LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH Michael Rodriguez Advisor

Transcription

1 LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH Michael Rodriguez Advisor Kristen Asman Senior Advisor SVN WILSON COMMERCIAL GROUP, LLC EASTON TOWN CENTER, 4200 REGENT STREET, SUITE 200, COLUMBUS, OH OFFERING MEMORANDUM

2 Property Summary Property Photos Additional Photos Columbus_Slide.pdf Cleveland Ave Bus Route SMART CITY WINNER Location Maps Retailer Map Rent_Roll-11.pdf Financial Summary Sale Comps Summary Rent Comps Demographics Map Advisor Bio & Contact 1 Advisor Bio & Contact 2 Back Page LYRIC APARTMENTS 3742 CLEVELAND AVE., COLUMBUS, OH OFFERING MEMORANDUM

3 Property Summary OFFERING SUMMARY Sale Price: $1,150,000 Number Of Units: Projected NOI: $95,098 Lot Size: 1.37 Acres Year Built: 1958 Building Size: 15,484 SF Renovated: 2018 Price / Unit: $38,448 PROPERTY OVERVIEW A well maintained and updated apartment complex. Nice upside available for new owner. All 1 bedroom, ranch style, brick buildings with separate entrances and basements. Tenants pay all utilities. PROPERTY HIGHLIGHTS 8.6% Cap. Rate trend for 2018 via new water bill back program Around $18,000 annual upside for new owner when units brought to market rents Large capital improvements Property management in place Located on new $48 Million CMAX Rapid Bus Transit Route Over 125,000 population within a 3 mile radius Over 17,000 vehicles per day LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 3

4 Property Photos LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 4

5 Additional Photos LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 5

6 Columbus Leading the way

7 CMAX Bus Rapid Transit PROPERTY LOCATED ON NEW CMAX BUS ROUTE - $48.6M investment including $37.5M in federal funds - Limited stops to facilitate faster service - Averaging 15 minute commute to downtown during rush hour - All new CMAX bus stations - New Northland Transit Center - Upgraded Northern Lights Park & Ride - Public artwork adorns stations - LCD real-time bus information screens LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 7

8 SMART CITY WINNER SMART CITY GRANT WINNER Sole winner of the U.S. Department of Transportation's SMART Cities Challenge. $50 Million Grant which has attracted over $500 Million investments from the private sector Subject property in the path of focus area which includes the the North Linden market and Cleveland Avenue corridor PROGRAM GOALS Drive Economic Growth Improve quality of life through transportation technology Assisting the most vulnerable populations Foster Sustainability and Improve Safety LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 8

9 Location Maps LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 9

10 Retailer Map LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 10

11 Rent Roll As of 7/9/2018, LYRIC PROPERTIES LLC, Current leases, All units Abbeyhill Realty & Management, LLC 691 East Dublin Granville Road Columbus, OH Recurring Unit Tenants Lease Start Lease End Bed/Bath Rent Non-rent Credits Total Deposits Held Balance Due L y r ic A p ar tm en ts 2142 Bonnetta Harr is 2144 Valerie Perez- Cruz 2146 Gloria Robins on 8/1/2015 7/31/ Bed/1 Bath (447.46) 9/14/2017 8/31/ Bed/1 Bath (1.49) 3/1/2018 2/28/ Bed/1 Bath Kenneth Perry 2/28/2018 2/28/ Bed/1 Bath Celester Walk er 2177 A Seandez Davi s 2177 B Janada Jernig an 2/1/2015 2/28/ Bed/1 Bath /14/2017 7/31/ Bed/1 Bath (0.94) 2/1/2016 5/31/ Bed/1 Bath (200.20) 2177 C Damion Ray 8/1/2017 7/31/ Bed/1 Bath D Doshia Gore 3/20/2018 2/28/ Bed/1 Bath (0.33) 2177 E Sherry People s 2177 F Robert Mosle y 2177 G Christina Bere s 2/12/2018 1/31/ Bed/1 Bath /1/2014 7/31/ Bed/1 Bath /14/2017 at-will 1 Bed/1 Bath H VACANT 1 Bed/1 Bath I Sadiq Mbecah 11/15/ /31/ Bed/1 Bath (1.78) 2177 J Brenda Heine (sec 8, $117) 11/6/ /31/ Bed/1 Bath Generated 07/09/ :39:59 Page 1 of 3

12 Rent Roll As of 7/9/2018, LYRIC PROPERTIES LLC, Current leases, All units Abbeyhill Realty & Management, LLC 691 East Dublin Granville Road Columbus, OH K Kevin William s 2177 L Leticia Thurm an 3734 A Joy & Jeremy Moore 7/13/2017 at-will 1 Bed/1 Bath /21/2017 7/31/ Bed/1 Bath /1/2017 1/31/ Bed/1 Bath B Tyrone Smith 11/1/ /31/ Bed/1 Bath (49.66) 3734 C Kimberly King 7/1/2018 6/30/ Bed/1 Bath D Donald Buckl ey 3734 E Quandell Colli ns 3734 F Thomasina Jo rdan 3742 A Quinetta Tayl or 1/1/ /31/ Bed/1 Bath (18.38) 1/22/ /31/ Bed/1 Bath /21/2018 4/30/ Bed/1 Bath (0.21) 12/1/ /31/ Bed/1 Bath B Joshua Webb 7/8/2015 7/31/ Bed/1 Bath C Deborah Vale ntine 3742 D Kayshwnda C ummings 3742 E Lashana Swan son Recurring Unit Tenants Lease Start Lease End Bed/Bath Rent Non-rent Credits Total Deposits Held Balance Due 6/11/2015 at-will 1 Bed/1 Bath (0.24) 12/18/ /30/ Bed/1 Bath (3.85) 4/1/2017 3/31/ Bed/1 Bath (0.27) 3742 F Toni Tyler 3/1/2018 2/28/ Bed/1 Bath Total for Lyric Apartments $1 4, $0.00 $0.00 $1 4, $1 3, $2, Generated 07/09/ :39:59 Page 2 of 3

13 Rent Roll As of 7/9/2018, LYRIC PROPERTIES LLC, Current leases, All units Abbeyhill Realty & Management, LLC 691 East Dublin Granville Road Columbus, OH Grand totals Amount Market rent $14, Recurring rent $14, Recurring non-rent $0.00 Recurring credits $0.00 Deposits held $13, Balance due $2, Summary by bed/bath Occupancy Square Feet Market Rent Bed/Bath No. of Units Vacant Occupied % Occupied Total Average Total Average Avg./Sq.Ft. 1 Bed/1 Bath % 14, Totals and averages % $1 4, $ Summary by property Occupancy Square Feet Market Rent Property No. of Units Vacant Occupied % Occupied Total Average Total Average Avg./Sq.Ft. Lyric Apartments % 14, Totals and averages % $1 4, $ Generated 07/09/ :39:59 Page 3 of 3

14 Financial Summary INVESTMENT OVERVIEW 2018 PROJECTED OPERATING STATEMENT Price $1,150,000 Price per Unit $39, Projected CAP Rate 8.6% OPERATING DATA 2018 PROJECTED OPERATING STATEMENT Total Scheduled Income $204,015 Operating Expenses $105,455 Net Operating Income $98,559 Enter comments here... LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 14

15 Sale Comps Summary SUBJECT PROPERTY PRICE PRICE/UNIT # OF UNITS Lyric Apartments 3742 Cleveland Ave. Columbus, OH $1,150,000 $39, SALE COMPS PRICE PRICE/UNIT # OF UNITS CLOSE Cleveland Ave. Columbus, OH $1,125,000 $37, /01/ Cleveland Ave. Columbus, OH $2,089,500 $31, /01/ Morsetown Ct Columbus, OH $470,000 $42, /01/ Shanley Dr. Columbus, OH $23,100,000 $38, /01/2017 PRICE PRICE/UNIT # OF UNITS CLOSE Totals/Averages $6,696,125 $37, LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 15

16 Rent Comps SUBJECT PROPERTY # OF 1 BEDS AVG. RENT / UNIT 3742 Cleveland Ave. 29 $496 RENT COMPS # OF 1 BEDS AVG. RENT / UNIT 3170 Cleveland Ave 52 $ Derbyshire Dr. 100 $ Cleveland Ave. 24 $549 Totals / Averages 176 $597 LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 16

17 Demographics Map POPULATION 1 MILE 3 MILES 5 MILES Total population 12, , ,952 Median age Median age (male) Median age (Female) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 4,838 49, ,609 # of persons per HH Average HH income $37,598 $42,566 $49,604 Average house value $106,270 $123,113 $148,650 * Demographic data derived from 2010 US Census LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 17

18 Advisor Bio & Contact 1 MICHAEL RODRIGUEZ Advisor PROFESSIONAL BACKGROUND Mike Rodriguez is an advisor with SVN Wilson Commercial Group in Columbus, Ohio. Easton Town Center, 4200 Regent Street, Suite 200 Columbus, OH T C mike.rodriguez@svn.com OH # Managing his own investment property portfolio gives him perspective on investor risk analysis and allows for additional consultation from his personal experiences. He grew up in a family business and has always embraced an entrepreneurial spirit. Complex transactions and investment strategy excite Mike the most about real estate. EDUCATION Mike is a licensed real estate agent and holds a B.S. in International Business and Marketing from the University of Dayton. MEMBERSHIPS & AFFILIATIONS Columbus Apartment Association National Association of REALTORS (R) Ohio Commercial Real Estate Exchangors LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 18

19 Advisor Bio & Contact 2 KRISTEN ASMAN Senior Advisor Easton Town Center, 4200 Regent Street, Suite 200 Columbus, OH T C kristen.asman@svn.com PROFESSIONAL BACKGROUND Kristen Wilson-Asman is a Licensed Real Estate Agent and a Senior Real Estate Advisor with SVN. She received her Bachelors of Science Degree in Accounting from Miami University of Ohio. After graduation, Ms. Asman worked as an Auditor for Deloitte and Touche in Cincinnati, OH. Ms. Asman began her real estate career with Matthews Click Bauman in Columbus, OH and later worked at McKinney Properties and Horizons Real Estate in Property Management and Development before joining SVN in Ms. Asman has worked in Sales and Leasing of all Real Property Types but has focused recently on investment sales with the National Self Storage Team. Kristen Asman is a member of the SVN National Self Storage Team, the National Self Storage Association, and, the Ohio Self Storage Association. Ms. Asman lives with her family in the Columbus, Ohio area. EDUCATION Bacheor of Science, Accountancy, Miami University Hondros School of Real Estate MEMBERSHIPS & AFFILIATIONS SVN National Self Storage Team National Self Storage Association Ohio Self Storage Association LYRIC APARTMENTS 3742 CLEVELAND AVE. COLUMBUS, OH SVN Wilson Commercial Group, LLC Page 19

20 Easton Town Center, 4200 Regent Street, Suite 200 Columbus, OH All SVN Offices Independently Owned & Operated 2018 All Right Reserved