Villas at Kettering BOV

VILLAS AT KETTERING 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

Kettering, Ohio | BOV | 2025

table of

CONTENTS

2

team info

04

rent competitors

06

financials

10

LEAD AGENTS Austin Sum First Vice President Investments Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

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

3

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.

$ 49. 6 B

7,836

$ 1 0. 9 B

1,249

Value Of Recently Closed Transactions

Closed Sales In Most Recent Year

Total Value Of Recent Listings

Closed Financings In Most Recent Years

Sign up for MyMMI to receive property matching notifications of new investment opportunities We have the industry’s largest, most diverse collection of exclusive commercial real estate listings. Start receiving custom property alerts today.

4

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

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

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

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

3 12 WALNUT STREET, CINCINNATI, OHIO

5

rent matrix - two bedroom 435 Orchard Dr | $1,250 Chateaux L’Aiglon | $1,250 3112 Ackerman | $1,450 Residenz Apartments | $1,434

SoDel | $1,499 The Wynds | $995

Subject | $716

1532 Lynnfield Drive | $1,350 4400 Flowerdale Ave | $1,195 Georgetown of Kettering | $1,089 1048 Princewood Ave | $1,659

Chatham Village | $1,030

Villas at Kettering Unitst Year Built Occupancy Unit Mix SFH Duplexes Four Unit 6

# of units 97 58 376

Square Feet 1,060 750 800

Asking Rent $953 $759 $710

531 Mixed 99% Rent per SF $0.90 $1.01 $0.89

Two Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

1048 Princewood Ave

1976

2

1585

$1,659

$1.05

SoDel Apartments*

1969

148

940

$1,499

$1.59

3112 Ackerman Blvd

1957

2

900

$1,450

$1.61

The Residenz*

1986

368

1008

$1,434

$1.42

531

750

$1,350

$1.80

Subject Pro Forma 1532 Lynnfield Dr

1962

2

1000

$1,350

$1.35

435 Orchard Dr

1957

2

850

$1,250

$1.47

Chateaux L'Aiglon*

1968

72

1000

$1,250

$1.25

4400 Flowerdale Ave

1957

2

875

$1,195

$1.37

Georgetown of Kettering*

1965

325

950

$1,089

$1.15

Chatham Village*

1970

274

900

$1,030

$1.14

The Wynds*

1971

120

924

$995

$1.08

531

793

$759

$1.01

183

963

$1,243

$1.30

Subject Average Effective Market Average

1967

* Indicates Multifamily Community with Professional Management

rent matrix - three bedrooms 253 Peach Orchard Ave | $2,100

2332 Hazel Ave | $1,750

2973 Berkley St | $1,565

2621 Galewood | $1,750

1300 Berwin Ave | $1,999 SoDel | $1,799 Subject | $954 1106 Gardner Rd | $1,395

400 Henrich Dr | $1,545 Georgetown of Kettering | $1,369

4369 Wehner Rd | $1,800 Chatham Village | $1,305

4166 Ackerman | $1,925

Villas at Kettering Unitst Year Built Occupancy Unit Mix SFH Duplexes Four Unit 8

# of units 97 58 376

Square Feet 1,060 750 800

Asking Rent $953 $759 $710

531 Mixed 99% Rent per SF $0.90 $1.01 $0.89

Three Bedrooms Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

253 Peach Orchard

1928

1

1236

$2,100

$1.70

1300 Berwin

1962

1

1400

$1,999

$1.43

4166 Ackerman Blvd

1956

1

1428

$1,925

$1.35

4369 Wehner Rd

1961

1

1405

$1,800

$1.28

SoDel Apartments*

1969

148

1240

$1,799

$1.45

2332 Hazel Ave

1955

1

998

$1,750

$1.75

2621 Galewood St

1954

1

1008

$1,750

$1.74

531

1040

$1,700

$1.60

Subject Pro Forma 2973 Berkley St

1929

1

1056

$1,565

$1.48

400 Henrich

1957

1

1040

$1,545

$1.49

1106 Gardner Rd

1956

1

1188

$1,395

$1.17

Georgetown of Kettering*

1965

325

1200

$1,369

$1.14

Chatham Village*

1970

274

1257

$1,305

$1.04

531

1040

$954

$0.92

130

1181

$1,633

$1.39

Subject Average Effective Market Average

1955

* Indicates Multifamily Community with Professional Management

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

Single Family Homes 3BR/1BA Original 3BR/1BA Refreshed Totals / Wtd. Averages

19 Units 78 Units 97 Units

1,060 SF 1,060 SF 1,060 SF

20,140 SF 82,680 SF 102,820 SF

$953.61 $953.61 $953.61

$0.90 SF $0.90 SF $0.90 SF

$18,119 $74,382 $92,500

$1,150.00 $1,350.00 $1,310.82

$1.08 SF $1.27 SF $1.24 SF

$21,850 $105,300 $127,150

$1,700.00 $1,700.00 $1,700.00

$1.60 SF $1.60 SF $1.60 SF

$32,300 $132,600 $164,900

Duplexes 2BR/1BA Original 2BR/1BA Refreshed Totals / Wtd. Averages

12 Units 46 Units 58 Units

750 SF 750 SF 750 SF

9,000 SF 34,500 SF 43,500 SF

$759.22 $759.22 $759.22

$1.01 SF $1.01 SF $1.01 SF

$9,111 $34,924 $44,035

$850.00 $1,000.00 $968.97

$1.13 SF $1.33 SF $1.29 SF

$10,200 $46,000 $56,200

$1,350.00 $1,350.00 $1,350.00

$1.80 SF $1.80 SF $1.80 SF

$16,200 $62,100 $78,300

Four Unit Buildings - Senior 2BR/1BA Original 2BR/1BA Refreshed Totals / Wtd. Averages

75 Units 301 Units 376 Units

800 SF 800 SF 800 SF

60,000 SF 240,800 SF 300,800 SF

$710.65 $710.65 $710.65

$0.89 SF $0.89 SF $0.89 SF

$53,299 $213,906 $267,204

$825.00 $975.00 $945.08

$1.03 SF $1.22 SF $1.18 SF

$61,875 $293,475 $355,350

$1,300.00 $1,300.00 $1,300.00

$1.63 SF $1.63 SF $1.63 SF

$97,500 $391,300 $488,800

UNIT DISTRIBUTION

10

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 Single Family Homes Duplexes Four Unit Buildings - Senior Totals / Wtd. Averages

97 Units 58 Units 376 Units 531 Units

1,060 SF 750 SF 800 SF 842 SF

102,820 SF 43,500 SF 300,800 SF 447,120 SF

$953.61 $759.22 $710.65 $760.34

$0.90 $1.01 $0.89 $0.90 SF

$92,500 $44,035 $267,204 $403,739

RENT/UNIT

$1,310.82 $968.97 $945.08 $1,014.50

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

$1.24 SF $1.29 SF $1.18 SF $1.20 SF

$127,150 $56,200 $355,350 $538,700

$1,700.00 $1,350.00 $1,300.00 $1,378.53

$1.60 SF $1.80 SF $1.63 SF $1.64 SF

$164,900 $78,300 $488,800 $732,000

11

EXPENSE

INCOME

income & expenses

12

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 NON-CONTROLLABLE Real Estate Taxes 2024 Taxes Adjustment for Sale Total Real Estate Taxes Insurance Utilities Utilities Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Telephone & Cable Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

Adjusted Expenses Income and Expenses: January 2023 - December 2023

T12

STABILIZED AFTER MARKET REFRESH

2.65% 0.00% 0.00% 97.35%

Per Unit 8,959 0 8,959 42 9,001 (238) 0 0 8,763

$6,464,400 ($129,288) $6,593,688 $22,715 $6,616,403 ($329,684) ($65,937) ($32,968) $6,187,813

$1,242,033 Auditor $0 $1,242,033 $104,517

% of EGI 26.69% 0.00% 26.69% 2.25%

Per Unit 2,339 0 2,339 197

$1,242,033 $0 $1,242,033 $398,250

20.07 0.00 20.07 6.44

$198,140 $125,585 $323,725 $1,670,275

4.26% 2.70% 6.96% 35.90%

373 237 610 3,146

$202,103 $128,097 $330,200 $1,970,483

3.27 2.07 5.34 31.84

$106,200 $13,275 $119,475 $451,350 $26,550 $637,200 $132,750 $39,825 $162,854 $18,585 $135,405 Note 1 $1,723,994 $3,394,269 $1,258,715

2.28% 0.29% 2.57% 9.70% 0.57% 13.69% 2.85% 0.86% 3.50% 0.40% 2.91% 37.05% 72.95% 27.05%

200 25 225 850 50 1,200 250 75 307 35 255 3,247 6,392 2,370

$106,200 $13,275 $119,475 $451,350 $26,550 $637,200 $132,750 $39,825 $216,573 $18,585 $138,113 $1,780,422 $3,750,904 $2,436,909

1.72 0.2 1.93 7.29 0.43 10.30 2.15 0.64 3.50 0.30 2.23 28.77 60.62 39.38

$4,757,220 RR $0 $4,757,220 RR $22,053 $4,779,273 ($126,289) T12 Economic $0 $0 $4,652,984

% of GPR 0.00% 0.46%

% of G

2.00

0.34

5.00 1.00 0.50 91.50

GPR

UNDERWRITING NOTES 1

STABILIZED AFTER FULL RENOVATION

0% 0% 0% 0%

Per Unit 12,174 (243) 12,417 43 12,460 (621) (124) (62) 11,653

$8,784,000 ($175,680) $8,608,320 $830,516 $9,438,836 ($430,416) ($86,083) ($43,042) $8,879,295

7% 0% 7% 4%

% of EGI 2,339 0 2,339 750

7% 7% 4% 4%

2% 21% 3% 9% 3% 0% 5% 4% 0% 0% 3% 7% 2% 8%

0%

4%

% of GPR

Per Unit

2.00%

(331)

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

YEAR 3

5.00% 1.00% 0.50% 91.50%

1,564 17,776 (811) (162) (81) 16,722

$9,047,520 ($180,950) $8,866,570 $872,058 $9,738,628 ($443,328) ($44,333) ($44,333) $9,206,634

$1,242,033 $0 $1,242,033 $406,215

% of EGI 13.99% 0.00% 13.99% 4.57%

Per Unit 2,339 0 2,339 765

381 241 622 3,711

$206,145 $130,659 $336,803 $1,985,051

2.32% 1.47% 3.79% 22.36%

200 25 225 850 50 1,200 250 75 408 35 260 3,353 7,064 4,589

$108,324 $13,541 $121,865 $460,377 $27,081 $649,944 $135,405 $40,622 $310,775 $159,300 $140,875 $2,046,244 $4,031,295 $4,848,000

1.22% 0.15% 1.37% 5.18% 0.30% 7.32% 1.52% 0.46% 3.50% 1.79% 1.59% 23.05% 45.40% 54.60%

9.65%

16,542

16,212

% of GPR 2.00% 9.84%

Per Unit

17,039

(341)

16,698

5.00% 0.50% 0.50% 92.00%

1,642 18,340 (835) (83) (83) 17,338

$1,242,033 $0 $1,242,033 $414,339

13.99% 0.00% 13.99% 4.67%

% of EGI 2,339 0 2,339 780

388 246 634 3,738

$210,268 $133,272 $343,540 $1,999,912

2.37% 1.50% 3.87% 22.52%

396 251 647 3,766

204 26 230 867 51 1,224 255 77 585 300 265 3,854 7,592 9,130

$110,490 $13,811 $124,302 $469,585 $27,623 $662,943 $138,113 $41,434 $322,232 $159,300 $143,693 $2,089,224 $4,089,136 $5,117,498

1.24% 0.16% 1.40% 5.29% 0.31% 7.47% 1.56% 0.47% 3.50% 1.79% 1.62% 23.40% 46.05% 57.63%

208 26 234 884 52 1,248 260 78 585 300 271 3,913 7,701 9,637

13

other income examples - cincinnati community white oak apartments T12 % of GPR

GROSS POTENTIAL RENT

RR

Per Unit

All Units at Market Rent

$3,276,252

14,001

Gain (Loss) to Lease

($105,335)

GROSS SCHEDULED RENT

$3,170,917

RR

Water/Sewer Fees

$199,072

T12

6.28%

851

Video & Internet Fee

$154,956

T12

4.89%

662

Gas Utility Fee

$122,620

T12

3.87%

524

Late Fee Trash and Common Area Utilities Tenant Move Out Charges

$52,734

T12

1.66%

225

$49,451

T12

1.56%

211

$32,987

T12

1.04%

141

Monthly Pet Rent

$14,592

T12

0.46%

62

Month to Month Fee

$7,775

T12

0.25%

33

Monthly Rent Surcharge

$7,404

T12

0.23%

32

Washer/Dryer Hookup Fee

$4,216

T12

0.13%

18

Insurance Proceeds One Time Non Refundable Pet Fee Early Lease Termination Fees

$4,020

T12

0.13%

17

$3,900

T12

0.12%

17

$3,420

T12

0.11%

15

3.22%

(450) 13,551

Other Income

NSF Fees Collected PrimeShield Liability Coverage Electric Utility Fee

$1,750

T12

0.06%

7

$1,666

T12

0.05%

7

$1,296

T12

0.04%

6

Total Other Income

$665,364

20.98%

2,843

GROSS POTENTIAL INCOME

$3,836,282

Physical Vacancy

($315,672)

Bad Debt

14

16,394 T12 Economic

$0

Concessions Allowance

($4,022)

EFFECTIVE GROSS INCOME

$3,516,587

T12

9.96%

(1,349)

0.00%

0

0.13%

(17)

86.70%

15,028

other income examples - cincinnati community views of mt. airy T12 % of GPR

GROSS POTENTIAL RENT All Units at Market Rent

$3,654,465

T12

Gain (Loss) to Lease

($24,512)

T12

GROSS SCHEDULED RENT

$3,629,953

Per Unit 12,959

0.67%

(87) 12,872

OTHER INCOME Early Termination Fee

$405,751

T12

11.18%

1,439

Utility Reimb/Cable

$212,634

T12

5.86%

754

Utility Reimb/Water

$84,544

T12

2.33%

300

Late Charges

$53,250

T12

1.47%

189

Attorney / Court Fees

$50,345

T12

1.39%

179

Damage Fees

$42,051

T12

1.16%

149

Administration Fees

$33,750

T12

0.93%

120

Renters Insurance Premium

$33,366

T12

0.92%

118

NSF Fees

$22,506

T12

0.62%

80

Month to Month Fees

$21,275

T12

0.59%

75

Credit Builder Income

$17,920

T12

0.49%

64

Pet Rent (Monthly)

$16,416

T12

0.45%

58

Cleaning Fees

$15,900

T12

0.44%

56

Bad Debt Collection

$15,810

T12

0.44%

56

Bad Debt Other Income

($489,404)

T12

-13.48%

(1,735)

Total Other Income

$590,651

T12

16.27%

2,095

GROSS POTENTIAL INCOME

$4,220,604

Physical Vacancy

($204,331)

T12

5.63%

(725)

Non-Revenue Units

($41,940)

T12

1.16%

(149)

Bad Debt

($223,594)

T12

6.16%

(793)

Concessions Allowance

($66,330)

T12

1.83%

(235)

EFFECTIVE GROSS INCOME

$3,684,409

84.56%

13,065

14,967

15

other income examples - dayton community on the hill apartments T12 Other Income Video & Internet Fee (Spectrum, Altafiber, etc...)

Water/Sewer Fees Washer/Dryer Hookup Fee Trash and Common Area Utilities Tenant Move Out Charges Late Fee Month to Month Fee Early Lease Termination Fees Monthly Pet Rent Laundry Income Short Term Lease Fee Gas Utility Fee PrimeShield Liability Coverage Monthly Rent Surcharge Other Income AF Liability fee NSF Fees Collected Electric Utility Fee Clubhouse Rental Income AppFolio Insurance Services One Time Non Refundable Pet Fee Washer/Dryer Provided In Unit Fee Administrative Fee New Lease Application Fee Income Total Other Income

16

$92,137 $47,799 $19,671 $17,265 $8,730 $6,081 $4,963 $4,935 $3,405 $2,266 $1,900 $1,427 $1,180 $1,100 $998 $757 $750 $583 $500 $417 $300 $150 $150 $45 $217,508

T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12 T12

7.35% 3.81% 1.57% 1.38% 0.70% 0.48% 0.40% 0.39% 0.27% 0.18% 0.15% 0.11% 0.09% 0.09% 0.08% 0.06% 0.06% 0.05% 0.04% 0.03% 0.02% 0.01% 0.01% 0.00% 17.35%

921 478 197 173 87 61 50 49 34 23 19 14 12 11 10 8 8 6 5 4 3 2 2 0 2,175

other income examples - dayton community wright apartments T12 OTHER INCOME Bulk Amenities Fee CW

$114,856

T12

5.95%

1,276

Water/Sewer Fees

$54,094

T12

2.80%

601

Tenant Move Out Charges

$27,898

T12

1.44%

310

Late Fee

$6,160

T12

0.32%

68

Garage Rent

$5,950

T12

0.31%

66

Other Income

$4,418

T12

0.23%

49

Monthly Pet Rent Electric Utility Fee

$3,900 $3,519 $1,491

T12 T12 T12

0.20% 0.18% 0.08%

43 39 17

NSF Fees Collected

$1,298

T12

0.07%

14

Furniture Rental Income Early Lease Termination Fees Keys and Lock Fees

$1,169 $1,020 $725

T12 T12 T12

0.06% 0.05% 0.04%

13 11 8

Monthly Rent Surcharge

$696

T12

0.04%

8

PrimeShield Liability

$428 $300 $300 $264 $200 $152 $150 $105 $72 $11 $229,175

T12 T12 T12 T12 T12 T12 T12 T12 T12 T12

0.02% 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% 11.87%

5 3 3 3 2 2 2 1 1 0 2,546

Short Term Lease Fee

Non Refundable Move In One Time Non Refundable Tenant Repair Income Transfer Fee Video & Internet Fee Lease Violation Fees Application Fee Income Collections Income AF Liability fee Total Other Income

17

EXPENSE

INCOME

cash flow T12

T12 EDJ EXPENSES

YR 1 YE JUL-2025

YR 2 YE JUL-2026

YR 3 YE JUL-2027

YR 4 YE JUN-2028

YR 5 YE JUN-2029

YR 6 YE JUN-2030

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

$4,757,220 $0 $4,757,220 $22,053 $4,779,273 ($126,289) $0 $0 $4,652,984

$6,464,400 ($129,288) $6,593,688 $22,715 $6,616,403 ($329,684) ($65,937) ($32,968) $6,187,813

$8,784,000 ($1,317,600) $7,466,400 $830,516 $8,296,916 ($746,640) ($86,083) ($43,042) $7,421,151

$8,784,000 ($702,720) $8,081,280 $855,432 $8,936,712 ($646,502) ($44,333) ($44,333) $8,201,543

$9,047,520 ($452,376) $8,595,144 $872,540 $9,467,684 ($429,757) ($42,976) ($42,976) $8,951,975

$9,318,946 ($186,379) $9,132,567 $889,991 $10,022,558 ($456,628) ($45,663) ($45,663) $9,474,604

$9,598,514 ($191,970) $9,406,544 $907,791 $10,314,334 ($470,327) ($47,033) ($47,033) $9,749,942

$9,886,469 ($197,729) $9,688,740 $925,947 $10,614,687 ($484,437) ($48,444) ($48,444) $10,033,362

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

$1,242,033 $104,517 $323,725 $119,475 $451,350 $26,550 $637,200 $132,750 $39,825 $162,854 $18,585 $135,405 $3,394,269

$1,242,033 $398,250 $330,200 $119,475 $451,350 $26,550 $637,200 $132,750 $39,825 $216,573 $18,585 $138,113 $3,750,904

$1,242,033 $406,215 $336,803 $121,865 $460,377 $27,081 $649,944 $135,405 $40,622 $259,740 $159,300 $140,875 $3,980,260

$1,242,033 $414,339 $343,540 $124,302 $469,585 $27,623 $662,943 $138,113 $41,434 $287,054 $159,300 $143,693 $4,053,958

$1,266,874 $422,626 $350,410 $126,788 $478,976 $28,175 $676,202 $140,875 $42,263 $313,319 $162,486 $146,567 $4,155,561

$1,292,211 $431,079 $357,419 $129,324 $488,556 $28,739 $689,726 $143,693 $43,108 $331,611 $165,736 $149,498 $4,250,698

$1,318,055 $439,700 $364,567 $131,910 $498,327 $29,313 $703,520 $146,567 $43,970 $341,248 $169,050 $152,488 $4,338,716

$1,344,416 $448,494 $371,858 $134,548 $508,293 $29,900 $717,591 $149,498 $44,849 $351,168 $172,431 $155,538 $4,428,585

NET OPERATING INCOME

$919,832

$1,759,944

$4,054,398

$4,685,697

$5,316,531

$5,737,574

$5,930,957

$6,130,567

DEBT SERVICE - Proposed New Loan Principal Payments Interest Payments TOTAL DS - Proposed New Loan DEBT SERVICE - Loan 2 Principal Payments Interest Payments TOTAL DS - Loan 2 CONSOLIDATED DEBT SERVICE

$0 $2,612,520 $2,612,520

$0 $2,612,520 $2,612,520

$0 $2,612,520 $2,612,520

$272,801 $2,602,661 $2,875,462

$295,443 $2,580,019 $2,875,462

$319,965 $2,555,497 $2,875,462

$346,521 $2,528,940 $2,875,462

$375,283 $2,500,179 $2,875,462

$0 $639,825 $639,825 $3,252,345

$0 $639,825 $639,825 $3,252,345

$0 $639,825 $639,825 $3,252,345

$66,811 $637,411 $704,221 $3,579,683

$72,356 $631,865 $704,221 $3,579,683

$78,362 $625,860 $704,221 $3,579,683

$84,866 $619,356 $704,221 $3,579,683

$91,909 $612,312 $704,221 $3,579,683

NET CASH FLOW AFTER DEBT SERVICE DEBT SERVICE COVERAGE RATIO

($1,993,630) 0.39

($815,436) 0.75

$188,546 1.06

$567,902 1.16

$1,216,731 1.34

$1,644,223 1.46

$1,831,542 1.51

$2,025,094 1.57

Trailing 2.89% 2.32% -14.71% n/a

Yr 1 5.60% 4.50% -6.02% #NUM!

Yr 2 7.90% 6.35% 1.39% -18.98%

Yr 3 9.53% 7.65% 4.19% 12.68%

Yr 4 11.02% 8.85% 8.98% 20.48%

Yr 5 12.00% 9.64% 12.13% 21.15%

Yr 6 12.43% 9.98% 13.52% 19.55%

Yr 7 12.87% 10.34% 14.94% 18.46%

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

18

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

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

35.89% 2.00% 3.00%

Management Fee**

3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

3.00% 2.00% 3.00% 2.00% 3.50%

Physical Vacancy Non-Revenue Units Bad Debt Concessions

5.00% 0.00% 1.00% 0.50% 6.50%

YR 1

Total Economic Loss

YR 2

5.00% 0.00% 1.00% 0.50% 6.50%

YR 3

5.00% 0.00% 0.50% 0.50% 6.00%

YR 4

5.00% 0.00% 0.50% 0.50% 6.00%

YR 5

5.00% 0.00% 0.50% 0.50% 6.00%

YR 6

5.00% 0.00% 0.50% 0.50% 6.00%

YR 7

5.00% 0.00% 0.50% 0.50% 6.00%

YR 8

5.00% 0.00% 0.50% 0.50% 6.00%

19

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

$43,542,000

Per RSF

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

Analysis Period

10.00 Years

$82,000

Analysis Start Date

Jul-2025

$97.38

Terminal Cap Rate

6.75% 1.50%

Cost of Sale

AC Q U I S I T I O N / A D D I T I O N A L Projected Unit Capital Exterior Renovation Cost Closing Costs Transfer Tax Total Loan Fees Total Acquisition Costs TOTA L ( 'A L L- I N ' ) C O S T Total Cost Per Unit Per RSF

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

$6,312,000 $1,859,640 $649,110 $481,000 $1,362,000 $10,663,750

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 Value (LTV) Loan to Cost (LTC) Existing or Proposed Loan

Proposed

Origination Date

Jul-2025

Interest Rate

8.00%

20

2.00

Years Interest Only

$54,205,750 $102,082 $121.23

Equity Required

$13,551,438

Equity to Value

31.12% 25.00%

Equity to Cost

$760 $1,015 $1,379

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 ) Trailing Year 1 Year 2

$6,392 $7,064 $7,592

N O I S U M M A RY Trailing Year 1 Year 2

$1,258,715 $2,436,909 $4,848,000

E C O N O M I C L O S S S U M M A RY Trailing Year 1 10-Year Projected Avg.

2.65% 6.50% 6.10%

TRAILING

YR 1

YR2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

YR 9

YR 10

-14.71% n/a 2.89% 2.32% 9.15

-6.02% #NUM! 5.60% 4.50% 6.60

1.39% -18.98% 11.13% 8.94% 5.06

4.19% 12.68% 9.53% 7.65%

8.98% 20.48% 11.02% 8.85%

12.13% 21.15% 12.00% 9.64%

13.52% 19.55% 12.43% 9.98%

14.94% 18.46% 12.87% 10.34%

16.42% 17.69% 13.33% 10.71%

17.94% 17.13% 13.81% 11.09%

19.52% 16.70% 14.30% 11.48%

Tax Reassessment Calculator

Desired Reassessment % Current Taxes / Market Value Ratio Ratio x Proposed Price New Taxes x Desired Reassessment % Total Tax Adjustment

$40,654,313 93.37% 75.00%

Loan Amount

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

85% 3.3329% $1,451,223.96 $1,233,540.36 ($8,492.64)

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

PRICE $47,896,200 $46,444,800 $44,993,400 $43,542,000 $42,090,600 $40,639,200 $39,187,800

PER UNIT $90,200 $87,467 $84,733 $82,000 $79,267 $76,533 $73,800

P E R RS F $107.12 $103.88 $100.63 $97.38 $94.14 $90.89 $87.64

TRAILING 2.63% 2.71% 2.80% 2.89% 2.99% 3.10% 3.21%

Parcel ID

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

FULL RENO 8.28% 8.49% 8.71% 8.94% 9.19% 9.45% 9.72%

TRAILING -13.62% -13.96% -14.33% -14.71% -15.12% -15.54% -16.00%

STA B I L I Z E D W I T H RENO 1.29% 1.32% 1.36% 1.39% 1.43% 1.47% 1.51%

STA B I L I Z E D -5.57% -5.71% -5.86% -6.02% -6.18% -6.36% -6.54%

Y E A R 3 ( F U L LY A M O R T I Z I N G ) 3.88% 3.98% 4.08% 4.19% 4.31% 4.43% 4.56%

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.

Thus facilitating a competitive bidding environment and ultimately maximizing the value of the Property.

SUGGESTED LIST PRICE: MARKET BID

Property Address

REFRESHED 5.09% 5.25% 5.42% 5.60% 5.79% 6.00% 6.22%

Year Built

Acres

Total

Tax Breakdown Market Value Assessed Value $37,265,510 $13,042,620

Tax Rate

Taxes Payable $539,955.50

Land Use Code

back-end sales comps Property The Legends Stratford House Prime at Wright Provice of Dayton Steeplechase Xenia Trails The Conifers Mad River Apartments Peppertree Villas

Date Sold 7/25/2023 4/8/2022 2/19/2021 2/12/2025 10/13/2022 3/10/2022 12/12/2024 12/16/2024 7/12/2022

Unit Count 192 50 90 201 358 312 168 302 168

Price $31,428,571 $8,240,000 $15,750,000 $37,185,000 $48,610,000 $38,500,000 $21,250,000 $40,000,000 $20,571,428

Price/Per Door $163,690 $164,800 $175,000 $185,000 $135,782 $123,397 $126,488 $132,450 $122,448

21

CONFIDENTIALITY AND 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 makes 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 makes 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.

NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. ACTIVITY ID: ZAF0360031 Michael Glass Broker of Record 500 Neil Ave., Ste. 100 Columbus, OH 43215 P: (614) 360-9800 Lie. # BRK.2007005898

22

VILLAS AT KETTERING

23