Union Square OM

UNION SQUARE

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

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UNIO N S Q UA RE

YOUR TEAM

CORPORATE SUPPORT

JO R D A N D I C K M A N

LIZ P OP P

FIR ST V ICE P RE SI D ENTS D I RECTO R, N M HG

NIC K A ND R E WS F I R S T V IC E PRESID E NTS D IRECTO R, NM H G

M IDWES T O P ER AT I ON S M A N AGE R

JOSH CARU AN A

V ICE P R ES IDEN T REG IO NAL M AN AGE R INDIANAP O L IS | C I N C I N N AT I | LOU I SVI L L E |

A US T I N S U M

S T LO U IS | K AN SAS C I T Y

S E N IOR IN V ES T ME NT ASSOCIATE

JOH N SE BREE

BR I A N J OH N S T O N I N V ES TMEN T ASSO CIATE

A US T I N H AL L

S ENIO R V ICE P R E S I D E N T NAT IO NAL DIR EC TOR NAT IO NAL M U LT I H OU S I N G GROU P

MICH AE L GLASS

I N V ES TMEN T ASSO CIATE

S ENIO R V ICE P R E S I D E N T M IDWES T DIV I S I ON M A N AGE R NAT IO NAL DIR EC TOR , M A N U FAC T U R E D

A L D EN S I MM S

H O M E CO M M UN I T I E S GROU P

I N V ES TMEN T ASSO CIATE

BROKER SUPPORT S A M PET R O S IN O

VA LUATION & RE SE ARCH

S KYL ER W IL S O N

C L I E N T RELATIONS M ANAGE R

BRITTANY CAMPBELL-KOCH DIRECTO R O F O PE R AT I ON S

ALE X P AP A

M ARK ET ING CO OR D I N ATOR

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AB TRACK RECORD

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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.

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CURRENT COMMUNITIES

900 ON LEE CHARLESTON, WV PAGE 8

HIGHLAND PARK TRIADELPHIA, WV PAGE 9

THE DISTILLERY ASHEVILLE, OH PAGE 10

SUGAR MAPLE RIDGE MORGANTOWN, WV PAGE 11

THE BEND AT MEADOW VALLEY HURRICANE, WV PAGE 12

THE LANDING BRIDGEPORT, WV PAGE 13

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65 | UNITS 2022 | YEAR BUILT CHARLESTON | WEST VIRIGNIA

900 ON LEE

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 8

H I G H L A N D PA R K 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

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The Distillery is the newest luxury community located in Asheville, Ohio. Offering 1-, 2- and 3-bedroom floor plans. At The Distillery, apartments are designed to meet

THE DISTILLERY

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. 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.

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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

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B E N D AT M E A D O W V A L L E Y

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

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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 13

SALE COMPS

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LUXE 12.5 2330 SAWMILL PLACE BLVD, COLUMBUS, OHIO

UNITS

BUILT

SOLD

166

2019

2020

SALE COMP Units

166

Occ at Sale

64%

Sale Price

$33.7M

Price per Unit

$203,253

Sale Date

June 17th 2020

CORTLAND POWELL 3400 CLUB WAY CT, POWELL, OHIO

UNITS

BUILT

SOLD

308

2017

2020

3400 Club Way C

Ct

SALE COMP Units

308

Occ at Sale

92%

Sale Price

$70.8M

Price per Unit

$229,870

Sale Date

December 18th 2020

ALEXANDER PA R K 747 WORTHINGTON WOODS BLVD, COLUMBUS, OHIO

UNITS

BUILT

SOLD

204

2008

2022

SALE COMP Units

204

Occ at Sale

97%

Sale Price

$48.5M

Price per Unit

$238,088

Sale Date

April 18th 2022

THE ASSET

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UNION SQUARE

129 ONE BEDROOM 120 TWO BEDROOM 6 THREE BEDROOM

INTERIOR AMENITIES INCLUDED

EXTERIOR AMENITIES INCLUDED

CLUBHOUSE LOUNGE BUSINESS CENTER PET WASH FITNESS CENTER YOGA STUDIO MOVIE THEATER CONFERENCE ROOM MAIL CENTER GOLF SIMULATOR BILLIARD TABLES

PICKLE BALL COURTS DOG PARK GRILL & PICNIC AREA FIRE PITS PLAYGROUND HALF BASKETBALL COURT SWIMMING POOL GAZEBO WITH TV PUTTING GREEN KEY FOB ENTRY 25

POTENTIAL AMENITY FINISHES

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POTENTIAL UNIT FINISHES

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THE LOCAL COMPS

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L O C A L R E N TA L COMPETITORS SUMMARY

RESIDENCE AT WOODSIDE

MARYSVILLE FLATS

WATKINS GLEN APARTMENTS

The Residences at Woodside Apartment Homes offers many great amenities to make sure you enjoy your time here with us! Stay active at our 24-hour fitness center or spend time with your furry friend at our on-site dog park.

Take your standard of living to the next level at Marysville Flats Apartments. We are a brand-new state-of-the-art multifamily community located in Marysville, Ohio featuring one and two-bedroom apartments.

Watkins Glen apartment homes combine luxury and affordability to create the ideal place to call home in the heart of Marysville, moments from shopping, dining and recreation. With a variety of one-of-a-kind one, two and three bedroom floor plans and features galore, you can enjoy each day to the fullest when you call Watkins Glen home.

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L O C AT I O N 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.

WATKINS GLEN APARTMENTS RESIDENCE AT WOODSIDE 256 UNITS 114 UNITS MARYSVILLE FLATS 252 UNITS

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R E S I D E N C E AT WOODSIDE UNITS YEAR BUILT OCCUPANCY UNIT MIX TWO BEDROOM

UNIT FEATURES • Washer/Dryer in unit • Own garage • Balcony and patio • Tall ceilings UTILITIES • Resident pays electricity • Resident pays Sewer • Resident pays trash • Resident pays water

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UNITS 114

SQFT 1383

RENT $1,950

114 2021 98% RENT/SF $1.41

FEATURED AMENITIES • Clubhouse • Fitness center

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MARYSVILLE F L AT S UNITS YEAR BUILT OCCUPANCY UNIT MIX ONE BEDROOM

UNITS 86

SQFT 594

RENT $1,372

252 2021 97% RENT/SF $2.31

TWO BEDROOM

166

942

$1,445

$1.53

UNIT FEATURES • Washer/dryer in all units • Balcony/patio UTILITIES • Resident pays electricity • Resident pays sewer • Resident pays trash • Resident pays water

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FEATURED AMENITIES • Clubhouse • Fitness center • Pool

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W AT K I N S G L E N A PA RT M E N T S UNITS YEAR BUILT OCCUPANCY UNIT MIX ONE BEDROOM

UNITS 72

SQFT 570

RENT $1,225

256 2000 100% RENT/SF $2.15

TWO BEDROOM

156

866

$1,322

$1.53

THREE BEDROOM

28

1448

$1,870

$1.84

UNIT FEATURES • Washer/dryer in units • Balcony/patio UTILITIES • Resident pays electricity • Resident pays sewer • Resident pays water • Property pays trash

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FEATURED AMENITIES • Clubhouse • Fitness center • Pool

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THE MARKET

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MARYSVILLE POPULATION | 24,569

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Distance from Marysville Population Median Age Poverty Rate Median Household Income Median Property Value 42

Marysville

Delaware

Columbus MSA

Springfield MSA

New A

0 miles 24,569 26.9 7.02% $79,016 $206,700

16.8 miles 41,818 36.5 8.45% $74,130 $197,600

34.1 miles 2.1 million 26.1 12.70% $66,715 $195,900

34.3 miles 134,409 41.5 15.30% $51,504 $120,500

37.2 m 11, 39 33 1.4 $200 $515

Albany

miles ,085 9.2 41% 0,580 5,100

MARYSVILLE, OHIO HH INCOME $79,016 MEDIAN PROPERTY VALUE $206,700 MEDIAN AGE 27 POPULATION 24,569 POPULATION CHANGE (1 YEAR GROWTH) +3.2% HOMEOWNERSHIP RATE 69.4%

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MARYSVILLE EMPLOYMENT Marysville Ohio Surgical Center • Operates a multi-specialty ambulatory surgical center.

• Medium health care company with 706 employees and an annual revenue of $83.0M that is headquartered in Ohio.

UCO Industries • Document Shredding | Warehousing | Light assembly projects • Small technology organization with 125 employees and an annual revenue of $50.0M. Intel • Intel has said it will invest at least $20 billion in its facility, which will churn out computer chips. (To be located in New Albany).

• When the two factories, known as fabs, open in 2025, the facility will employ 3,000 people with an average salary of around $135,000.

AMIC The Automotive & Mobility Innovation Center (33 Innovation Park) • The AMIC offers world-class space, amenities, and resources to those developing, testing, and implementing smart mobility technologies.

• The AMIC is a publicly-supported smart tech incubator designed to connect start-ups, established business, researchers, educators, and government to advance new technologies that will disrupt the world.

• The AMIC leverages data, fiber, expertise, talent, and pioneering leadership to chart a course for those who are developing technologies that will disrupt the way the world lives, travels, consumes, and conducts business.

• 18,000 SF facility located at Marysville’s 33 Innovation Park NESTLÉ DEVELOPMENT CENTER • In 1948, Nestlé opened a research and development center in the West neighborhood • NDC Marysville has worked on the innovation and renovation process for pure soluble coffee. They focus on coffee extraction, aroma and texture.

• NDC Marysville also handles the development of many Ready to Drink Beverages and Ready to Use Creamers.

HONDA MARYSVILLE

UCO INDUSTRIES, INC

OHIO SURGICAL CENTER NESTLE MARYSVILLE INNOVATION WAY SCOTTS CORPORATE

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SHOPPING & R E TA I L 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

MARYSVILLE HIGHSCHOOL KROGER MEMORIAL HOSPITAL STARBUCKS LOWE’S HOME IMPROVMENT UNION COUNTY AIRPORT WALMART MEIJER MARYSVILLE GOLF CLUB ROLLING MEADOWS GOLF CLUB FEDEX CLUB AT TARTAN FIELDS TJ MAXX & HOMEGOODS OHIO UNIVERSITY DUBLIN COSTCO OHIOHEALTH DUBLIN METHODIST HOSPITAL TARGET WALMART TRADER JOES MALL AT TUTTLE CROSSINGS WALMART THE OHIO STATE UNIVERSITY AIRPORT GRAETER’S ICE CREAM THE OHIO STATE UNIVERISTY GOLF CLUB THE OHIO STATE UNIVERISTY POLARIS

UNION SQUARE 1 2

3

4 5 7 8 6

9 10 12 11 13 14 15

16

20

DRIVE TIME 25 MINS UNION SQUARE TO COLUMBUS

30 MINS

17 18

26

15 MINS

19

UNION SQUARE TO DUBLIN

22 21

UNION SQUARE TO OSU

23

1 MINS

24

UNION SQUARE TO MEIJER

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U N I ON SQUAR E

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THE DEVELOPMENTS

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OHIO’S 33 SMART MOBILITY CORRIDOR The 33 Smart Mobility Corridor is a prime location for the testing of connected vehicle technology.

Along the corridor lies rapidly growing, top-rated, and internationally-recognized suburban and exurban communities. It is here where you will find one of the largest concentrations of advanced manufacturing, logistics, and automotive integrators in the Midwest.

Here, industry works collaboratively with government and academia to safely test the future of transportation technology. And we’re just getting started.

“At the Ohio Department of Transportation, safety is our first priority. The technology solutions that have and will be tested on the 33 Smart Mobility Corridor will save lives. As we develop the transportation system of the 21st century, Ohio will be present in a smart mobility future that will support the companies and jobs to help Ohioans succeed in an ever changing economy. The Beta District is an important partner as we work to improve the quality of life for all Ohioans.”

– Jack Marchbanks, Ph.D.,

70+ Automotive Companies #2 Area In The U.s. For Auto Production $15 Million Odot Fiber Network Installation $5.9 Million Usdot Smart Infrastructure Grant $45 Million Trc Smartcenter $3.4 Million Local (Marysville) Matches $100m Invested In Smart Infrastructure $6m

By The Us Department Of Transportation

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Unveiling of Smart Mobility Corridor House of Representatives

Drive Ohio Recently opened

SCOTTS MIRACLE-GRO The building will include 10,000 square feet of office space, with the remaining 1.29 million square feet to be utilized for product storage. Products will be stored up to 40 feet high, which is the new standard specification for regional and national distribution storage space, according to a press release.

The facility also will include 120 dock doors, more than 230 trailer parking spots and on-site scales.

The project will create between 40 and 50 new jobs, Scotts Chief Communications Officer Tom Matthews said. The company hopes to fill those positions this summer, and will perform direct hiring rather than contracting through third-party providers.

HIGHLIGHTS •

• • •

The Scotts Miracle-Gro Company is an American multinational corporation headquartered in Marysville, Ohio, where OM Scott began selling lawn seed in 1868.

Revenue of $3.9B Number of employees: 6,500 ScottsMiracle-Gro is building a 1.3-million-square-foot warehouse on an 84-acre Marysville site that will allow the horticulture company to consolidate some of its distribution operations.

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Scotts is investing $2.9 million into the project. That investment is primarily tied to equipment, furnishings, security, IT and other elements necessary to operate the facility, Matthews said. The project also received a property tax abatement and a roadwork grant to help defer costs.

The distribution center will combine five locations Scotts utilizes for warehousing across Central Ohio, including facilities in Reynoldsburg, Delaware, West Jefferson, Marion and Ontario. Matthews said these sites are operated by third-party logistics providers, so the company did not own or lease them.

Scotts’ warehouse handling agreements with these companies are expiring, so Matthews said the time was right to launch a new distribution center to complement their existing operations.

Scotts Fertilizer

Scotts New Warehouse Overview

HONDA PLANT

•

• • •

• •

• •

The first U.S. auto plant established by a Japanese automaker, the Marysville Auto Plant (MAP) began production of Accord on November 1, 1982, three years after Honda started U.S. motorcycle production on September 10, 1979. MAP has the largest vehicle production capacity of any Honda auto plant in the U.S. and has produced more than 14.4 million vehicles through 2020.

The company employs 7,000 people.

Honda manufacturing facility is located approximately six miles northwest of Marysville, Ohio, and 42 miles northwest of Columbus, Ohio, near the intersection of US 33 and State Route 739.

It is one of the most integrated and flexible auto plants in North America. Operations include stamping, plastics injection molding, welding, painting, sub-assembly, and assembly. The assembly plant opened in 1982.

Honda has done $5.4b of capital investment in Marysville Last October, Honda announced that it would invest $700 million to retool several existing assembly and powertrain plants to establish the new EV hub, to prepare for the production of battery electric vehicles in 2026.

Honda will shift the Marysville assembly plant production of the Accord sedan to the production of electric vehicles and electric vehicle parts. The move is not expected to reduce Honda employment in Ohio.

Honda announced in October it will build a new $3.5 billion plant that will make batteries for electric vehicles near Jeffersonville in Fayette County.

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7,000 Employees $5.4B Capital investment $700M Upgrades to Assembly $3.5B New Plant Cost

EASE LOGISTICS R E V I TA L I Z E S L A N D M A R K B U I L D I N G I N D U B L I N EASE Logistics, a multi-operational supply chain and transportation solutions provider, has announced plans to expand its operations by restoring a local landmark building in Dublin, Ohio, for its new global headquarters. The company will invest more than $25 million for real estate, repairs and sustainability measures, in addition to $7 million in payroll to create 140 full-time jobs across all departments, including sales, account operations, marketing, accounting and IT. EASE Logistics currently has more than 170 full-time employees in Dublin, and this latest investment will nearly double its local workforce.

700 Employees $25M Local Investment

The Columbus Region is a global logistics hub that supports some of the world’s largest brands and top logistics service providers, making it a critical link in industrial and consumer supply chains. The Region’s location gives companies access to more of the U.S. population and employment base than any other major metro area, providing unmatched accessibility. Within a day’s drive, you can reach 151 million people and 42,100 headquarters – that’s 46% of the country’s population base and 48% of headquarter operations.

A M T R A K E X PA N S I O N •

•

The expansion of Amtrak in Ohio is not a new conversation. But the current plans have a stronger push than in the past, and William Murdock, Executive Director of the Mid Ohio Regional Planning Comission, is very optimistic about the progress so far.

One application is for the 3C+D line that would link Cleveland, Columbus, Dayton and Cincinnati, while the other is for a Chicago to Columbus to Pittsburgh route. If built as planned, the two lines would intersect at the Columbus Convention Center.

In February, the previously reported population growth projection of three million Central Ohio residents by the year 2050 was updated to 3.15 million . Murdock stated that part of the increased growth pattern is due to the Intel investment.

•

“We looked at other communities around the country when they’ve had big projects like Intel, and it showed about a 5% increase,” he explained. “It doesn’t sound like a lot, but that’s 150,000 people. That means that from now through 2050, we’re expecting about three quarters of a million new people.”

•

Murdock added that these types of forecasting studies have a range to them, so the final numbers could be a bit higher or lower, and the growth could happen faster or slower, which depends on a wide variety of factors.”

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4 CITIES Cleveland Columbus Dayton Cincinnati

Amtrak Train Interior

Proposed Amtrak Route

3 3 I N N O V AT I O N P A R K •

$8.9 million project has already commenced, completed in Q4 2021.

• Understanding a less than 2% industrial space vacancy in the community, the City identified and partnered with the Southgate Corporation to develop the first speculative multi-tenant industrial building in the Park.

• The new 33 Innovation Park in Marysville, Ohio, offers numerous attractive options for companies seeking the perfect business address in the Columbus Region and America’s Innovation Belt.

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An 84,000-square-foot multi-tenant industrial space in Marysville’s 33 Innovation Park will be finished and ready for occupancy by mid-August.

The Class A building will be one of two buildings developed by Southgate Corp. in Marysville’s 33 Innovation Park, said Robert O’Neill, president and owner of Southgate. Construction on the second building will begin after the first one is leased.

“It ’s desirable because of the growth of Marysville, and it ’s desirable because of the opportunity to build something new in the Marysville market that ’s not currently there,” O’Neill said.

Both buildings are backed by a $1.85 million grant from JobsOhio Ohio Site Inventory Program, O’Neill said. The Ohio Site Inventory Program offers grants and low-interest loans to developers building speculative properties, or buildings without an identified tenant, according to its website.

As part of the JobsOhio grant, Southgate committed to pursue manufacturing and innovative technology, O’Neill said.

Southgate is the first developer to build a speculative building in the Marysville park.

O’Neill said he hopes the Smart Mobility Corridor that runs between Columbus and Marysville will attract companies.

Mike Spencer, Todd Spencer and Alex Kuniega of Lee & Associates are handling leasing for it.

Eric Phillips, economic development director for the city of Marysville and Union County, said the city invested about $7 million into the park, which sits on 206 acres of land, with the goal that the space will be used for advanced manufacturing, automotive, research and development and agricultural science. “ This is something that the region needs in general. I think we’re fulfilling a need,” Phillips said. “ This is space that ’s really needed and we’re really excited about more opportunities, creating jobs, more investment in the community. There’s a lot of opportunities there.”

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THE FINANCIALS

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UNION SQUARE UNIT MIX SUMMARY

AV E R A G E E F F E CT I V E UNIT TYPE

NO. OF UNITS

R E N TA B L E S F

T OTA L S F

RENT/UNIT

129 Units 120 Units 6 Units 255 Units

852 SF 1,135 SF 1,266 SF 995 SF

109,908 SF $1,950.78 136,200 SF $2,275.00 7,596 SF $2,400.00 253,704 SF $2,113.92

MARKET

RENT/SF

TOTA L R E N T P OT E N T I A L

RENT/UNIT

$2.29 $2.00 $1.90 $2.12 SF

$251,650 $273,000 $14,400 $539,050

$1,950.78 $2,275.00 $2,400.00 $2,113.92

P R O J E CT E D

RENT/SF

TO TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

TO TA L R E N T POTENTIAL

$2.29 SF $2.00 SF $1.90 SF $2.12 SF

$251,650 $273,000 $14,400 $539,050

$2,045.74 $2,347.50 $2,475.00 $2,197.84

$2.40 SF $2.07 SF $1.95 SF $2.21 SF

$263,900 $281,700 $14,850 $560,450

SUMMARY

One Bedroom Two Bedroom Three Bedroom Totals / Wtd. Averages

UNIT DISTRIBUTION

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UNIT RENTS

UNION SQUARE UNIT MIX SUMMARY

AV E R A G E E F F E CT I V E NO. OF UNITS

R E N TA B L E S F

1BR/1BA 1BR/1BA - Executive Lease Totals / Wtd. Averages

116 Units 13 Units 129 Units

TWO BEDROOM 2BR/1BA 2BR/1BA - Executive Lease Totals / Wtd. Averages THREE BEDROOM 3BR/1BA Totals / Wtd. Averages

UNIT TYPE

MARKET

P R O J E CT E D

RENT/UNIT

RENT/SF

TOTA L R E N T P OT E N T I A L

852 SF 852 SF 852 SF

98,832 SF $1,850.00 11,076 SF $2,850.00 109,908 SF $1,950.78

$2.17 SF $3.35 SF $2.29 SF

$214,600 $37,050 $251,650

$1,850.00 $2,850.00 $1,950.78

$2.17 SF $3.35 SF $2.29 SF

$214,600 $37,050 $251,650

$1,950.00 $2,900.00 $2,045.74

$2.29 SF $3.40 SF $2.40 SF

$226,200 $37,700 $263,900

108 Units 12 Units 120 Units

1,135 SF 1,135 SF 1,135 SF

122,580 SF 13,620 SF 136,200 SF

$2,175.00 $3,175.00 $2,275.00

$1.92 SF $2.80 SF $2.00 SF

$234,900 $38,100 $273,000

$2,175.00 $3,175.00 $2,275.00

$1.92 SF $2.80 SF $2.00 SF

$234,900 $38,100 $273,000

$2,250.00 $3,225.00 $2,347.50

$1.98 SF $2.84 SF $2.07 SF

$243,000 $38,700 $281,700

6 Units 6 Units

1,266 SF 1,266 SF

7,596 SF 7,596 SF

$2,400.00 $2,400.00

$1.90 SF $1.90 SF

$14,400 $14,400

$2,400.00 $2,400.00

$1.90 SF $1.90 SF

$14,400 $14,400

$2,475.00 $2,475.00

$1.95 SF $1.95 SF

$14,850 $14,850

T OTA L S F

RENT/UNIT

RENT/SF

TO TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

TO TA L R E N T POTENTIAL

ONE BEDROOM

U N I ON SQUAR E

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INCOME EXPENSE

UNION SQUARE

INCOME & EXPENSES

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CURRENT GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT Other Income Other Income Garages Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2020 Taxes Paid Total Real Estate Taxes Insurance Utilities Electric Water & Sewage Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

% of GPR Per Unit 25,367 2.00% (507) 24,860

$6,468,600 ($129,372) $6,339,228 $378,970 $180,000 $558,970 $6,898,198 ($316,961) ($63,392) $6,517,845

YEAR 1

5.98% 2.84% 8.82%

$6,725,400 ($134,508) $6,590,892

% of GPR Per Unit 2.00%

26,374 (527) 25,847

5.00% 1.00% 92.00%

1,486 706 2,192 27,052 (1,243) (249) 25,560

$390,339 $185,400 $575,739 $7,166,631 ($329,545) ($65,909) $6,771,178

5.00% 1.00% 92.00%

1,531 727 2,258 28,104 (1,292) (258) 26,554

$1,198,500 $1,198,500 $102,000 Note 2

% of EGI 18.39% 18.39% 1.56%

Per Unit 4,700 4,700 400

$1,198,500 $1,198,500 $102,000

% of EGI 17.70% 17.70% 1.51%

Per Unit 4,700 4,700 400

$7,200 Note 2 $127,500 Note 2 $12,750 Note 2 $147,450 $1,447,950

0.11% 1.96% 0.20% 2.26% 22.22%

28 500 50 578 5,678

$7,344 $130,050 $13,005 $150,399 $1,450,899

0.11% 1.92% 0.19% 2.22% 21.43%

29 510 51 590 5,690

$8,925 $25,500 $8,925 $43,350 $153,000 $19,125 $229,500 $38,250 $25,500 $195,535 $65,025 $769,285 $2,217,235 $4,300,609

0.14% 0.39% 0.14% 0.67% 2.35% 0.29% 3.52% 0.59% 0.39% 3.00% 1.00% 11.80% 34.02% 65.98%

35 100 35 170 600 75 900 150 100 767 255 3,017 8,695 16,865

$8,925 $25,500 $8,925 $43,350 $153,000 $19,125 $229,500 $38,250 $25,500 $203,135 $66,326 $778,186 $2,229,085 $4,542,093

0.13% 0.38% 0.13% 0.64% 2.26% 0.28% 3.39% 0.56% 0.38% 3.00% 0.98% 11.49% 32.92% 67.08%

35 100 35 170 600 75 900 150 100 797 260 3,052 8,742 17,812

Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 1

5.92% 2.81% 8.74%

YEAR 2 $6,927,162 ($138,543) $6,788,619

UNDERWRITING NOTES

YEAR 3

% of GPR 2.00% 5.92% 2.81% 8.74%

Per Unit

% of GPR

Per Unit

27,165 (543) 26,622

$7,134,977 ($142,700) $6,992,277 $414,111 $196,691 $610,802 $7,603,079 ($349,614) ($69,923) $7,183,543

5.00% 1.00% 92.00%

1,624 771 2,395 29,816 (1,371) (274) 28,171

2.00% 5.92% 2.81% 8.74%

27,980 (560) 27,421

$402,049 $190,962 $593,011 $7,381,630 ($339,431) ($67,886) $6,974,313

5.00% 1.00% 92.00%

1,577 749 2,326 28,948 (1,331) (266) 27,350

$1,198,500 $1,198,500 $104,040

% of EGI 17.18% 17.18% 1.49%

Per Unit 4,700 4,700 408

$1,198,500 $1,198,500 $106,121

% of EGI 17.18% 17.18% 1.52%

Per Unit 4,700 4,700 416

$7,491 $132,651 $13,265 $153,407 $1,455,947

0.11% 1.90% 0.19% 2.20% 20.88%

29 520 52 602 5,710

$7,641 $135,304 $13,530 $156,475 $1,461,096

0.11% 1.94% 0.19% 2.24% 20.95%

30 531 53 614 5,730

$9,104 $26,010 $9,104 $44,217 $156,060 $19,508 $234,090 $39,015 $26,010 $209,229 $67,652 $795,781 $2,251,728 $4,722,585

0.13% 0.37% 0.13% 0.63% 2.24% 0.28% 3.36% 0.56% 0.37% 3.00% 0.97% 11.41% 32.29% 67.71%

36 102 36 173 612 77 918 153 102 821 265 3,121 8,830 18,520

$9,286 $26,530 $9,286 $45,101 $159,181 $19,898 $238,772 $39,795 $26,530 $215,506 $69,005 $813,789 $2,274,885 $4,908,658

0.13% 0.38% 0.13% 0.65% 2.28% 0.29% 3.42% 0.57% 0.38% 3.00% 0.99% 11.58% 32.62% 70.38%

36 104 36 177 624 78 936 156 104 821 271 3,167 8,921 19,250

#

NOTE

1

Replacement & Reserves: added based on market norm of $255 per unit per year

U N I ON SQUAR E

65

INCOME EXPENSE

UNION SQUARE

CASH FLOW

66

CURRENT

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

YE MAY-2024

YE MAY-2025

YE MAY-2026

YE MAY-2027

YE MAY-2028

YE MAY-2029

YE MAY-2030

YE MAY-2031

YE MAY-2032

YE MAY-2033

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT Total Other Income

$6,468,600 ($129,372) $6,339,228 $558,970

$6,725,400 ($134,508) $6,590,892 $575,739

$6,927,162 ($138,543) $6,788,619 $593,011

$7,134,977 ($142,700) $6,992,277 $610,802

$7,349,026 ($146,981) $7,202,046 $623,018

$7,569,497 ($151,390) $7,418,107 $635,478

$7,796,582 ($155,932) $7,640,650 $648,188

$8,030,479 ($160,610) $7,869,870 $661,152

$8,271,394 ($165,428) $8,105,966 $674,375

$8,519,536 ($170,391) $8,349,145 $687,862

$8,775,122 ($175,502) $8,599,619 $701,619

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$6,898,198 ($316,961) ($63,392) $6,517,845

$7,166,631 ($329,545) ($65,909) $6,771,178

$7,381,630 ($339,431) ($67,886) $6,974,313

$7,603,079 ($349,614) ($69,923) $7,183,543

$7,825,064 ($360,102) ($72,020) $7,392,941

$8,053,585 ($370,905) ($74,181) $7,608,499

$8,288,838 ($382,033) ($76,407) $7,830,399

$8,531,021 ($393,493) ($78,699) $8,058,829

$8,780,340 ($405,298) ($81,060) $8,293,982

$9,037,007 ($417,457) ($83,491) $8,536,058

$9,301,238 ($429,981) ($85,996) $8,785,261

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

$1,198,500 $102,000 $147,450 $43,350 $153,000 $19,125 $229,500 $38,250 $25,500 $195,535 $65,025 $2,217,235

$1,198,500 $102,000 $150,399 $43,350 $153,000 $19,125 $229,500 $38,250 $25,500 $203,135 $66,326 $2,229,085

$1,198,500 $104,040 $153,407 $44,217 $156,060 $19,508 $234,090 $39,015 $26,010 $209,229 $67,652 $2,251,728

$1,198,500 $106,121 $156,475 $45,101 $159,181 $19,898 $238,772 $39,795 $26,530 $215,506 $69,005 $2,274,885

$1,222,470 $108,243 $159,605 $46,003 $162,365 $20,296 $243,547 $40,591 $27,061 $221,788 $70,385 $2,322,354

$1,246,919 $110,408 $162,797 $46,923 $165,612 $20,702 $248,418 $41,403 $27,602 $228,255 $71,793 $2,370,832

$1,271,858 $112,616 $166,053 $47,862 $168,924 $21,116 $253,387 $42,231 $28,154 $234,912 $73,229 $2,420,341

$1,297,295 $114,869 $169,374 $48,819 $172,303 $21,538 $258,454 $43,076 $28,717 $241,765 $74,693 $2,470,902

$1,323,241 $117,166 $172,761 $49,796 $175,749 $21,969 $263,623 $43,937 $29,291 $248,819 $76,187 $2,522,540

$1,349,706 $119,509 $176,216 $50,791 $179,264 $22,408 $268,896 $44,816 $29,877 $256,082 $77,711 $2,575,276

$1,376,700 $121,899 $179,741 $51,807 $182,849 $22,856 $274,274 $45,712 $30,475 $263,558 $79,265 $2,629,136

NET OPERATING INCOME

$4,300,609

$4,542,093

$4,722,585

$4,908,658

$5,070,587

$5,237,667

$5,410,058

$5,587,927

$5,771,443

$5,960,782

$6,156,125

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

3.97% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

2.00% 3.00%

Income Gross Potential Rent (Loss) / Gain to Lease* Other Income Expenses Expenses Management Fee**

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS Physical Vacancy Non-Revenue Units Bad Debt Concessions Allowance Total Economic Loss

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

5.00% 0.00% 1.00% 0.00% 6.00%

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

U N I ON SQUAR E

67

UNION SQUARE Jordan Dickman

Nick Andrews

Austin Sum

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

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

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