hibiscus - loopnet...2684 & 2700 hibiscus way beavercreek, oh 45431 201 e. fourth street, 18th...

H i b i s c u s2684 & 2700 Hibiscus WayBeavercreek, OH 45431

12 APARTMENT UNITS AVAILABLE FOR SALE IN DAYTON (BEAVERCREEK), OH

Carriage Rentals2684 & 2700 Hibiscus WayBeavercreek, OH 45431

201 E. Fourth Street, 18th FloorCincinnati, OH 45202T: 513.421.4884 F: 513.421.0025www.cushwake.com

Don Murphy, CCIMSenior [email protected]+1 513 763 3008

Jordan [email protected]+1 513 763 3026

CUSHMAN & WAKEFIELD | www.cushmanwakefield.com Carriage Rentals | 3

CONFIDENTIALITY AGREEMENT

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your

limited use to determine whether you wish to express an interest in

the Carriage Rentals located in Beavercreek, OH, as more particularly

described herein (“Property”). This confidential memorandum and its

contents (“Memorandum”) contain brief, selected information pertaining

to the business affairs of the Property’s owner (“Owner”) and it has been

prepared by Cushman & Wakefield U.S., Inc. ("Cushman & Wakefield") as

Owner’s exclusive agent. This Memorandum does not purport to be all-

inclusive or contain all of the information that a prospective purchaser or

investor may need or desire. Neither Owner nor Cushman & Wakefield,

nor any of their respective officers, directors, principals, shareholders,

agents, or employees has made or will make any representations or

warranties, expressed or implied, as to the accuracy or completeness of

the information contained herein. Owner and Cushman & Wakefield each

expressly disclaim any and all liability that may be based on the information

contained herein, errors therein, or omissions therefrom. All financial data

contained herein is unaudited. The projections and pro-forma information

contained herein represent estimates based on assumptions considered

reasonable under the circumstances. No representations or warranties,

expressed or implied, are made that the actual results will conform to

such projections and you should make your own projections and reach

your own conclusions. All due diligence, analysis, and verification of the

information contained in this Memorandum is solely your responsibility

without any representations as to the Property’s physical, environmental,

or financial condition being imputed to Owner or Cushman & Wakefield.

By your receipt of this Memorandum, you agree that this Memorandum is

of a confidential nature and that you will hold and treat it in the strictest

of confidence, and that you will not, directly or indirectly, disclose this

Memorandum, or any part thereof, to any other person or entity without

the prior written authorization of Owner and Cushman & Wakefield, and

that you will not use this Memorandum in any manner detrimental to

the interest of Owner or Cushman & Wakefield. Upon request, you will

promptly return this Memorandum, and any other material received from

Owner or Cushman & Wakefield, without retaining any copies thereof.

This Memorandum shall not be deemed an indication of the state of affairs

of Owner or constitute a representation that there has been no change

in the business or affairs of the Property or Owner since the date of

preparation of this Memorandum. Neither Owner nor Cushman & Wakefield

undertakes any obligation to provide additional information or to correct

or update any of the information contained in this Memorandum. No legal

duty, obligation, or commitment shall arise by reason of this Memorandum.

Owner reserves the right, in its sole discretion, to reject any offer or

terminate negotiations with any party.

For more information please contact:

Don Murphy, CCIMSenior Vice [email protected]+1 513 763 3008

Jordan [email protected]+1 513 763 3026

Cushman & Wakefield201 East 4th Street, 18th Floor Cincinnati, OH 45202www.cushmanwakefield.com

MAIN +1 513 421 4884FAX +1 513 421 0025


• Offering Price: $1,850,000• 4- 2 BR/2 BA & 8- 3 BR/2.5 BA• Close to numerous retail malls and restaurants• Opportunity to convert to for-sale condos• Minutes to Wright Patterson Airforce Base, Wright State University & Soin Medical Center• Attached garages (2BR – 1 car garage & 3BR – 2 car garage)

Property Overview


PREMIER SUBURB OF DAYTON, OH

Beavercreek is a suburb of Dayton, Ohio, located on the eastern side of the metropolitan area, the largest city in Greene County, and the second largest suburb behind Kettering. The city contains over 27 square miles with a current estimated population of 45,000.

Beavercreek is characterized by aspacious, rolling hills and a wooded environment, providing a very attractive setting for the many residential neighborhoods. Beavercreek is considered to be among the most attractive, dynamic and desirable locations in the Dayton area with an outstanding quality of life. It has also been one of the fastest growing suburbs with housing options ranging from exclusive, custom-built homes to charming, older neighborhoods. Beavercreek still contains a considerable amount of open, undeveloped property with neighboring unincorporated areas subject to future annexation. The Mall at Fairfield Commons, with its five department stores and 130 specialty shops, anchors a growing regional business area that provides convenient shopping, dining and services for residents. Other neighborhood shopping areas are conveniently located throughout the community. Beavercreek is also home to numerous research and manufacturing firms engaged in defense technologies, aerospace, automotive components, electronics and other specialized advanced technologies. Many Beavercreek residents are current or former Air Force and civilian employees of nearby Wright-Patterson Air Force Base and its defense industry contractors, which serve this huge administrative command, support services, and research facility. With a student population of over 18,000, the main campus of Wright State University is located only minutes from Carriage Rentals.

U.S. 35 provides direct expressway access to downtown Dayton and Dayton International Airport from Beavercreek and I-675 skirts the north and west edge of town, providing convenient access to nearby Cincinnati and Columbus.

UNMATCHED LOCATIONLocated in the continually growing and affluent Dayton suburb of Beavercreek, Carriage Rentals sits within close proximity to the Wright Patterson Air Force Base with 30,000 employees, Wright State University with 18,000 students and 2,500 faculty and staff, Soin Medical Center, a full service hospital built in 2009, the Mall at Fairfield Commons that includes 5 department stores and 130 specialty shops, and the 72-acre mixed-use development, Greene Town Center. With these types of industries and surrounding neighbors, we believe the asset is recession proof.

I-675 PROXIMITYResidents enjoy quick and easy access to Interstate 675, providing residents with access to Greater Dayton’s major employers, Downtown Dayton and Dayton International Airport, as well as easy access to Interstate 75 to Cincinnati or Toledo, and Interstate 70 to Columbus and Springfield.

SIGNIFICANT BARRIERS TO ENTRYBeavercreek offers very few potential sites and opportunities by the community that allow future apartment developments. Beavercreek has stated they will not allow another apartment project in Beavercreek for the foreseeable future.

STRONG DEMOGRAPHICS148,129 people live within 5 miles of the property. The median income is $62,073 and the average home value is $168,473.

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CARRIAGE RENTALSCarriage Rentals2684 & 2700 Hibiscus Way

Beavercreek, OH 45431

Greene County

Year Built: 2006

Number of Units: 12

Property Type: Townhouse

Approximate Rentable Area: 19,636 SF

Buildings: 2 Buildings

Stories: 2 Stories

Site Size: 0.61 Acres

Density: 19.74 Units/Acre

Zoning: MX-PUD 98-9

Occupancy (As of: 9/11/2018): 100%

Management: Carriage Rentals LLC

UNIT MIX AND RENTAL RATES

UNIT TYPE # OF UNITS SIZE SQ. FT. TOTAL SQ. FT. MARKET RENT RENT/SQ. FT. MONTHLY RENT

2 BR / 2 BA 4 1,054 4,216 $1,140 $1.08 $4,560

3 BR / 2.5 BA 4 1,771 7,084 $1,595 $0.90 $6,380

3 BR / 2.5 BA 4 2,084 8,336 $1,670 $0.80 $6,680

TOTALS/AVERAGES 12 1,636 19,636 $1,468 $0.90 $17,620

UTILITIES

PROVIDER

Dayton Power & Light

GCSE

Vectren

Rumpke

COMMENTS

TYPE

Electric

Water and Sewer

Natural Gas

Trash Removal

PAID BY

Tenant

Tenant

Tenant

Tenant


PROPERTY OVERVIEW

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PROPERTY OVERVIEW

Carriage Rentals2684 & 2700 Hibiscus Way

675


PROPERTY OVERVIEW

Wright-Patterson AFB

5.5 miles - 11 mins

Wright State Unviversity

1.8 miles - 4 mins

Soin Medical Center

0.7 miles - 1 min


EXTERIOR PHOTOS


INTERIOR PHOTOS


FLOOR PLANS2 B E D R O O M - 1 . 5 B A T H

Approximately 985 Sq. Ft .

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R E A L E S T A T E

Developed by7333 Paragon Road • Suite 150 • Dayton, OH 45459 • p 937.427.8700 f 937.427.8721

www.willowcreekdayton.comSquare footage is approximate and does not include garages or balconies. Orientation may vary.

J U N I P E R

2 Bedroom 2 Bedroom


FLOOR PLANS

R E A L E S T A T E



Upper Level

Main Level

Lower Level

3 B E D R O O M - 2 . 5 B A T HApproximately 2,116 Sq. Ft .

W W I L L O W

R E A L E S T A T E



Upper Level

Lower Level

3 B E D R O O M - 2 . 5 B A T HApproximately 1,718 Sq. Ft .

M M A G N O L I A

3 Bedroom Townhome 3 Bedroom Flat


• Mix of spacious two bedroom units and three

bedroom townhouses

• Attached garages (3 bedroom units have two car

garages)

• 9’ ceilings

• Large walk-in closets

• Tenants pay all utilities

• Washer & dryer hookups in each unit

• Balconies

• Beavercreek School District

• Park-like setting

• Conveniently located near retail, restaurants and

employment base

• Upscale condo-quality finishes, including double

sinks, enlarged trim & casings, and ceramic tile

FEATURES AND AMENITIES

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INCOME TOTAL % GPR PER UNIT PER MONTH TOTAL % GPR PER UNIT PER MONTH TOTAL % GPR PER UNIT PER MONTHGross Potential Revenue 1 $191,662 $15,972 $15,972 $204,380 $17,032 $17,032 $211,440 $17,620 $17,620

Loss-to-Lease 2 0.00% 0 0 0.00% 0 0 0 0.00% 0 0Concessions 3 0.00% 0 0 0.00% 0 0 0 0.00% 0 0Credit Loss 4 (1,016) 0.53% (85) (85) 0 0.00% 0 0 (529) 0.25% (44) (44)Vacancy 5 0.00% 0 0 0.00% 0 0 (8,458) 4.00% (705) (705)Non-Revenue Units 6 0.00% 0 0 0.00% 0 0 0 0.00% 0 0

Effective Gross Revenue $190,646 99.47% $15,887 $15,887 $204,380 100.00% $17,032 $17,032 $202,454 95.75% $16,871 $16,871Other Income 7 225 0.12% 19 19 0 0.00% 0 0 120 0.06% 10 10

Total Operating Revenue $190,871 99.59% $15,906 $15,906 $204,380 100.00% $17,032 $17,032 $202,574 95.81% $16,881 $16,881

EXPENSESRepairs and Maintenance 8 $18,742 $1,562 $1,562 22,101 $1,842 $1,842 $21,000 $1,750 $1,750Utilities 9

Gas & Electric a 697 58 58 200 17 17 720 60 60Water and Sewer b 2,064 172 172 1,800 150 150 720 60 60Trash Removal c 4,417 368 368 5,078 423 423 5,100 425 425

General and Administrative 10 11,281 940 940 13,424 1,119 1,119 6,600 550 550Advertising 11 140 12 12 0 0 0 120 10 10Property Management Fee 12 9,600 800 800 9,600 800 800 10,123 844 844Real Estate Taxes 13 36,853 3,071 3,071 33,045 2,754 2,754 33,600 2,800 2,800Property Insurance 14 8,567 714 714 7,068 589 589 3,000 250 250

Total Operating Expenses $92,361 $7,697 $7,697 $92,315 $7,693 $7,693 $80,983 $6,749 $6,749

Net Operating Income before Reserves $98,509 $112,065 $121,591Capital Reserves 15 3,000 250 250 3,000 250 250 3,000 250 250

NET OPERATING INCOME $95,509 $7,959 $7,959 $109,065 $9,089 $9,089 $118,591 $9,883 $9,883

SEPTEMBER 2017 T-12 ACTUALS

CUSHMAN & WAKEFIELDPROFORMA

JUNE 2018 YTD T-6 ACTUALS ANNUALIZED


OFFERING SUMMARY PROPOSED LOAN TERMS INTERNAL RATE OF RETURN Price: $1,850,000 Value: $1,850,000 Year 6 NOI $131,246Price per Unit: $154,167 Loan to Value: 70% Year 7 NOI $133,931Number of Units: 12 Loan Amount: $1,295,000 Terminal Cap Rate 7.25%Rental Sq. Ft.: 19,636 Interest Rate: 4.75% Sale Price $1,847,329Expense Ratio Year 1: 41.46% Amortization (Years): 30 Less: Sales Expense $36,947Expense per Unit: $6,999 Term (Years): 10 Less: Mortgage Balance $1,157,491Expense per Sq. Ft.: $4.28 Monthly Payments: ($6,821) Net Proceeds $652,891Capital Reserves per Unit: $250 Equity Required: $555,000 Internal Rate of Return 9.91%

Number of Units: 12 Expense Ratio: 41.46% Expense per Sq. Ft.: $4.28Rental Sq. Ft.: 19,636 Expense per Unit: $6,999 Capital Reserves per Unit: $250

PROFORMAYEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6

INCOME:Gross Potential Revenue $211,440 $215,669 $219,982 $224,382 $228,869 $233,447

Loss-to-Lease 0 0 0 0 0 0Concessions 0 0 0 0 0 0Credit Loss (529) (539) (550) (561) (572) (584)Vacancy (8,458) (8,627) (8,799) (8,975) (9,155) (9,338)Non-Revenue Units 0 0 0 0 0 0

Effective Gross Revenue $202,454 $206,503 $210,633 $214,846 $219,143 $223,525Other Income 120 122 125 127 130 132

Total Operating Revenue $202,574 $206,625 $210,758 $214,973 $219,272 $223,658

EXPENSES:Repairs and Maintenance $21,000 $21,420 $21,848 $22,285 $22,731 $23,186Utilities

Gas & Electric 720 734 749 764 779 795Water and Sewer 720 734 749 764 779 795Trash Removal 5,100 5,202 5,306 5,412 5,520 5,631

General and Administrative 6,600 6,732 6,867 7,004 7,144 7,287Advertising 120 122 125 127 130 132Property Management Fee 10,123 10,325 10,532 10,742 10,957 11,176Real Estate Taxes 33,600 34,272 34,957 35,657 36,370 37,097Property Insurance 3,000 3,060 3,121 3,184 3,247 3,312

Total Operating Expenses $80,983 $82,602 $84,254 $85,939 $87,658 $89,411NOI BEFORE RESERVES $121,591 $124,023 $126,503 $129,033 $131,614 $134,246Capital Reserves 3,000 3,000 3,000 3,000 3,000 3,000Total Expenses $83,983 $85,602 $87,254 $88,939 $90,658 $92,411

NOI AFTER RESERVES $118,591 $121,023 $123,503 $126,033 $128,614 $131,246

DEBT SERVICE:Interest Payments ($61,513) ($60,546) ($59,534) ($58,474) ($57,363) ($56,200)Principal Payments ($20,344) (21,310) (22,322) (23,383) (24,493) (25,657)Total Debt Service ($81,856) ($81,856) ($81,856) ($81,856) ($81,856) ($81,856)

CASH FLOW ($555,000) $36,735 $39,167 $41,647 $44,177 $46,758 $49,390

CAP RATE 6.41% 6.54% 6.68% 6.81% 6.95% 7.09%CASH ON CASH 6.62% 7.06% 7.50% 7.96% 8.42% 8.90%DEBT COVERAGE RATIO 1.45 1.48 1.51 1.54 1.57 1.60

PROJECTION ASSUMPTIONSRent Growth: 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%Loss to Lease: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Concessions: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Credit Loss: 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%Vacancy: 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%Management Fee: 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%General Inflation: 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

SIX YEAR PROJECTION

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Carriage Rentals2685 & 2700 Hibiscus Way

Emerald Lakes2688 Diamond Cut Court

The Lofts at Willow Creek2621 Hibiscus Way

Mallard Landing Apartments2372 Mallard Lane

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APARTMENT RENT COMPARABLES


CARRIAGE RENTALS2684 & 2700 Hibiscus Way

# Units 12

Year Built 2009

Avg Rent/SF $0.90

Avg AskingRent/Unit

2 Bed 3 Bed

$1,140 $1,632.50

EMERALD LAKES2688 Diamond Cut Drive

# Units 280

Year Built 1999

Avg Rent/SF $1.02

Avg AskingRent/Unit

1 Bed 2 Bed 3 Bed

$899 $1,074 $1,225

THE LOFTS AT WILLOW CREEK2621 Hibiscus Way

# Units 325

Year Built 2010

Avg Rent/SF $1.10

Avg AskingRent/Unit

Studio 1 Bed 2 Bed

$960 $970 $1,283

MALLARD LANDING APARTMENTS2372 Mallard Lane

# Units 300

Year Built 1992

Avg Rent/SF $1.04

Avg AskingRent/Unit

2 Bed 3 Bed

$1,050 $1,398

APARTMENT RENT COMPARABLES

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2018 Estimated Population 8,542 52,391 148,129

2023 Projected Population 8,757 53,032 149,211

2010 Census Population 7,291 50,330 146,261

2000 Census Population 4,893 46,407 141,277

Projected Annual Growth 2018 to 2023 0.5% 0.2% 0.1%

Historical Annual Growth 2000 to 2018 4.1% 0.7% 0.3%

2018 Median Age 28.5 35 36.9

2018 Estimated Households 3,680 21,553 62,291

2023 Projected Households 3,817 22,121 63,373

2010 Census Households 3,048 19,999 59,591

2000 Census Households 1,797 17,494 56,590

Projected Annual Growth 2018 to 2023 0.7% 0.5% 0.3%

Historical Annual Growth 2000 to 2018 5.8% 1.3% 0.6%

2018 Estimated White 72.0% 81.1% 84.1%

2018 Estimated Black or African American 9.7% 8.2% 7.2%

2018 Estimated Asian or Pacific Islander 13.3% 6.0% 3.8%

2018 Estimated American Indian or Native Alaskan 0.2% 0.3% 0.3%

2018 Estimated Other Races 4.8% 4.4% 4.6%

2018 Estimated Hispanic 5.8% 4.7% 4.4%

2018 Estimated Average Household Income $72,074 $83,186 $76,101

2018 Estimated Median Household Income $61,821 $65,496 $62,073

2018 Estimated Per Capita Income $31,366 $34,475 $32,149

2018 Estimated Elementary (Grade Level 0 to 8) 2.1% 2.5% 3.3%

2018 Estimated Some High School (Grade Level 9 to 11) 2.7% 4.1% 6.5%

2018 Estimated High School Graduate 17.6% 22.6% 25.7%

2018 Estimated Some College 16.1% 23.0% 24.0%

2018 Estimated Associates Degree Only 7.7% 8.6% 9.3%

2018 Estimated Bachelors Degree Only 26.5% 20.5% 16.7%

2018 Estimated Graduate Degree 27.3% 18.8% 14.4%

2018 Estimated Total Businesses 765 2,268 4,901

2018 Estimated Total Employees 14,242 30,820 62,950

2018 Estimated Employee Population per Business 18.6 13.6 12.8

2018 Estimated Residential Population per Business 11.2 23.1 30.2

3-mile radius

5-mile radiusDayton, OH 45431

SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 Projections

Calculated using Weighted Block Centroid from Block Groups

Prepared by Cushman & Wakefield1-, 3- and 5-mile radii

Lat/Lon: 39.7694/-84.0685

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2684-2700 Hibiscus Way 1-mile radius

©2018, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 04/2018, TIGER Geography

DEMOGRAPHICS

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