Trotwood Villas
32 UNITS | TROTWOOD, OH
AUSTIN SUM Senior Associate (513) 878-7747 asum@marcusmillichap.com 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
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.
TABLE OF CONTENTS
11 EXECUTIVE SUMMARY 25 PROPERTY DESCRIPTION 37 FINANCIAL ANALYSIS 45 RENT COMPARABLES 55 MARKET OVERVIEW
EXECUTIVE SUMMARY
OFFERING SUMMARY
Units 32 Year Built 1973 Average Unit Size 950 SF Current Occupancy 91% In-Place Average Rent $717 ($0.75/SF) Market Average Rent $825 ($0.87/SF)
421 N BROADWAY STREET, TROTWOOD, OH 45426 NO. OF AVERAGE IN-PLACE IN-PLACE MARKET MARKET UNIT TYPE UNITS UNIT SF AVERAGE RENT RENT/SF RENT RENT/SF 2 BD / 1.5 BA 32 950 $717 $0.75 $825 $0.87 TOTALS/AVERAGES 32 950 $717 $0.75 $825 $0.87 12 TROTWOOD VILLAS | EXECUTIVE SUMMARY
TROTWOOD VILLAS
13 TROTWOOD VILLAS | EXECUTIVE SUMMARY
Trotwood Villas
INVESTMENT HIGHLIGHTS
• Owned and self-managed by West Coast based private investor
• In-place rents currently $+ below competing properties
• Large floorplans featuring all 2 bed and 1.5 baths
• Located across the street from both Trotwood High School and Trotwood Middle School
• 20 minutes from the University of Dayton and Downtown Dayton
14 TROTWOOD VILLAS | 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 TROTWOOD VILLAS | EXECUTIVE SUMMARY
903+ EMPLOYEES
8,036+ UNDERGRADUTES
2,132+ POSTGRADUATES
18 TROTWOOD VILLAS | EXECUTIVE SUMMARY
2,500+ EMPLOYEES
8,245+ FULL-TIME STUDENTS
18,697+ TOTAL STUDENTS
19 TROTWOOD VILLAS | EXECUTIVE SUMMARY
12,000+ EMPLOYEES
2,100+ PHYSICIANS
403+ BEDS
20 TROTWOOD VILLAS | EXECUTIVE SUMMARY
7,354+ EMPLOYEES
1,165+ PHYSICIANS
1,111+ BEDS
21 TROTWOOD VILLAS | 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 TROTWOOD VILLAS | EXECUTIVE SUMMARY
23 TROTWOOD VILLAS | EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
Foundation Concrete Slab Framing Wood Exterior Brick, Vinyl Siding, Wood Roof Type/Material Pitched Shingle Parking Surface Asphalt MECHANICAL HVAC System Through Wall PTAC - A/C Electric Baseboard - Heat Hot Water Tanks Electric Wiring Copper Electrical 100 Amp Breakers Plumbing Mixed (Galvanized, Copper, PVC) Fire Protection Fire Detectors & Extinguishers PARKING Surface Spaces 32 Carport Spaces 32 Total Spaces 64 Parking Ratio 2.0 Per Unit Ratio SITE DESCRIPTION Address 421-481 N Broadway Street, Trotwood, OH 45426 Units 32 Year Built 1973 Buildings 4 Stories 2 Appx. Site Size +/- Acres REAL ESTATE TAXES Parcel Number H33003100011, H33003100012, H33003100013, H33003100014 County Montgomery School District Trotwood Local Net Effective Tax Rate 3.73% PROPERTY DETAILS TROTWOOD VILLAS | PROPERTY DESCRIPTION 26
CONSTRUCTION
UTILITIES
ADDITIONAL FEES & CHARGES
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 $2 Months Rent
TROTWOOD VILLAS | PROPERTY DESCRIPTION 27
Property Details
SITE MAP N
TROTWOOD VILLAS | PROPERTY DESCRIPTION 34
Union Road
FINANCIAL ANALYSIS
UNIT MIX & RENT ROLL SUMMARY
No. of % of Units Units Average Rent Rent / SF Rent / Month Rent / Unit Rent / SF Rent / Month Rent / Unit Rent / Month % 2 BD / 1.5 BA 32 100.0% 950 30,400 $650 - $825 $717 $0.75 $23,265 $825 $0.87 $26,400 ($108) ($3,459) -13.1% Total / Average 32 100.0% 950 30,400 $717 $0.75 $23,265 $825 $0.87 $26,400 ($108) ($3,459) -13.1% Unit Status Count Percent Occupied 29 90.6% Vacant 3 9.4% Total 32 100% Based on Rent Roll Dated: October 31, 2022 Rent Range / Unit In-Place Rents Unit Type EOY 1 Market Rents Loss-to-Lease Unit SF Total SF 2 BD / 1.5 BA 100% $717 $0.75 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0 $100 $200 $300 $400 $500 $600 $700 $800 2 BD / 1.5 BA Average Rent Rent / SF
TROTWOOD VILLAS | FINANCIAL ANALYSIS 38
COMPARISON OF HISTORICAL OPERATIONS & PRO FORMA
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 $239,664 $7,489 $19,972 $242,997 $7,594 $20,250 $234,856 $7,339 $19,571 $249,480 $7,796 $20,790 $266,216 $8,319 $22,185 Total Other Income $18,944 $592 $1,579 $22,424 $701 $1,869 $20,280 $634 $1,690 $18,944 $592 $1,579 $22,544 $705 $1,879 Effective Gross Income $258,608 $8,081 $21,551 $265,421 $8,294 $22,118 $255,136 $7,973 $21,261 $268,424 $8,388 $22,369 $288,760 $9,024 $24,063 Non-Controllable Real Estate Taxes $39,689 $1,240 $3,307 $39,689 $1,240 $3,307 $39,689 $1,240 $3,307 $39,689 $1,240 $3,307 $40,339 $1,261 $3,362 Insurance $7,532 $235 $628 $7,532 $235 $628 $7,532 $235 $628 $7,532 $235 $628 $9,600 $300 $800 Gas $312 $10 $26 $312 $10 $26 $312 $10 $26 $312 $10 $26 $312 $10 $26 Electric $8,014 $250 $668 $8,014 $250 $668 $8,014 $250 $668 $8,014 $250 $668 $8,014 $250 $668 Water & Sewer $10,458 $327 $871 $10,458 $327 $871 $10,458 $327 $871 $10,458 $327 $871 $10,458 $327 $871 Total Non-Controllable $66,005 $2,063 $5,500 $66,005 $2,063 $5,500 $66,005 $2,063 $5,500 $66,005 $2,063 $5,500 $68,722 $2,148 $5,727 Controllable Payroll & Benefits $58,030 $1,813 $4,836 $58,030 $1,813 $4,836 $58,030 $1,813 $4,836 $58,030 $1,813 $4,836 $28,800 $900 $2,400 Landscape & Snow Removal $11,983 $374 $999 $11,983 $374 $999 $11,983 $374 $999 $11,983 $374 $999 $11,983 $374 $999 Trash Removal $5,475 $171 $456 $5,475 $171 $456 $5,475 $171 $456 $5,475 $171 $456 $5,475 $171 $456 Repairs & Maintenance $55,177 $1,724 $4,598 $55,177 $1,724 $4,598 $55,177 $1,724 $4,598 $55,177 $1,724 $4,598 $9,600 $300 $800 Unit Turnover $3,711 $116 $309 $3,711 $116 $309 $3,711 $116 $309 $3,711 $116 $309 $6,400 $200 $533 General & Administrative $5,666 $177 $472 $5,666 $177 $472 $5,666 $177 $472 $5,666 $177 $472 $5,666 $177 $472 Advertising & Promotion $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,200 $131 $350 Management Fee $25,927 $810 $2,161 $26,610 $832 $2,217 $25,579 $799 $2,132 $26,911 $841 $2,243 $14,438 $451 $1,203 Total Controllable Expenses $165,970 $5,187 $13,831 $166,653 $5,208 $13,888 $165,621 $5,176 $13,802 $166,954 $5,217 $13,913 $86,562 $2,705 $7,214 Reserves for Replacements $18,421 $576 $1,535 $18,421 $576 $1,535 $18,421 $576 $1,535 $18,421 $576 $1,535 $8,000 $250 $667 Total Operating Expenses $250,395 $7,825 $20,866 $251,078 $7,846 $20,923 $250,047 $7,814 $20,837 $251,379 $7,856 $20,948 $163,284 $5,103 $13,607 Net Operating Income $8,213 $257 $684 $14,344 $448 $1,195 $5,089 $159 $424 $17,045 $533 $1,420 $125,476 $3,921 $10,456 T12 T6 T3 APR/2022 - SEP/2022 JUL/2022 - SEP/2022 10/31/2022 INCOME EXPENSES OCT/2021 - SEP/2022 RENT ROLL ANNUALIZED EOY 1 PRO FORMA
TROTWOOD VILLAS | FINANCIAL ANALYSIS 39
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 5.00% of Gross Potential Rent. The current vacancy as of the October 1, 2022 rent roll is 9.38%.
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 $300 per month.
INCOME MONTHLY ANNUAL PER UNIT PER SF % OF GPR All Units at Market $26,400 $316,800 $9,900 $10.42 100.00% 1 Loss-to-Lease ($3,459) ($41,512) ($1,297) ($1.37) -13.10% 2 Gain-to-Lease $660 $7,920 $248 $0.26 2.50% 3 Gross Potential Rent $23,601 $283,208 $8,850 $9.32 89.40% Economic Losses Vacancy ($1,180) ($14,160) ($443) ($0.47) -5.00% 4 Bad Debt & Collections ($236) ($2,832) ($89) ($0.09) -1.00% 5 Total Economic Losses ($1,416) ($16,992) ($531) ($0.56) -6.00% Net Rental Income $22,185 $266,216 $8,319 $8.76 94.00% Other Income Cleaning & Damage Charges $15 $178 $6 $0.01 0.06% 6 Late & NSF Fees $56 $674 $21 $0.02 0.24% 6 Laundry or W/D Rental Income $300 $3,600 $113 $0.12 1.27% 7 Utility Reimbursements $1,219 $14,626 $457 $0.48 5.16% 6 Miscellaneous Income $289 $3,466 $108 $0.11 1.22% 6 Total Other Income $1,879 $22,544 $705 $0.74 7.96% Effective Gross Income $24,063 $288,760 $9,024 $9.50 101.96%
TROTWOOD VILLAS | FINANCIAL ANALYSIS 40
FOOTNOTES:
1. Based on the current taxes for EOY 1 and a 25% increase for EOY 2. The current 2021 County Auditor’s valuation is $1,062,600 and the current net effective rate is 3.73% plus $655.80 in assessments.
2. Calculated based on $300 per unit, per year.
3. Based on the September 2022 TTM (Oct ‘21 - Sep ‘22) operations.
4. Calculated based on $900 per unit, per year.
5. Calculated based on $300 per unit, per year.
6. Calculated based on $200 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 $3,362 $40,339 $1,261 $1.33 13.97% 1 Insurance $800 $9,600 $300 $0.32 3.32% 2 Gas $26 $312 $10 $0.01 0.11% 3 Electric $668 $8,014 $250 $0.26 2.78% 3 Water & Sewer $871 $10,458 $327 $0.34 3.62% 3 Total Non-Controllable Expenses $5,727 $68,722 $2,148 $2.26 23.80% Controllable Expenses Payroll & Benefits $2,400 $28,800 $900 $0.95 9.97% 4 Landscape & Snow Removal $999 $11,983 $374 $0.39 4.15% 3 Trash Removal $456 $5,475 $171 $0.18 1.90% 3 Repairs & Maintenance $800 $9,600 $300 $0.32 3.32% 5 Unit Turnover $533 $6,400 $200 $0.21 2.22% 6 General & Administrative $472 $5,666 $177 $0.19 1.96% 3 Advertising & Promotion $350 $4,200 $131 $0.14 1.45% 7 Management Fee $1,203 $14,438 $451 $0.47 5.00% 8 Total Controllable Expenses $7,214 $86,562 $2,705 $2.85 29.98% Reserves for Replacements $667 $8,000 $250 $0.26 2.77% 9 Total Operating Expenses $13,607 $163,284 $5,103 $5.37 56.55% Net Operating Income $10,456 $125,476 $3,921 $4.13 43.45%
TROTWOOD VILLAS | FINANCIAL ANALYSIS 41
10-YEAR 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 $316,800 $326,304 $336,093 $346,176 $356,561 $367,258 $378,276 $389,624 $401,313 $413,352 Loss-to-Lease ($41,512) ($34,599) ($27,235) ($28,052) ($28,894) ($29,761) ($30,653) ($31,573) ($32,520) ($33,496) Gain-to-Lease $7,920 $8,158 $0 $0 $0 $0 $0 $0 $0 $0 Gross Potential Rent $283,208 $299,862 $308,858 $318,124 $327,667 $337,497 $347,622 $358,051 $368,793 $379,856 Economic Losses Vacancy ($14,160) ($14,993) ($15,443) ($15,906) ($16,383) ($16,875) ($17,381) ($17,903) ($18,440) ($18,993) Bad Debt & Collections ($2,832) ($2,999) ($3,089) ($3,181) ($3,277) ($3,375) ($3,476) ($3,581) ($3,688) ($3,799) Total Economic Losses ($16,992) ($17,992) ($18,531) ($19,087) ($19,660) ($20,250) ($20,857) ($21,483) ($22,128) ($22,791) Net Rental Income $266,216 $281,870 $290,327 $299,036 $308,007 $317,248 $326,765 $336,568 $346,665 $357,065 Other Income Cleaning & Damage Charges $178 $183 $188 $194 $200 $206 $212 $218 $225 $232 Late & NSF Fees $674 $694 $715 $737 $759 $782 $805 $829 $854 $880 Laundry or W/D Rental Income $3,600 $3,708 $3,819 $3,934 $4,052 $4,173 $4,299 $4,428 $4,560 $4,697 Utility Reimbursements $14,626 $15,065 $15,517 $15,983 $16,462 $16,956 $17,465 $17,989 $18,528 $19,084 Miscellaneous Income $3,466 $3,570 $3,677 $3,787 $3,901 $4,018 $4,139 $4,263 $4,391 $4,522 Total Other Income $22,544 $23,220 $23,917 $24,634 $25,373 $26,135 $26,919 $27,726 $28,558 $29,415 Effective Gross Income $288,760 $305,091 $314,243 $323,671 $333,381 $343,382 $353,684 $364,294 $375,223 $386,480 Average Rent $738 $781 $804 $828 $853 $879 $905 $932 $960 $989 Effective Gross Income Per Unit $9,024 $9,534 $9,820 $10,115 $10,418 $10,731 $11,053 $11,384 $11,726 $12,077 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 $40,339 $50,259 $51,767 $53,320 $54,920 $56,567 $58,264 $60,012 $61,813 $63,667 Insurance $9,600 $9,888 $10,185 $10,490 $10,805 $11,129 $11,463 $11,807 $12,161 $12,526 Gas $312 $321 $331 $341 $351 $361 $372 $383 $395 $407 Electric $8,014 $8,254 $8,502 $8,757 $9,020 $9,290 $9,569 $9,856 $10,152 $10,456 Water & Sewer $10,458 $10,771 $11,095 $11,427 $11,770 $12,123 $12,487 $12,862 $13,247 $13,645 Total Non-Controllable Expenses $68,722 $79,494 $81,879 $84,335 $86,865 $89,471 $92,155 $94,920 $97,768 $100,701 Controllable Expenses Payroll & Benefits $28,800 $29,664 $30,554 $31,471 $32,415 $33,387 $34,389 $35,420 $36,483 $37,577 Landscape & Snow Removal $11,983 $12,343 $12,713 $13,095 $13,487 $13,892 $14,309 $14,738 $15,180 $15,636 Trash Removal $5,475 $5,639 $5,809 $5,983 $6,162 $6,347 $6,538 $6,734 $6,936 $7,144 Repairs & Maintenance $9,600 $9,888 $10,185 $10,490 $10,805 $11,129 $11,463 $11,807 $12,161 $12,526 Unit Turnover $6,400 $6,592 $6,790 $6,993 $7,203 $7,419 $7,642 $7,871 $8,107 $8,351 General & Administrative $5,666 $5,836 $6,011 $6,191 $6,377 $6,568 $6,765 $6,968 $7,177 $7,393 Advertising & Promotion $4,200 $4,326 $4,456 $4,589 $4,727 $4,869 $5,015 $5,165 $5,320 $5,480 Management Fee $14,438 $15,255 $15,712 $16,184 $16,669 $17,169 $17,684 $18,215 $18,761 $19,324 Total Controllable Expenses $86,562 $89,543 $92,229 $94,996 $97,846 $100,781 $103,804 $106,919 $110,126 $113,430 Reserves for Replacements $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 Total Operating Expenses $163,284 $177,037 $182,108 $187,331 $192,711 $198,252 $203,960 $209,839 $215,894 $222,131 Operating Expenses Per Unit $5,103 $5,532 $5,691 $5,854 $6,022 $6,195 $6,374 $6,557 $6,747 $6,942 Net Operating Income $125,476 $128,054 $132,136 $136,340 $140,670 $145,130 $149,724 $154,456 $159,329 $164,349 NOI Per Unit $3,921 $4,002 $4,129 $4,261 $4,396 $4,535 $4,679 $4,827 $4,979 $5,136
TROTWOOD VILLAS | FINANCIAL ANALYSIS 42
RENT COMPARABLES
TROTWOOD VILLAS BELLE MEADOWS BROADMOOR WESTBROOKE VILLAGE WILLOWOOD 1 1 2 2 4 4 3 3
COMPARABLES
TROTWOOD VILLAS | RENT COMPARABLES 46
RENT
MAP
767 Average SF $831 Average Rent $1.10 Average Rent/SF
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT OCCUPANCY UNIT SIZE RENT RENT/SF BELLE MEADOWS 160 1987 93.8% 895 SF $915 $1.02 BROADMOOR 111 1973 98.4% 859 SF $810 $0.94 WESTBROOKE VILLAGE 312 1972 95.0% 750 SF $809 $1.08 WILLOWOOD 131 1983 95.4% 572 SF $800 $1.40 TROTWOOD VILLAS (IN-PLACE) 32 1973 90.6% 950 SF $717 $0.75 RENT COMPARABLES SUMMARY
TROTWOOD VILLAS | RENT COMPARABLES 47
RENT COMPARABLES - 2 BD
*WEIGHTED AVERAGES DO NOT INCLUDE SUBJECT PROPERTY
AVERAGE AVERAGE AVERAGE PROPERTY UNITS YEAR BUILT UNIT SIZE RENT RENT/SF BELLE MEADOWS 112 1987 970 SF $954 $0.98 WILLOWOOD 22 1983 864 SF $947 $1.10 BROADMOOR 61 1973 1,005 SF $888 $0.88 WESTBROOKE VILLAGE 234 1972 783 SF $837 $1.07 TROTWOOD VILLAS (IN-PLACE) 32 1973 950 SF $717 $0.75
868 Average SF $880 Average Rent $1.01 Average Rent/SF TROTWOOD VILLAS | RENT COMPARABLES 48
UTILITIES & FEES / CHARGES COMPARISONS
UTILITIES* Gas N/A Tenant Tenant N/A Tenant Electric Tenant Tenant Tenant Tenant Tenant Water & Sewer Owner Owner Owner Owner Owner Trash Removal Owner Owner Owner Owner Owner
TROTWOOD VILLAS BROADMOOR BELLE MEADOWS WILLOWOOD
WESTBROOKE
VILLAGE
*PER MONTH TROTWOOD VILLAS | RENT COMPARABLES 49
RENT COMPARABLES
32 1973 91% UNITS YEARS
160 1987 94% UNITS YEAR BUILT OCCUPANCY
BELLE MEADOWS 9000 Springmeadow Ln, Trotwood, OH 45426 1
UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 48 720 $800 - $850 $1.15 2 BD / 2 BA 56 920 $950 - $975 $1.05 2 BD / 2 BA 56 1,020 $895 - $995 $0.93 TOTAL/AVERAGES 160 895 $915 $1.02
N Broadway St, Trotwood, OH 45426
TROTWOOD VILLAS 421
UNIT TYPE UNITS SF CURRENT RENT RENT/SF 2 BD / 1.5 BA 32 950 $717 $0.75 TOTAL/AVERAGES 32 950 $717 $0.75
BUILT OCCUPANCY
TROTWOOD VILLAS | RENT COMPARABLES 50
111 1973 98% UNITS
312 1972 95% UNITS YEAR BUILT OCCUPANCY
BROADMOOR
Burman Ave, Trotwood, OH 45426 2
400
YEAR BUILT OCCUPANCY UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 22 660 $650 $0.98 1 BD / 1 BA 28 698 $765 $1.10 2 BD / 1 BA 2 787 $750 $0.95 2 BD / 1 BA 5 825 $825 $1.00 2 BD / 1.5 BA TWNH 54 1,030 $899 $0.87 TOTAL/AVERAGES 111 859 $810 $0.94 WESTBROOKE VILLAGE 5530 Autumn Hills Dr, Trotwood, OH 45426 3
UNIT TYPE UNITS SF CURRENT RENT RENT/SF 1 BD / 1 BA 78 650 $700 - $750 $1.12 2 BD / 1 BA 156 750 $800 - $850 $1.10 2 BD / 1 BA 78 850 $835 - $885 $1.01 TOTAL/AVERAGES 312 750 $809 $1.08 RENT COMPARABLES TROTWOOD VILLAS | RENT COMPARABLES 51
RENT COMPARABLES
WILLOWOOD
3303 Shiloh Springs Rd, Trotwood, OH 45246
131 1983 95% UNITS YEAR BUILT OCCUPANCY
4
UNIT TYPE UNITS SF CURRENT RENT RENT/SF STUDIO 24 288 $599 $2.08 1 BD / 1 BA 85 576 $819 $1.42 2 BD / 1 BA 14 864 $929 $1.08 2 BD / 2 BA 8 864 $979 $1.13 TOTAL/AVERAGES 131 572 $800 $1.40
TROTWOOD VILLAS | 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
TROTWOOD VILLAS | MARKET OVERVIEW 56
TROTWOOD VILLAS | MARKET OVERVIEW 57
STRONG, DIVERSE EMPLOYMENT BASE
16,000+ Employees
634+ Beds
1,011+ Doctors
TROTWOOD VILLAS | MARKET OVERVIEW 58
12,000+ Employees
360+ Beds
20,000+ Employees
Headquarters
Fortune 500
TROTWOOD VILLAS | 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
TROTWOOD VILLAS | 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)
TROTWOOD VILLAS | 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
