DRAPER STREET APARTMENTS - 6 UNITS

Transcription

1 DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH Tryfon Christoforou Senior Advisor tryf.christoforou@svn.com Michael Costantini Senior Advisor michael.costantini@svn.com SVN Commercial Realty Advisors, Inc Laurel Avenue, Suite 150, Cincinnati, OH OFFERING MEMORANDUM

2 PROPERTY INFORMATION 3 Executive Summary Property Description Additional Photos LOCATION INFORMATION 7 Regional Map Location Maps Aerial Map FINANCIAL ANALYSIS 11 Financial Summary Income & Expenses Rent Roll DEMOGRAPHICS 15 Demographics Report Demographics Map ADVISOR BIOS 18 Advisor Bio & Contact 1 Advisor Bio & Contact 2 SVN Commercial Realty Advisors, Inc Laurel Avenue, Suite 150, Cincinnati, OH OFFERING MEMORANDUM

3 FOR SALE MULTIFAMILY DRAPER STREET APARTMENTS - 6 UNITS 1130 Draper Street Cincinnati, OH PROPERTY INFORMATION 1 PROPERTY INFORMATION 1130 Draper Street Cincinnati, OH DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 3 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

4 Executive Summary OFFERING SUMMARY Sale Price: $120,000 Number Of Units: 6 Cap Rate: 10.29% NOI: $12,343 Lot Size: 0.0 Acres Year Built: 1900 Building Size: 3,214 Zoning: OTHER COMMERCIAL HOUSING PROPERTY OVERVIEW the SVN 3CRE Commercial Realty Advisors are proud to present the Draper Street Apartments - a 6 unit Complex sitting in the heart of Mount Washington. The property consists of four 1BR 1BA Units and two Efficiency Style Apartments. The property has an opportunity to be refurbished which in turn will bring up value through an increase in rents. Tenants are responsible for their own electric and heat. The property currently has a Cap Rate of 10.29% and a Cash on Cash 25.43%. PROPERTY HIGHLIGHTS Six Apartments Priced at only 20K per unit Value Add -Opportunity to Increase Rents and Income through Redevelopment Located in the Heart of Camp Washington near Interstate 75 Currently sits at a Cap Rate of 10.29% and COC of 25.43% Seller motivated to sell Market: Submarket: Cincinnati Camp Washington Price / SF: $37.34 DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 4

5 Property Description PROPERTY OVERVIEW the SVN 3CRE Commercial Realty Advisors are proud to present the Draper Street Apartments - a 6 unit Complex sitting in the heart of Mount Washington. The property consists of four 1BR 1BA Units and two Efficiency Style Apartments. The property has an opportunity to be refurbished which in turn will bring up value through an increase in rents. Tenants are responsible for their own electric and heat. The property currently has a Cap Rate of 10.29% and a Cash on Cash 25.43%. LOCATION OVERVIEW Camp Washington is a city neighborhood of Cincinnati located three miles north of downtown. It is located north of Queensgate, east of Fairmount, and west of Clifton and University Heights. The community is a crossing of 19th-century homes and industrial space, some of which is being converted into loft apartments. This property sits on Draper Street which sits off of Spring Grove Avenue. It has close access to Interstate 75 with the highway being visible from the property. DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 5

6 Additional Photos Left Side of Property Front Entrance Front View of Property Left rear with Fire Escape Efficiency Unit Bathroom DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 6

7 FOR SALE MULTIFAMILY DRAPER STREET APARTMENTS - 6 UNITS 1130 Draper Street Cincinnati, OH LOCATION INFORMATION 2 LOCATION INFORMATION 1130 Draper Street Cincinnati, OH DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 7 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

8 Regional Map Draper Street Apartments - 6 Units DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 8

9 Location Maps DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 9

10 Aerial Map Draper Street Apartments - 6 Units DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 10

11 FOR SALE MULTIFAMILY DRAPER STREET APARTMENTS - 6 UNITS 1130 Draper Street Cincinnati, OH FINANCIAL ANALYSIS 3 FINANCIAL ANALYSIS 1130 Draper Street Cincinnati, OH DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 11 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

12 Financial Summary INVESTMENT OVERVIEW DRAPER STREET APARTMENTS - 6 UNITS Price $120,000 Price per Unit $20,000 GRM 6.0 CAP Rate 10.3% Cash-on-Cash Return (yr 1) % Total Return (yr 1) $8,305 Debt Coverage Ratio 1.98 OPERATING DATA DRAPER STREET APARTMENTS - 6 UNITS Gross Scheduled Income $19,980 Total Scheduled Income $19,980 Gross Income $19,980 Operating Expenses $7,637 Net Operating Income $12,343 Pre-Tax Cash Flow $6,102 FINANCING DATA DRAPER STREET APARTMENTS - 6 UNITS Down Payment $24,000 Loan Amount $96,000 Debt Service $6,241 Debt Service Monthly $520 Principal Reduction (yr 1) $2,203 DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 12

13 Income & Expenses INCOME SUMMARY DRAPER STREET APARTMENTS - 6 UNITS PER UNIT Gross Potential Rents $22,200 $3,700 Vacancy (10%) -$2,220 -$370 Gross Income $19,980 $3,330 EXPENSE SUMMARY DRAPER STREET APARTMENTS - 6 UNITS PER UNIT Property Taxes $418 $69 Property Insurance (est.) $1,400 $233 Water $1,967 $327 Electric $1,188 $198 Property Maintenance (12%) $2,664 $444 Gross Expenses $7,637 $1,272 Net Operating Income $12,343 $2,057 DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 13

14 Rent Roll UNIT NUMBER UNIT BED UNIT BATH LEASE START CURRENT RENT Current $ Current $ Current $ Current $ Current $ Current $300 Totals/Averages $1,550 DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 14

15 FOR SALE MULTIFAMILY DRAPER STREET APARTMENTS - 6 UNITS 1130 Draper Street Cincinnati, OH DEMOGRAPHICS 4 DEMOGRAPHICS 1130 Draper Street Cincinnati, OH DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 15 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

16 Demographics Report 1 MILE 3 MILES 5 MILES Total population 13, , ,654 Median age Median age (male) Median age (female) Total households 6,058 52, ,566 Total persons per HH Average HH income $30,855 $41,309 $45,643 Average house value $156,568 $145,768 $150,945 Total Population - White 8,091 56, ,709 % White 58.8% 45.7% 54.9% Total Population - Black 3,994 57, ,152 % Black 29.0% 46.7% 39.2% Total Population - Asian 1,109 3,729 5,060 % Asian 8.1% 3.0% 1.6% Total Population - Hawaiian % Hawaiian 0.0% 0.0% 0.1% Total Population - American Indian % American Indian 0.0% 0.3% 0.2% Total Population - Other 99 1,430 3,600 % Other 0.7% 1.2% 1.1% Total Population - Hispanic 266 3,939 8,996 % Hispanic 1.9% 3.2% 2.8% * Demographic data derived from 2010 US Census DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 16

17 Demographics Map POPULATION 1 MILE 3 MILES 5 MILES 13, , ,654 Median age Median age (male) Median age (Female) MILE 3 MILES 5 MILES 6,058 52, ,566 # of persons per HH Average HH income $30,855 $41,309 $45,643 Average house value $156,568 $145,768 $150,945 Total population HOUSEHOLDS & INCOME Total households * Demographic data derived from 2010 US Census DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 17

18 FOR SALE MULTIFAMILY DRAPER STREET APARTMENTS - 6 UNITS 1130 Draper Street Cincinnati, OH ADVISOR BIOS 5 ADVISOR BIOS 1130 Draper Street Cincinnati, OH DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 18 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

19 Advisor Bio & Contact 1 TRYFON CHRISTOFOROU Senior Advisor PROFESSIONAL BACKGROUND Tryfon Christoforou is an experienced commercial broker specializing in multifamily real estate and is a partner in of 3CRE Commercial Realty Advisors. He brings broad experience in commercial real estate to his work in addition to multifamily properties, his background includes mortgages, investment, and ownership of investment property. By leveraging his diverse work experience in real estate to bring every client the best return possible, Tryfon has established himself as a top performer. Tryfon has built a reputation as a service-oriented broker who is committed to personally guiding his clients through every phase of the real estate transaction process from start to finish. He has built long-term relationships with clients based on collaboration, hard work, an ethical approach, and dedication to a step-by-step method to working with every investor to maximize results Laurel Avenue, Suite 150 Cincinnati, OH T C tryf.christoforou@svn.com The SVN 3CRE team of Michael Costantini, Tryfon Christoforou and Chuck Ciolino bring clients a tailored knowledgeable approach to forming and successfully executing their commercial real estate investment strategy. The SVN 3CRE team has completed over a billion dollars of real estate transactions and include: Glenbury 660 units (Fairfield, OH); Polos on Park 440 units (Tallahassee, FL); Arbors of Watermark 420 units (Columbus, OH); Forest Ridge 335 units (Cincinnati,OH) 3CRE have extensive experience in local and regional Midwest markets and assets and operates under the banner of SVN?. Because SVN s national and global reach includes primary, secondary, and tertiary markets, 3CRE has an advantage in locating investment options on behalf of its clients as well as being able to list their properties on a national basis to the entire 100,000-strong brokerage and investment community via real-time syndication to major listing sites, social media, and campaigns. Tryfon holds a BSBA, Marketing from University of Cincinnati, Ohio. His affiliations include the National Apartment Association, NAR, OAR, and the Cincinnati and Dayton Board of Realtors. He was born in Melbourne, Australia and is of Greek heritage. He is a passionate world traveler and calls Cincinnati his home. EDUCATION University of Cincinnati- Linder College of Business DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 19

20 Advisor Bio & Contact 2 MICHAEL COSTANTINI Senior Advisor PROFESSIONAL BACKGROUND As a Seller the objective is to sell your property at its highest price in the shortest amount of time. As a buyer, you want to find a deal to meet your goals and have an upside..either way we have the deal-making ability and instincts to deliver the goods. Michael Costantini is an experienced commercial broker specializing in retail real estate and is a partner in SVN 3CRE. With over 15 years experience and a track record of producing optimal results, Michael has the knowledge, expertise and negotiating skills to get the results his clients desire. The SVN 3CRE team of Michael Costantini, Tryfon Christoforou and Chuck Ciolino bring clients a tailored knowledgeable approach to forming and successfully executing their commercial real estate investment strategy. The SVN 3CRE team has completed over a billion dollars of real estate transactions and their list of retail clients include Scene 75 Entertainment, Walgreens, CVS, Dollar General, Kmart, Men's Warehouse, and National Amusements to name a few. SVN 3CRE has extensive expertise in disposition and acquisition of retail assets ranging from 10,000 to 400,000 square feet Laurel Avenue, Suite 150 Cincinnati, OH T C michael.costantini@svn.com SVN 3CRE has extensive experience in local and regional Midwest markets and operates under the banner of SVN. Because SVN s national and global reach includes primary, secondary, and tertiary markets, SVN 3CRE has an advantage in locating investment options on behalf of its clients as well as being able to list their properties on a national basis to the entire 100,000-strong brokerage and investment community via real-time syndication to major listing websites, social media platforms, and campaigns. Michael holds a bachelor s degree and a master s degree in business administration from Xavier University. EDUCATION Michael holds a bachelor s degree and a master s degree in business administration from Xavier University. MEMBERSHIPS & AFFILIATIONS His industry affiliations include the International Council of Shopping Centers (ICSC); the National Association of Realtors (NAR); the Ohio Association of Realtors (OAR); and the Cincinnati and Dayton Board of Realtors. DRAPER STREET APARTMENTS - 6 UNITS 1130 DRAPER STREET, CINCINNATI, OH SVN Commercial Realty Advisors, Inc. Page 20