THE JEROME - LoopNet · The Jerome is located one block off of N High St. between W Starr Ave & W 2nd St. Less than a 1/4 mile to the west is Rt 315, a major thoroughfare that connects

54 Units | Columbus, OH | Multifamily Property For Sale in the Short North Entertainment District

THE JEROME

TABLE OF CONTENTS

Investment Summary . . . . . . . . . . . . . . . . . 3

Property Description . . . . . . . . . . . . . . . 5

Location Overview. . . . . . . . . . . . . . 19

Apartment Market . . . . . . . . . . . .23

Financial Analysis . . . . . . . . . . 35

OFFERING TERMSProperty is offered on an all-cash basis, assuming the existing Freddie Mac debt.

TOUR DATES• Thursday, June 27, 2019

• Tuesday, July 9, 2019

CALL FOR OFFERS

Due Friday, July 19, 2019

OFFERING PROCESSSend offers via email to:

DON MURPHY [email protected]

ZANE FRY

[email protected]

Offers should be in the form of a Letter of Intent (LOI) and at minimum include: Price, Earnest Money, Due Diligence Time Period, and Closing Period.

CONTACT US

JORDAN MURPHYASSOCIATE+1 513 763 [email protected]

OHIO BROKERAGE TEAM

DON MURPHY, CCIMSENIOR DIRECTOR+1 513 763 [email protected]

ZANE FRYDIRECTOR+1 614 288 [email protected]

201 E FOURTH STREET, SUITE 1800CINCINNATI, OH 45202PHONE: +1 513 421 4884FAX: +1 513 763 1215multifamily.cushwake.com

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1 INVESTMENT SUMMARY

photo spread across two pages

INVESTMENT SUMMARY

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INVESTMENT HIGHLIGHTS

The Cushman & Wakefield Ohio Multifamily Advisory Group is pleased to present the

exclusive listing of the 54-unit The Jerome apartment community. Built in 2017, The

Jerome offers an outstanding opportunity to invest in a recently built, Class ‘A’ asset

in the thriving Short North Entertainment District of Columbus, Ohio.

INVESTMENT OFFERING

54 UNITS

2017 YEAR BUILT

$1.92 AVG MKT RENT/SF

$1,672 AVG MKT RENT

46,971 RENTABLE SF

93% OCCUPANCY

0.6 ACRES

870 AVG UNIT SF

Columbus, OH 1025 DENNISON AVENUE, 43201

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INVESTMENT HIGHLIGHTS

4THRIVING COLUMBUS Columbus is one of the fastest growing and most sought after markets in the Midwest with impressive job growth, surging apartment demand and increasing investor appetite.

5ATTRACTIVE ASSUMABLE FINANCINGInvestor will assume an existing Freddie Mac loan with a fixed interest rate of 4.65% for ten years, which matures on 1/1/2028.

6PROPERTY TAX ABATEMENT The Jerome has received a 15-year property tax abatement for the increased value of the project beginning in 2017.

1PREMIER PRODUCT Newly constructed in 2017, The Jerome offers a best in class market location and a combination of building style, unit features and interior finishes that clearly offer investors an opportunity to raise rents as evidenced by tremendous lease-up.

2UNIQUE LOCATION Located between the Central Business District and Ohio State University, the fast-paced Short North Entertainment District, Italian Village and Victorian Village districts offer a unique combination of walkable living, retail and restaurants.

3SUBURBAN SWAY The Short North Entertainment District market is strategically shielded from supply concerns, and thus rampant concessions, offering investors a diverse and aggressive pursuit from all tranches of the current capital stack.

THE JEROME


Close Proximity to Retailers

670

71

315

23

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87WALK SCORE

N

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87

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7 PROPERTY DESCRIPTION

PROPERTY DESCRIPTION

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PROPERTY SUMMARYNumber of Units 54 Units

Year Built 2017

Stories 4 Stories

Net Rentable Area 46,971 SF

Average Unit Size 870 SF

SITEAddress 1025 Dennison Avenue, Columbus, OH 43201

County Franklin County

Size/Density 0.6 Acres

Location

The Jerome is located one block off of N High St. between W Starr Ave & W 2nd St. Less than a 1/4 mile to the west is Rt 315, a major thoroughfare that connects to I-670, I-70 & I-71. The Jerome is centrally located between The Ohio State University, which is one mile north, and the Columbus CBD, just one mile to the South.

Parking

Garage: 55 spaces

Covered: $125/space

Uncovered: $100/space

Outside Lot: 6 spaces

$75/space

UTILITIESSERVICE/UTILITY SOURCE/COMPANY PAID BY

Electric/Cooking AEP Ohio Resident

Water/Sewer Columbus Water Resident*

Trash Removal City of Columbus Landlord

Cable/Internet & Phone Spectrum Resident

*Water usage is sub-metered

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COMMUNITY AMENITIES• Club Room

• Private Secured Parking Garage

• Sundeck with Outdoor Seating

• Kitchenette for Residents in Club Room

• Outdoor Water/Fire Feature

• State of the Art Door Lock Systems

• Bike Racks

• Columbus Schools

• Controlled Access/Gated

• Covered Parking

• Discount Residential Membership with SnapFitness

• Elevator

• Fob Access

• Beautifully decorated common areas

• Recycling

UNIT BREAKDOWN

STUDIO 1 BD/1 BA 1 BD/1.5 BA 2 BD/2 BASize # Units Size # Units Size # Units Size # Units

549 SF 1 683 SF 1 766 SF 3 969 SF 1

568 SF 2 741 SF 3 782 SF 3 1009 SF 2

570 SF 2 745 SF 2 846 SF 2 1085 SF 2

575 SF 3 750 SF 1 874 SF 2 1108 SF 3

580 SF 2 762 SF 1 941 SF 1 1125 SF 1

598 SF 3 764 SF 2 1182 SF 1

914 SF 3 1214 SF 1

1282 SF 1

1332 SF 1

1335 SF 1

1388 SF 1

1394 SF 1

1531 SF 1

Total # Units 13 13 11 17

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UNIT FEATURES• Air Conditioning

• Balcony

• Cable Ready

• Carpet

• Ceiling Fans

• Dishwasher

• Disposal

• Granite Countertops

• Microwave

• Oven

• Stainless Steel Appliances

• Tub/Shower

• Walk-In Closets

• Washer/Dryer

• Wheelchair Accessible (units)

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LIVING AREA10'-5"X12'-10"

KITCHEN12'-8"X9'-10"

BATHROOM7'-7"X10'-2"

ENTRY

CLOSET7'-7"X4'-1"

LAUNDRY

CLOSETMECH.

JULIET BALCONY

BEDROOM9'-10"X11'-0"

The Jerome

Unit 202Studio - 1 bedroom 1 bath

570 SF

UNIT 202

STUDIO - 1 BEDROOM 1 BATH

570 SF

JULIET BALCONY

BEDROOM9'-10" X 11'0"

LIVING AREA10'5" X 12'10"

CLOSET7'7" X 4'1"

KITCHEN12'8" X 9'10"

BATHROOM7'7" X 10'2"

MECH.ENTRY

CLOSET

Sample Floor Plans

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KITCHEN12'-4"X9'-4"

BATHROOM7'-2"X9'-9"

LAUNDRY

ENTRY

BEDROOM9'-6"X9'-9"

CLOSET

CLOSET4'-7"X5'-5"

MECH.

BALCONY

MECH. PANTRY

LINENCLOSET

The Jerome

Unit 2071 bedroom 1 bath

745 SF



CLOSET5'-2"X6'-9"

BATHROOM3'-3"X9'-9"

BATHROOM6'-7"X6'-8"KITCHEN

12'-4"X9'-5"

BALCONY

LAUNDRY MECH.

ENTRY

CLOSET

MECH.

PANTRY

The Jerome

Unit 2131 bedroom 1-1/2 bath

766 SF

UNIT 207

1 BEDROOM 1 BATH

745 SF

BEDROOM9'6" X 9'9"

CLOSET4'7" X 5'5"

BALCONY

LINENCLOSET

BATHROOM7'2" X 9'9"

KITCHEN12'4" X 9'4"


MECH. PANTRY

ENTRY

CLOSET

MECH.LAUNDRY

BALCONY

UNIT 213

1 BEDROOM 1-1/2 BATH

766 SF


BEDROOM13'-8" X 10'1"

CLOSET5'2" X 6'9"

MECH.LAUNDRY

CLOSET

KITCHEN12'4" X 9'5"

BATHROOM6'1" X 6'8"

BATHROOM3'3" X 9'9"

ENTRYPANTRY

MECH.

Sample Floor Plans

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KITCHEN12'-4"X9'-5"

BALCONYBEDROOM10'-9"X12'-8"

CLOSET

BATHROOM7'-3"X5'-4"

CLOSET5'-9"x5-11"

LAUNDRYBEDROOM

12'-5"X12'-6"

CLOSET

ENTRY

DINING AREA9'-3"X12'-5"

MECH.PANTRY

MECH.

BATHROOM6'-5"X6'-8"

The Jerome


1009 SF

UNIT 203

2 BEDROOM 2 BATH

1009 SF

BEDROOM10'9" X 12'8"

MECH. BALCONY


DINING AREA9'3" X 12'5"

BATHROOM6'5" X 6'8"

CLOSET5'9" X 5'11"

CLOSET

ENTRY

KITCHEN12'4" X 9'5"

LAUNDRYBEDROOM

12'5" X 12'6"

BATHROOM7'3" X 5'4"

PANTRY MECH.CLOSET

Sample Floor Plans

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KITCHEN12'-8"X9'-4"

BEDROOM11'-9"X15'-10"

BATHROOM9'-3"X9'-9"

LAUNDRY /MECH.6'-7"X9'-9"

ENTRY

CLOSET5'-1"x7'-7"

BALCONY


CLOSET

BATHROOM8'-5"X6'-8"

DINING AREA8'-6"X15'-0"

MECH.PANTRY

CLOSET5'-1"x9'-8"

LINENCLOSET

The Jerome


1335 SF

UNIT 503

2 BEDROOM 2 BATH

1335 SF

BEDROOM11'9" X 15'10"

BEDROOM11'8" X 11'6"

CLOSET5'1" X 9'8"

CLOSET5'1" X 7'7"

LINEN CLOSET

BATHROOM9'3" X 9'9"

BATHROOM8'5" X 6'8"

MECH.

LAUNDRY/MECH6'7" X 9'9"

CLOSET

ENTRY

KITCHEN12'8" X 9'4"


DINING AREA8'6" X 15'0"

BALCONY

Sample Floor Plans

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LOCATION OVERVIEW

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MARKET OVERVIEW

• Home of 15 Fortune 1,000 Companies, 4 of which are among the top 500

• 46% of the US Population, 48% of Headquarter Operations and 46% of manufacturing capacity are within a 10 hour drive

• Population of 2 Million with a growth rate of 1.1%

• #13 large metro area for job creation according to Gallup reports

• Top 5 Tax climate in the US according to EY, KPMG

• #1 Metro in the US for Global 500 Headquarters according to Columbus 2020

• Greatest Market access of any US Metro according to Three Scale Research

• Top 10 most affordable US Headquarters location according to Site Selection

• Ranked #18 in Top 20 CMBS Markets for Growth and Investment

• One of 52 places to go this year by the New York Times

Population - 2018 2,148,328

Unemployment Rate (Nov 2018) 3.7%

Cost of Living Index 90.4

Annual Growth Rate 1.1%

Key Industries: Professional and Business Services, Education and Health, Leisure and Hospitality

COLUMBUSby the numbers

AWARDS AND ACCOLADES

Columbus is experiencing one of the most active office and residential renaissances in the country. Centrally located in the center of Ohio as its State Capital, the Greater Columbus region continues to evolve into one of the nation’s most well-balanced and stable cities. The region is succeeding and growing on every level and consistently ranks among the nation’s best places to live, work, raise a family and earn a quality education.

Key attributes of the Columbus area include:

• Vibrant Urban Core – One of the most active office and residential renaissances in the country and the 2nd fastest growing metro area in the Midwest. It also has the 8th highest millennial concentration in the U.S.

• Significant Investment – Since 2006, more than $2 billion has been invested in downtown Columbus development.

• Superior Workforce – Columbus boasts a creative, professional and educated workforce and is home to internationally recognized educational institutions such as The Ohio State University.

• Dynamic Business Center – Headquarters of four Fortune 500 companies, fifteen Fortune 1,000 companies and national/regional headquarters to numerous other major companies, such as Cardinal Health, Wendy's, Nationwide Insurance, and L Brands.

• Diversified Economy – Columbus enjoys a very diversified economy with no industry accounting for more than 18% of employment.

• Attractiveness – With its topography of open fields, lakes and rivers, nationally recognized historic districts, and a plethora of architecturally significant downtown buildings, Columbus is well known as one of the country's most beautiful cities.

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A Thriving, Dynamic Business Environment

Columbus, Ohio is home to 4 Fortune 500 Companies and 15 Fortune 1,000 Companies. Overall, it has been ranked as one of the top 10 best big cities in the country, the No. 7 best place in the country to operate a business and No. 4 for most business-friendly in the country. Columbus, Ohio has a Triple A credit rating from all rating agencies.

As one of the key economies in the Midwest, the Columbus Region is the location for the corporate headquarters of many companies, including the L Brands, Nationwide and Wendy’s. The Columbus Region's share of employment is higher than the national average in several industries, such as insurance, business services and financial services, office and administrative support, IT, apparel, retail, distribution and manufacturing.

Home to Market-Leading Brands

Being the state capitol of Ohio provides for a strong base of public jobs and institutions with large local economic impact and employment. Below are several large public and healthcare employers in the Columbus area:

• The Ohio State University – 28,710 employees

• State of Ohio – 23,692 employees

• OhioHealth – 19,652 employees

• Mt. Carmel Health Systems – 8,362 employees

• Nationwide Children’s Hospital – 8,243 employees

• Columbus City Schools – 8,195 employees

Corporations, drawn to the area due to the quality of life and business friendly environment, are continually looking to Columbus as the ideal location to either relocate headquarters or to transfer additional employees here, like J.P. Morgan Chase and Nationwide Insurance, from other higher cost locations in the country. Additionally, over 100,000 young professionals graduating from area universities and colleges joining the workforce each year provides local

corporations with an excellent talent pool for business.

GREATER COLUMBUS FORTUNE 500 HEADQUARTERS

Company Rank Revenues (In Billions) Description

Cardinal Health 16 $136.8Largest supplier of medical equipment and pharmaceuticals

Nationwide Insurance

73 $43.2One of the nation's largest insurance companies

American Electric Power

192 $16.2Public utility holding company providing electric service

L Brands 241 $13.2 Formerly Limited Brands specialty retailer of Women's Apparel

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The Short North Entertainment District

The Short North Arts District is the most vibrant spot in the City of Columbus and is home to over 300 exciting businesses, the majority of which are locally owned or headquartered. It has received numerous national accolades, is considered a model for urban revitalization, and is known as the art and soul of Columbus.

• Arts and Galleries – The plethora of businesses showcasing every type of artist include both traditional art galleries as well as restaurants and boutique shops. The painters, photographers, sculptors, musicians, and actors who share their considerable gifts with the District enrich everyday experiences and monthly Gallery Hops alike and prove why the Short North Arts District is known as the city’s “art and soul.”

• Eat and Drink – Get immersed in the District’s culinary culture at one of the many innovative restaurants, craft breweries, or artisan cafés, featuring everything from local fare to international cuisine. Whether it’s fine dining or a dive bar, take a bite out of the Short North Arts District.

• Business and Service – In addition to a thriving food and arts culture, the Short North Arts District has all manner of personal and business services, from salons and spas, to insurance and real estate agents, to design and consulting firms. No matter the need, one of the dedicated service businesses in the District is sure to please.

• Lodging and Hotels – Book a suite at a boutique hotel for a pampered experience, enjoy all the amenities of a luxury hotel, or reserve an intimate room in a bed & breakfast to get acquainted with Short North Arts District’s history and character. The District’s lodging options will feel like home away from home for vacationing visitors and locals alike.


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SHORT NORTH ENTERTAINMENT DISTRICT BY THE NUMBERS

96 PLACES TO EAT & DRINK 78 PLACES

TO SHOP 114 SERVICES & SALONS 25 ART, GALLERY &

EXHIBITION SPACES

17 COMMUNITY GROUPS 19 LODGING

& HOTELS 325 TOTAL BUSINESSES 700 PROPERTY

OWNERS

4,371,000 SQUARE FEET OF RESIDENTIAL & COMMERCIAL BUILDING SPACE 4,000,000+ ANNUAL

VISITORS

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27 APARTMENT MARKET

APARTMENT MARKET

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29 APARTMENT MARKET

RENT COMPARABLES SUMMARY

RENT COMPARABLESPROPERTY # UNITS YEAR BUILT OCCUPANCY AVG. SF MKT. RENT EFF. RENT* EFF. RENT/SF

The Jerome 54 2017 95% 870 $1,672 $1,672 $1.92

1 Aston Place Apartments 59 2014 99% 910 $1,533 $1,678 $1.86

2 Greystone Court 75 1920 94% 578 $985 $978 $1.39

3 Brunner Building 33 2018 96% 1,100 $2,341 $2,441 $2.18

4 The Wood Co. Building 24 2012 97% 1,173 $2,239 $2,223 $1.90

5 The Hub 76 2013 95% 1,173 $1,857 $1,846 $1.60

6 985 N High Street 105 2018 77% 924 $2,179 $2,179 $2.36

1

4

2

3

5

6

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UNIT TYPE # UNITS SF LOW SF HIGH RENT LOW RENT HIGH

STUDIO 13 549 598 $1,099 $1,285

1BD-1BA 13 683 914 $1,299 $1,799

1BD-1.5BA 11 766 941 $1,450 $1,699

2BD-2BA 17 969 1531 $1,899 $2,999

TOTAL / AVG 54 742 996 1,437$ 1,946$

UNIT MIX

STUDIO,24%

1 BR, 44%

2 BR, 32%

UNIT MIX BREAKDOWN

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COMMUNITY AMENITIES

• Bicycle Storage • Business Center • Clubhouse • Controlled Access • Elevator • Gated • Grill • Property Manager on Site • Recycling • Sundeck • Video Patrol

UNIT FEATURES • Air Conditioning • Balcony • Cable Ready • Carpet • Ceiling Fans • Dishwasher • Disposal • Granite Countertops • Heating • Kitchen • Microwave • Oven • Patio • Range • Refrigerator • Stainless Steel Appliances • Tub/Shower • Walk-In Closets • Washer/Dryer • Wheelchair Accessible

(Rooms)

1025 Dennison Ave. Columbus, OH 43201 Franklin County Total Units: 54 Year Built: 2017 GBA (SF): 45,900 Occupancy: 95%

UTILITIES

TYPE PAID BY

Electric Tenant

Water and Sewer Landlord

Natural Gas Tenant

Trash Removal Landlord

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31 APARTMENT MARKET

UNIT TYPE # UNITS SIZE (SF) MKT. RENT EFF. RENT EFF. RENT/SF

1BR-1BA 13 734 $1,237 $1,232 $1.68

1BR-1BA 2 737 $150 $1,499 $2.03

1BR-1BA 3 785 $1,621 $1,614 $2.06

1BR-1BA 8 805 $1,641 $1,634 $2.03

1BR-1BA 6 850 $1,653 $1,646 $1.94

2BR-2BA 15 988 $1,795 $1,790 $1.81

2BR-2BA 10 1,000 $1,737 $1,732 $1.73

2BR-2BA 1 1,060 $1,856 $1,851 $1.75

2BR-2BA 1 1,227 $2,109 $2,103 $1.71

TOTAL / AVG 59 910 $1,533 $1,678 $1.86

UNIT MIX

1 BR,54%

2 BR, 46%

UNIT MIX BREAKDOWN

1. Aston Place Apartments

COMMUNITY AMENITIES

• 24 Hour Access • Bicycle Storage • Business Center • Conference Rooms • Controlled Access • Courtyard • Elevator • Fitness Center • Gameroom • Grill • Recycling • Roof Terrace

UNIT FEATURES • Air Conditioning • Balcony • Dishwasher • Disposal • Double Vanities • Granite Countertops • Hardwood Floors • Heating • Ice Maker • Island Kitchen • Kitchen • Microwave • Oven • Range • Refrigerator • Stainless Steel Appliances • Tub/Shower • Vaulted Ceiling • Walk-In Closets • Washer/Dryer • Wheelchair Accessible

(Rooms) • Yard

111 W 3rd Ave. Columbus, OH 43201 Franklin County Total Units: 59 Year Built: 2014 GBA (SF): 87,624 Occupancy: 99%

UTILITIES

TYPE PAID BY

Electric Tenant


Natural Gas Tenant


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0BR-1BA 20 517 $741 $735 $1.42

1BR-1BA 15 - $1,084 $1,077 -

1BR-1BA 15 868 $1,084 $1,077 $1.24

2BR-1BA 10 686 $1,000 $994 $1.45

2BR-1BA 10 699 $1,000 $993 $1.42

2BR-1BA 5 700 $1,000 $993 $1.42

TOTAL / AVG 75 578 $985 $978 $1.39

UNIT MIX

Studio,27%

1 BR, 40%

2 BR, 33%

UNIT MIX BREAKDOWN

2. Greystone Court

COMMUNITY AMENITIES

• Courtyard • Laundry Facilities • Secured Access

UNIT FEATURES • Air Conditioning • Ceiling Fans • Crown Molding • Hardwood Floors • Kitchen • Range • Refrigerator • Tub/Shower

815 N High Street Columbus, OH 43215 Franklin County Total Units: 75 Year Built: 1920 GBA (SF): 55,304 Occupancy: 94% UTILITIES

TYPE PAID BY

Electric Tenant


Natural Gas Tenant


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1BR-1BA 2 900 $1,750 $1,732 $1.92

1BR-1BA 4 913 $1,895 $1,876 $2.05

1BR-1BA 6 924 $1,783 $1,765 $1.91

1BR-1.5BA 12 876 $1,832 $1,813 $2.07

2BR-2BA 4 1,230 $1,673 $2,646 $2.15

2BR-2BA 1 1,288 $2,650 $2,623 $2.04

2BR-2BA 3 1,324 $2,948 $2,918 $2.20

2BR-2BA 1 1,346 $4,200 $4,157 $3.09

TOTAL / AVG 33 1,100 $2,341 $2,441 $2.18

UNIT MIX

1 BR,73%

2 BR, 27%

UNIT MIX BREAKDOWN

3. Brunner Building

COMMUNITY AMENITIES

• Elevator • Gas Range • Grill • Roof Terrace • Security System

UNIT FEATURES • Fireplace • Hardwood Floors • Range • Refrigerator • Stainless Steel Appliances • Walk-In Closets

936 N High St. Columbus, OH 43201 Franklin County Total Units: 33 Year Built: 2018 GBA (SF): 16,000 Occupancy: 96%

UTILITIES

TYPE PAID BY

Electric Tenant


Natural Gas Tenant


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1BR-1BA 17 901 $1,755 $1,750 $1.94

2BR-2BA 7 1,444 $2,723 $2,696 $1.87

TOTAL / AVG 24 1,173 $2,239 $2,223 $1.90

UNIT MIX

1 BR,70%

2 BR, 30%

UNIT MIX BREAKDOWN

4. The Wood Co. Building

COMMUNITY AMENITIES

• Built-in Rooftop Grill • Elevator Service • Garage Parking • Historic Grand Lobby • Kingsley Bate Rooftop Sunning

Chaises • New Build • Pet Friendly • Reflective Pool and Fountain • Rooftop Experience • Secure Key-fob Entrance • Trash Chute

UNIT FEATURES • Air Conditioning • Balcony • Bay Window • Dishwasher • Granite Countertops • Hardwood Floors • Range • Refrigerator • Tub/Shower • Washer/Dryer Hookup • Wheelchair Accessible

(Rooms)

937-951 N High St Columbus, OH 43201 Franklin County Total Units: 24 Year Built: 2012 GBA (SF): 46,000 Occupancy: 97%

UTILITIES

TYPE PAID BY

Electric Tenant


Natural Gas Tenant


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35 APARTMENT MARKET


1BR-1BA 7 748 $1,590 $1,583 $2.12

1BR-1.5BA 8 851 $1,295 $1,289 $1.51

1BR-1.5BA 8 966 $1,595 $1,588 $1.64

1BR-1.5BA 8 1,100 $1,725 $1,718 $1.56

2BR-2BA 8 1,161 $1,850 $1,837 $1.58

2BR-2BA 6 1,197 $1,950 $1,937 $1.62

2BR-2.5BA 14 1,160 $1,725 $1,713 $1.48

2BR-2.5BA 6 1,239 $2,045 $2,031 $1.64

2BR-2.5BA 6 1,632 $1,895 $1,882 $1.15

2BR-2.5BA 5 1,671 $2,900 $2,880 $1.72

TOTAL / AVG 76 1,173 $1,857 $1,846 $1.60

UNIT MIX

1 BR,41%

2 BR, 59%

UNIT MIX BREAKDOWN

5. The Hub

COMMUNITY AMENITIES

• Controlled Access• Courtyard• Elevator• Furnished Units Available • Health Club Discount• Laundry Facilities• Lounge• Maintenance on site• Package Service • Property Manager on Site• Storage Space

UNIT FEATURES • Air Conditioning• Cable Ready• Carpet• Den• Dining Room• Dishwasher • Disposal• Hardwood Floors• Heating• High Speed Internet Access • Kitchen• Microwave • Range• Skylights• Tub/Shower • Walk-In Closets• Washer/Dryer• Washer/Dryer Hookup• Window Coverings

14-20 E Hubbard Ave.Columbus, OH 43215Franklin County

Total Units: 76 Year Built: 2013 GBA (SF): 109,350 Occupancy: 95%

UTILITIES

TYPE PAID BY

Electric Tenant


Natural Gas Tenant


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Studio 25 571 $1,246 $1,246 $2.18

1BR-1BA 20 733 $1,795 $1,795 $2.45

1BR-1BA 20 785 $1,496 $1,496 $1.91

2BR-2BA 40 1,309 $2,795 $2,795 $2.14

TOTAL / AVG 105 850 $1,833 $1,833 $2.17

UNIT MIX

Studio,24%

1 BR, 38%

2 BR, 38%

UNIT MIX BREAKDOWN

6. 985 N High St

COMMUNITY AMENITIES

• Group Exercise • Availability 24 Hours • Bike Racks • Club Discount • Controlled Access/Gated • Covered Parking • Elevator • Fitness Center • Garage • High Speed Internet • On-Site Maintenance • On-Site Management • Package Receiving • Recycling • Sundeck • Security and Fob Access for

each floor • Virtual Concierge and Guest

Entry System

UNIT FEATURES • Ceiling Fan • Window Coverings • Air Conditioner • Dishwasher • Disposal • Efficient Appliances • Electronic Thermostat • Extra Storage • Hardwood Floors • High Ceilings • Double Sided Closet • Microwave • Patio/Balcony • Refrigerator • View • Washer/Dryer • Granite Countertops • Stainless steel appliances • Outlets with USB ports for

easy charging • Smart in-home features

985 N High St. Columbus, OH 43201 Franklin County Total Units: 105 Year Built: 2018 GBA (SF): 198,000 Occupancy: 77%

UTILITIES

TYPE PAID BY

Electric Tenant


Natural Gas Tenant


THE JEROME

37 FINANCIAL ANALYSIS

FINANCIAL ANALYSIS

CUSHMAN & WAKEFIELD

THE JEROME

38

THE JEROME


The Jerome1025 Dennison Ave.Columbus, OH 43201Franklin County

Year Built: 2017Number of Units: 54 Property Type: Low-riseApproximate Rentable Area: 46,971 SFBuildings: 1 BuildingStories: 5 StoriesSite Size: 0.60 AcresDensity: 90.30 Units/AcreZoning: Multi-familyOccupancy (As of: 5/9/2019): 93%Management: Borror

UNIT MIX AND RENTAL RATESUNIT TYPE # OF UNITS SIZE SQ. FT. TOTAL SQ. FT. MARKET RENT RENT/SQ. FT. MONTHLY RENT

Studio 13 577 7,504 $1,206 $2.09 $15,6821 BR 24 800 19,203 $1,513 $1.89 $36,3122 BR 17 1,192 20,264 $2,252 $1.89 $38,285

TOTALS/AVERAGES 54 870 46,971 $1,672 $1.92 $90,279

UTILITIESPROVIDERAEP Ohio

Columbus WaterCity of Columbus

COMMENTS

TYPEElectric

Water and SewerTrash Removal

PAID BYTenant

LandlordLandlord

CUSHMAN & WAKEFIELD

THE JEROME

40

INCOME TOTAL % GPR PER UNIT PER MONTH TOTAL % GPR PER UNIT PER MONTHGross Potential Revenue 1 $1,089,676 $20,179 $90,806 $1,083,348 $20,062 $90,279

Loss-to-Lease 2 0 0.00% 0 0 (2,708) 0.25% (50) (226)Concessions 3 (11,510) 1.06% (213) (959) 0 0.00% 0 0Credit Loss 4 0 0.00% 0 0 0 0.00% 0 0Vacancy 5 (68,674) 6.30% (1,272) (5,723) (54,167) 5.00% (1,003) (4,514)

Effective Gross Revenue $1,009,493 92.64% $18,694 $84,124 $1,026,472 94.75% $19,009 $85,539Garage & Parking Income 6 53,644 -4.92% 993 4,470 53,730 -4.96% 995 4,478Pet Income 7 9,858 -0.90% 183 821 9,990 -0.92% 185 833Other Income 8 62,278 5.72% 1,153 5,190 62,100 5.73% 1,150 5,175

Total Operating Revenue $1,135,272 104.18% $21,024 $94,606 $1,152,292 106.36% $21,339 $96,024

EXPENSESCondo Dues 9 $13,928 $258 $1,161 $14,040 $260 $1,170Repairs & Maintenance 10 47,011 871 3,918 47,250 875 3,938Salaries and Wages 11 2,149 40 179 2,160 40 180Utilities 12

Electric a 24,354 451 2,029 24,360 451 2,030Water and Sewer b 11,839 219 987 11,826 219 986Trash Removal c 6,248 116 521 6,240 116 520

General and Administrative 13 45,076 835 3,756 44,820 830 3,735Marketing 14 37,703 698 3,142 8,400 156 700Property Management Fee 15 56,781 5.62% 1,051 4,732 51,324 5.00% 950 4,277Real Estate Taxes 16 20,828 386 1,736 20,844 386 1,737Property Insurance 17 14,909 276 1,242 14,904 276 1,242

Total Operating Expenses $280,824 $5,200 $23,402 $246,168 $4,559 $20,514

Net Operating Income before Reserves $854,448 $906,125Capital Reserves 18 13,500 250 1,125 13,500 250 1,125

NET OPERATING INCOME $840,948 $15,573 $70,079 $892,625 $16,530 $74,385

CUSHMAN & WAKEFIELDPROFORMA

MARCH 2019 T-12 ACTUALS

THE JEROME


1 Gross Potential Revenue

2 Loss-to-Lease

3 Concessions

4 Credit Loss

5 Vacancies

6 Parking & Garage Income

7 Pet Income

8 Other Income

9 Condo Dues

10 Repairs and Maintenance

11 Salaries and Wages

The Gross Potential Revenue is based upon the current market rents as providedby management.

The proforma assumes leasing concessions equivalent to 0.0% of Gross PotentialRevenue.

The proforma assumes a delinquency rate of 0.00% to account for alluncollected rent.

The proforma assumes a 5% vacancy. This level is consistent with the property'shistorical performance.

The $995 per unit figure in the proforma includes all income collectedassociated with the parking lot and garage.

The $1150 per unit figure in the proforma includes all other income collected;including late fees, damages, key fees, etc.

The $875 per unit expense figure in the proforma covers all turnover charges, aswell as supplies for general preventative maintenance, etc.

The $40 per unit expense figure in the proforma covers bonuses andcommissions.

Loss-to-Lease is assumed to be 0.25% of the Gross Potential Revenue.

The $185 per unit figure in the proforma includes all income collectedassociated with pet; including both the pet fee and monthly charges.

The $260 per unit figure in the proforma for the condo association. The CondoAssociation includes the building next door.

12 Utilities

13 General and Administrative

14 Marketing

15 Property Management Fee

16 Real Estate Taxes

17 Property Insurance

18 Capital Reserves

The Property Management Fee is a percentage of the Total EGI. Thepercentage range is between 3% and 5% for most properties, depending on itsage, condition, and location. The proforma assumes a 5.0% Management Fee.

Proforma real estate taxes amount of $386 per unit covers property taxes.

Proforma insurance amount of $276 per unit covers casualty and propertyinsurance.

The $250 per unit is based on the market average given the condition of theproperty. This figure represents the lowest capital reserve amount that a lenderis willing to accept in the current marketplace.

The General and Administrative expense is based upon $830 per unit. This figurecovers all office expenses, including computers and internet, as well as anymiscellaneous charges.

The proforma Marketing expense of $700 per month is what is expected from anew owner.

a) Electric: The proforma sets the monthly electrical expense at $2,030. Tenantsare responsible for their own electricity, therefore the electrical expense willcover common areas and parking areas.b) Water and Sewer: The proforma sets the monthly water and sewer expense at$18.25 per unit per month. c) Trash Removal: The monthly expense of $520 covers the monthly rubbishremoval.

CUSHMAN & WAKEFIELD

THE JEROME

42

ASSUMABLE FREDDIE MAC LOANSERVICED BY KEYBANK REAL ESTATE CAPITAL

Principal Balance $11,800,000

Fixed Interest Rate 4.65%

First Installment Due Date Interest Only February 1, 2018

First P & I Installment Due Date February 1, 2023

Maturity Date January 1, 2028

Prepayment Premium Period Ends October 1, 2027

JEROME KEY FINANCING TERMS

CONFIDENTIALITY STATEMENTThis Offering Memorandum (OM) was prepared by Cushman & Wakefield (Broker) and has been reviewed by the Owner. The OM is confidential, furnished solely for the purpose of considering the acquisition of the Property described herein, and is not to be used for any other purpose or made available to any other person without the express written consent of Broker. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

The information contained herein has been obtained from sources deemed reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Owner or Broker or any related entity as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the building(s) or located at the land site, including but not limited to lead-based products (for compliance with “Target Housing” regulation for multifamily housing constructed prior to 1978), asbestos, etc.

The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any purchaser unless a written agreement for the purchase of the Property has been delivered, approved, and fully executed by the Owner, and any conditions to the Owner’s obligations thereunder have been satisfied or waived. Broker is not authorized to make any representations or agreements on behalf of the Owner. Broker represents the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters. The depiction of any persons, entities, signs, logos, or properties (other than Broker’s client and the Property) is incidental only and not intended to connote any affiliation, connection, association, sponsorship, or approval by or between that which is incidentally depicted and Broker or its client.

This OM is the property of Cushman & Wakefield and may be used only by parties approved in writing by Broker. The information is privately offered and, by accepting this OM, the party in possession hereon agrees (i) to return it to Cushman & Wakefield immediately upon request of Broker or the Owner and (ii) that this OM and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this OM may be copied or otherwise reproduced and/or disclosed to anyone without the written authorization of Broker and Owner. The terms and conditions set forth above apply to this OM in its entirety.

©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.

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Documents

THE JEROME - LoopNet · The Jerome is located one block off of N High St. between W Starr Ave & W 2nd St. Less than a 1/4 mile to the west is Rt 315, a major thoroughfare that connects