COUNTRY CLUB APARTMENTS PHASE I 953 S. 23RD STREET, RICHMOND, IN 47374 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 Additional Photos 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 Country Club Apartments Phase I consists of 192 garden style apartments, including 72 one-bedroom units and 120 two-bedroom units in a total of 15 buildings. Value-add opportunity! The property currently has approximately 80 down units that need rehab. Upside in rehabbing and renting out the vacant units. Country Club consists of two phases. Phase I was built between 1963 and 1968. These units have boiler heat and landlord pays gas, electric, water and sewer. Phase 2 was built between 1972 and 1975, consists of 120 units and is being offered for sale separately. PROPERTY HIGHLIGHTS 192 Garden Style Units Value-Add Opportunity / Currently 80 Units Need Rehab PROPERTY SUMMARY Sale Price: $2,950,000 Recent Capital Improvements Many Units Already Fully Rehabbed Country Club Phase II Being Offered For Sale Separately Number Of Units: 192 Cap Rate: 5.72% NOI: $168,790 Building Size: 162,000 SF Year Built: 1963 Market: East Central Indiana Sub Market: Richmond 4
Property Description PROPERTY DESCRIPTION Country Club Apartments Phase I consists of 192 garden style apartments, including 72 one-bedroom units and 120 two-bedroom units in a total of 15 buildings. Value-add opportunity! The property currently has approximately 80 down units that need rehab. Upside in rehabbing and renting out the vacant units. Country Club consists of two phases. Phase I was built between 1963 and 1968. These units have boiler heat and landlord pays gas, electric, water and sewer. Phase 2 was built between 1972 and 1975, consists of 120 units and is being offered for sale separately. LOCATION DESCRIPTION Country Club Apartments is located in Wayne County, Richmond, Indiana. Richmond is located in east central Indiana between Dayton, Ohio and Indianapolis. The property is situated five short minutes from a major retail corridor which is home to The Richmond Square Shopping Center. 5
Additional Photos 6
Additional Photos 7
Building Trust. Building Relationships. Building Value. SECTION 2 LOCATION INFORMATION
Regional Map 953 S. 23rd Street 9
Location Maps 10
Aerial Map 11
Building Trust. Building Relationships. Building Value. SECTION 3 FINANCIAL ANALYSIS
Financial Summary INVESTMENT OVERVIEW 2017 ESTIMATED Price $2,950,000 Price per Unit $15,364 GRM 6.8 CAP Rate 5.7% Cash-on-Cash Return (yr 1) 5.72 % Total Return (yr 1) $168,790 Debt Coverage Ratio - OPERATING DATA 2017 ESTIMATED Gross Scheduled Income $435,950 Other Income - Total Scheduled Income $435,950 Vacancy Cost $0 Gross Income $435,950 Operating Expenses $267,160 Net Operating Income $168,790 Pre-Tax Cash Flow $168,790 FINANCING DATA 2017 ESTIMATED Down Payment $2,950,000 Loan Amount - Debt Service - Debt Service Monthly - Principal Reduction (yr 1) - 13
Income & Expenses INCOME SUMMARY 2017 ESTIMATED PER SF Rental Income (estimated) $435,950 $2.69 GROSS INCOME $435,950 $2.69 EXPENSE SUMMARY 2017 ESTIMATED PER SF Operating Expenses (estimated) $267,160 $1.65 GROSS EXPENSES $267,160 $1.65 NET OPERATING INCOME $168,790 $1.04 14
Unit Mix Summary UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF 1 BED/ 1 BA 72 37.5 750 $450 $0.60 2 BED /1 BA 120 62.5 900 $500 $0.56 Totals / Averages 192 100% 162,000 $92,400 $0.57 15
Building Trust. Building Relationships. Building Value. SECTION 4 DEMOGRAPHICS
Demographics Report 1 MILE 3 MILES 5 MILES Total households 2,388 15,094 20,721 Total persons per hh 2.5 2.4 2.4 Average hh income $46,639 $45,937 $49,572 Average house value $180,123 $136,566 1 MILE 3 MILES 5 MILES Total population 6,008 36,962 50,441 Median age 36.2 37.6 39.2 Median age (male) 34.9 35.6 37.4 Median age (female) 37.3 38.9 40.6 * Demographic data derived from 2010 US Census 17
Demographics Map 1 Mile 3 Miles 5 Miles Total Population 6,008 36,962 50,441 Population Density 1,912 1,307 642 Median Age 36.2 37.6 39.2 Median Age (Male) 34.9 35.6 37.4 Median Age (Female) 37.3 38.9 40.6 Total Households 2,388 15,094 20,721 # of Persons Per HH 2.5 2.4 2.4 Average HH Income $46,639 $45,937 $49,572 Average House Value $180,123 $136,566 * Demographic data derived from 2010 US Census 18
Building Trust. Building Relationships. Building Value. SECTION 5 ADVISOR BIO
COUNTRY CLUB APARTMENTS PHASE I 953 S. 23RD STREET, RICHMOND, IN Advisor Bio 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