Page 1

WOODLAND ACRES LEWISBURG, WEST VIRGINIA


CON FIDEN TI ALI TY & DI SC L AI ME R The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Marcus & Millichap. This offering memorandum has been prepared to provide summary, unverified financial and physical 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 of absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or 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 offering memorandum has been obtained from sources we believe 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT ANDREWS | DICKMAN FOR MORE DETAILS.


WOODLAND ACRES OF LEWISBURG

NICK ANDREWS

Vice President of Investments Director, National Multi Housing Group 513-878-7741 Nick.Andrews@marcusmillichap.com

JORDAN DICKMAN

Vice President of Investments Director, National Multi Housing Group 513-878-7735 Jordan.Dickman@marcusmillichap.com

FOR MORE INFORMATION, PLEASE VISIT OUR WEBSITE AT:

www.adgmultifamily.com

table of contents 7

INVESTMENT OVERVIEW

15

LOCATION OVERVIEW

27

RENT COMPARABLES

31

FINANCIAL ANALYSIS


MEET YOUR TEAM

Nick Andrews

Vice President of Investments Director, NMHG

Jordan Dickman

Vice President of Investments Director, NMHG


REDEFINING MULTIFAMILY INVESTMENTS | THE RIGHT INVESTMENT STARTS WITH THE RIGHT TEAM

Austin Sum

JD Schmerge

Mark Noah

Garry Schloemer

Scott Borchers

Brittany Koch

Kristin Dickman

Derek Maddy

Associate

Associate

our VISION

Associate

Director of Operations

Associate

Marketing Coordinator

Associate

Financial Analyst

“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.”


INVESTMENT

OVERVIEW


WOODLAND ACRES OF LEWISBURG

INTEREST OFFERED 100 Percent fee-simple interest in 203 Blackbird Way, Lewisburg, West Virginia.

DEAL SPECIFICS

TERMS OF SALE The property is being offered free and clear of any debt.

Parcel Number: ..................................................... 10 16004800000000, 10 16007300000000, 10 16004700010000

PROPERTY TOURS Prospective Purchasers are encouraged to tour the subject property prior to evaluating the opportunity and submitting offers. Please do not contact the management company without prior approval. All property tours must be coordinated through the listing agents. Unit Type

Price: ................................................... Market Bid Call for Offers Date: To Be Announced

Year Built: .........................................1988 / 2012 Gross Rentable SF: ............................ 69,930 Stories: ...................................................................2-3

No. of Units

Rentable SF

Total SF

One Bedroom

30 Units

747 SF

22,410 SF

Two Bedroom

54 Units

880 SF

47,520 SF

Average

84 Units

833 SF

69,930 SF


BUILDING DESCRIPTION BUILDING DESCRIPTION ADDRESS GROSS BUILDABLE AREA BUILDING CONFIGURATION EXTERIOR FINISHES BUILDING FRAME ROOF STRUCTURE PATIOS & BALCONIES PARKING LOT SIZE PARCEL NUMBER

MECHANCIAL METERING 203 Blackbird Way, Lewisburg, West Virginia 69,930 SF 14 Residential Buildings Masonry & Vinyl Siding Wood Pitched, Shingled Yes Asphalt with Some Concrete Assigned Tenant Parking Designated Guest Parking

HVAC COOKING ENERGY ELECTRIC SERVICE WATER HEATING WIRING PLUMBING

Heat Pump System Electric MonPower Individual Tank (Electric) Tankless in Building #228 Copper PVC/Galvanized

UTILITIES TYPE

BILLING

SEWER

Owner Paid

WATER

Owner Paid

TRASH REMOVAL

Owner Paid

5.93 +/- Acres 10 16004800000000 10 16007300000000 10 16004700010000

GAS ELECTRIC

No Gas Tenant Paid

PROPERTY TAXES TAX AMOUNT TAX YEAR

8

INVESTMENT OVERVIEW

$42,145 2018


INVESTMENT OVERVIEW

9


10

Exterior

Exterior

Patio/Balcony

Exterior INVESTMENT OVERVIEW


Dining/Kitchen

Kitchen

Entry

Living Space INVESTMENT OVERVIEW

11


12

Exterior

Exterior

Exterior with Parking

Community Entrance INVESTMENT OVERVIEW


Outdoor Area

Exterior with Parking

Firepit

BBQ Area INVESTMENT OVERVIEW

13


L O C AT I O N

OVERVIEW


WOODLAND ACRES OF LEWISBURG


AREA HIGHLIGHTS

Lewisburg is the county seat of Greenbrier County and has a population of almost 4,000 people.

Amidst the rolling Allegheny Mountains is Lewisburg, West Virginia. Known for being rich in history, the city is also picturesque due to its natural beauty. Since its earliest days in the late 18th century, Lewisburg, West Virginia has been the Greenbrier Valley’s crossroads and commercial epicenter, and remains so today. Considered part of the Southern West Virginia region, the city has a total area of 3.81 square miles. Named as one of “America’s Top 100 Small Arts Towns”, Lewisburg has long attracted talented artists of all kinds. The community is home to many musicians and plays host to wellknown touring artists who perform at venues like the famous Carnegie Hall. This lively, picturesque town continues to thrive as a center for education, the performing arts, business, shopping, and fine dining. Whether you’re planning a food-centric day trip, drawn here for live entertainment, or searching for a one-of-a-kind item, Lewisburg is the perfect destination.

Historic Lewisburg is centered at the crossroads of U.S. Routes 60 and 219. Most modern development in the area has been drawn in by the intersection of Interstate 64 and U.S. Route 219, which is near the town’s northern border. The Greenbrier Valley Airport services the area.

There are several hospitals in the area, including Greenbrier Valley Medical, VA Medical Center, MedExpress Urgent Care, Carilion Giles Community Hospital, Beckley ARH Hospital, and Raleigh General Hospital.

Lewisburg is overflowing with diverse shopping experiences for residents and visitors alike. Guests will be able to find everything from antique treasures to must-have fashion, and everything in between. A few local hotspots include the Lewisburg Antique Trail, The Greenbrier, and Ronceverte Main Street. The Lewisburg Antique Trail covers Routes 60 and 219 and is full of fantastic antique finds, carrying everything from books and collectibles to furniture and more. With its 38 retail shops, The Greenbrier is a shopper’s paradise. Its stores carry everything from designer jewelry, fine art, clothing, and home goods; including The Greenbrier Gourmet Shoppe, Polo Ralph Lauren, and The Art Colony Gallery. Visitors enjoy Ronceverte Main Street because of its diverse shopping and dining options that are all within easy walking distance. When it comes to things to do in Lewisburg, the possibilities are endless. Outdoor enthusiasts will enjoy hiking trails, rivers, caves, and the many different golf courses, including the five championship courses at The Greenbrier. History buffs will enjoy the preserved buildings and sites that date back to before the Civil War. For those interested in breweries and distilleries, the Greenbrier Valley Brewing Company, Hawk Knob Appalachian Hard Cider & Mead, and Smooth Ambler Spirits are all great options to enjoy craft spirits while learning the history and process of “grain-to-glass”. Lewisburg is full of festivals throughout the year, but the local favorite and largest is the Taste of Our Towns. Fall brings the Taste of Our Towns (TOOT) to downtown, where you can literally eat your way up and down Washington Street and listen to live music along the way.

16

LOCATION OVERVIEW


LOCATION OVERVIEW

17


18

LOCATION OVERVIEW


ATTRACTIONS

THE GREENBRIER RESORT

LOST WORLD CAVERNS

This luxury resort features 710 rooms and 33 suites and is located in the Allegheny Mountains. Southern hospitality and charm go hand-in-hand with the Greenbrier. Out of the United States’ 45 Presidents, 27 of them have stayed at The Greenbrier Resort. This world-class resort is also a National Historic Landmark.

Located just outside of Lewisburg, the Lost World Caverns is a natural series of underground caverns that was discovered in 1942. Since 1973, these caverns have been recognized and registered as a National Natural Landmark. The Lost World Caverns cover about 1.25 miles and have a depth of 235 feet. Self-guided tours, which take about 45 minutes, are available and feature a half-mile loop where visitors can see many different rock formations.

CARNEGIE HALL

LEWIS THEATRE AND TRILLIUM

This historic theater is one of only four Carnegie Halls in the entire world. Built in 1902, the theater is named after Andrew Carnegie, who was a philanthropic steel tycoon. Annually, there are more than 75,000 visitors served by the hall and its performances, classes, and events. Ther are two fundraising events hosted by Carnegie Hall each year, Taste of Our Towns (TOOT) and the Carnegie Hall Gala. Both guided and self-tours are available for interested visitors.

In 1939, the Lewis Theatre opened its doors in downtown Lewisburg, providing film showings and vaudeville entertainment performances. Now it is the home of Trillium Performing Arts Collective and features big screen movies and live performances. Trillium’s mission is to encourage artistic expression and creative opportunities through education, participationm and performance.

LOCATION OVERVIEW

19


THE GREENBRIER RESORT

AMERICA’S RESORT

Located amongst the beautiful Allegheny Mountains of West Virginia, The Greenbrier Resort has welcomed guests for well over 200 years. Greenbrier’s vision and mission is to become the leader of luxury resorts around the world, creating timeless experiences and memories. Through the combination of grace, elegance, serenity, and class, The Greenbrier is bringing a whole new meaning to the idea of a “luxury resort”.

20

The Greenbrier Resort spans a massive 11,000 acres in Greenbrier County, West Virginia. There are 710 guest rooms at the Greenbrier Resort, including 33 suites, as well as 96 guest and estate homes. The resort features many different attractions and amentites, including 38 retail shops, 20 restaurants of diverse cuisines, and over 55 different activities for guests to take part in. Guests can think of The Greenbrier as their own personal playground due to the giant 103,000 square foot entertainment and gaming venue. Known as “America’s Resort”, The Greenbrier Resort employs more than 1,800 people and generates more than $2 million in tax revenue each year. It is the county’s single biggest employer. Since 2010, The Greenbrier Classic, a golf tournament on the PGA Tour, has been played at The Greenbrier on The Old White TPC. The course was built in 1914. The Greenbrier Classic has a huge economic impact, totaling $111 million.

LOCATION OVERVIEW


DOWNTOWN LEWISBURG: A PICTURESQUE MASTERPIECE

Ranked one of the nation’s best small arts towns and one of the coolest small towns by both Frommer’s Budget Travel Magazine and Americans for Arts, Lewisburg features many big-city amentities while still having the small-town charm. This town of 4,000 residents is always bustling with activities, events, and fun. The city has quite the variety of nightlife and watering holes, everything from authentic Irish pubs to elegant lounges to charming bars with live music. No matter where you go, the atmosphere is always fun and relaxed. While there are many festivals and events throughout the year, there are two main annual events that draw both residents and tourists to Lewisburg: the Lewisburg Chocolate Festival and Taste of Our Towns. The Lewisburg Chocolate Festival hosts 40 different chocolate vendors from all over the country, allowing patrons to try various chocolate delicacies. In its beginnings, the festival offered 5,000 tastings and now offers 35,000. In addition to the tastings, there is also a Chocolate Chase 10K Race, the All Things Chocolate Bake-Off, a mousse-eating competition, and many different children’s activities. Since 1984, fall always brings “Taste of Our Towns” (TOOT) to downtown, which is Lewisburg’s largest outdoor event. Patrons can literally eat their way up and down Washington Street while listening to live music along the way. Local civic groups, restaurants, and shops are able to share favorite delicacies Some of the other events throughout the year include the Lewisburg Literary Festival, the State Fair of West Virginia, the West Virginia Winter Music Festival, and Labor Day Weekend at The Greenbrier.

LOCATION OVERVIEW

21


The Greenbrier Resort

38 Retail Shops 20 Restaurants Over 55+ Activities

Greenbrier Classic

$111 Million

Economic Impact

11,000-Acre

1,800+

Luxury Retreat

PGA Golf Tournament “A Military Tribute at The Greenbrier”

Employees

$2.0+ Million

in Tax Revenue Generated Annually

White Sulphur Springs, West Virginia


West Virginia School of Osteopathic Medicine

657 out of 756

licensed osteopathic physicians in WV are WVSOM alumni

26

Average Age of Students

$64.6 Million

Impact on State

$21,472 - In-State Tuition $52,710 - Out-of-State Tuition

260+

Employees 839 Students 233 In-State Students 606 Out-of-State Students


Lewisburg, West Virginia

Leading Industry Sectors: Educational Services, Health Care, Social Assistance, Arts, Entertainment/Recreation, Accomodation, Food Services Ranked #1 Best City to Retire in West Virginia

Ranked a Top City for Young Professionals

Greenbrier Valley Airport Regional Airport with direct flights to Washington D.C. and Chicago

95.4%

Employment Rate in Greenbrier County

Outdoor Recreation Whitewater Rafting, Hiking, and Camping


Woodland Acres

Low Maintenance with an Upside in the Operations

Walking Distance to WVSOM 1 Mile to the Heart of Downtown 1.5 Miles to I-64

80% of Tenants Are Students & All Sign Market Rate Leases for 12 Months

75% of Units are New (2012/2013) or Fully Updated 25% of Units are Partially Updated


RENT

COMPARABLES


WOODLAND ACRES OF LEWISBURG

1 2

3

S


1

WESTRIDGE TOWNHOMES

210 Westgate Drive, Lewisburg, WV 24901 Year Built: 2003

UNIT MIX 2x1

RENT $850

SF 1000

RENT/SF $0.85

Units: 60

2x2

$875

1100

$0.80

Occupancy: 100%

2

THE COMMONS AT WESTRIDGE

159 Westgate Lane, Lewisburg, WV 24901 Year Built: 2003 Units: 70

UNIT MIX 1x1 2x2

RENT $775 $800

SF 625 1000

RENT/SF $1.24 $0.80

Occupancy: 100%

3

300 NORTH COURT STREET

124 Feamster Road, Lewisburg, WV 24901 Year Built: 1928

UNIT MIX 1x1

RENT $750

SF 650

RENT/SF $1.15

Units: 23

2x1

$875

700

$1.25

Occupancy: 99%

28

RENT COMPARABLES


One Bedroom Apartment Rents Sorted by Net Rent/SF Property

**The Commons at Westridge Woodland Acres 300 N Court St Woodland Acres Woodland Acres Averages

Year Built

Unit Type

SF

2003

1x1

625

$775.00

1988/2012 1928 1988/2012 1988/2012

1x1 1x1 1x1 1x1

747 650 747 747

$850.00 $750 $800.00 $800.00

703

$795

1966

Market Rent

Washer/Dryer

Utilitiy Adjustment/Month

Net Rent

Net Rent/SF

Occupancy

Hookups

$0

$775

$1.24

100%

Hookups Common Hookups Hookups

$50 $60 $50 $50

$800 $690 $750 $750

$1.07 $1.06 $1.00 $1.00

96% 99% 96% 96%

$53

$753

$1.08

97%

Two Bedroom Apartment Rents Sorted by Net Rent/SF

Year Built

Unit Type

SF

Market Rent

Washer/Dryer

Utilitiy Adjustment/Month

Net Rent

Net Rent/SF

Occupancy

300 N. Court St.

Property

1928

2x1

700

$875.00

Common

$80

$795

$1.14

99%

Woodland Acres

1988/2012

2x1 (updated)

880

$1,000.00

Hookups

$55

$945

$1.07

96%

Woodland Acres Woodland Acres Woodland Acres

1988/2012 1988/2012 1988/2012

2x1 (updated) 2x1 (classic) 2x1 (updated)

880 880 880

$950.00 $950.00 $932.00

Hookups Hookups Hookups

$55 $55 $55

$895 $895 $877

$1.02 $1.02 $1.00

96% 96% 96%

Woodland Acres

1988/2012

2x1 (classic)

880

$850.00

Hookups

$55

$795

$0.90

96%

2003

2x1

1000

$850.00

Hookups

$0

$850

$0.85

100%

2003 2003 1988/2012 1971

2x2 2x2 2x1 (classic) 2x1

1000 1100 880 1000

$800.00 $875.00 $755.00 $680.00

Hookups Hookups Hookups Hookups

$0 $0 $55 $55

$800 $875 $700 $625

$0.80 $0.80 $0.80 $0.63

100% 100% 96% 100%

938

$864

$55

$826

$0.89

98%

**Westridge Town Homes **The Commons at Westridge **Westridge Town Homes Woodland Acres *Lewis Terrace Averages

1995

Proforma Market RENT COMPARABLES

29


FINANCIAL

ANALYSIS


WOODLAND ACRES OF LEWISBURG


One Bedroom

No. of

Rentable

Total

Avg. Effective

Avg. Effective

Total Effective

Market

Market

Total Market

Projected

Unit Type

Units

SF

SF

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Avg. Projected Total Projected Rent/SF

Rent Potential

1x1 Built in 2012

30 Units

747 SF

22,410 SF

$800.00

$1.07 SF

$24,000

$800.00

$1.07 SF

$24,000

$850.00

$1.14 SF

$25,500

Totals / Wtd. Averages

30 Units

747 SF

22,410 SF

$800.00

$1.07 SF

$24,000

$800.00

$1.07 SF

$24,000

$850.00

$1.14 SF

$25,500

Two Bedroom

No. of

Rentable

Total

Avg. Effective

Avg. Effective

Total Effective

Market

Market

Total Market

Projected

Unit Type

Units

SF

SF

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

2x1 Full Updated

31 Units

880 SF

27,280 SF

$931.67

$1.06 SF

$28,882

$950.00

$1.08 SF

$29,450

$1,000.00

$1.14 SF

$31,000

2x1-Partially Updated

23 Units

880 SF

20,240 SF

$754.76

$0.86 SF

$17,359

$850.00

$0.97 SF

$19,550

$950.00

$1.08 SF

$21,850

Totals / Wtd. Averages

54 Units

880 SF

47,520 SF

$856.32

$0.97 SF

$46,241

$907.41

$1.03 SF

$49,000

$978.70

$1.11 SF

$52,850

No. of

Rentable

Total

Avg. Effective

Avg. Effective

Total Effective

Market

Market

Total Market

Projected

Summary Unit Type

Avg. Projected Total Projected

Avg. Projected Total Projected

Units

SF

SF

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

Rent/Unit

Rent/SF

Rent Potential

One Bedroom

30 Units

747 SF

22,410 SF

$800.00

$1.07

$24,000

$800.00

$1.07 SF

$24,000

$850.00

$1.14 SF

$25,500

Two Bedroom

54 Units

880 SF

47,520 SF

$856.32

$0.97

$46,241

$907.41

$1.03 SF

$49,000

$978.70

$1.11 SF

$52,850

Totals / Wtd. Averages

84 Units

833 SF

69,930 SF

$836.21

$1.00 SF

$70,241

$869.05

$1.04 SF

$73,000

$932.74

$1.12 SF

$78,350

Unit Distribution

64%

Lease Expirations

45

40

40

36%

Current Occupancy

35

30 One Bedroom

Two Bedroom 2.38%

Unit Market Rent

25

20

96.43%

$1,200

Rent per Month

$1,000 $800

Occupied Units

Vacant Units

Office

5

$400

6

5

4 1

$200

32

10

$600

$0

15

15

0

One Bedroom Current Market

Two Bedroom Avg. Effective

Pro Forma Projection

F I N A N C I A L A N A LY S I S

2 0

1

1

4 1

3 1


Current

Year 0 % of GPR Per Unit

Year 1

(Stabilized Occupancy and Other Income)

% of GPR

Per Unit

(Projected Rent Increase after Stabilization)

% of GPR

Per Unit

INCOME GROSS POTENTIAL RENT All Units at Market Rent

$876,000

Gain (Loss) to Lease

($31,800)

GROSS SCHEDULED RENT

3.63%

10,429

$876,000

(379)

($17,520)

10,050

$858,480

2.00%

10,429

$940,200

(209)

($18,804)

10,220

$921,396

11,193 2.00%

(224)

$844,200

RR

Forfeited SD

$8,869

T12

1.05%

106

$8,869

T12

1.03%

106

$8,869

0.96%

106

Termination Fees

$6,500

T12

0.77%

77

$6,500

T12

0.76%

77

$6,500

0.71%

77

Laundry/Income

$5,965

T12

0.71%

71

$5,965

T12

0.69%

71

$5,965

0.65%

71

Pet Fees

$5,036

T12

0.60%

60

$5,036

T12

0.59%

60

$5,036

0.55%

60

Application Fees

$4,725

T12

0.56%

56

$4,725

T12

0.55%

56

$4,725

0.51%

56

Damage Fees

$2,938

T12

0.35%

35

$2,938

T12

0.34%

35

$2,938

0.32%

35

Late Fees

$1,400

T12

0.17%

17

$1,400

T12

0.16%

17

$1,400

0.15%

17

Other Income

$1,205

T12

0.14%

14

$1,205

T12

0.14%

14

$1,205

0.13%

14

$183

T12

0.02%

2

$183

T12

0.02%

2

$183

0.02%

2

NSF Check Fees

$25

T12

0.00%

0

$25

T12

0.00%

0

$25

0.00%

0

Credit Builder

$14

0.00%

0

$0

0.00%

0

$0

0.00%

0

$36,861

4.37%

439

$36,846

4.29%

439

$36,846

4.00%

439

10,969

Other Income

Building Protection

Total Other Income GROSS POTENTIAL INCOME

10,489

$895,326

10,659

$958,242

Physical Vacancy

($35,242) Aug RR

4.17%

(420)

($42,924)

5.00%

(511)

($46,070)

5.00%

Non-Revenue Units

($10,200) Office

1.21%

(121)

$0

0.00%

0

$0

0.00%

0

$835,618

13.38%

9,948

$852,402

11.29%

10,148

$912,173

11.00%

10,859

$42,145 Auditor

5.04%

502

$42,145 Auditor

4.94%

502

$42,145

4.62%

502

Total Real Estate Taxes

$42,145

5.04%

502

$42,145

4.94%

502

$42,145

4.62%

502

Insurance

$15,325

T12

1.83%

182

$15,325

T12

1.80%

182

$18,900

2.07%

225

EFFECTIVE GROSS INCOME

$881,061

11,408 (548)

EXPENSES Real Estate Taxes 2018 Taxes Paid

% of EGI

% of EGI

Utilities Electricity Water & Sewer Trash Removal Total Utilities

$6,547

T12

0.78%

78

$6,547

T12

0.77%

78

$6,547

0.72%

78

$40,210

T12

4.81%

479

$40,210

T12

4.72%

479

$40,210

4.41%

479

$9,616

T12

1.15%

114

$9,616

T12

1.13%

114

$9,616

1.05%

114

6.75%

671

$56,373

6.61%

671

$56,373

6.18%

671 200

$56,373

Contract Services Landscaping/Grounds Pest Control Total Contract Services

$21,866

T12

2.62%

260

$16,800

1.97%

200

$16,800

1.84%

$4,084

T12

0.49%

49

$2,940

0.34%

35

$2,940

0.32%

35

3.11%

309

$19,740

2.32%

235

$19,740

2.16%

235 500

$25,950

Repairs & Maintenance

$53,542

T12

6.41%

637

$42,000

4.93%

500

$42,000

4.60%

Marketing & Promotion

$3,472

T12

0.42%

41

$4,200

0.49%

50

$4,200

0.46%

50

On-Site Payroll

$55,453

T12

6.64%

660

$58,800

6.90%

700

$60,900

6.68%

725

General & Administrative

$12,008

T12

1.44%

143

$10,500

1.23%

125

$10,500

1.15%

125

Management Fee

$36,043

T12

4.31%

429

$51,144

6.00%

609

$54,730

6.00%

652

Telephone & Cable/Other

$6,611

T12

0.79%

79

$2,940

0.34%

35

$2,940

0.32%

35

Replacement & Reserves

$21,000

2.51%

250

$21,000

2.46%

250

$21,000

2.30%

250

TOTAL EXPENSES

$327,923

39.24%

3,904

$324,167

38.03%

3,859

$333,429

36.55%

3,969

NET OPERATING INCOME

$507,695

60.76%

6,044

$528,235

61.97%

6,289

$578,744

63.45%

6,890

F I N A N C I A L A N A LY S I S

33


Current

Year 0

Yr 1

Yr 2

Yr 3

0 (Acquisition) YE Aug-2020 YE Aug-2021 YE Aug-2022

Yr 4

Yr 5

YE Aug-2023 YE Aug-2024

Yr 6

Yr 7

Yr 8

Yr 9

Yr 10

Yr 11

YE Aug-2025 YE Aug-2026 YE Aug-2027 YE Aug-2028 YE Aug-2029 YE Aug-2030

INCOME GROSS POTENTIAL RENT

$876,000

$876,000

$940,200

$959,004

$978,184

$997,748

$1,017,703

$1,038,057

$1,058,818

$1,079,994

$1,101,594

$1,123,626

$1,146,099

(31,800)

(17,520)

(18,804)

(19,180)

(9,782)

(9,977)

(10,177)

(10,381)

(10,588)

(10,800)

(11,016)

(11,236)

(11,461)

$844,200

$858,480

$921,396

$939,824

$968,402

$987,770

$1,007,526

$1,027,676

$1,048,230

$1,069,194

$1,090,578

$1,112,390

$1,134,638

$8,869

$8,869

$8,869

$9,047

$9,228

$9,412

$9,600

$9,792

$9,988

$10,188

$10,392

$10,600

$10,812

Termination Fees

6,500

6,500

6,500

6,630

6,763

6,898

7,036

7,177

7,320

7,466

7,616

7,768

7,923

Laundry/Income

5,965

5,965

5,965

6,085

6,206

6,330

6,457

6,586

6,718

6,852

6,989

7,129

7,272

Pet Fees

5,036

5,036

5,036

5,137

5,240

5,345

5,451

5,560

5,672

5,785

5,901

6,019

6,139

Application Fees

4,725

4,725

4,725

4,820

4,916

5,014

5,114

5,217

5,321

5,428

5,536

5,647

5,760

Damage Fees

2,938

2,938

2,938

2,996

3,056

3,117

3,180

3,243

3,308

3,374

3,442

3,511

3,581

Late Fees

1,400

1,400

1,400

1,428

1,457

1,486

1,515

1,546

1,577

1,608

1,640

1,673

1,707

Other Income

1,205

1,205

1,205

1,229

1,254

1,279

1,304

1,330

1,357

1,384

1,412

1,440

1,469

183

183

183

186

190

194

198

202

206

210

214

218

223

25

25

25

26

26

27

27

28

28

29

29

30

30

All Units at Market Rent Gain (Loss)-to-Lease GROSS POSSIBLE/SCHEDULED RENT OTHER INCOME Forfeited SD

Building Protection NSF Check Fees Credit Builder TOTAL OTHER INCOME GROSS POTENTIAL INCOME Physical Vacancy Non-Revenue Units EFFECTIVE GROSS INCOME

14

0

0

0

0

0

0

0

0

0

0

0

0

$36,861

$36,846

$36,846

$37,583

$38,335

$39,102

$39,884

$40,681

$41,495

$42,325

$43,171

$44,035

$44,916

$881,061

$895,326

$958,242

$977,407

$1,006,737

$1,026,872

$1,047,409

$1,068,358

$1,089,725

$1,111,519

$1,133,750

$1,156,425

$1,179,553

($35,242)

($42,924)

($46,070)

($46,991)

($48,420)

($49,389)

($50,376)

($51,384)

($52,411)

($53,460)

($54,529)

($55,619)

($56,732)

(10,200)

0

0

0

0

0

0

0

0

0

0

0

0

$835,618

$852,402

$912,173

$930,416

$958,317

$977,483

$997,033

$1,016,974

$1,037,313

$1,058,060

$1,079,221

$1,100,805

$1,122,821

EXPENSES

$42,145

$42,145

$42,145

$42,988

$43,848

$44,725

$45,620

$46,532

$47,463

$48,412

$49,380

$50,368

$51,375

Insurance

15,325

15,325

18,900

19,278

19,664

20,057

20,458

20,867

21,284

21,710

22,144

22,587

23,039

Total Utilities

56,373

56,373

56,373

57,500

58,650

59,823

61,020

62,240

63,485

64,755

66,050

67,371

68,718

25,950

19,740

19,740

20,135

20,537

20,948

21,367

21,795

22,230

22,675

23,129

23,591

24,063

Repairs & Maintenance

53,542

42,000

42,000

42,840

43,697

44,571

45,462

46,371

47,299

48,245

49,210

50,194

51,198

Marketing & Promotion

3,472

4,200

4,200

4,284

4,370

4,457

4,546

4,637

4,730

4,824

4,921

5,019

5,120

Total Real Estate Taxes

Total Contract Services

55,453

58,800

60,900

62,118

63,360

64,628

65,920

67,239

68,583

69,955

71,354

72,781

74,237

General & Administrative

12,008

10,500

10,500

10,710

10,924

11,143

11,366

11,593

11,825

12,061

12,302

12,548

12,799

Management Fee

36,043

51,144

54,730

55,825

57,499

58,649

59,822

61,018

62,239

63,484

64,753

66,048

67,369

On-Site Payroll

21,000

21,000

21,000

21,420

21,848

22,285

22,731

23,186

23,649

24,122

24,605

25,097

25,599

TOTAL EXPENSES

$327,923

$324,167

$333,429

$340,097

$347,457

$354,406

$361,494

$368,724

$376,098

$383,620

$391,293

$399,119

$407,101

NET OPERATING INCOME

$507,695

$528,235

$578,744

$590,319

$610,860

$623,077

$635,539

$648,250

$661,215

$674,439

$687,928

$701,686

$715,720

Replacement & Reserves

34

F I N A N C I A L A N A LY S I S


WOODLAND ACRES OF LEWISBURG NICK ANDREWS

Vice President of Investments Director, National Multi Housing Group 513-878-7741 Nick.Andrews@marcusmillichap.com

JORDAN DICKMAN

Vice President of Investments Director, National Multi Housing Group 513-878-7735 Jordan.Dickman@marcusmillichap.com

Property Showings Are By Appointment Only

Please Contact The Andrews | Dickman Group For More Details. FOR MORE INFORMATION, PLEASE VISIT OUR WEBSITE AT:

www.adgmultifamily.com

F I N A N C I A L A N A LY S I S

35


In Association , with McGuire Realty Co. Inc Francis W. McGuire, BOR Huntington, WV Ph# 304-529-6033 WV License #: WV0019009

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