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
Hamilton, Ohio
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
Legacy of Success, Built for the Future
$43.6B $10.1B 7,546 1,076
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. We have the industry’s largest, most diverse collection of exclusive commercial real estate listings. Start receiving custom property alerts today.
YOUR TEAM CORPORATE SUPPORT
Jordan Dickman
First Vice Presidents Director, Nmhg
Nick Andrews
First Vice Presidents Director, Nmhg
Austin Sum
Senior Investment Associate
Austin Hall
Investment Associate
Alden Simms
Investment Associate
Jack Stava
Investment Associate
Chuck Combs
Investment Associate
Liz Popp
Midwest Operations Manager
Josh Caruana Vice President Regional Manager
Indianapolis | Cincinnati | Louisville | St Louis | Kansas City
Peter Stanley National Director
National Multi Housing Group
Michael Glass
Senior Vice President Midwest Division Manager National Director, Manufactured Home Communities Group
BROKER SUPPORT OUR LOCATION
Sam Petrosino
Valuation & Research
Brett Martin
Internal Accountant
Brittany Campbell-Koch
Director of Operations
Alex Papa
Marketing Coordinator
GORDON SMITH
ADS trailing 7 months/Under Contract
$3,900,000.00
$195,113,000.00
$109,700,000.00
LOCAL MARKET 02
HAMILTON
TWIN GABLES
DAYTON
ABOUT HAMILTON
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.
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.
RENTAL RATE CHANGE | YEAR-OVER-YEAR
AVERAGE RENTAL RATE
18th
RANK OUT OF 47 SUBMARKETS
2.2%
Y-O-Y CHANGE
35th
RANK OUT OF 47 SUBMARKETS
$980
AVG RENTAL RATE
RENTAL RATE CHANGE | YEAR-OVER-YEAR
AVERAGE RENTAL RATE
30th
18th 3rd
RATE CHANGE | YEAR-OVER-YEAR AVERAGE RENTAL RATE
$1,295
39th
OUT OF 43 SUBMARKETS
$1,368 RANK OUT OF 47 SUBMARKETS RANK OUT OF 43 SUBMARKETS
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.”
LOCAL COMPARABLES 03
RENT MATRIX | ONE BEDROOM
Carriage Hill Apts | $945
Bridgewater Crossing | $1,260
The Marcum Apts | $1,395
$1,400
Rossville Flats | $1,375
Princeton Square | $1,080
RENT MATRIX | TWO BEDROOM
RENT MATRIX | THREE BEDROOM
Bridgewater Crossing | $1,830
The Marcum Apts | $1,925
Echo Flats | $1,299
Remington Lake Apts | $1,755
1332 Campbell Ave | $1,500
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696 GORDON SMITH
• Property Pays Trash Removal
• Property Pays Water
WISH VILLAGE
UTILITIES RESPONSIBILITY
• Resident Pays Electricity
• Resident Pays Gas
• Resident Pays Sewer
• Property Pays Trash Removal
• Resident Pays Water
CARRIAGE HILL APT HOMES
• Resident Pays Electricity
• Resident Pays Sewer
• Property Pays Trash Removal
• Resident Pays Water
ECHO FLATS
THE FINANCIALS 04
UNIT MIX BREAKDOWN
One Bedroom
UNIT DISTRIBUTION UNIT RENTS OCCUPANCY
CASH FLOW
OTHER INCOME BREAKDOWN
PRICING
DEBT QUOTE
RATES & SPREADS AS OF JAN 16TH
Freddie Mac - Conventional
Freddie Mae - Conventional
7-Year
Companies
“* 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”
