GRAFTON HILL APARTMENTS 200 CENTRAL AVE & 333 SUPERIOR AVE, DAYTON, OH 45406 Building Trust. Building Relationships. Building Value. presented by: Bart Weprin 513.936.9110 bart.weprin@weprinrealty.com
Table Of Contents 1. PROPERTY INFORMATION 3 Executive Summary 4 Property Description 5 Property Details 6 Additional Photos 7 2. LOCATION INFORMATION 8 Regional Map 9 Location Maps 10 Aerial Map 11 3. FINANCIAL ANALYSIS 12 Financial Summary 13 Income & Expenses 14 Unit Mix Summary 15 4. DEMOGRAPHICS 16 Demographics Report 17 Demographics Map 18 5. ADVISOR BIOS Advisor Bio & Contact 1 19 20 All materials and information received or derived from Weprin Realty, Inc. its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Weprin Realty, Inc. its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. Weprin Realty, Inc. will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Weprin Realty, Inc. makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Weprin Realty, Inc. does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Weprin Realty, Inc. in compliance with all applicable fair housing and equal opportunity laws. 2
Building Trust. Building Relationships. Building Value. SECTION 1 PROPERTY INFORMATION
Executive Summary PROPERTY OVERVIEW 42 Total Units available in Beautiful Grafton Hill Historic District. The offering consists of two contiguous buildings: 200 Central Avenue consists of 24 efficiency and one-bedroom units. All block & brick building with 3 floors. Boiler heat--landlord pays heat, water & sewer. Tenants pay electric. Window a/c units. One unit (apartment 5) is being used for storage which can be converted back at approximately $3,000 to $4,000. Apartment 3 is being used for the rental office. There is an underground garage with 12 spaces that can be rented for a value add. Second floor laundry that is building-owned. New Roof in 2015 (flat rubber membrane). Water heater is 5 years old, original windows. There is an elevator that is disconnected that can be replaced for $25,000. PROPERTY SUMMARY Sale Price: $950,000 Number Of Units: 42 NOI: $75,905 Lot Size: 0.46 Acres Building Size: 28,938 SF 333 Superior Avenue consists of 18 efficiency units. All block and brick building with 3 floors. Boiler heat--landlord pays heat, water & sewer. Tenants pay electric. Window a/c units. Boiler is 8 years old, water heater is 5 years old, original windows, shingle roof from 2005. Apartment 19 is used for maintenance storage. Rents are in the process of being raised in 2018 from $295 to $350 for the efficiencies and $375 to $450 for the one-bedroom units. 42 Units in Beautiful Grafton Hill Historic District Rents Are Being Raised in 2018 Tenants Pay Electric Year Built: 1963 Market: Sub Market: Cross Streets: Southwest Ohio Dayton Grafton Avenue & Superior Avenue 4
Property Description LOCATION DESCRIPTION The subject apartments consist of two buildings including the following contiguous addresses: 200 Central Avenue and 333 Superior Avenue, both are located in the Grafton Hill Historic District: From https://graftonhill.org/ : (Grafton Hill Historic District) borders Downtown Dayton just across the Great Miami River and is roughly defined by Grand, Plymouth, Forest and Salem Avenues. Grafton Hill represents a movement of Dayton s affluent residents from the center city northward across the Great Miami River during the late nineteenth and early twentieth centuries. Grafton Hill contains some of Dayton s best examples of stately, high-style residential architecture from this period including Queen Anne, Neoclassical, Tudor, Jacobethan and Craftsman homes. Today Grafton Hill maintains its historic charm and an active neighborhood association. The Dayton Art Institute, Dayton Masonic Center and Annunciation Greek Orthodox Church are all nestled within the boundaries of Grafton Hill. Grandview Medical Center is also a great neighbor to our north. Grafton Hill is within walking distance of the best of Downtown Dayton including the Schuster Center for the Arts, Riverscape Metropark, River Run, the bike path and much, much more! 5
Property Details PROPERTY NAME: PROPERTY ADDRESS: APN: LOT SIZE: BUILDING SIZE: BUILDING CLASS: PARKING SPACES: Grafton Hill Apartments 200 Central Avenue & 333 Superior Avenue Dayton, OH 45406 R72-06501-0034 0.46 Acres 28,938 SF C No Off-Street Parking YEAR BUILT: 1963 NUMBER OF STORIES: 3 NUMBER OF UNITS: 42 ROOF: Central Avenue Roof new in 2015 (flat rubber) Superior Avenue Roof replaced in 2005 (shingle) 6
Additional Photos 7
Building Trust. Building Relationships. Building Value. SECTION 2 LOCATION INFORMATION
Regional Map 200 Central Avenue 9
Location Maps 10
GRAFTON HILL APARTMENTS 200 CENTRAL AVENUE, DAYTON, OH Aerial Map 11
Building Trust. Building Relationships. Building Value. SECTION 3 FINANCIAL ANALYSIS
Financial Summary INVESTMENT OVERVIEW 2018 YTD ANNUALIZED / 90% Occupancy Price $950,000 Price per Unit $22,619 GRM 5.9 CAP Rate 8.0% Cash-on-Cash Return (yr 1) 7.99 % Total Return (yr 1) $75,905 Debt Coverage Ratio - OPERATING DATA 2018 YTD ANNUALIZED / 90% Occupancy Gross Scheduled Income $160,200 Other Income - Total Scheduled Income $160,200 Vacancy Cost $16,020 Gross Income $144,180 Operating Expenses $68,275 Net Operating Income $75,905 Pre-Tax Cash Flow $75,905 13
Income & Expenses INCOME SUMMARY PROFORMA / 90% OCCUPANCY PER UNIT Gross Potential Income $160,200 $3,814.29 Less Vacancy 10% -$16,020 -$381.43 GROSS INCOME $144,180 $3,432.86 EXPENSE SUMMARY PROFORMA / 90% OCCUPANCY PER UNIT Real Estate Taxes $10,007 $238.26 Insurance $2,883 $68.64 Maintenance & Repairs $13,208 $314.48 Gas & Electric $17,962 $427.67 Water & Sewer $10,518 $250.43 Trash $2,943 $70.07 Administrative & Professional $3,545 $84.40 Management Fee (5%) $7,209 $171.64 GROSS EXPENSES $68,275 $1,625.60 NET OPERATING INCOME $75,905 $1,807.26 14
Unit Mix Summary UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT 200 Central Efficiencies 12 28.6 346 $295 $0.85 $350 333 Superior Efficiencies 18 42.9 346 $295 $0.85 $350 200 Central 1-Bedroom 12 28.6 532 $375 $0.70 $450 Totals / Averages 42 100% 16,764 $13,350 $0.80 $15,900 15
Building Trust. Building Relationships. Building Value. SECTION 4 DEMOGRAPHICS
Demographics Report 1 MILE 3 MILES 5 MILES Total households 6,598 39,050 92,935 Total persons per hh 2.2 2.4 2.4 Average hh income $37,684 $37,082 $43,266 Average house value $94,132 $89,273 $112,605 1 MILE 3 MILES 5 MILES Total population 14,470 95,030 225,247 Median age 36.3 35.8 36.6 Median age (male) 33.6 33.4 34.8 Median age (female) 37.9 37.5 37.9 * Demographic data derived from 2010 US Census 17
Demographics Map 1 Mile 3 Miles 5 Miles Total Population 14,470 95,030 225,247 Population Density 4,606 3,361 2,868 Median Age 36.3 35.8 36.6 Median Age (Male) 33.6 33.4 34.8 Median Age (Female) 37.9 37.5 37.9 Total Households 6,598 39,050 92,935 # of Persons Per HH 2.2 2.4 2.4 Average HH Income $37,684 $37,082 $43,266 Average House Value $94,132 $89,273 $112,605 * Demographic data derived from 2010 US Census 18
Building Trust. Building Relationships. Building Value. SECTION 5 ADVISOR BIO
GRAFTON HILL APARTMENTS 200 CENTRAL AVENUE, DAYTON, OH Advisor Bio & Contact 1 BART WEPRIN President Professional Background Bart Weprin serves as President and Managing Broker for Weprin Realty, Inc., specializing in the sale of multifamily, office and net lease properties throughout the United States. He has over 20 years of experience in commercial real estate. Weprin's success is based on the understanding that each property is more than facts and figures and each sale is more than a dollar value; it is about client service and building relationships. He knows that any given transaction must fit into the big picture for his clients and their life goals. Prior to establishing his own company, Weprin Realty, Inc., Bart spent 12 years as a Managing Director for Sperry Van Ness Commercial Real Estate consistently ranking among the top 15 sales advisors out of more than 800 nationwide. He has also served as a Senior Investment Associate with Marcus & Millichap in Cincinnati, Ohio. During his career, he has secured over 200 transactions valued at over $400 million. 7570 Bales Street Liberty Township, OH 45069 T 513.936.9110 C 513.328.1365 bart.weprin@weprinrealty.com Memberships & Affiliations A resident of Cincinnati/Dayton, Ohio, Weprin is the past president of the Ohio Commercial Real Estate Exchanges Association. He is a CCIM candidate and a licensed real estate broker in Ohio. Education Bart received his bachelor's degree in business from Ohio State University. 20