OFFERING MEMORANDUM Delaware Delaware, OH 43015 Delaware Portfolio
Delaware Portfolio CONTENTS 01 Executive Summary Executive Summary 5 Unit Mix Summary 6 Location Summary 7 Demographics 8 02 Property Description Property Features 10 03 Rent Roll Rent Roll Details 12 04 Financial Analysis Income & Expense Analysis 16 Multiyear Cash Flow Assumptions 17 Brenda Werner President & Broker 1(614)569-4976 Lic: 2013000873 bwerner@kasselrealestate.com 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.
Delaware Portfolio Executive Summary 01... Executive Summary Offering Summary Unit Mix Summary Location Summary Demographics DELAWARE PORTFOLIO
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 Market Unit Mix # Units Square Feet Current Rent Rent PSF Monthly Market Rent Market Rent Market Income Income PSF 1 bd / 1 ba 42 197 $515 $2.61 $21,635 $495 $2.51 $20,790 2 bd / 1 ba 23 709 $648 $0.91 $14,895 $648 $0.91 $14,900 2 bd / 1.5 ba 1 1,054 $845 $0.80 $845 $700 $0.66 $700 3 bd / 1 ba 4 137 $679 $4.95 $2,715 $654 $4.77 $2,615 3 bd / 1.5 ba 1 0 $700 $0.00 $700 $650 $0 $650 Totals/Averages 71 369 $575 $2.13 $40,790 $559 $2.06 $39,655
Delaware Portfolio Location Summary 07 Regional Map Locator Map
Delaware Portfolio Demographics 08 POPULATION 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 2016 White 8,879 34,281 42,506 2016 Renter Occupied Housing 1,956 6,167 6,616 2016 Other Race 103 354 473 2016 Vacant Housing 304 889 1,012 2016 Multiracial 360 1,163 1,352 2016 Total Housing 4,061 15,781 19,055 2016-2021: Population: Growth Rate 5.60 % 7.25 % 8.35 % 2021 Owner Occupied Housing 1,926 9,420 12,476 2016 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE 2021 Renter Occupied Housing 2,087 6,648 7,153 2021 Vacant Housing 323 957 1,097 less than $15,000 632 1,460 1,585 2021 Total Housing 4,336 17,025 20,726 $15,000-$24,999 564 1,399 1,536 2016-2021: Households: Growth Rate 6.65 % 7.65 % 8.50 % $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
Delaware Portfolio Property Description 02... Property Description Property Features Parcel Map Property Images DELAWARE PORTFOLIO
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
Delaware Portfolio Rent Roll 03... Rent Roll Rent Roll Details DELAWARE PORTFOLIO
Delaware Portfolio Rent Roll Details 12 Unit Square Feet Unit Mix Monthly Rent PSF Move-in Date Notes 62 Bernard 1,054 2 bd / 1.5 ba $845 $0.80 62 Bernard 74-A 1,158 2 bd / 1 ba $650 $0.56 74 BERNARD 74-B 576 1 bd / 1 ba $450 $0.78 74 BERNARD 126-01 550 1 bd / 1 ba $575 $1.05 126 FRANKLIN 126-02 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-03 550 2 bd / 1 ba $575 $1.05 126 FRANKLIN 126-04 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-05 550 1 bd / 1 ba $560 $1.02 126 FRANKLIN 126-06 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-07 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-08 550 1 bd / 1 ba $470 $0.85 126 FRANKLIN 126-09 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-10 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-11 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-12 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-14 550 2 bd / 1 ba $600 $1.09 126 FRANKLIN 126-15 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-16 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-17 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-18 550 1 bd / 1 ba $560 $1.02 126 FRANKLIN 126-19 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-20 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-21 550 3 bd / 1 ba $665 $1.21 126 FRANKLIN 126-22 550 2 bd / 1 ba $650 $1.18 126 FRANKLIN 126-23 550 1 bd / 1 ba $650 $1.18 126 FRANKLIN 126-24 550 1 bd / 1 ba $550 $1.00 126 FRANKLIN 126-25 550 1 bd / 1 ba $575 $1.05 126 FRANKLIN 162-A 0 3 bd / 1.5 ba $700 $0.00 162 SANDUSKY 162-B 0 1 bd / 1 ba $300 $0.00 162 SANDUSKY 164-A 0 1 bd / 1 ba $500 $0.00 164 SANDUSKY 164-B 0 1 bd / 1 ba $550 $0.00 164 SANDUSKY
Delaware Portfolio Rent Roll Details 13 Unit Square Feet Unit Mix Monthly Rent PSF Move-in Date Notes 164-C 0 1 bd / 1 ba $505 $0.00 164 SANDUSKY 118-A 850 2 bd / 1 ba $620 $0.73 118 WASHINGTON 118-B 850 2 bd / 1 ba $650 $0.76 118 WASHINGTON 118-C 850 2 bd / 1 ba $650 $0.76 118 WASHINGTON 118-D 850 2 bd / 1 ba $700 $0.82 118 WASHINGTON 120-A 850 2 bd / 1 ba $700 $0.82 120 WASHINGTON 120-B 850 2 bd / 1 ba $650 $0.76 120 WASHINGTON 120-C 850 2 bd / 1 ba $650 $0.76 120 WASHINGTON 120-D 850 2 bd / 1 ba $650 $0.76 120 WASHINGTON 122-A 850 2 bd / 1 ba $650 $0.76 122 WASHINGTON 122-B 850 2 bd / 1 ba $650 $0.76 122 WASHINGTON 122-C 850 2 bd / 1 ba $650 $0.76 122 WASHINGTON 122-D 850 2 bd / 1 ba $650 $0.76 122 WASHINGTON 121-A 0 1 bd / 1 ba $575 $0.00 121 WASHINGTON 121-C 0 1 bd / 1 ba $525 $0.00 121 WASHINGTON 121-D 0 1 bd / 1 ba $505 $0.00 121 WASHINGTON 121-E 0 1 bd / 1 ba $575 $0.00 121 WASHINGTON 121-F 0 1 bd / 1 ba $575 $0.00 121 WASHINGTON 121-G 0 1 bd / 1 ba $500 $0.00 121 WASHINGTON 121-H 0 1 bd / 1 ba $575 $0.00 121 WASHINGTON 121-I 0 1 bd / 1 ba $400 $0.00 121 WASHINGTON 121-J 0 1 bd / 1 ba $475 $0.00 121 WASHINGTON 121-T 0 1 bd / 1 ba $575 $0.00 121 WASHINGTON 65-01 0 1 bd / 1 ba $550 $0.00 65 E WILLIAM 65-02 0 1 bd / 1 ba $575 $0.00 65 E WILLIAM 65-03 0 1 bd / 1 ba $550 $0.00 65 E WILLIAM 65-04 0 1 bd / 1 ba $550 $0.00 65 E WILLIAM 65-05 0 2 bd / 1 ba $650 $0.00 65 E WILLIAM 65-06 0 1 bd / 1 ba $400 $0.00 65 E WILLIAM 65-07 0 1 bd / 1 ba $400 $0.00 65 E WILLIAM 65-08 0 1 bd / 1 ba $400 $0.00 65 E WILLIAM
Delaware Portfolio Rent Roll Details 14 Unit Square Feet Unit Mix Monthly Rent PSF Move-in Date Notes 65-09 0 1 bd / 1 ba $435 $0.00 65 E WILLIAM 65-10 0 1 bd / 1 ba $475 $0.00 65 E WILLIAM 65-11 0 1 bd / 1 ba $550 $0.00 65 E WILLIAM 65-12 0 3 bd / 1 ba $700 $0.00 65 E WILLIAM 184 0 3 bd / 1 ba $700 $0.00 184 WINTER 184 1/2-A 0 1 bd / 1 ba $450 $0.00 184 WINTER 184 1/2-B 0 1 bd / 1 ba $525 $0.00 184 WINTER 186 0 1 bd / 1 ba $400 $0.00 186 WINTER 186 1/2 0 3 bd / 1 ba $650 $0.00 186 WINTER
Delaware Portfolio Financial Analysis 04... Financial Analysis Income & Expense Multiyear Cash Flow Assumptions DELAWARE PORTFOLIO
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 REVENUE ALLOCATION EXPENSES Per Unit 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 5 year(s) Commencement Date Jan. 1, 2018 Consumer Price Index (growth rate) 1.70 % EXIT CAP RATE 8.50 % INCOME GROWTH RATES Rental Income 3.00 % Application, Pet, NSF, Late Fees 3.00 % Damages & Security Deposit 3.00 % Forfeitures Laundry Facilities 3.00 % EXPENSE GROWTH RATES Real Estate Taxes 2.00 % Legal & Professional Fees 2.00 % Payroll Expense 2.00 % Repairs & Maintenance 2.00 % Gas & Propane 2.00 % Water & Sewer 2.00 % Electric 2.00 % Garbage 2.00 % Landscaping 2.00 % Carpet Cleaning 2.00 %
Delaware Portfolio Brenda Werner President & Broker 1(614)569-4976 Lic: 2013000873 bwerner@kasselrealestate.com powered by CREOP