WILLIAMS POINTE 2024
austin.sum@marcusmillichap.com
jordan.dickman@marcusmillichap.com
“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.”
300 WEST 4TH STREET, CINCINNATI, OH
GLOBAL REACH, LOCAL EXPERTISE
$86.3B
VALUE OF RECENTLY CLOSED TRANSACTIONS
12,272
CLOSED SALES IN MOST RECENT YEAR
$12.8B
TOTAL VALUE OF RECENT LISTINGS
2,143
CLOSED FINANCINGS IN MOST RECENT YEARS
CINCINNATI
DAYTON
LEXINGTON LOUISVILLE
YOUR TEAM
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
BROKER SUPPORT
SAM PETROSino
VALUATION & RESEARCH
BRETT MARTIN
INTERNAL ACCOUNTANT
CORPORATE SUPPORT
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
BRITTANY CAMPBELL-KOCH DIRECTOR OF OPERATIONS
ALEX PAPA
MARKETING COORDINATOR
DATA SUMMARY
Property Address: 411 East Main St
City, State, Zip: Williamsburg, Ohio, 45176
Submarket: Amelia/Batavia
County: Clermont County
Year Built/Reno: 1969
Number Of Units: 95
Avg Unit Size: 759
Rentable Sqft: 72100
Number of Parcels: 1
Lot Size (Acres): 7.93
Density: 11.98
# of Buildings: 8
# of Stories: 3
Current Occupancy: 94%
Parking Type: Surface Level
Parking Surface: Asphalt (resurfaced & striped in 22’)
Parking Spaces: 190
Parking Ratio: 2.00
Foundation: Poured Concrete
Framing: Wood
Roof Type: Pitched Shingle (4 replaced since 22’)
HVAC: Through wall A/C & Boiler Heat (all new since new 22’)
NOTE: AERIAL PHOTOS WERE TAKEN PRIOR TO ASPHALT BEING RESEALED
NOTE: AERIAL PHOTOS WERE TAKEN PRIOR TO ASPHALT BEING RESEALED
TENANT PAYS: Electric, Cable/Internet
OVER $1.2M OF CAPEX SINCE 22’
35 Units Renovated:
• LVP Flooring throughout unit
• Kitchen Cabinets & Hardware
• Faux Granite Countertops
• White Appliances
• Ceiling Fans and Light Fixtures
• Bathroom Vanities Medicine Cabinet & Light
• Bathtub & Surround replaced or reglazed
• Toilets
• Paint & Outlet Covers
15 Units Received a Heavy Turn with 1-3 of the above-mentioned items upgraded.
*Full CapEx list available in Deal Vault
Community Upgrades & Maintenance:
• All windows & Sliders - vinyl frame double pane
• Unit Entrance Doors
• Rebuilt all Wood Decks
• Roofs, Gutters, & Downspouts – Four buildings since 22’
• Boilers (all eight are new)
• Electrical Panels and Breakers replaced
• Driveway & Parking Lot resealed & stripped
• Hot Water Heaters - Five new since 22’
Williamsburg highlights
• 18 Minute Drive to Eastgate Shopping Center
• 37 Minute Drive to Downtown Cincinnati
• Median Household Income of $65,454
WILLIAMS POINTE
development spotlight
Nestle’s Purnia Factory
• $550 Million total investment
• 300 new full-time employees by end of 2024
• Hourly compensation range from $26-42/hour
• Salary Range from $53-90k
• 9-minute drive from Williams Pointe
RENT MATRIX | ONE BED
RENT MATRIX | two bed
UNIT MIX BREAKDOWN
UNIT RENTS
UNIT DISTRIBUTION
WILLIAMS POINTEfinancials
RATES & SPREADS AS OF AUGUST 14TH
Life Companies
Freddie Mac - Conventional
“* 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”
Freddie Mae - Conventional
CINCINNATI
THE ECONOMY
1| Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 2.1% from 2015 to 2019. During that same five-year period, job growth averaged 1.4% annually, with roughly 15,500 jobs added on average each year. In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 8.4% year-over-year in 2nd quarter. 2| In 2023, the metro’s inflation-adjusted economic output expanded 2.3%. 3| The metro recorded a net gain of 21,100 jobs, expanding the employment base 1.8%. 4| Cincinnati’s unemployment rate in November 2023 was unchanged year-over-year at 3.0%, below the national average of 3.5%. 5| Despite job losses stemming from the pandemic, Cincinnati’s current employment base now sits roughly 63,700 jobs or about 6% above the pre-pandemic level in February 2020.
3,263 units completed in past 12 months 5,184 units currently in progress
HIGHEST OVERALL PERFORMING SUBMARKET
RENT
1| Over the past five years, annual change in effective asking rents in Cincinnati ranged from 2.0% to 11.9%. 2| In 4th quarter 2023, effective asking rents for new leases were up 3.6% year-over- year. That annual rent performance was below the market’s five-year average of 5.7%. 3| Cincinnati’s recent annual rent change performance ranked #10 in the Midwest region and #27 nationally. 4| Looking at product classes in Cincinnati, Class B led for rent performance over the past five years. In 4th quarter 2023, annual effective rent change registered at 2.5% in Class A units, 3.4% in Class B units and 5.8% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in West Cincinnati and Southeast Cincinnati. 6| The weakest performances were in Central Cincinnati, Butler County and North Central Cincinnati. Over the past five years, rent growth was strongest in Southeast Cincinnati.
SCAN FOR MORE
SUPPLY
HIGHEST OVERALL PERFORMING SUBMARKET
1| New apartment completions in Cincinnati were moderate recently, as 3,263 units delivered in 2023. That annual completion volume was a 24-year high. 2| With 150 units removed from existing stock over the past year, the local inventory base grew 1.9%. In the past year, supply was greatest in North Central Cincinnati. 3| Annual new supply averaged 1,754 units, and annual inventory growth averaged 1.0% over the past five years. During that period, new supply was concentrated in Central Cincinnati and Campbell/Kenton Counties, which received 42% of the market’s total completions. 4| At the end of 2023, there were 5,184 units under construction with 3,531 of those units scheduled to complete in the next four quarters. Scheduled deliveries in the coming year are expected to be concentrated in Central Cincinnati.
OCCUPANCY
1| Occupancy in the Cincinnati apartment market has ranged from 94.9% to 98.2% over the past five years, averaging 96.4% during that period. 2| Over the past year, occupancy lost 1.2 points, with the 4th quarter 2023 rate landing at 94.9%. 3| Looking at product classes in Cincinnati, 4th quarter 2023 occupancy registered at 94.1% in Class A units, 94.9% in Class B units and 95.6% in Class C units. 4| Occupancy in Class C product was generally tightest over the past five years. 5| Among submarkets, 4th quarter 2023 occupancy was strongest in Southeast Cincinnati and Campbell/Kenton Counties. 6| The weakest readings were seen in Central Cincinnati and North Central Cincinnati. During the coming year, occupancy in Cincinnati is expected to register around 95%.
LOWEST OVERALL PERFORMING SUBMARKETS
UNITS UNDER CONSTRUCTION
WILLIAMS POINTE
