERY TO SCIOTO DOWNS

1 2 3 6 4 5 7 8 9 10 11 12 14 15 16 13

THE DISTILLERY

50 LOCAL DEVELOPMENTS 06

INTEL

Intel said the name pays homage to Ohio’s “long and storied history in manufacturing and its track record of producing firsts, from the Wright brothers, who grew up in Ohio and first envisioned their historic planes here, to John Glenn, the first man ever in orbit, and Neil Armstrong, the first man on the moon.”

$20 BILLION COST

1,000 ACRES SIZE

“And now, Ohioans can add another first to the great state’s list –— ‘Ohio One’ — Intel’s first advanced semiconductor campus in the Midwest,” Intel Ohio General Manager Jim Evers said in a letter posted the Intel website. “Ohio One represents a nod to the past and a look to the future of technology innovation for the Midwest and America.”

3,000 EMPLOYMENT $135,000 AVG SALARY

L BRANDS

The Columbus-based retailer was approved on Monday for a. 1.421%, eight-year Jobs Creation Tax Credit by the Ohio Tax Credit Authority for the project.

The estimated value of that credit is $1.8 million if the company hits its employment targets, according to information from the Ohio Development Services Agency.

The new facility will go up in Commercial Point. Bath & Body Works is expected to create 500 full-time positions there with $18.3 millio n in estimated new payroll and retain 3,655 jobs with an estimated $135 million in retained payroll at existing facilities in New Albany, Columbus and Reynoldsburg.

The operation will service Bath & Body Works’ rapidly growing online and direct sales business. Though always an option for consumers, online sales exploded for the brand during the Covid-19 pandemic as customers were unable or unwilling to go to physical stores.

GOOGLE

Google is expanding its data center footprint around Columbus, Ohio.

The search and cloud company this week announced plans to build two more data centers in Columbus and Lancaster. The company has one facility operational in the New Albany area of Columbus. The two new locations will bring Google’s total investment in Ohio to more than $2 billion . Google broke ground on its $600 million data center campus in New Albany in 2019 and subsequently announced plans to invest an additional $1 billion to expand the site. The company’s Columbus cloud region launched in May 2022. The company is also planning another campus in Columbus on the site of a former snake oil farm and has bought land in Lancaster.

EAST-WEST CONNECTOR

The $19 million project will completely rebuild the Hudson roadway. City leaders said they want to create better and safer access to jobs, education, transit, and other services in the community.

“The final plans set the vision for long transformation of one of our city’s oldest, proudest, and greatest neighborhoods,” Mayor Andrew Ginther said at the groundbreaking Tuesday. “Our shared vision is becoming a reality. Step by step. Block by block.”Council member Nick Bankston said the project will serve as a gateway to Linden and bring together neighborhoods.

THE FINANCIALS 07

THE DISTILLERY

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 SUMMARY One Bedroom 76 Units 759 SF 57,684 SF $1,111.84 $1.46 $84,500 $1,111.84 $1.46 SF $84,500 $1,161.84 $1.53 SF $88,300 Two Bedroom 132 Units 1,104 SF 145,728 SF $1,481.68 $1.34 $195,581 $1,481.68 $1.34 SF $195,581 $1,532.01 $1.39 SF $202,225 Three Bedroom 24 Units 1,326 SF 31,824 SF $1,590.00 $1.20 $38,160 $1,590.00 $1.20 SF $38,160 $1,640.00 $1.24 SF $39,360 Totals / Wtd. Averages 232 Units 1,014 SF 235,236 SF $1,371.73 $1.35 SF $318,241 $1,371.73 $1.35 SF $318,241 $1,421.92 $1.40 SF $329,885

UNIT MIX SUMMARY

UNIT DISTRIBUTION UNIT RENTS

CLOSE DEC (2023)

BASED ON PROJECTION ON INCOME AND EXPENSES AND AN EXTIMATED TAX VALUE OF THE PROPERTY FROM THE PRIOR YEAR 2022

YEAR 1 (2024)

BASED ON PROJECTION ON INCOME AND EXPENSES AND AN EXTIMATED TAX VALUE OF THE PROPERTY FROM THE PRIOR YEAR 2023

GROSS POTENTIAL RENT % of Per Unit % of GPR Per Unit All Units at Market Rent $3,818,895 16,461 $3,958,620 17,063 Gain (Loss) to Lease $0 0.00% 0 ($79,172) 2.00% (341) GROSS SCHEDULED RENT $3,818,895 16,461 $3,879,448 16,722 Other Income Cable & Internet RUB's $348,000 9.11% 1,500 $358,440 9.24% 1,545 Trash Rubs $49,800 1.30% 215 $51,294 1.32% 221 Total Other Income $544,020 14.25% 2,345 $560,341 14.44% 2,415 GROSS POTENTIAL INCOME $4,362,915 18,806 $4,439,788 19,137 Physical Vacancy ($267,323) 7.00% (1,152) ($193,972) 5.00% (836) Non-Revenue Units ($17,100) 0.45% (74) ($17,458) 0.45% (75) Bad Debt ($38,189) 1.00% (165) ($38,794) 1.00% (167) Concessions Allowance ($76,378) 2.00% (329) ($19,397) 0.50% (84) EFFECTIVE GROSS INCOME $3,963,926 89.55% 17,086 $4,170,167 91.05% 17,975 NON-CONTROLLABLE Real Estate Taxes % of EGI Per Unit % of EGI Per Unit 2023 Taxes Paid $150,000 Based off 22' value 3.78% 647 $350,000 Based off 23’ value 8.39% 1,509 Total Real Estate Taxes $150,000 3.78% 647 $350,000 8.39% 1,509 Insurance $45,000 1.14% 194 $58,000 1.39% 250 Utilities Electric $58,000 1.46% 250 $59,160 1.42% 255 Gas $2,320 0.06% 10 $2,366 0.06% 10 Water & Sewage $58,000 1.46% 250 $59,160 1.42% 255 Trash Removal $49,880 1.26% 215 $50,878 1.22% 219 Total Utilities $168,200 4.24% 725 $171,564 4.11% 740 Total Non-Controllable $363,200 9.16% 1,566 $579,564 13.90% 2,498 CONTROLLABLE Contract Services Snow Removal $9,280 0.23% 40 $9,280 0.22% 40 Landscaping/Grounds $18,560 0.47% 80 $18,560 0.45% 80 Pest Control $3,480 0.09% 15 $3,480 0.08% 15 Total Contract Services $31,320 0.79% 135 $31,320 0.75% 135 Repairs & Maintenance $116,000 2.93% 500 $127,600 3.06% 550 Marketing & Promotion $23,200 0.59% 100 $17,400 0.42% 75 On-Site Payroll $185,600 4.68% 800 $208,800 5.01% 900 Payroll Taxes & Benefits $34,800 0.88% 150 $34,800 0.83% 150 General & Administrative $34,800 0.88% 150 $34,800 0.83% 150 Management Fee $118,918 3.00% 513 $125,105 3.00% 539 Cable & Internet contract $139,200 3.51% 600 $8,120 0.19% 35 Replacement & Reserves $59,160 1.49% 255 $60,343 1.45% 260 Total Controllable $742,998 18.74% 3,203 $648,288 15.55% 2,794 TOTAL EXPENSES $1,106,198 27.91% 4,768 $1,227,852 29.44% 5,292 NET OPERATING INCOME $2,857,728 72.09% 12,318 $2,942,314 70.56% 12,682

EXPENSE THE DISTILLERY INCOME

INCOME

& EXPENSES

YEAR 2 (2025)

BASED ON PROJECTION ON INCOME AND EXPENSES AND AN EXTIMATED TAX VALUE OF THE PROPERTY FROM THE PRIOR YEAR 2024

YEAR 3 (2026)

BASED ON PROJECTION ON INCOME AND EXPENSES AND AN EXTIMATED TAX VALUE OF THE PROPERTY FROM THE PRIOR YEAR 2025

% of GPR Per Unit % of GPR Per Unit $4,077,379 17,575 $4,199,700 18,102 ($81,548) 2.00% (351) ($83,994) 2.00% (362) $3,995,831 17,223 $4,115,706 17,740 $369,193 9.24% 1,591 $380,269 9.24% 1,639 $52,833 1.32% 228 $54,418 1.32% 235 $577,151 14.44% 2,488 $594,465 14.44% 2,562 $4,572,982 19,711 $4,710,171 20,302 ($199,792) 5.00% (861) ($205,785) 5.00% (887) ($17,981) 0.45% (78) ($18,521) 0.45% (80) ($39,958) 1.00% (172) ($41,157) 1.00% (177) ($19,979) 0.50% (86) ($20,579) 0.50% (89) $4,295,272 91.05% 18,514 $4,424,130 91.05% 19,070 % of EGI Per Unit % of EGI Per Unit $606,000 Based off 24’ Value 14.11% 2,612 $606,000 14.11% 2,612 $606,000 14.11% 2,612 $606,000 14.11% 2,612 $59,160 1.38% 255 $60,343 1.40% 260 $60,343 1.40% 260 $61,550 1.43% 265 $2,414 0.06% 10 $2,462 0.06% 11 $60,343 1.40% 260 $61,550 1.43% 265 $51,895 1.21% 224 $52,933 1.23% 228 $174,995 4.07% 754 $178,495 4.16% 769 $840,155 19.56% 3,621 $844,838 19.67% 3,642 $9,466 0.22% 41 $9,655 0.22% 42 $18,931 0.44% 82 $19,310 0.45% 83 $3,550 0.08% 15 $3,621 0.08% 16 $31,946 0.74% 138 $32,585 0.76% 140 $130,152 3.03% 561 $132,755 3.09% 572 $17,748 0.41% 77 $18,103 0.42% 78 $212,976 4.96% 918 $217,236 5.06% 936 $35,496 0.83% 153 $36,206 0.84% 156 $35,496 0.83% 153 $36,206 0.84% 156 $128,858 3.00% 555 $132,724 3.00% 555 $8,282 0.19% 36 $8,448 0.20% 36 $61,550 1.43% 265 $62,781 1.46% 271 $662,505 15.42% 2,856 $677,044 15.67% 2,902 $1,502,660 34.98% 6,477 $1,521,882 35.43% 6,560 $2,792,611 65.02% 12,037 $2,902,248 67.57% 12,510 63

CURRENT YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YE DEC-2024 YE DEC-2025 YE DEC-2026 YE DEC-2027 YE DEC-2028 YE DEC-2029 YE DEC-2030 YE DEC-2031 YE DEC-2032 YE DEC-2033 GROSS POTENTIAL RENT All Units at Market Rent $3,818,895 $3,958,620 $4,077,379 $4,199,700 $4,325,691 $4,455,462 $4,589,126 $4,726,799 $4,868,603 $5,014,661 $5,165,101 Gain (Loss) to Lease $0 ($79,172) ($81,548) ($83,994) ($86,514) ($89,109) ($91,783) ($94,536) ($97,372) ($100,293) ($103,302) GROSS SCHEDULED RENT $3,818,895 $3,879,448 $3,995,831 $4,115,706 $4,239,177 $4,366,352 $4,497,343 $4,632,263 $4,771,231 $4,914,368 $5,061,799 Total Other Income $544,020 $560,341 $577,151 $594,465 $606,355 $618,482 $630,851 $643,468 $656,338 $669,465 $682,854 GROSS POTENTIAL INCOME $4,362,915 $4,439,788 $4,572,982 $4,710,171 $4,845,532 $4,984,834 $5,128,194 $5,275,732 $5,427,569 $5,583,833 $5,744,653 Physical Vacancy ($267,323) ($193,972) ($199,792) ($205,785) ($211,959) ($218,318) ($224,867) ($231,613) ($238,562) ($245,718) ($253,090) Non-Revenue Units ($17,100) ($17,458) ($17,981) ($18,521) ($19,076) ($19,649) ($20,238) ($20,845) ($21,471) ($22,115) ($22,778) Bad Debt ($38,189) ($38,794) ($39,958) ($41,157) ($42,392) ($43,664) ($44,973) ($46,323) ($47,712) ($49,144) ($50,618) Concessions Allowance ($76,378) ($19,397) ($19,979) ($20,579) ($21,196) ($21,832) ($22,487) ($23,161) ($23,856) ($24,572) ($25,309) EFFECTIVE GROSS INCOME $3,963,926 $4,170,167 $4,295,272 $4,424,130 $4,550,909 $4,681,373 $4,815,629 $4,953,789 $5,095,968 $5,242,284 $5,392,858 Real Estate Taxes $150,000 $350,000 $606,000 $606,000 $618,120 $630,482 $643,092 $655,954 $669,073 $682,454 $696,104 Insurance $45,000 $58,000 $59,160 $60,343 $61,550 $62,781 $64,037 $65,317 $66,624 $67,956 $69,315 Utilities $168,200 $171,564 $174,995 $178,495 $182,065 $185,706 $189,421 $193,209 $197,073 $201,015 $205,035 Contract Services $31,320 $31,320 $31,946 $32,585 $33,237 $33,902 $34,580 $35,271 $35,977 $36,696 $37,430 Repairs & Maintenance $116,000 $127,600 $130,152 $132,755 $135,410 $138,118 $140,881 $143,698 $146,572 $149,504 $152,494 Marketing & Promotion $23,200 $17,400 $17,748 $18,103 $18,465 $18,834 $19,211 $19,595 $19,987 $20,387 $20,795 On-Site Payroll $185,600 $208,800 $212,976 $217,236 $221,580 $226,012 $230,532 $235,143 $239,846 $244,642 $249,535 Payroll Taxes & Benefits $34,800 $34,800 $35,496 $36,206 $36,930 $37,669 $38,422 $39,190 $39,974 $40,774 $41,589 General & Administrative $34,800 $34,800 $35,496 $36,206 $36,930 $37,669 $38,422 $39,190 $39,974 $40,774 $41,589 Management Fee $118,918 $125,105 $128,858 $132,724 $136,527 $140,441 $144,469 $148,614 $152,879 $157,269 $161,786 Cable & Internet contract $139,200 $8,120 $8,282 $8,448 $8,617 $8,789 $8,965 $9,144 $9,327 $9,514 $9,704 Replacement & Reserves $59,160 $60,343 $61,550 $62,781 $64,037 $65,317 $66,624 $67,956 $69,315 $70,702 $72,116 TOTAL EXPENSES $1,106,198 $1,227,852 $1,502,660 $1,521,882 $1,553,469 $1,585,721 $1,618,655 $1,652,283 $1,686,622 $1,721,686 $1,757,492 NET OPERATING INCOME $2,857,728 $2,942,314 $2,792,611 $2,902,248 $2,997,440 $3,095,651 $3,196,974 $3,301,506 $3,409,346 $3,520,598 $3,635,366 INCOME EXPENSE 64

THE DISTILLERY CASH FLOW

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

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 Income Gross Potential Rent 3.66% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Expenses Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Management Fee** 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 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 Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Non-Revenue Units 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Bad Debt 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Concessions Allowance 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Total Economic Loss 6.95% 6.95% 6.95% 6.95% 6.95% 6.95% 6.95% 6.95% 6.95% 6.95%

66 Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com Austin Sum Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com THE DISTILLERY EST 2024