tryfon christoforou harper avenue apartments - 5 unit · 7815 cooper rd #c, cincinnati, oh 45242...

3CRE Advisors7815 Cooper Rd #C, Cincinnati, OH 45242513.745.9333 | 3cre.com

Presented By:

TRYFON [email protected]

BRIAN [email protected]

MICHAEL [email protected]

2352 HARPER AVE, NORWOOD, OH 45212

HARPER AVENUE APARTMENTS - 5 UNIT// MULTIFAMILY PROPERTY FOR SALE

Confidential Offering Memorandum // 2

PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 12

DEMOGRAPHICS 17

ADVISOR BIOS 19

CONFIDENTIALITY & DISCLAIMER CONTENTSAll materials and information received or derived from 3CRE Advisors its directors,officers, agents, advisors, affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, or accuracy, condition of theproperty, compliance or lack of compliance with applicable governmental requirements,developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.

Neither 3CRE Advisors its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the anymaterials or information provided, derived, or received. Materials and information fromany source, whether written or verbal, that may be furnished for review are not asubstitute for a party’s active conduct of its own due diligence to determine these andother matters of significance to such party. 3CRE Advisors will not investigate or verifyany such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUEDILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verifyall information and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financialdata should be verified by the party including by obtaining and reading applicabledocuments and reports and consulting appropriate independent professionals. 3CREAdvisors makes no warranties and/or representations regarding the veracity,completeness, or relevance of any financial data or assumptions. 3CRE Advisors doesnot serve as a financial advisor to any party regarding any proposed transaction. All dataand assumptions regarding financial performance, including that used for financialmodeling purposes, may differ from actual data or performance. Any estimates of marketrents and/or projected rents that may be provided to a party do not necessarily mean thatrents can be established at or increased to that level. Parties must evaluate anyapplicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for theproperty.

Legal questions should be discussed by the party with an attorney. Tax questions shouldbe discussed by the party with a certified public accountant or tax attorney. Titlequestions should be discussed by the party with a title officer or attorney. Questionsregarding the condition of the property and whether the property complies with applicablegovernmental requirements should be discussed by the party with appropriate engineers,architects, contractors, other consultants and governmental agencies. All properties andservices are marketed by 3CRE Advisors in compliance with all applicable fair housingand equal opportunity laws.

// TABLE OF CONTENTS


Presented By:




HARPER AVENUE APARTMENTS - 5 UNIT - 2352 HARPER AVE, NORWOOD, OH 45212

PROPERTY INFORMATION// SECTION 1

Confidential Offering Memorandum PROPERTY INFORMATION // 4

PROPERTY OVERVIEW

The 3CRE Team is proud to present the Harper Avenue Apartments - a 5 Unit 100% occupied complex located in thedesirable Cincinnati sub-market of Norwood, Ohio. This property is comprised of three [3] efficiencies, one [1] 1BA|1BR, &one [1] 2BA|1BR. The landlord is responsible for all utilities [water, sewer, trash, electric, & gas]. The windows are insulatedvinyl, aluminum siding covering exterior, and electric has been updated. There are three [3] furnaces that service thebuilding. Twin furnaces in the basement that have been recently replaced, which heat floors 1 & 2, and the third floor hasits own separate furnace. Over time the owner has completed minor updates to keep the units refreshed when tenantsmove out. There is ample off-street parking available for tenants, as well as on site coin laundry. There is a major value addopportunity to increase rents and bring them up to market. Currently the property sits at a 9.84% CAP Rate which couldYield a Cash on Cash return of 23.20%.

PROPERTY HIGHLIGHTS• Five [5] Units comprised of three [3] efficiencies, one [1] 1BA|1BR, & one [1] 2BA|1BR

• Value Add Opportunity

• 9.84% CAP Rate | 23.20% COC | 4.84 GRM

• Opportunity to Increase value through raising rents up to market

• Located in Norwood, Ohio which is a highly desirable rental market in Cincinnati, Ohio.

OFFERING SUMMARY

Sale Price: $145,000

Building Size: 2,602 SF

Lot Size: 0.344 Acres

Price / SF: $55.73

Cap Rate: 9.84%

NOI: $14,268

Year Built: 1900

Zoning: 401 - APARTMENT, 4-19 UNITS

Market: Cincinnati

Submarket: Norwood

// EXECUTIVE SUMMARY


PROPERTY DESCRIPTION

The 3CRE Team is proud to present the Harper Avenue Apartments - a 5 Unit 100%occupied complex located in the desirable Cincinnati sub-market of Norwood, Ohio. Thisproperty is comprised of three [3] efficiencies, one [1] 1BA|1BR, & one [1] 2BR|1BA. Thelandlord is responsible for all utilities [water, sewer, trash, electric, & gas]. The windows areinsulated vinyl, aluminum siding covering exterior, and electric has been updated. There arethree [3] furnaces that service the building. Twin furnaces in the basement that have beenrecently replaced, which heat floors 1 & 2, and the third floor has its own separate furnace.Over time the owner has completed minor updates to keep the units refreshed whentenants move out. There is ample off-street parking available for tenants, as well as on sitecoin laundry. There is a major value add opportunity to increase rents and bring them up tomarket. Currently the property sits at a 9.84% CAP Rate which could Yield a Cash on Cashreturn of 23.20%.

LOCATION DESCRIPTION

This property is located in the heart of Norwood, a sub market of Cincinnati. Convenientlylocated off the NorwoodLateral from major interstate 71. Norwood is the second most populous city in HamiltonCounty. Near Hyde Park/Oakley and 10 Minutes from Downtown Cincinnati. Also near major universities such as andXavier University. Theproperty is situated off Harper Avenue which sits between Norwood Ave and HighlandAvenue two major avenues thatcut through the Norwood market.

// PROPERTY DESCRIPTION


LOCATION INFORMATION

Building Name Harper Avenue Apartments - 5 Unit

Street Address 2352 Harper Ave

City, State, Zip Norwood, OH 45212

County Hamilton

Market Cincinnati

Sub-market Norwood

Signal Intersection No

BUILDING INFORMATION

NOI $14,268.00

Cap Rate 9.84

Occupancy % 100.0%

Tenancy Single

Number of Floors 3

Year Built 1900

Free Standing No

PROPERTY HIGHLIGHTS

• Five [5] Units comprised of three [3] efficiencies, one [1] 1BA|1BR, & one [1] 2BR|1BA

• Value Add Opportunity

• 9.84% CAP Rate | 23.20% COC | 4.84 GRM

• Opportunity to Increase value through raising rents up to market

• Located in Norwood, Ohio which is a highly desirable rental market in Cincinnati, Ohio.

// COMPLETE HIGHLIGHTS


// ADDITIONAL PHOTOS


Presented By:





LOCATION INFORMATION// SECTION 2

Confidential Offering Memorandum LOCATION INFORMATION // 9

Norwood, OH

// REGIONAL MAP


// LOCATION MAPS


// AERIAL MAPS


Presented By:





FINANCIAL ANALYSIS// SECTION 3

Confidential Offering Memorandum FINANCIAL ANALYSIS // 13

INVESTMENT OVERVIEW HARPER AVENUE APARTMENTS - 5 UNIT

Price $145,000Price per Unit $29,000GRM 4.8CAP Rate 9.8%Cash-on-Cash Return (yr 1) 23.2 %Total Return (yr 1) $9,389Debt Coverage Ratio 1.89

OPERATING DATA HARPER AVENUE APARTMENTS - 5 UNIT

Gross Scheduled Income $29,940Total Scheduled Income $29,043Gross Income $29,043Operating Expenses $14,775Net Operating Income $14,268Pre-Tax Cash Flow $6,727

FINANCING DATA HARPER AVENUE APARTMENTS - 5 UNIT

Down Payment $29,000Loan Amount $116,000Interest Rate 4.25%Amortization Schedule 25 YearsDebt Service $7,541Debt Service Monthly $628Principal Reduction (yr 1) $2,662

// FINANCIAL SUMMARY


INCOME SUMMARY HARPER AVENUE APARTMENTS - 5 UNIT PER UNIT

Total Gross Income $29,940 $5,988Vacancy (5%) -$1,497 -$299Laundry $600 $120

Gross Income $29,043 $5,808

EXPENSE SUMMARY HARPER AVENUE APARTMENTS - 5 UNIT PER UNIT

Property Insurance $1,400 $280Water/Sewer/Trash $3,255 $651Electric/Gas $5,112 $1,022Repairs/Maintenance (8%) $2,395 $479Property Taxes $2,613 $522

Gross Expenses $14,775 $2,955

Net Operating Income $14,268 $2,853

// INCOME & EXPENSES


UNITNUMBER

UNITBED

UNITBATH

LEASESTART

LEASEEND

CURRENTRENT

MARKETRENT

1 0 1 05/2017 MTM $435 $550

2 0 1 10/2010 MTM $410 $550

3 0 1 2017 MTM $435 $550

4 2 1 $675 $825

5 1 1 2013 MTM $540 $625

Totals/Averages $2,495 $3,100

// RENT ROLL


UNIT TYPE COUNT % TOTAL RENT MARKET RENT

Efficiencies 3 60.0 $426 $550

1BA/1BR 1 20.0 $540 $625

2BA/1BR 1 20.0 $675 $825

Totals/Averages 5 100% $2,493 $3,100

// UNIT MIX SUMMARY


Presented By:





DEMOGRAPHICS// SECTION 4

Confidential Offering Memorandum DEMOGRAPHICS // 18

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 16,318 127,986 281,391

Median age 34.1 35.4 36.3

Median age (Male) 34.7 33.6 34.5

Median age (Female) 35.3 37.4 38.0

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 7,299 56,415 123,450

# of persons per HH 2.2 2.3 2.3

Average HH income $51,856 $64,793 $61,810

Average house value $155,389 $243,739 $202,479

RACE 1 MILE 3 MILES 5 MILES

Total Population - White 14,143 77,447 175,640

% White 86.7% 60.5% 62.4%

Total Population - Black 1,486 45,884 94,779

% Black 9.1% 35.9% 33.7%

Total Population - Asian 58 1,536 4,163

% Asian 0.4% 1.2% 1.5%

Total Population - Hawaiian 44 46 144

% Hawaiian 0.3% 0.0% 0.1%

Total Population - American Indian 19 233 309

% American Indian 0.1% 0.2% 0.1%

Total Population - Other 398 687 1,184

% Other 2.4% 0.5% 0.4%

* Demographic data derived from 2010 US Census

// DEMOGRAPHICS MAP & REPORT


Presented By:





ADVISOR BIOS// SECTION 5

Confidential Offering Memorandum ADVISOR BIOS // 20

TRYFON CHRISTOFOROU

Managing Partner

[email protected]: 513.745.9333 | Cell: 513.490.6881

PROFESSIONAL BACKGROUNDTryfon Christoforou is an experienced commercial broker specializing in multifamily real estate and is a partner of 3CRE Advisors. He brings broad experience in commercial real estate tohis work – in addition to multifamily properties, his background includes mortgages, investment, and ownership of investment property.

By leveraging his diverse work experience in real estate to bring every client the best return possible, Tryfon has established himself as a top performer.

Tryfon has built a reputation as a service-oriented broker who is committed to personally guiding his clients through every phase of the real estate transaction process from start to finish.He has built long-term relationships with clients based on collaboration, hard work, an ethical approach, and dedication to a step-by- step method to working with every investor tomaximize results.

Tryfon Co-founded 3CRE Advisors with partner Michael Costantini to bring clients a tailored, knowledgeable approach to forming and successfully executing their commercial real estateinvestment strategy.

3CRE have extensive experience in local and regional Midwest markets and has an advantage in locating investment options on behalf of its clients as well as being able to list theirproperties on a national basis to the entire 100,000-strong brokerage and investment community via real-time syndication to major listing sites, social media, and email campaigns.

Tryfon holds a BSBA, Marketing from University of Cincinnati, Ohio. His affiliations include the National Apartment Association, NAR, OAR, and the Cincinnati and Dayton Board of Realtors.He was born in Melbourne, Australia and is of Greek heritage. He is a passionate world traveler and calls Cincinnati his home.

3CRE ADVISORS7815 Cooper Rd #C

Cincinnati, OH 45242513.745.9333

// ADVISOR BIO 1

Confidential Offering Memorandum ADVISOR BIOS // 21

BRIAN COYLE

Advisor

[email protected]: 513.745.9333 | Cell: 203.918.3944

PROFESSIONAL BACKGROUNDBrian Coyle is an advisor with 3CRE who specializes in multifamily assets. His unrivaled hustle, drive, and persistence have made him a pivotal part of a multifamily team responsible forover $100million dollars in sales. However, it’s his dedication and appreciation for customer relations that have made him an indispensable asset to 3CRE at such a young age.

Originally from Darien, Connecticut, he made his way to Cincinnati by way of Xavier University, where he is currently a stellar senior majoring in Marketing and Entrepreneurship. Hisstudies, as well as his life experience (he grew up in a circle of successful East Coast real estate developers) have equipped him with the knowledge and skills to locate, facilitate, and closehigh-value commercial real estate deals with confidence far beyond his years.

His specialties include helping investors with the process of acquiring and selling multifamily investments. When he isn’t at work helping investors close commercial deals, he enjoys,golfing, boating, and fishing on the Gulf Coast.

3CRE ADVISORS7815 Cooper Rd #C

Cincinnati, OH 45242513.745.9333

// ADVISOR BIO 2

tryfon christoforou harper avenue apartments - 5 unit · 7815 cooper rd #c, cincinnati, oh 45242...

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