OFFERING MEMORANDUM Delaware Delaware , OH 43015
Delaware Portfolio
Delaware Portfolio CONTENTS 01 Executive Summary Executive Summary Unit Mix Summary Location Summary Demographics
5 6 7 8
02 Property Description Property Features
10
03 Rent Roll Rent Roll Details
12
04 Financial Analysis Income & Expense Analysis Multiyear Cash Flow Assumptions
16 17
Brenda Werner President & Broker 1(614)569-4976 Lic: 2013000873
[email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
Delaware Portfolio
Confidentiality and Disclaimer | 03 CONFIDENTIALITY AND DISCLAIMER:
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 Kassel Real Estate and it should not be made available to any other person or entity without the written consent of Kassel Real Estate.
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 Kassel Real Estate. 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. Kassel Real Estate 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, Kassel Real Estate has not verified, and will not verify, any of the information contained herein, nor has Kassel Real Estate 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 THE KASSEL REAL ESTATE ADVISOR FOR MORE DETAILS. Copyright © 2017 CREOP, LLC. All Rights Reserved.
Executive Summary Offering Summary Unit Mix Summary Location Summary Demographics
DELAWARE PORTFOLIO
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Delaware Portfolio | Executive Summary 01
Delaware Portfolio
Executive Summary | 05
OFFERING SUMMARY ADDRESS
Delaware Delaware OH 43015
COUNTY
Delaware
BUILDING SF
56,760
NUMBER OF UNITS
71
YEAR RENOVATED
2013-2016
OWNERSHIP TYPE
Fee Simple
FINANCIAL SUMMARY OFFERING PRICE
$2,900,000
PRICE PSF
$51.09
OCCUPANCY
100.00 %
PRICE PER UNIT
$40,845
NOI (CURRENT)
$243,992
NOI (Pro Forma)
$254,051
CAP RATE (CURRENT)
8.41 %
CAP RATE (Pro Forma)
8.76 %
DEMOGRAPHICS
1 MILE
3 MILE
5 MILE
2016 Population
10,158
38,241
47,349
2016 Median HH Income
$40,324
$58,015
$63,693
2016 Average HH Income
$58,091
$71,648
$79,821
Delaware Portfolio
Unit Mix Summary | 06
Actual Unit Mix
# Units
Square Feet
Current Rent
Rent PSF
1 bd / 1 ba 2 bd / 1 ba 2 bd / 1.5 ba 3 bd / 1 ba 3 bd / 1.5 ba Totals/Averages
42 23 1 4 1 71
197 709 1,054 137 0 369
$515 $648 $845 $679 $700 $575
$2.61 $0.91 $0.80 $4.95 $0.00 $2.13
Market Monthly Income $21,635 $14,895 $845 $2,715 $700 $40,790
Market Rent $495 $648 $700 $654 $650 $559
Market Rent PSF $2.51 $0.91 $0.66 $4.77 $0 $2.06
Market Income $20,790 $14,900 $700 $2,615 $650 $39,655
Delaware Portfolio
Location Summary | 07
Regional Map
Locator Map
Delaware Portfolio POPULATION
Demographics | 08 1 MILE
3 MILE
5 MILE
HOUSEHOLDS
1 MILE
3 MILE
5 MILE
2000 Population
9,736
27,021
31,372
2000 Total Housing
3,621
11,044
12,800
2010 Population
9,592
35,288
42,456
2010 Total Households
3,478
13,631
16,176
2016 Population
10,158
38,241
47,349
2016 Total Households
3,757
14,892
18,043
2021 Population
10,740
41,102
51,438
2021 Total Households
4,013
16,068
19,629
2016 African American
553
1,713
1,957
2016 Average Household Size
2.32
2.44
2.51
2016 American Indian
28
94
111
2000 Owner Occupied Housing
1,864
6,408
7,832
2016 Asian
231
616
921
2000 Renter Occupied Housing
1,506
3,862
4,076
2016 Hispanic
386
1,217
1,488
2016 Owner Occupied Housing
1,801
8,725
11,427
8,879
34,281
42,506
2016 Renter Occupied Housing
1,956
6,167
6,616
2016 Other Race
103
354
473
304
889
1,012
2016 Multiracial
360
1,163
1,352
2016 Total Housing
4,061
15,781
19,055
5.60 %
7.25 %
8.35 %
2021 Owner Occupied Housing
1,926
9,420
12,476
2021 Renter Occupied Housing
2,087
6,648
7,153
323
957
1,097
4,336
17,025
20,726
6.65 %
7.65 %
8.50 %
2016 White
2016-2021: Population: Growth Rate
2016 HOUSEHOLD INCOME
1 MILE
3 MILE
5 MILE
less than $15,000
632
1,460
1,585
$15,000-$24,999
564
1,399
1,536
$25,000-$34,999
454
1,434
1,597
$35,000-$49,999
528
2,047
2,291
$50,000-$74,999
569
2,690
3,160
$75,000-$99,999
390
2,282
2,743
$100,000-$149,999
427
2,482
3,267
$150,000-$199,999
97
723
1,076
$200,000 or greater
95
375
789
Median HH Income
$40,324
$58,015
$63,693
Average HH Income
$58,091
$71,648
$79,821
Source: esri
2016 Vacant Housing
2021 Vacant Housing 2021 Total Housing 2016-2021: Households: Growth Rate
................................................ Property Description
Property Features
Parcel Map
Property Images
DELAWARE PORTFOLIO
Delaware Portfolio | Property Description 02
Delaware Portfolio
Property Features | 10
Site Description NUMBER OF UNITS
71
BUILDING SF
56,760
YEAR RENOVATED
2013-2016
# OF PARCELS
9
BUILDING CLASS
C+
LOCATION CLASS
C
NUMBER OF BUILDINGS
10
FEES & DEPOSITS APPLICATION FEE
$25.00
SECURITY DEPOSIT
1st Month's Rent
PET FEE
$50.00
................................................ Rent Roll
Rent Roll Details
DELAWARE PORTFOLIO
Delaware Portfolio | Rent Roll 03
Delaware Portfolio
Unit 62 Bernard 74-A 74-B 126-01 126-02 126-03 126-04 126-05 126-06 126-07 126-08 126-09 126-10 126-11 126-12 126-14 126-15 126-16 126-17 126-18 126-19 126-20 126-21 126-22 126-23 126-24 126-25 162-A 162-B 164-A 164-B
Square Feet 1,054 1,158 576 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 0 0 0 0
Rent Roll Details | 12
Unit Mix 2 bd / 1.5 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 3 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 3 bd / 1.5 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba
Monthly $845 $650 $450 $575 $650 $575 $650 $560 $550 $650 $470 $550 $550 $550 $650 $600 $650 $550 $550 $560 $650 $550 $665 $650 $650 $550 $575 $700 $300 $500 $550
Rent PSF $0.80 $0.56 $0.78 $1.05 $1.18 $1.05 $1.18 $1.02 $1.00 $1.18 $0.85 $1.00 $1.00 $1.00 $1.18 $1.09 $1.18 $1.00 $1.00 $1.02 $1.18 $1.00 $1.21 $1.18 $1.18 $1.00 $1.05 $0.00 $0.00 $0.00 $0.00
Move-in Date
Notes 62 Bernard 74 BERNARD 74 BERNARD 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 126 FRANKLIN 162 SANDUSKY 162 SANDUSKY 164 SANDUSKY 164 SANDUSKY
Delaware Portfolio
Unit 164-C 118-A 118-B 118-C 118-D 120-A 120-B 120-C 120-D 122-A 122-B 122-C 122-D 121-A 121-C 121-D 121-E 121-F 121-G 121-H 121-I 121-J 121-T 65-01 65-02 65-03 65-04 65-05 65-06 65-07 65-08
Square Feet 0 850 850 850 850 850 850 850 850 850 850 850 850 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Rent Roll Details | 13
Unit Mix 1 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba
Monthly $505 $620 $650 $650 $700 $700 $650 $650 $650 $650 $650 $650 $650 $575 $525 $505 $575 $575 $500 $575 $400 $475 $575 $550 $575 $550 $550 $650 $400 $400 $400
Rent PSF $0.00 $0.73 $0.76 $0.76 $0.82 $0.82 $0.76 $0.76 $0.76 $0.76 $0.76 $0.76 $0.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Move-in Date
Notes 164 SANDUSKY 118 WASHINGTON 118 WASHINGTON 118 WASHINGTON 118 WASHINGTON 120 WASHINGTON 120 WASHINGTON 120 WASHINGTON 120 WASHINGTON 122 WASHINGTON 122 WASHINGTON 122 WASHINGTON 122 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 121 WASHINGTON 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM
Delaware Portfolio
Unit 65-09 65-10 65-11 65-12 184 184 1/2-A 184 1/2-B 186 186 1/2
Square Feet 0 0 0 0 0 0 0 0 0
Rent Roll Details | 14
Unit Mix 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 3 bd / 1 ba 3 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 1 bd / 1 ba 3 bd / 1 ba
Monthly $435 $475 $550 $700 $700 $450 $525 $400 $650
Rent PSF $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Move-in Date
Notes 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 65 E WILLIAM 184 WINTER 184 WINTER 184 WINTER 186 WINTER 186 WINTER
Financial Analysis Income & Expense Multiyear Cash Flow Assumptions
DELAWARE PORTFOLIO
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Delaware Portfolio | Financial Analysis 04
Delaware Portfolio
Income & Expense Analysis 16
INCOME
CURRENT
PRO FORMA
Rental Income
$436,484
$449,579
Application, Pet, NSF, Late Fees
$4,313
$4,442
Damages & Security Deposit Forfeitures
$2,418
$2,491
Laundry Facilities
$2,394
$2,465
Gross Potential Income
$445,609
$458,977
Less: Concessions
$218
Effective Gross Income
$445,391
$458,977
Less: Expenses
$201,399
$204,926
Net Operating Income
$243,992
$254,051
EXPENSES
Per Unit
REVENUE ALLOCATION
CURRENT Per Unit PRO FORMA
Real Estate Taxes
$665
$47,250
$679
$48,195
Legal & Professional Fees
$44
$3,113
$45
$3,175
Payroll Expense
$563
$40,000
$575
$40,800
Repairs & Maintenance
$335
$23,788
$335
$23,788
Gas & Propane
$388
$27,574
$396
$28,125
Water & Sewer
$622
$44,140
$634
$45,023
Electric
$157
$11,120
$160
$11,343
Garbage
$8
$592
$9
$604
Landscaping
$36
$2,586
$37
$2,637
Carpet Cleaning
$17
$1,236
$17
$1,236
Total Operating Expense
$2,837
$201,399
$2,886
$204,926
Expense / SF
$3.54
$3.61
Expenses per Unit
$2,836.61
$2,886.28
% of EGI
45.2 %
44.6 %
DISTRIBUTION OF EXPENSES
Delaware Portfolio
Multiyear Cash Flow Assumptions | 17
GLOBAL Analysis Period Commencement Date Consumer Price Index (growth rate) EXIT CAP RATE
5 year(s) Jan. 1, 2018 1.70 % 8.50 %
INCOME GROWTH RATES Rental Income Application, Pet, NSF, Late Fees Damages & Security Deposit Forfeitures Laundry Facilities
3.00 % 3.00 % 3.00 % 3.00 %
EXPENSE GROWTH RATES Real Estate Taxes Legal & Professional Fees Payroll Expense Repairs & Maintenance Gas & Propane Water & Sewer Electric Garbage Landscaping Carpet Cleaning
2.00 % 2.00 % 2.00 % 2.00 % 2.00 % 2.00 % 2.00 % 2.00 % 2.00 % 2.00 %
Delaware Portfolio
Brenda Werner President & Broker 1(614)569-4976 Lic: 2013000873
[email protected] powered by CREOP
