COLONIAL VILLAGE APARTMENTS 1900 COLONIAL VILLAGE LANE, 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 Colonial Village is a 55-unit apartment community consisting of 23 buildings and situated on 5 acres. Value Add Apartment Opportunity. 47 one-bedroom units and 8 two-bedroom units. Tenants pay heat and electric. Sub-metering for water just completed by Guardian but not yet implemented with tenants. Many recent updates including electrical, plumbing, and HVAC upgrades throughout. 21 vacancies--units just need appliances (estimated at $7K) and are otherwise rehabbed and rent ready. New roofs in 2009. See attached list. Unit Amenities include basements with Washer/Dryer hook-ups & playrooms, some garages and fireplaces. The property is composed of 4 four-plexes, 5 tri-plexes, 10 duplexes, and 4 singles totaling 55 units. One Section 8 Tenant. Additional 2 units are being used for storage, but can be converted back for $5K estimated for a total of 57 units. PROPERTY SUMMARY Sale Price: $1,300,000 Number Of Units: 55 Cap Rate: 11.54% PROPERTY HIGHLIGHTS 55-Unit Apartment Community Upgrades Throughout New Roofs in 2009 Tenants Pay Heat and Electric / Water Recently Sub-metered Value Add Opportunity in Filling Vacancies / Only 1 Section 8 Tenant NOI: $150,076 Lot Size: Building Size: 5 Acres 45,280 SF Year Built: 1944 Market: Sub Market: Cross Streets: Southwest Ohio Dayton / Dayton View Salem Avenue 4
Property Description PROPERTY DESCRIPTION Colonial Village is a 55-unit apartment community consisting of 23 buildings and situated on 5 acres. Value Add Apartment Opportunity. 47 one-bedroom units and 8 two-bedroom units. Tenants pay heat and electric. Sub-metering for water just completed by Guardian but not yet implemented with tenants. Many recent updates including electrical, plumbing, and HVAC upgrades throughout. 21 vacancies--units just need appliances (estimated at $7K) and are otherwise rehabbed and rent ready. New roofs in 2009. See attached list. Unit Amenities include basements with Washer/Dryer hook-ups & playrooms, some garages and fireplaces. The property is composed of 4 four-plexes, 5 tri-plexes, 10 duplexes, and 4 singles totaling 55 units. One Section 8 Tenant. Additional 2 units are being used for storage, but can be converted back for $5K estimated for a total of 57 units. LOCATION DESCRIPTION The subject property is located in Dayton, Montgomery County, Ohio close to Good Samaritan Hospital, the Golden Triangle, Route 49 and the Phoenix project. The property consists of a total of 15 parcels. 5
Property Details PROPERTY NAME: PROPERTY ADDRESS: APN: LOT SIZE: BUILDING SIZE: BUILDING CLASS: PARKING SPACES: Colonial Village Apartments 1900 Colonial Village Lane Dayton, OH 45406 R72-11505-0026 5 Acres 45,280 SF C Ample. Off-Street YEAR BUILT: 1944 NUMBER OF UNITS: 55 6
Additional Photos 7
Building Trust. Building Relationships. Building Value. SECTION 2 LOCATION INFORMATION
Regional Map 1900 Colonial Village Lane 9
Location Maps 10
Aerial Map 11
Building Trust. Building Relationships. Building Value. SECTION 3 FINANCIAL ANALYSIS
Financial Summary INVESTMENT OVERVIEW YEAR 1 PROJECTED Price $1,300,000 Price per Unit $23,636 GRM 3.9 CAP Rate 11.5% Cash-on-Cash Return (yr 1) 11.54 % Total Return (yr 1) $150,076 Debt Coverage Ratio - OPERATING DATA YEAR 1 PROJECTED Gross Scheduled Income $330,000 Other Income - Total Scheduled Income $330,000 Vacancy Cost $55,605 Gross Income $274,395 Operating Expenses $124,319 Net Operating Income $150,076 Pre-Tax Cash Flow $150,076 FINANCING DATA YEAR 1 PROJECTED Down Payment $1,300,000 Loan Amount - Debt Service - Debt Service Monthly - Principal Reduction (yr 1) - 13
Income & Expenses INCOME SUMMARY YEAR 1 PROJECTED PER UNIT Gross Potential Rental Income $330,000 $6,000.00 Less Vacancy -$55,605 -$1,011.00 GROSS INCOME $274,395 $4,989.00 EXPENSE SUMMARY YEAR 1 PROJECTED PER UNIT Real Estate Taxes $37,000 $672.73 Insurance (estimated) $20,000 $363.64 On-Site Management $18,000 $327.27 Maintenance and Repairs $14,400 $261.82 Water/ Sewer/ Trash $21,200 $385.45 Management Fee (5%) $13,719 $249.44 GROSS EXPENSES $124,319 $2,260.35 NET OPERATING INCOME $150,076 $2,728.65 14
Unit Mix Summary UNIT TYPE COUNT % TOTAL SIZE (SF) RENT 1Bed 1Bath 47 85.5 800 $490 2Bed 1Bath 8 14.5 960 $565 Totals / Averages 55 100% 45,280 $27,550 15
Building Trust. Building Relationships. Building Value. SECTION 4 DEMOGRAPHICS
Demographics Report 1 MILE 3 MILES 5 MILES Total households 5,767 40,583 72,972 Total persons per hh 2.4 2.3 2.4 Average hh income $42,343 $38,457 $40,238 Average house value $89,963 $89,232 $106,314 1 MILE 3 MILES 5 MILES Total population 13,954 95,046 173,207 Median age 36.7 38.6 38.6 Median age (male) 33.7 35.7 36.3 Median age (female) 40.1 40.7 40.2 * Demographic data derived from 2010 US Census 17
Demographics Map 1 Mile 3 Miles 5 Miles Total Population 13,954 95,046 173,207 Population Density 4,442 3,362 2,205 Median Age 36.7 38.6 38.6 Median Age (Male) 33.7 35.7 36.3 Median Age (Female) 40.1 40.7 40.2 Total Households 5,767 40,583 72,972 # of Persons Per HH 2.4 2.3 2.4 Average HH Income $42,343 $38,457 $40,238 Average House Value $89,963 $89,232 $106,314 * Demographic data derived from 2010 US Census 18
Building Trust. Building Relationships. Building Value. SECTION 5 ADVISOR BIOS
COLONIAL VILLAGE APARTMENTS 1900 COLONIAL VILLAGE LANE, 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. 7358 Liberty One Drive Liberty Township, OH 45044 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