HYDE PARK APARTMENTS FOR SALE [9 UNITS] · 2019-06-17 · 3CRE Advisors 7815 Cooper Rd #C, Cincinnati, OH 45242 513.490.6881 | 3cre.com Presented By: TRYFON CHRISTOFOROU 513.745.9333

3CRE Advisors7815 Cooper Rd #C, Cincinnati, OH 45242513.490.6881 | 3cre.com

Presented By:

TRYFON [email protected]

MICHAEL [email protected]

2865-2867 ERIE AVENUE, CINCINNATI, OH 45208

HYDE PARK APARTMENTS FOR SALE [9 UNITS]// MULTIFAMILY PROPERTY FOR SALE

Confidential Offering Memorandum // 2

PROPERTY INFORMATION 3

LOCATION INFORMATION 9

FINANCIAL ANALYSIS 13

DEMOGRAPHICS 18

ADVISOR BIOS 22

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:



HYDE PARK APARTMENTS FOR SALE [9 UNITS] - 2865-2867 ERIE AVENUE, CINCINNATI, OH 45208

PROPERTY INFORMATION// SECTION 1

Confidential Offering Memorandum PROPERTY INFORMATION // 4

Sale Price: $1,100,000

Building Size: 6,086 SF

Lot Size: 0.161 Acres

Number Of Units: 9

Price / SF: $180.74

Cap Rate: 6.22%

NOI: $68,427

Year Built: 1962

Zoning: 401 - APARTMENT, 4-19UNITS

Market: Cincinnati

Submarket: Hyde park

OFFERING SUMMARY PROPERTY OVERVIEWThe 3CRE Team is proud to present the Hyde Park Erie Avenue Apartments for Sale [9 Units]. This property has beenowned and meticulously maintained for over 23 years! The property consists of Nine [9] 1BR|1BA Units located near themuch desirable Hyde Park Square. The units range in size with five {5] being around 600 SF & four [4] being around 700SF. The tenants are responsible for paying their own electric while the landlord is responsible for heat & water. There iscurrently no RUBS system in place which could easily be implemented in this sub-market as a value add opportunity.Each unit contains hardwood floors, stoves, refrigerators and dishwashers. There are four garages located in the rear ofthe building which currently rent at $100 dollars additional a month. There is a common laundry facility in the basementof the building along with storage units that the tenants receive as part of their leases. With the property only being 2blocks from Hyde Park Square, there is high demand with from potential tenants.

All Offers to be Submitted by July 8, 2019

PROPERTY HIGHLIGHTS• Consists of Nine [9] 1BR|1BA Units with historically high occupancy!

• Owned and meticulously maintained for over 23 years!

• Units range in size with five {5] being around 600 SF & four [4] being around 700 SF

• Opportunity to increase rents to compete with Hyde Park demand.

• Value Add opportunity by implementing a RUBS System for utilities

• Located blocks from Hyde Park Square

// EXECUTIVE SUMMARY


PROPERTY DESCRIPTION

The 3CRE Team is proud to present the Hyde Park Erie Avenue Apartments for Sale [9 Units].This property has been owned and meticulously maintained for over 23 years! The propertyconsists of Nine [9] 1BR|1BA Units located near the much desirable Hyde Park Square. Theunits range in size with five {5] being around 600 SF & four [4] being around 700 SF. Thetenants are responsible for paying their own electric while the landlord is responsible forheat & water. There is currently no RUBS system in place which could easily be implementedin this sub-market as a value add opportunity. Each unit contains hardwood floors, stoves,refrigerators and dishwashers. There are four garages located in the rear of the buildingwhich currently rent at $100 dollars additional a month. There is a common laundry facility inthe basement of the building along with storage units that the tenants receive as part of theirleases. With the property only being 2 blocks from Hyde Park Square, there is high demandwith from potential tenants.

All offers to be Submitted by July 8, 2019

LOCATION DESCRIPTIONThis property is located in the Cincinnati sub-market of Hyde Park and is located two blocksfrom Hyde Park Square. Hyde Park is one Cincinnati’s oldest Class "A" neighborhoods andwas formed by wealthy businessmen in 1892. Hyde Park is an urban community wherepeople of all ages enjoy the convenience of being centrally located and only minutes fromdowntown. There are numerous high end homes, condominiums, and apartment buildingsthroughout. Hyde Park is also known as a "active" community where residents can be seenwalking, running, and biking to the main square.

Hyde Park Square features excellent specialty shops, local restaurants and cafes as well aspopular pubs. It also has a farmer’s market every Sunday during warmer spring and summermonths. There is also plenty of retail nearby with the Rookwood Commons & RookwoodPavilion boasting national and local brands, restaurants, and hotels.

Hyde Park is conveniently located near all major interstates and highways includingInterstate 71, The Norwood Lateral - which connects you to Interstate 75, and ColumbiaParkway [50] - the gateway to downtown Cincinnati.

// PROPERTY DESCRIPTION


LOCATION INFORMATION

Building Name Hyde Park Apartments for Sale [9 Units]

Street Address 2865-2867 Erie Avenue

City, State, Zip Cincinnati, OH 45208

County Hamilton

Market Cincinnati

Sub-market Hyde park

Signal Intersection No

BUILDING INFORMATION

NOI $68,427.00

Cap Rate 6.22

Occupancy % 100.0%

Tenancy Multiple

Number Of Floors 3

Year Built 1962

Free Standing No

PROPERTY HIGHLIGHTS• Consists of Nine [9] 1BR|1BA Units with historically high occupancy!

• Owned and meticulously maintained for over 23 years!

• Units range in size with five {5] being around 600 SF & four [4] being around 700 SF

• Opportunity to increase rents to compete with Hyde Park demand.

• Value Add opportunity by implementing a RUBS System for utilities

• Located blocks from Hyde Park Square

// COMPLETE HIGHLIGHTS


Living Room #6 Kitchen Area #6 Bedroom #6

Bathroom #6 Living Room #7 Living Room #8

// ADDITIONAL PHOTOS


Kitchen Area #8 Upstairs Hallway. Stairwell

Laundry Room | Storage Area Heating System Laundry Machines



Presented By:




LOCATION INFORMATION// SECTION 2

Confidential Offering Memorandum LOCATION INFORMATION // 10

Cincinnati, OH

// REGIONAL MAP


// LOCATION MAPS




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FINANCIAL ANALYSIS// SECTION 3

Confidential Offering Memorandum FINANCIAL ANALYSIS // 14

INVESTMENT OVERVIEW HYDE PARK APARTMENTS FOR SALE [9 UNITS]

Price $1,100,000Price per Unit $122,222GRM 10.9CAP Rate 6.2%Cash-on-Cash Return (yr 1) 5.37 %Total Return (yr 1) $35,084Debt Coverage Ratio 1.35

OPERATING DATA HYDE PARK APARTMENTS FOR SALE [9 UNITS]

Gross Scheduled Income $101,400Other Income $4,800Total Scheduled Income $101,130Vacancy Cost $0Gross Income $101,130Operating Expenses $32,703Net Operating Income $68,427Pre-Tax Cash Flow $17,721

FINANCING DATA HYDE PARK APARTMENTS FOR SALE [9 UNITS]

Down Payment $330,000Loan Amount $770,000Interest Rate 4.4%Amortization Schedule 25 YearsDebt Service $50,706Debt Service Monthly $4,225Principal Reduction (yr 1) $17,363

// FINANCIAL SUMMARY


INCOME SUMMARY HYDE PARK APARTMENTS FOR SALE [9 UNITS] PER UNIT

Total Gross Income $101,400 $11,266Vacancy [5%] -$5,070 -$563Laundry Income $1,200 $133Garage Income [3] $3,600 $400

Gross Income $101,130 $11,236

EXPENSE SUMMARY HYDE PARK APARTMENTS FOR SALE [9 UNITS] PER UNIT

Property Insurance $1,898 $210Electric | Gas $3,684 $409Water | Sewer $3,649 $405Repairs | Maintenance $5,761 $640Landscaping $1,558 $173Property Taxes $16,153 $1,794

Gross Expenses $32,703 $3,633

Net Operating Income $68,427 $7,603

// INCOME & EXPENSES


UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

LEASESTART

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

1 1 1 600 07/12/2018 $925 $1.54 $975 $1.63

2 1 1 600 08/01/2017 $900 $1.50 $975 $1.63

3 [Garage] 1 1 700 07/15/2017 $1,000 $1.43 $1,025 $1.46

4 1 1 700 04/12/2019 $975 $1.39 $1,025 $1.46

5 1 1 600 06/14/2019 $975 $1.63 $975 $1.63

6 1 1 600 07/15/19 $975 $1.63 $975 $1.63

7 1 1 700 07/01/2018 $925 $1.32 $1,025 $1.46

8 1 1 700 10/15/2017 $875 $1.25 $1,025 $1.46

9 1 1 600 06/01/2019 $900 $1.50 $975 $1.63

Totals/Averages 5,800 $8,450 $1.46 $8,975 $1.55

// RENT ROLL


UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT MARKET RENT/SF

1BR | 1BA 5 55.6 600 $935 $1.56 $975 $1.63

1BR | 1BA 4 44.4 700 $943 $1.35 $1,025 $1.46

Totals/Averages 9 100% 5,800 $8,450 $1.46 $8,975 $1.55

// UNIT MIX SUMMARY


Presented By:




DEMOGRAPHICS// SECTION 4

Confidential Offering Memorandum DEMOGRAPHICS // 19

POPULATION 1 MILE 2 MILES 3 MILES

Total population 17,401 53,524 105,768

Median age 31.9 34.6 35.5

Median age (Male) 31.6 33.9 34.0

Median age (Female) 33.6 36.2 37.6

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES

Total households 8,674 25,554 48,186

# of persons per HH 2.0 2.1 2.2

Average HH income $95,874 $90,607 $74,744

Average house value $336,032 $329,727 $295,516

// DEMOGRAPHICS MAP & REPORT


RACE 1 MILE 2 MILES 3 MILES

Total Population - White 16,013 47,080 80,739

% White 92.0% 88.0% 76.3%

Total Population - Black 658 4,589 21,341

% Black 3.8% 8.6% 20.2%

Total Population - Asian 519 1,032 1,466

% Asian 3.0% 1.9% 1.4%

Total Population - Hawaiian 0 0 46

% Hawaiian 0.0% 0.0% 0.0%

Total Population - American Indian 22 87 155

% American Indian 0.1% 0.2% 0.1%



Total Population - Other 29 251 674

% Other 0.2% 0.5% 0.6%

* Demographic data derived from 2010 US Census



Presented By:




ADVISOR BIOS// SECTION 5

Confidential Offering Memorandum ADVISOR BIOS // 23

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 45242513.490.6881

// ADVISOR BIO 1

Confidential Offering Memorandum ADVISOR BIOS // 24

MICHAEL COSTANTINI

Broker

[email protected]: 513.745.9333 | Cell: 513.383.8413

PROFESSIONAL BACKGROUNDMichael Costantini is an experienced commercial broker specializing in commercial real estate and is a partner in 3CRE Advisors. With over 20 years experience and a track record ofproducing optimal results, Michael has the knowledge, expertise and negotiating skills to get the results his clients desire.

A thorough and results-driven broker, Michael is always attuned to the pulse of the market, using his experience to help clients navigate current market conditions and anticipate futureones. When working with Michael, clients have a proven professional that can deliver results and optimize their commercial real estate investments.

Michael founded 3CRE Advisors with partner Tryfon Christoforou to bring clients a tailored, knowledgeable approach to forming and successfully executing their commercial real estateinvestment strategy. The 3CRE team has completed over a billion dollars of real estate transactions, and their list of retail clients include Scene 75 Entertainment, Walgreens, CVS, Dollarand to name a few. 3CRE also has in-depth expertise in disposition and acquisition of retail assets ranging from 10,000 SF to 384,000 SF.

3CRE has 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 websites, social media platforms, and emailcampaigns.

Michael holds a bachelor’s degree and a master’s degree in business administration from Xavier University. His industry affiliations include the International Council of Shopping Centers(ICSC); the National Association of Realtors (NAR); the Ohio Association of Realtors (OAR); and the Cincinnati and Dayton Board of Realtors.

3CRE ADVISORS7815 Cooper Rd #C

Cincinnati, OH 45242513.490.6881

// ADVISOR BIO 2

Documents

HYDE PARK APARTMENTS FOR SALE [9 UNITS] · 2019-06-17 · 3CRE Advisors 7815 Cooper Rd #C, Cincinnati, OH 45242 513.490.6881 | 3cre.com Presented By: TRYFON CHRISTOFOROU 513.745.9333