Twin Gables

TWIN GABLES 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

2025 Hamilton, Ohio

C O N T E N TS Track Record

06

Local Market

12

Local Comparables

24

The Financials

40

LEAD AGENTS

Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com

Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com

Austin Sum Senior Associate Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

Alden Simms Senior Associate Cincinnati Office D. 513.878.7747 alden.simms@marcusmillichap.com

A Legacy of Success, Built for the Future For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest. We also assembled the industry’s largest and most qualified team of specialists to help provide real estate solutions that match your unique investment needs. Connect with an advisor today.

$43.6B

7,546

$ 1 0. 1 B

1 , 0 76

Value Of Recently Closed Transactions

Closed Sales In Most Recent Year

Total Value Of Recent Listings

Closed Financings In Most Recent Years

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Calabasas, California

|

HQ

80+

|

Offices

2,500

Sign up

|

Employees

YOUR TEAM

CORPORATE SUPPORT

Jordan Dickman

Liz Popp

First Vi ce Pre s i d e n ts Dire c tor, Nmhg

Nick Andrews First Vi ce Pre s i d e n ts Dire c tor, Nmhg

Mi d w e st O p erati o n s Man age r

Josh Caruana

Austin Sum

V i ce Pre si d en t Re gi o n al Man age r

S e nior I nve s t m e n t As s o ciate

I n d i an ap o l i s | C i n c i n n ati | Lo ui sv i l l e | St Lo u i s | Ka n s a s C i ty

Austin Hall I nve st m e n t As s o c i ate

Alden Simms I nve st m e n t As s o c i ate

Jack Stava I nve st m e n t As s o c i ate

Peter Stanley N ati o n al D i re c to r

N ati o n al Mul ti H o usi n g G ro up

Michael Glas s

I nve st m e n t As s o c i ate

S en i o r V i ce Pre si d e n t Mi d w e st D i v i si o n Man ager N ati o n al D i re c to r, Man ufac ture d Ho m e C o m m u n i t i e s G ro u p

BROKER SUPPORT

OUR LOCATION

Chuck C ombs

S am Petrosino Va lu ati o n & Re s e a rch

Brett Martin I ntern a l Acco u n ta n t

Brittany Campb ell-Ko ch Dire c to r o f O p e rat i ons

Alex Papa Marke t i n g C o o rd i n ator

300 WEST 4TH STREET CINCINNATI, OHIO

ADS GROUP CASE STUDIES GORDON SMITH

PURCHASE PRICE

PER UNIT

CAP

LEFFERSON

PER SQFT

PURCHASE PRICE

PER UNIT

$5,450,000 $90,833 6.25% $109

$9,250,000 $102

# OF UNITS

# OF UNITS

60

VINTAGE

1990

DAYS ON MARKET

30

# OF OFFERS

16

VINTAGE

90 1994

DAYS ON MARKE

30

QUARTERS

CAP

LAUREL SPRINGS

PER SQFT

PURCHASE PRICE

PER UNIT

CAP

PER SQFT

2,777 3.50% $118

$10,250,000 $80,078 4.00% $105

ET

# OF UNITS

# OF OFFERS

23

VINTAGE

128 1969

DAYS ON MARKET

30

# OF OFFERS

18

ADS trailing 7 months/Under Contract Deal Name

Submarket

YB

Units

Riverside Terrace

Delhi

1978

73

Lefferson Quarters

Middletown

1994

90

Gordon Smith

Hamilton

1990

60

Piqua Senior Housing

Piqua

1925

74

Fairborn Senior Housing

Fairborn

1937

82

Laurel Springs

Fairborn

1968

128

Norse

Cold Springs

1988/2005

131

Ridgeway

Avondale

1974

42

Deer Park

Deer Park

1966

30

Larkspur

Moraine

1986

46

Lakeshore

Shroyer Park

1965

57

Hilltop

Northside

1972

139

Providence

Mount Airy

1969

55

Clearpointe

Westwoon

1972

155

4th and Plum

CBD Cincinnati

1870-1950

302

College Crest

College Hill

1954

103

Vernon

College Hill

1970

45

The Landing

CBD Dayton

1929/2005

166

WW 137

Westwood

1960s

137

Brookwood

Westwood

1968

100

Total

PP

Per Door

Cap

Pro Cap

$5,600,000.00

$76,712.33

5.00%

8.00%

$9,250,000.00

$102,777.78

3.50%

9.00%

$5,450,000.00

$90,833.33

6.25%

7.00%

$4,292,000.00

$58,000.00

3.00%

9.00%

$5,084,000.00

$62,000.00

3.50%

8.75%

$10,250,000.00

$80,078.13

4.00%

9.00%

$16,500,000.00

$125,954.20

6.25%

7.00%

$2,550,000.00

$60,714.29

6.00%

7.25%

$2,350,000.00

$78,333.33

5.50%

7.50%

$2,250,000.00

$48,913.04

6.50%

7.50%

$4,550,000.00

$79,824.56

6.00%

7.00%

$12,232,000.00

$88,000.00

5.90%

7.00%

$4,950,000.00

$90,000.00

6.10%

7.25%

$12,400,000.00

$80,000.00

5.50%

7.50%

$55,250,000.00

$182,947.02

3.50%

7.75%

$6,437,500.00

$62,500.00

6.00%

6.75%

$2,767,500.00

$61,500.00

6.00%

6.75%

$21,550,000.00

$129,819.28

4.00%

7.50%

$7,500,000.00

$54,744.53

4.50%

8.00%

$3,900,000.00

$39,000.00

6.50%

7.00%

$195,113,000.00

ADS Current Listings Deal Name

Submarket

YB

Units

PP

Per Door

Prime at Wright

Fairborn

1986/2007

90

$17,000,000.00

$188,888.89

The Views of Mt Airy

Mount Airy

1972

282

$30,500,000.00

$108,156.03

Deerfield Crossing

Piqua

1996/2010

48

$6,000,000.00

$125,000.00

Hangar Flats

Batavia

2023

84

$20,500,000.00

$244,047.62

Continental Court

Vandalia

1974

32

$2,200,000.00

$68,750.00

Northcreek

North College Hill

1976

141

$12,750,000.00

$90,425.53

Pine Portfolio

Middletown

1984

96

$8,250,000.00

$85,937.50

Executive Portfolio

Westwood

1974

154

$12,500,000.00

$81,168.83

Total

$109,700,000.00

02

LOCAL MARKET

HAMILTON ABOUT HAMILTON DAYTON

Hamilton was founded in 1791 as Fort Hamilton. By 1800, the fort was no longer used for military purposes and Hamilton began transitioning into an active agricultural and regional trading area. The town was mapped, government was seated, and Hamilton was formally incorporated as a city by the Ohio General Assembly in 1810.

By the mid-1800s, Hamilton had become a significant manufacturing city, producing machines and equipment used to process the region’s farm produce.

Completed in 1845, the Hamilton Hydraulic System spurred one of Hamilton’s greatest periods of industrial and population growth from 1840 to 1860.

TWIN GABLES

DRIVE TIME

CINCINNATI 44 MINS | 34.9 MI DAYTON 55 MINS | 38.8 MI

CINCINNATI

HAMILTON POISED FOR NEARLY $1B IN NEW PROJECTS •

BOBBY GEORGE 4 ACRE REDEVELOPMENT FROM ADANDONED INDUSTRIAL SITE INTO 234 APARTMENTS

•

CRAWFORD HOYING IS PLANNING A MEGA PROJECT ON A FORMER INDUSTRIAL SITE.

•

MOSES GLICK & MARK FRANK’S COMPANY ARE PLANNING AN $8M REDEVELOPMENT PROJECT THAT WILL TURN A 3 STORY BUILDING INTO A BOUTIQUE HOTEL.

•

BLOOMFIELD/SCHON IS WORKING ON A PLAN TO TRANSOFRM THE BENNINGHOFEN MILL INTO 100+ APARTMENTS, 10,000 SQUARE FEET OF RETAIL SPACE AND INDOOR PARKING FOR $25M

•

LIGHTHOUSE HOSPITALITY GROUP AND VISION REALTY GROUP ARE WORKING TO TRANSFORM THE ANTHONY WAYNE BUILDING INTO A HOTEL WITH 54 ROOMS AND AN IRISH PUB ON THE GROUND FLOOR.

•

SPECTRUM INVESTMENT GROUP & ACUMEN DEVELOPMENT ARE PLANNING A $48M CONVERSION OF THE MUELLER BUILDING INTO A 159-ROOM HOTEL.

•

A HOTEL DEVELOPER IS PLANNING A 6 STORY HAMPTON INN & SUITES & HOME2SUITES BY HILTON HOTEL, ON A LOT THAT AS BEEN VACANT FOR OVER 60 YRS.

•

COLUMBUS-BASED COHATCH IS REDEVELOPING THE HISTORIC SECOND NATIONAL BANK BUILDING ON HIGH STREET INTO A LOCATION THAT WILL OFFER COWORKING SEATS, PRIVATE OFFICES MEETING ROOMS AND AN EVENT SPACE.

HAMILTON RENTAL RATE CHANGE | YEAR-OVER-YEAR

RENTAL RATE CHANGE | YEAR-OVE

18th

RANK OUT OF 47 SUBMARKETS

2.2%

Y-O-Y CHANGE

AVERAGE RENTAL RATE

AVERAGE RENTAL RATE

35th

RANK OUT OF 47 SUBMARKETS

$980

AVG RENTAL RATE

GRAPHS FOR Q3 2024

RENTAL RATE CHANGE | YEAR-OVER-YEAR

ER-YEAR

18th

3rd

RANK OUT OF 47 SUBMARKETS

RANK OUT OF 43 SUBMARKETS

4.4%

13.3% Y-O-Y CHANGE

Y-O-Y CHANGE

AVERAGE RENTAL RATE

30th

39th

$1,295

$1,368

RANK OUT OF 47 SUBMARKETS

AVG RENTAL RATE

RANK OUT OF 43 SUBMARKETS

AVG RENTAL RATE

LOCAL DEVELOPMENTS SPOOKY NOOK At a cost of $165 million and at 691,000 square feet, Spooky Nook Champion Mill in Hamilton, Ohio, is North America’s largest indoor sports facility. From basketball and volleyball courts to turf soccer fields, Spooky Nook can accommodate nearly any major dry-land sport.

The indoor portion of Spooky Nook Sports Champion Mill is a state-of-the-art indoor sports facility near you with everything athletes of any caliber need to be their best. Some of our indoor facility’s features include: •

14 maple hardwood courts and 14 sport court basketball courts which convert to 46 volleyball courts • 100,000 square feet of hardwood courts • 90,000 square feet of sport court surfaces for sports and events.

• A 65,000-square-foot fitness center a 200-meter track, members-only pickleball and basketball courts in Hamilton • A food court and smoothie bar • Arcade • The Spooky Nook Sports Champion Mill campus also houses a full-sized outdoor turf field with lights perfect for soccer, football, field hockey, flag football, lacrosse and more.

COHEN RECYCLING SITE REDEVELOPMENT - PHASE 1 A major mixed-use development just across the Great Miami River from Hamilton’s Spooky Nook sporting complex has landed city approval.

Hamilton City Council unanimously voted July 12 to execute a development agreement with Dublin-based developer Crawford Hoying, who plans to redevelop the former Cohen Recycling Site located at 555 N. 3rd St. The development agreement encompasses the property at 555 N. 3rd St. as well as 134 Hensel Place.

With the agreement in place, Crawford Hoying will receive a $3 million forgivable loan from the city of Hamilton in exchange for purchasing and developing the Cohen Recycling site. For that loan to be forgiven, Crawford Hoying will need to complete $150 million of development at the site by 2036.

The developer plans to turn the former recycling site into a multi-phased, $150 million mixed-use site. The first phase will include more than 100 apartments, townhomes, 5,000 square feet of commercial space, a premium-brand hotel and parking.

With the development agreement now in place, Crawford Hoying’s executive vice president of commercial real estate and leasing, Matt Star, told Hamilton City Council the firm is set to close on the properties Aug. 9 and then move forward with the development.

Representatives from the firm said the site plans could look very different from what will eventually take shape across the river from Spooky Nook, but key components will remain the same: the hotel will have at least 120 rooms, and there could be upward of 235 apartment units.

LOCAL DEVELOPMENTS $20M REDEVELOPMENT OF HISTORIC WOOLEN MILL Plans to invest $20 million into redeveloping a historic mill took a step forward recently. The Hamilton City Council has approved an agreement for Cincinnati-based Bloomfield/Schon to convert the city’s historic Shuler & Benninghofen Woolen Mill into a mixed-use project. The project would include 100 “1+ bedroom apartments,” at least 10,000 square feet of commercial space and 50 indoor parking spaces.

ANTHONY WAYNE BUILDING/WELL HOUSE HOTEL Two redevelopment projects in Butler County were awarded state historic preservation tax credits at the end of June.The redevelopment of the Anthony Wayne Apartment building in Hamilton and the Middletown Building and Deposit Association each received their fully requested amounts – about $1.6 million each – to help move the projects forward. The Anthony Wayne redevelopment was announced in May 2022 and will transform the building back into its original use: a hotel.

Vision Realty Group is partnering with Lighthouse Hospitality Group Inc. of St. Petersburg, Fla. to return the Anthony Wayne to its roots, investing $16.4 million. The project includes a 54-room boutique hotel, with a restaurant on the first floor. Called the Well House Hotel, the property will be part of Hilton’s Tapestry Collection of hotels. Hilton launched Tapestry Collection, a boutique brand, in 2017.

“The goal of this project is to take (an) underutilized historic property in disrepair and create a 100% utilized building with modern conveniences and a historical feel,” the project’s application reads. The building is in “poor condition,” according to the project application, and requires interior and exterior rehabilitation work across the basement and seven floors. Work is expected to wrap up by the end of July 2024.

LOCAL DEVELOPMENTS PUBLIC WORKS ADMINISTRATION BUILDING REDEVELOPMENT Partners Spectrum Investment Group and Acumen Development Partners want to redevelop Hamilton’s former city building, located at 20 High St., and transform it into a boutique hotel. The project would be an estimated $48 investment that targets opening in the fourth quarter of 2026.

The hotel would include 43 rooms in the former city building, and a new structure on the site would include 116 rooms. There would also be covered valet, an enclosed rooftop event space and corporate-style suites, according to Kamel.

There would also be an outdoor family and entertainment space at the hotel. Kamel said the team envisions the space as a way to keep people in downtown Hamilton before or after events at River’s Edge amphitheater.

“This is such a unique and eccentric building in Hamilton, and it’s got so much character,” Kamel said during the meeting. “What we want to do is really bring a different type of hotel … and be able to kind of stick out among the crowd.”

HISTORIC SECOND NATIONAL BANK BUILDING REDEVELOPMENT A shared workspace company will restore the historic Second National Bank building in downtown Hamilton as part of its ambitious growth plans in the region. The company also announced it will open an 11,000-square-foot space in Covington. The space will go above Juniper’s Gin Bar at 407 W. Sixth St. in the John R. Green building. The locations will offer coworking seats, private offices and meeting rooms. The Hamilton location will also include an event space.

Cohatch is currently looking for a food and beverage operator to co-lease the space. The leasing brochure from Equity Brokerage describes a restaurant that could use the bank’s historic vault as “chef’s table dining experience.” It also shows an adjacent pedestrian plaza, dubbed “Journal Square,” activated with tables for dining.

A Cohatch spokesperson put the total project cost at around $8 million. Construction work is slated to start in Hamilton by the end of 2023 and conclude in late 2024. Work on the Covington location will begin in the middle 2024, and the location is expected to open in early 2025. “We’ve gotten tons of requests to expand north and south of Cincinnati, so we’re making it happen,” Megan Dotzauer, Cincinnati market leader at Cohatch, said in the release. “We’re chomping at the bit to better support the Hamilton and Covington areas, as well as surrounding communities through our workspace solutions and event spaces, as well as through our impact programs.”

03

LOCAL COMPARABLES

RENT MATRIX | ONE BEDROOM

1865 NW Washington | $1,249

Rossville Flats | $1,375 Subject Effective | $742

Princeton Square | $1,080

The Marcum Apts | $1,395

Third + Dayton | $1,400 Carriage Hill Apts | $945 Bridgewater Crossing | $1,260

One Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Third + Dayton

1979

186

745

$1,400

$1.88

The Marcum

2018

102

695

$1,395

$2.01

Rossville Flats

2023

75

726

$1,375

$1.89

Bridgewater Crossing

2000

368

569

$1,260

$2.21

1865 NW Washington Blvd

1970

6

750

$1,249

$1.67

Subject Pro Forma

1969

81

483

$1,100

$2.28

Princeton Square

1964

264

720

$1,080

$1.50

Carriage Hill Apartment Homes

1972

224

600

$945

$1.58

Subject Average Effective

1969

81

483

$742

$1.54

RENT MATRIX | TWO BEDROOM

Remington Lake Apts | $1,605 Wish Village | $1,150

696 Gordon Smith Blvd | $1,195

Rossville Flats | $2,300 445 Ross Ave | $1,300

Subject Effective | $991

The Marcum Apts | $1,700

Princeton Square | $1,115

Third + Dayton | $2,000 Carriage Hill Apts | $1,149 Bridgewater Crossing | $1,560

Two Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Rossville Flats

2023

75

1301

$2,300

$1.77

Third + Dayton

1979

186

925

$2,000

$2.16

The Marcum

2018

102

1050

$1,700

$1.62

Remington Lake Apartments

2024

272

1057

$1,605

$1.52

Bridgewater Crossing

2000

368

1035

$1,560

$1.51

445 Ross Ave

1900

2

650

$1,300

$2.00

Subject Pro Forma

1969

81

680

$1,207

$1.78

696 Gordon Smith Blvd

1980

36

900

$1,195

$1.33

Wish Village

2003

156

1022

$1,150

$1.13

Carriage Hill Apartment Homes

1972

224

875

$1,149

$1.31

Princeton Square

1964

264

850

$1,115

$1.31

Subject Average Effective

1969

81

680

$991

$1.46

RENT MATRIX | THREE BEDROOM

Remington Lake Apts | $1,755

Echo Flats | $1,299

Subject Effective | $978 1332 Campbell Ave | $1,500

The Marcum Apts | $1,925

Bridgewater Crossing | $1,830

Three Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

The Marcum

2018

102

1410

$1,925

$1.37

Bridgewater Crossing

2000

368

1186

$1,830

$1.54

Remington Lake Apartments

2024

272

1206

$1,755

$1.46

1332 Campbell Ave (H)

1930

1

1008

$1,500

$1.49

Subject Pro Forma

1969

81

873

$1,306

$1.50

Echo Flats

1990

36

1500

$1,299

$0.87

Subject Average Effective

1969

81

873

$978

$1.12

NOTEWORTHY COMPETITORS - 696 GORDON SMITH

Units

36

Year Built

1980

Occupancy

92.0%

Unit Mix Two Bedroom

# of units

Square Feet

Asking Rent

Rent per SF

12

900

$1,195

$1.33

UTILITIES RESPONSIBILITY • • • •

Resident Pays Electricity Resident Pays Sewer Property Pays Trash Removal Resident Pays Water

696 GORDON SMITH

NOTEWORTHY COMPETITORS - WISH VILLAGE

Units

156

Year Built

2003

Occupancy

97.0%

Unit Mix Two Bedroom

# of units

Square Feet

Asking Rent

Rent per SF

156

1022

$1,150

$1.13

UTILITIES RESPONSIBILITY • • • •

Resident Pays Electricity Property Pays Sewer Property Pays Trash Removal Property Pays Water

WISH VILLAGE

NOTEWORTHY COMPETITORS - CARRIAGE HILL APT HOMES

Units

224

Year Built

1972

Occupancy

92.0%

Unit Mix One Bedroom Two Bedroom

# of units 160 64

Square Feet 600 875

Asking Rent $945 $1,149

Rent per SF $1.58 $1.31

UTILITIES RESPONSIBILITY • • • • •

Resident Pays Electricity Resident Pays Gas Resident Pays Sewer Property Pays Trash Removal Resident Pays Water

CARRIAGE HILL APT HOMES

NOTEWORTHY COMPETITORS - ECHO FLATS

Units

34

Year Built

1990

Occupancy

90.0%

Unit Mix Three Bed

# of units 14

Square Feet 1500

Asking Rent $1,299

Rent per SF $0.87

UTILITIES RESPONSIBILITY • • • •

Resident Pays Electricity Resident Pays Sewer Property Pays Trash Removal Resident Pays Water

ECHO FLATS

04

THE FINANCIALS

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

One Bedroom 1BR/1BA 1BR/1BA - UG Totals / Wtd. Averages

6 Units 2 Units 8 Units

483 SF 483 SF 483 SF

2,898 SF 966 SF 3,864 SF

$713.00 $829.00 $742.00

$1.48 SF $1.72 SF $1.54 SF

$4,278 $1,658 $5,936

$935.00 $899.00 $926.00

$1.94 SF $1.86 SF $1.92 SF

$5,610 $1,798 $7,408

$1,100.00 $1,100.00 $1,100.00

$2.28 SF $2.28 SF $2.28 SF

$6,600 $2,200 $8,800

Two Bedroom 2BR/1BA 2BR/1BA - UG Totals / Wtd. Averages

31 Units 5 Units 36 Units

651 SF 869 SF 681 SF

20,181 SF 4,345 SF 24,526 SF

$978.84 $1,072.00 $991.78

$1.50 SF $1.23 SF $1.46 SF

$30,344 $5,360 $35,704

$1,091.00 $1,251.00 $1,113.22

$1.68 SF $1.44 SF $1.63 SF

$33,821 $6,255 $40,076

$1,200.00 $1,250.00 $1,206.94

$1.84 SF $1.44 SF $1.77 SF

$37,200 $6,250 $43,450

Three Bedroom 3BR/1.5BA 3BR/1.5BA - UG Totals / Wtd. Averages

28 Units 4 Units 32 Units

864 SF 939 SF 873 SF

24,192 SF 3,756 SF 27,948 SF

$950.08 $1,171.75 $977.79

$1.10 SF $1.25 SF $1.12 SF

$26,602 $4,687 $31,289

$1,147.00 $1,307.00 $1,167.00

$1.33 SF $1.39 SF $1.34 SF

$32,116 $5,228 $37,344

$1,300.00 $1,350.00 $1,306.25

$1.50 SF $1.44 SF $1.50 SF

$36,400 $5,400 $41,800

UNIT DISTRIBUTION

UNIT RENTS

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

OCCUPANCY

AV E R A G E E F F E C T I V E

MARKET

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

Summary One Bedroom Two Bedroom Three Bedroom Totals / Wtd. Averages

8 Units 36 Units 32 Units 76 Units

483 SF 681 SF 873 SF 741 SF

3,864 SF 24,526 SF 27,948 SF 56,338 SF

$742.00 $991.78 $977.79 $959.60

$1.54 $1.46 $1.12 $1.29 SF

$5,936 $35,704 $31,289 $72,929

RENT/UNIT

$926.00 $1,113.22 $1,167.00 $1,116.16

PROJECTED

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

$1.92 SF $1.63 SF $1.34 SF $1.51 SF

$7,408 $40,076 $37,344 $84,828

$1,100.00 $1,206.94 $1,306.25 $1,237.50

$2.28 SF $1.77 SF $1.50 SF $1.67 SF

$8,800 $43,450 $41,800 $94,050

INCOME & EXPENSES

Rent Roll: As of January 1, 2025

EXPENSE

INCOME

FY 2022 GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt Concessions Allowance EFFECTIVE GROSS INCOME

FY 2023 % of GPR

$831,817 T12 ($99,041) T12 $732,776 $115,208 $847,984 ($14,802) T12 ($14,299) T12 ($6,169) T12 $812,714

2.02% 1.95% 0.84% 83.28%

Per Unit 10,945 (1,303) 9,642 1,516 11,158 (195) (188) (81) 10,694

11.91% 15.72%

% $944,589 ($130,549) $814,040 $116,304 $930,344 ($34,448) ($35,355) ($6,880) $853,661

T12 T12

T12 T12 T12

NON-CONTROLLABLE Real Estate Taxes 2024 Taxes Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric & Gas Water & Sewage Trash Removal Utilities Total Non-Controllable

$56,706 Auditor $30,069 $86,774 $21,924 T12

% of EGI 6.98% 3.70% 10.68% 2.70%

Per Unit 746 396 1,142 288

$56,706 $30,069 $86,774 $24,233

Auditor

$57,222 T12 $56,461 T12 $20,314 T12 $133,997 $242,695

7.04% 6.95% 2.50% 16.49% 29.86%

753 743 267 1,763 3,193

$64,063 $46,323 $24,128 $134,514 $245,521

T12 T12 T12

CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Contract Services Repairs & Maintenance Marketing & Promotion Onsite Payroll Contracted Labor General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NOI - NO TAX REASSESSMENT

$1,226 T12 $1,445 T12 $2,333 T12 $5,004 $38,975 T12 $7,495 T12 $114,182 T12 $33,725 T12 $19,906 T12 $35,702 T12 $22,800 Note 1 $277,788 $520,483 $322,299

0.15% 0.18% 0.29% 0.62% 4.80% 0.92% 14.05% 4.15% 2.45% 4.39% 2.81% 34.18% 64.04% 39.66%

16 19 31 66 513 99 1,502 444 262 470 300 3,655 6,848 4,241

$655 $11,155 $4,152 $15,961 $41,121 $7,825 $117,782 $24,341 $18,770 $36,700 $22,800 $285,300 $530,821 $352,908

NET OPERATING INCOME

$292,231

35.96%

3,845

$322,840

T12

T12

T12 T12 T12 T12 T12 T12 T12 T12 Note 1

UNDERWRITING NOTES 1

Replacement & Reserves: added based on market norm of $300 per unit per year

FY 2024

% of GPR

$971,619 ($92,112) $879,507 $101,511 $981,018 ($76,461) ($70,095) ($13,800) $820,663

T12 T12

4.23% 4.34% 0.85% 76.76%

Per Unit 12,429 (1,718) 10,711 1,530 12,241 (453) (465) (91) 11,232

6.64% 3.52% 10.16% 2.84%

% of EGI 746 396 1,142 288

$56,706 $30,069 $86,774 $25,400

Auditor

7.50% 5.43% 2.83% 15.76% 28.76%

843 610 317 1,770 3,231

$65,152 $33,236 $29,738 $128,125 $240,299

0.08% 1.31% 0.49% 1.87% 4.82% 0.92% 13.80% 2.85% 2.20% 4.30% 2.67% 33.42% 62.18% 41.34%

9 147 55 210 541 103 1,550 320 247 483 300 3,754 6,984 4,644

$1,822 $11,265 $6,747 $19,834 $63,763 $10,154 $115,960 $49,229 $23,833 $36,496 $22,800 $342,069 $582,368 $268,363

37.82%

4,248

$238,294

13.82% 14.29%

STABILIZED % of GPR

Per Unit

% of GPR

Per Unit

8.69% 7.97% 1.57% 72.29%

1,336 12,908 (1,006) (922) (182) 10,798

$1,128,600 ($22,572) $1,106,028 $121,871 $1,227,899 ($55,301) ($16,590) ($5,530) $1,150,477

5.00% 1.50% 0.50% 91.00%

1,604 16,157 (728) (218) (73) 15,138

% of EGI 6.91% 3.66% 10.57% 3.10%

Per Unit 746 396 1,142 334

$56,706 $30,069 $86,774 $53,200

6.91% 3.66% 10.57% 6.48%

% of EGI 746 396 1,142 700

T12 T12 T12

7.94% 4.05% 3.62% 15.61% 29.28%

857 437 391 1,686 3,162

$66,455 $33,900 $30,333 $130,688 $270,662

8.10% 4.13% 3.70% 15.92% 32.98%

874 446 399 1,720 3,561

T12

0.22% 1.37% 0.82% 2.42% 7.77% 1.24% 14.13% 6.00% 2.90% 4.45% 2.78% 41.68% 70.96% 32.70%

24 148 89 261 839 134 1,526 648 314 480 300 4,501 7,663 3,531

$2,660 $9,500 $3,800 $15,960 $45,600 $7,600 $95,000 $0 $11,400 $51,771 $22,800 $250,131 $520,793 $659,753

0.23% 0.83% 0.33% 1.94% 3.96% 0.66% 8.26% 0.00% 0.99% 4.50% 1.98% 22.30% 45.27% 57.35%

35 125 50 210 600 100 1,250 0 150 681 300 3,291 6,853 8,681

29.04%

3,135

$629,684

54.73%

8,285

12,784

9.48%

(1,212) 11,572

11.54% T12 T12 T12

T12

T12 T12 T12 T12 T12 T12 T12 T12 Note 1

14,850

2.00%

(297) 14,553

11.02%

EXPENSE

INCOME

CASH FLOW FY 2022

FY 2023

FY 2024

YR 1 YE JAN-2026

YR 2 YE JAN-2027

YR 3 YE JAN-2028

YR 4 YE DEC-2028

YR 5 YE DEC-2029

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Bad Debt Concessions Allowance EFFECTIVE GROSS INCOME

$831,817 ($99,041) $732,776 $115,208 $847,984 ($14,802) ($14,299) ($6,169) $812,714

$944,589 ($130,549) $814,040 $116,304 $930,344 ($34,448) ($35,355) ($6,880) $853,661

$971,619 ($92,112) $879,507 $101,511 $981,018 ($76,461) ($70,095) ($13,800) $820,663

$1,128,600 ($135,432) $993,168 $121,871 $1,115,039 ($99,317) ($16,590) ($5,530) $993,602

$1,162,458 ($104,621) $1,057,837 $124,309 $1,182,146 ($52,892) ($15,868) ($5,289) $1,108,097

$1,197,332 ($35,920) $1,161,412 $126,795 $1,288,207 ($58,071) ($17,421) ($5,807) $1,206,908

$1,233,252 ($24,665) $1,208,587 $129,331 $1,337,918 ($60,429) ($18,129) ($6,043) $1,253,316

$1,270,249 ($25,405) $1,244,844 $131,917 $1,376,762 ($62,242) ($18,673) ($6,224) $1,289,623

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion Onsite Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$86,774 $21,924 $133,997 $5,004 $38,975 $7,495 $114,182 $33,725 $19,906 $35,702 $22,800 $520,483

$86,774 $24,233 $134,514 $15,961 $41,121 $7,825 $117,782 $24,341 $18,770 $36,700 $22,800 $530,821

$86,774 $25,400 $128,125 $19,834 $63,763 $10,154 $115,960 $49,229 $23,833 $36,496 $22,800 $582,368

$86,774 $53,200 $130,688 $15,960 $45,600 $7,600 $95,000 $0 $11,400 $51,771 $22,800 $520,793

$88,510 $54,264 $133,301 $16,279 $46,512 $7,752 $96,900 $0 $11,628 $49,864 $23,256 $528,267

$90,280 $55,349 $135,967 $16,605 $47,442 $7,907 $98,838 $0 $11,861 $54,311 $23,721 $542,281

$92,086 $56,456 $138,687 $16,937 $48,391 $8,065 $100,815 $0 $12,098 $56,399 $24,196 $554,129

$93,927 $57,585 $141,460 $17,276 $49,359 $8,226 $102,831 $0 $12,340 $58,033 $24,679 $565,717

NET OPERATING INCOME

$292,231

$322,840

$238,294

$629,684

$579,830

$664,627

$699,187

$723,905

NOI - NO TAX REASSESSMENT

$322,299

$352,908

$268,363

$502,877

$609,899

$694,695

$729,256

$753,974

NET CASH FLOW BEFORE DEBT SERVICE

$292,231

$322,840

$238,294

$629,684

$579,830

$664,627

$699,187

$723,905

DEBT SERVICE - Proposed New Loan Principal Payments Interest Payments TOTAL DS - Proposed New Loan

$44,281 $330,250 $374,531

$44,281 $330,250 $374,531

$44,281 $330,250 $374,531

$44,281 $330,250 $374,531

$47,601 $326,931 $374,531

$51,169 $323,362 $374,531

$55,004 $319,527 $374,531

$59,127 $315,404 $374,531

$6,121 $42,042 $48,163

$6,580 $41,583 $48,163

$7,073 $41,090 $48,163

$7,603 $40,560 $48,163

DEBT SERVICE - Loan 2 Principal Payments Interest Payments TOTAL DS - Loan 2

$0

$0

$0

$5,694 $42,469 $48,163

CONSOLIDATED DEBT SERVICE

$374,531

$374,531

$374,531

$422,694

$422,694

$422,694

$422,694

$422,694

NET CASH FLOW AFTER DEBT SERVICE DEBT SERVICE COVERAGE RATIO

($82,300) 0.78

($51,691) 0.86

($136,237) 0.64

$206,990 1.49

$157,136 1.37

$241,933 1.57

$276,493 1.65

$301,211 1.71

Return Analysis CAP Rate (Purchase Price) 'All-In' CAP Rate (Total Cost) Cash-on-Cash Return IRR

FY 2022 4.47% 3.96% -3.72% n/a

FY 2023 4.94% 4.38% -2.34% n/a

FY 2024 3.65% 3.23% -6.16% n/a

Yr 1 9.63% 8.54% 9.35% -2.28%

Yr 2 8.87% 7.86% 7.10% 12.95%

Yr 3 10.17% 9.01% 10.93% 16.83%

Yr 4 10.70% 9.48% 12.49% 16.40%

Yr 5 11.08% 9.81% 13.61% 15.71%

OTHER INCOME BREAKDOWN FY 2022 % of GPR

GROSS POTENTIAL RENT All Units at Market Rent

$831,817

T12

Gain (Loss) to Lease

($99,041)

T12

GROSS SCHEDULED RENT

$732,776

Per Unit 10,945

11.91%

(1,303) 9,642

OTHER INCOME Elec/Gas Reimb from Tenants Water/Sewer Reimb From Tenants Late Fee Income

$49,627

T12

6.77%

653

$29,674

T12

4.05%

390

$14,425

T12

1.97%

190

Laundry Income Renter's Insurance Collections Month to Month Charges Income Bad Debt Recovery

$6,036

T12

0.82%

79

$5,858

T12

0.80%

77

$3,542

T12

0.48%

47

$2,116

T12

0.29%

28

Deposits Earned Tenant Cleaning/Damage Income Lease Buy-out

$1,455

T12

0.20%

19

$1,001

T12

0.14%

13

$544

T12

0.07%

7

Application Fee Income

$500

T12

0.07%

7

Pet Revenue Income

$300

T12

0.04%

4

Miscellaneous Income

$131

T12

0.02%

2

Tenant Legal/Court Income

$0

T12

0.00%

0

Deposits Earned

$0

T12

0.00%

0

Total Other Income

$115,208

15.72%

1,516

GROSS POTENTIAL INCOME

$847,984

Physical Vacancy

($14,802)

T12

2.02%

(195)

Bad Debt

($14,299)

T12

1.95%

(188)

Concessions Allowance

($6,169)

T12

0.84%

(81)

EFFECTIVE GROSS INCOME

$812,714

83.28%

10,694

11,158

PRICING P U RC H AS E P R I C E

Target Purchase Price Per Unit

A N A LYS I S A S S U M P T I O N S

$6,536,000 $86,000

Per RSF

$116.01

R E N T S U M M A R Y ( M O N T H LY )

Analysis Period

10.00 Years

Analysis Start Date

Jan-2025

Terminal Cap Rate

7.25% 3.00%

Cost of Sale

AC Q U I S I T I O N / A D D I T I O N A L Projected Capital Expenditures Renovation Cost Closing Costs Transfer Tax Total Loan Fees Total Acquisition Costs

$690,500 $150,000 $0 $0 $0 $840,500

P U RC H A S E P R I C E Total Cost Per Unit Per RSF

$7,376,500 $97,059 $130.93

Cash on Cash Return Internal Rate of Return (IRR) CAP Rate (Purchase Price) CAP Rate ("All-In") Gross Revenue Multiplier (GRM)

AC Q U I S I T I O N F I N A N C I N G S U M M A R Y

Loan to Cost (LTC)

$5,163,550 79.00% 70.00%

Existing or Proposed Loan

Proposed

Origination Date

Jan-2025

Interest Rate

7.25%

Years Interest Only

0.00

Loan Amount Loan to Value (LTV)

Equity Required

$2,212,950

Equity to Value

33.86% 30.00%

Equity to Cost

Avg. Effective Rent Avg. Current Market Rent Avg. Projected Rent

$960 $1,116 $1,238

T O TA L E X P E N S E S S U M M A RY ( P E R U N I T ) FY 2022 FY 2023 FY 2024

$6,848 $6,984 $7,663

N O I S U M M A RY FY 2022 FY 2023 FY 2024

$322,299 $352,908 $268,363

E C O N O M I C L O S S S U M M A RY FY 2022 FY 2023 10-Year Projected Avg.

4.81% 9.42% 8.12%

FY 2022

FY 2023

F Y 2 0 24

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

-3.72% n/a 4.93% 4.37% 8.92

-2.34% n/a 5.40% 4.78% 8.03

-6.16% n/a 4.11% 3.64% 7.43

9.35% -2.28% 7.69% 6.82%

7.10% 12.95% 9.33% 8.27%

10.93% 16.83% 10.63% 9.42%

12.49% 16.40% 11.16% 9.89%

13.61% 15.71% 11.54% 10.22%

15.21% 14.38% 11.47% 10.16%

16.44% 14.23% 11.87% 10.52%

17.70% 14.11% 12.29% 10.89%

A L L- I N C A P R AT E

PRICE

PER UNIT

P E R RS F

$6,862,800 $6,753,867 $6,644,933 $6,536,000 $6,427,067 $6,318,133 $6,209,200

$90,300 $88,867 $87,433 $86,000 $84,567 $83,133 $81,700

$121.81 $119.88 $117.95 $116.01 $114.08 $112.15 $110.21

F Y 2 0 2 3 TA X A D J . F Y 2 0 24 TA X A D J. 4.70% 4.78% 4.86% 4.94% 5.02% 5.11% 5.20%

3.47% 3.53% 3.59% 3.65% 3.71% 3.77% 3.84%

CAS H - O N - CAS H R E T U R N S

STA B I L I Z E D 8.17% 8.29% 8.41% 8.54% 8.66% 8.80% 8.93%

F Y 2 0 24 N O TA X A D J. -5.16% -5.24% -5.33% -5.41% -5.51% -5.60% -5.70%

F Y 2 0 24 TA X A D J.

YEAR 1

YEAR 2

Year 3 (Fully Amortizing)

-6.62% -6.72% -6.83% -6.95% -7.07% -7.19% -7.31%

8.96% 9.09% 9.22% 9.35% 9.49% 9.64% 9.79%

6.80% 6.90% 7.00% 7.10% 7.21% 7.32% 7.43%

10.47% 10.62% 10.77% 10.93% 11.10% 11.27% 11.44%

Marketing the asset without a specific price allows us to customize our sales approach to each investor’s specific rehab costs, cost of debt and minimum return requirements.

SUGGESTED LIST PRICE: MARKET BID

Tax Breakdown

Property Address 50 Curtis Dr 50 Curtis Dr Total

Parcel ID P64-1203-5000-09 P64-1203-5000-10

Acres 1.90 5.90 7.80

Market Value $670,160 $2,319,660 $2,989,820

Assessed Value $234,560 $811,880 $1,046,440

Tax Rate 54.189082 54.189082

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

Taxes Payable $12,710.62 $43,995.02 $56,705.64

Land Use Code 403 - C - Apartments 40+ 403 - C - Apartments 40+

T3

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

INCOME Gross Potential Rent (Loss) / Gain to Other Income EXPENSES

16.16% 9.48% 3.00%

Management Fee**

4.45%

3.00% 2.00% 3.00% 2.00% 4.50%

3.00% 2.00% 3.00% 2.00% 4.50%

3.00% 2.00% 3.00% 2.00% 4.50%

3.00% 2.00% 3.00% 2.00% 4.50%

3.00% 2.00% 3.00% 2.00% 4.50%

3.00% 2.00% 3.00% 2.00% 4.50%

3.00% 2.00% 3.00% 2.00% 4.50%

Physical Vacancy Non-Revenue Units Bad Debt Concessions

8.69% 0.00% 7.97% 1.57% 18.23%

T3

Total Economic Loss

YR 1

5.00% 0.00% 1.50% 0.50% 7.00%

YR 2

5.00% 0.00% 1.50% 0.50% 7.00%

YR 3

5.00% 0.00% 1.50% 0.50% 7.00%

YR 4

5.00% 0.00% 1.50% 0.50% 7.00%

YR 5

5.00% 0.00% 1.50% 0.50% 7.00%

YR 5

5.00% 0.00% 1.50% 0.50% 7.00%

YR 6

5.00% 0.00% 1.50% 0.50% 7.00%

DEBT QUOTE

Traditional Bridge 70% LTC 2-3 year term 2-3 years IO SOFR + 4-5% = 8.5 – 9.5% rate (could be higher) Non-Recourse

Bank 70-75% LTC 3-5 year term 1-2 years IO SOFR + 2.75 – 3.00% = 7.25 – 7.50% rate (could be higher) Full Recourse

Noah D. Juran 513.985.2263 614.323.0076 njuran@northmarq.com

RATES & SPREADS AS OF JAN 16TH Current Index Rates 5 year Treasury 7 year Treasury 10 year Treasury 30-day Avg SOFR 1Mo Term SOFR

4.43% 4.54% 4.65% 4.37% 4.30%

Previous Week

Life Companies

4.60% 4.57% 4.69% 4.68% 4.55%

TERM 5-Year 10-Year 10-Year 15-Year 15-20 Year

Freddie Mac - Conventional Term 15-Year 10-Year 10-Year 10-Year 7-Year

LTV 80% 55% 65% 80% 55%

DSCR 1.25x 1.55x 1.35x 1.25x 1.55x

SPREAD 155-180 135-140 140-160 155-180 140-145

RATE 6.20%-6.45% 5.80%-5.85% 5.85%-6.05% 6.00%-6.25% 5.75%-5.90%

7-Year 7-Year 5-Year 10-Year ARM

65% 80% 75% 80%

1.35x 1.25x 1.25x 1.25x

150-170 165-190 160-185 215-240

5.95%-6.15% 6.00%-6.25% 5.95%-6.20% 6.50%-6.75%

Freddie Mae - Conventional Term 15-Year 10-Year 10-Year 10-Year 7-Year*

LTV 65% 55% 65% 80% 55%

DSCR 1.35x 1.55x 1.35x 1.25x 1.55x

SPREAD 120-160 100-140 120-160 140-180 105-145

RATE 5.70%-6.10% 5.50%-5.90% 5.70%-6.10% 5.90%-6.30% 5.45%-5.85%

7-Year* 7-Year 5-Year 10-Year SARM

65% 80% 65% 75%

1.35x 1.25x 1.25x 1.00x

125-165 155-195 185-225 265-280

5.65%-6.05% 5.95%-6.35% 6.15%-6.55% 6.95%-7.10%

LTV 25-30 60%-75% 25-30 50%-65% 25-30 60%-75% 25-30 60%-75% Fully Amortizing 60%-75% AMORTIZATION

SPREAD 155-215 130-175 155-215 155-215 155-215

RATE 6.00%-6.60% 5.95%-6.40% 6.20%-6.80% 6.20%-6.80% 6.20%-6.80%

CMBS Term 5-Year 10-Year

Amortization 30 30

LTV 65%-75% 65%-75%

Spread Rate 250-300 6.95%-7.45% 225-275 6.95%-7.45%

“* Rate buy downs available on deal by deal basis.

Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.

Commercial Real Estate Debt + Equity Investment Sales Loan Servicing Fund Management”

TWIN GABLES