offering memorandum hartwell apartments · 2018-03-23 · kw commercial 3505 columbia parkway...

KW COMMERCIAL

3505 Columbia Parkway

Cincinnati, OH 45226JENNIFER DONATHANSenior Investment Advisor0 [email protected] #2004004706

Hartwell Apartments

OFFERING MEMORANDUM

PRESENTED BY:

CINCINNATI, OH

OFFERING MEMORANDUM

www.kwcommercial.com 2

KW COMMERCIAL

3505 Columbia Parkway

Cincinnati, OH 45226

Confidentiality & Disclaimer

JENNIFER DONATHANSenior Investment Advisor0 [email protected] #2004004706

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whetherwritten 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 theseand other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for aparty 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 inspectionsand investigations including through appropriate third party independent professionals selected by such party. All financial data should beverified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. KW Commercial 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 orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by theparty with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complieswith applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by Keller Williams Advisor's Realty in compliance with allapplicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty orrepresentation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, orwithdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

CINCINNATI, OH

http://www.kwcommercial.com


PROPERTY INFORMATION

1 | PROPERTY INFORMATION

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

PROPERTY DETAILS

RETAILER MAP

1PROPERTY INFORMATION

HARTWELL APARTMENTS

HARTWELL APARTMENTS

PROPOSAL FOR COMMERCIAL SERVICES

OFFERING MEMORANDUM


Executive Summary

HARTWELL APARTMENTS 1 | PROPERTY INFORMATION

PROPERTY OVERVIEWJennifer M. Donathan of KW Commercial is pleased to present forsale a value add multi-family portfolio. 8309 Burns Avenue is part ofthe portfolio and consists of 4 of the 24 units. The property is madeup of two (2) bed/1 bath units and two (1) bed/1 bath units.Theproperty is 100% occupied and tenants pay for heat and waterthrough the RUBS system. There are some capital improvementsincluding new kitchens, newer hot water tank, newer windows andupdated electric. The property also features hardwood floors, longterm tenants, 4 car garage with newer insulated garage doors andopeners. All wall a/c units also have a heating feature allowing theowner to turn off the boiler in early April.

PROPERTY FEATURESMUST BE PURCHASED WITH PORTFOLIO

Tenants Pay For Heat & Water Through RUBS System

100% Occupied

Long Terms Tenants

Several Capital Improvements

SALE PRICE: Part Of Portfolio

UNITS: 4

NOI: $11,461

LOT SIZE: 0.16 Acres

BUILDING SIZE: 2,992 SF

YEAR BUILT: 1951

ZONING: Multi-family

MARKET: Southwest Ohio

SUB MARKET: Hartwell - Cincinnati

CROSS STREETS: E. Galbraith Road



PROPERTY OVERVIEWJennifer M. Donathan of KW Commercial is pleased topresent for sale a value add multi-family portfolio. 8309Burns Avenue is part of the portfolio and consists of 4 of the24 units. The property is made up of two (2) bed/1 bath unitsand two (1) bed/1 bath units.The property is 100% occupiedand tenants pay for heat and water through the RUBSsystem. There are some capital improvements including newkitchens, newer hot water tank, newer windows and updatedelectric. The property also features hardwood floors, longterm tenants, 4 car garage with newer insulated garagedoors and openers. All wall a/c units also have a heatingfeature allowing the owner to turn off the boiler in early April.

LOCATION OVERVIEWLocated in Hartwell only a couple doors down from 70 & 74E. Galbraith Road.

Property Description




Property Details



PROPERTY NAME: Hartwell Apartments

STREET ADDRESS: 8309 Burns Avenue

CITY, STATE, ZIP: Cincinnati, OH 45216

APN: 245-0006-0171-00

LOT SIZE: 0.16 AC

BUILDING SIZE: 2,992 SF

BUILDING CLASS: C

ZONING: Multi-family

PARKING SPACES: 4

YEAR BUILT: 1951

NUMBER OF STORIES: 2

FOUNDATION: Poured Concrete

NUMBER OF UNITS: 4


Portfolio Map




LOCATION INFORMATION

2 | LOCATION INFORMATION

REGIONAL MAP

LOCATION MAPS

AERIAL MAP

2LOCATION INFORMATION

HARTWELL APARTMENTS

HARTWELL APARTMENTS


OFFERING MEMORANDUM

8309 Burns Avenue

Regional Map

HARTWELL APARTMENTS 2 | LOCATION INFORMATION




Location Maps



Aerial Map




FINANCIAL ANALYSIS

3 | FINANCIAL ANALYSIS

INCOME & EXPENSES

UNIT MIX SUMMARY

3FINANCIAL ANALYSIS

HARTWELL APARTMENTS

HARTWELL APARTMENTS


OFFERING MEMORANDUM

INCOME SUMMARY 2017 ACTUALS PER SF

Rental Income $15,634 $5.23

Late Fees $100 $0.03

Misc Income $240 $0.08

Water & Sewer RUBS $1,664 $0.56

Gas RUBS $1,216 $0.41

GROSS INCOME $18,854 $6.30

EXPENSE SUMMARY 2017 ACTUALS PER SF

Water & Sewer $1,711 $0.57

Gas/Electric $1,802 $0.60

Property Tax $3,400 $1.14

Insurance $480 $0.16

GROSS EXPENSES $7,393 $2.47

NET OPERATING INCOME $11,461 $3.83

Income & Expenses

HARTWELL APARTMENTS 3 | FINANCIAL ANALYSIS



Unit Mix Summary

HARTWELL APARTMENTS 3 | FINANCIAL ANALYSIS

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

2 bed / 1 bath 2 50.0 750 $500 $0.67

1 bed / 1 bath 2 50.0 650 $400 $0.62

Totals / Averages 4 100% 2,800 $1,800 $0.64



DEMOGRAPHICS

4 | DEMOGRAPHICS

DEMOGRAPHICS MAP

4DEMOGRAPHICS

HARTWELL APARTMENTS

HARTWELL APARTMENTS


OFFERING MEMORANDUM


* Demographic data derived from 2010 US Census

Demographics Map

HARTWELL APARTMENTS 4 | DEMOGRAPHICS

ETHNICITY 1 MILE 3 MILES 5 MILES

% HISPANIC 4.7% 2.8% 2.4%

RACE 1 MILE 3 MILES 5 MILES

% WHITE 66.3% 53.5% 56.9%

% BLACK 28.4% 42.3% 38.7%

% ASIAN 1.8% 1.3% 1.4%

% HAWAIIAN 0.2% 0.2% 0.1%

% INDIAN 0.0% 0.1% 0.1%

% OTHER 0.8% 0.4% 0.7%

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 10,503 82,326 233,417

MEDIAN AGE 37.4 38.8 36.9

MEDIAN AGE (MALE) 34.6 36.8 34.9

MEDIAN AGE (FEMALE) 39.3 39.9 38.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 4,568 34,062 97,256

# OF PERSONS PER HH 2.3 2.4 2.4

AVERAGE HH INCOME $58,553 $59,595 $59,745

AVERAGE HOUSE VALUE $112,729 $147,410 $171,534


offering memorandum hartwell apartments · 2018-03-23 · kw commercial 3505 columbia parkway...

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