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Exclusive Offer: Investment Opportunity

70 Unit Apartment Community for Sale17 East North Street, 123 Gahl Terrace, 134 Bonnell Ave.

Reading, Ohio 45241

Exclusively Offered by:Jim Reckers, CCIM

Equity Commercial Real Estate 455 Delta Ave. Suite #200

Cincinnati, Ohio 45226513-265-1700 (Direct)

Equity Inc. – Columbus | Cincinnati | Dayton | Tampa | Orlando | SW Florida | Austin | San Antonio | SE Florida

Property photo(edge to edge – overlapping banners above and below)

$3,750,000 ~ Cap Rate 7.9%

The information submitted is not guaranteed. Although obtained from reliable sources, it is subject to errors, omissions, prior sale and may be withdrawn from the market without notice.

North Street ApartmentsFOR SALE

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Section 1 …………….. Executive Summary

Section 2 …………….. Property Description & Investment w/ Interior Photos

Section 3 …………….. Superior Location - Business & Economic Climate

Section 4 …………….. Traffic Counts

Section 5 …………….. Drive Times

Section 6 …………….. Analytics

Section 7 …………….. Summary Pro Forma

Section 8 …………….. Building Area Rent Comparison | Tenant Mix(Rent Roll available with signed Confidentiality Agreement ~ pg. 20)

Section 9 …………….. Sold Comps

Section 10 …………… Comprehensive Overview

Section 11 …………… Confidentiality Agreement

Jim Reckers, CCIMEquity 455 Delta Avenue, Suite 200Cincinnati, Ohio 45226513-265-1700 (Direct)


Table of Contents

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The North Street Apartments

17 E. North Street, 123 Gahl Terrace, 124 Bonnell Ave.Reading, Ohio 45241

Equity, Inc. is pleased to offer this 70 Unit 45,000 +/- square foot, very well located apartmentCommunity, Real Estate Investment.

Location – The North Street Apartments are strategically located in the heart of Hamilton County,in the North Central Cincinnati, SMSA. The community of Reading is a stable area of goodemployment and educational demographics. Reading is one of the most successful sub-markets ofgreater Cincinnati. It boasts a strong mix of solid manufacturing companies such as the GeneralElectric Jet Engine plant and the Ford Transmission plant close by. There are several new, industrialand retail developments in the immediate area. This wonderful city is home to more than 10,400people and is served by Cincinnati’s best highway arteries. Located just off of the I-75 corridor, thearea is also served by the Ronald Reagan highway. The areas businesses continue to prosperbecause of their central location, exceptional access to other markets as well as all theopportunities the region offers. The area boasts a low, long term 5%, apartment vacancy rate.

Property Highlights – The North Street Apartments were built in 1964 through 1967 and haveapproximately 45,000 square foot of living space as well as the hallways and common areas.Each 10 unit building has common area laundry facilities, as well as one storage unit perapartment. The On-site building manager provides 24 hour emergency maintenance and helps toprovide flawless around the clock building operations. The tenant mix is a diverse group of qualityworking class tenants.

Access - The property is quietly located 1 mile from Interstate I-75 and the Ronald ReaganHighways, just off of Reading Road. Metro Bus service is practically at the door, with service toseveral new and well established restaurants , convenience stores and strip centers, as well as thecentral business district and downtown areas. The buildings location could be ideal for monumentsignage and offers advertising opportunities.

Jim Reckers, CCIMEquity 455 Delta Avenue, Suite 200Cincinnati, Ohio 45226513-265-1700 (Direct))



Executive Summary


Property Aerial Photo Here



Property Description & Investment

PROPERTY DESCRIPTION

• This seventy unit apartment community is just 3

minutes (approx. 1 mile) from I-75 and 1.5 Miles to

the Ronald Reagan Highway

• Located in a stable area with good Demographics,

this investment property has great Up-side

Potential.

• The rents can be raised.

• Apartments in the area are in high demand with a

5% vacancy rate.

• Ample On-Site Parking

• Several new construction sites in the area.

• Major employers in the area include General

Electric jet engine plant and Ford transmission

plant.

• The central location is convenient to all of the north

Cincinnati suburbs as well as the downtown area.


Property Interior

West Chester, Local Economy

Superior Location ~Business and Economic

Climate


Hundreds of companies choose to do business in Reading Ohio and be a part of the community’s diverse andsustainable local economy. This north central Hamilton County location is surrounded by up-scale developmentand high-end growth. The apartment absorption rate of 92 apartments per year outstrips the supply pipelineleading to low vacancy rates of nearly 5%. The area rental rates are substantially higher than the North StreetApartments; at more than $100 per apartment for 1, 2 and 3 bedrooms. (see page #19). The subject apartmentsare priced well below the average of $62,254 per unit. (see the sold property average, pg. #15). The North StreetApartments are priced to be an excellent investment opportunity with substantial up-side value add possibilities.The apartments may easily be split up and sold as a 50 unit and a 20 unit investment.



Traffic Counts




5 – 10 – 15 Minute Drive Time




Analytics




Summary Pro Forma

This investment opportunity is exclusively offered by EquityInc, a licensed real estate broker. All information containedherein is deemed to be from reliable sources. Interestedinvestors should independently verify information and relyon their own investment advice from qualified professionalsin making decisions regarding this investment.

Exclusive Offer & Advisory


Description: 70 unit apartment Community, 7 – Ten Unit apartment Buildings

Address: 13 E. North Street, 123 Gahl Terrace, & 124 Bonnell Ave. Reading Ohio 45241

Parcel Numbers: 671-0003-0061-00, 671-0003-0105-00, & 671-0003-0132-00 (respectively)

Total Square Footage: 45,000 +/- square feet

Year Built: 1967 (Recently Renovated)

Acreage: 2.2 +/- Acres

Parking: Ample

Signage: Available

Access: Direct access from North Street

Construction Type: Brick

Age of Roof: Newer

Roof Type: Asphalt Shingles

Financial: Additional Financial information available upon receipt of a Confidentiality Agreement

Cap Rate: 7.9%



Summary Pro Forma




North Street

Pro Forma 2018

Income Monthly Annual Net

Scheduled Rent $38,655.00 $495,933.00

5% vacancy (average) ($24,797.00)

$471,136.00

Other Income

Late Fees, Pet Fees $8,810.00

Laundry $7,105.00

$15,915.00

$487,051.00

Expenses

Office

Supplies $680.00

Legal $1,710.00

Mgt on Site $17,000.00

$19,390.00

Taxes

State $670.00

County $43,380.00

$44,050.00

Insurance $14,933.00

Repairs & Maint

Janitorial $5,435.00

Pest Control $3,230.00

Turn overs $25,648.00

Routine Maintainance $15,500.00

$49,813.00

Utilities

Electric-Vacant $2,100.00

Water $34,888.00

Gas & Electric $23,850.00

$60,838.00

Total Expenses $189,024.00

Net Income $298,027.00

Tenant Mix




TENANT MIX / UPSIDE POTENTIAL

• The North Street Apartments consist of Seven, Ten Unit Buildings. • Each Building contains:• Three – One Bedroom Apartments • Six – Two Bedroom Apartments• One – Three Bedroom Towne House Apartment • TOTALS:• 21- One Bedroom Apartments• 42 - Two Bedroom Apartments • 7 - Three Bedroom Apartments• 70 total Apartments• Total of 45,000+/- rentable Square feet not including hallways, common areas, laundry and tenant storage areas.

UPSIDE POTENTIAL:

• As the apartments are renovated and re-rented, the rental rate increases substantially.• One Bedroom Apartments rent from $450 to $555

• Area rent as high as $655• Two Bedroom Apartments rent from $500 to $650

• Area rent as high as $865• Three Bedroom Apartments rent from $795 to $1100

• Area rent as high as $1100

Sold Comps




Sold Comps (cont.)




Sales Pricing




Overview




Vacancy




Vacancy (cont.)




Rent




2 Bedroom

Rental Rate

$865

Confidentiality Agreement

Confidentiality, Registration, and Buyer Broker Agreement

Regarding the proposed purchase “Proposed Purchase” of the North Street Courtyard Apartments located at: 17 E. North Street, 124 Bonell Ave., and 123 Gahl Terrace, Cincinnati, Ohio 45215 45014 (“Property”), by the assignor (“Owner”) to the proposed purchaser (“Proposed Purchaser”), Equity Inc. (“Broker”), the exclusive sale listing agent will, upon execution of this agreement, make available to the Proposed Purchaser certain information (“Confidential Information”) concerning the Property. Buyer Broker represents that it has been exclusively authorized to negotiate the above-referenced Proposed Purchase on Proposed Purchaser’s behalf and, if requested, Buyer Broker shall submit appropriate documentation of such authorization satisfactory to Broker and/or Owner. The persons signing on behalf of Buyer Broker and Proposed Purchaser represent that they have the authority to bind the party for whom they sign. Buyer Broker and Proposed Purchaser acknowledge and agree that all information which Buyer Broker and Proposed Purchaser shall receive in connection with the Property and the proposed purchase shall be confidential, and Buyer Broker and Proposed Purchaser shall not disclose such information to any party (other than Proposed Purchaser) without Owner’s or Broker’s prior written consent. All Confidential Information concerning the Property delivered to Buyer Broker or Proposed Purchaser shall remain the property of the Owner and shall be returned to Broker or destroyed upon request. Photocopying or reproduction of such material is prohibited. If Buyer and Proposed Purchaser are a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this agreement on its behalf will take all appropriate precautions to limit the dissemination of the Confidential Information only to those persons within the entity who have need to know of the Confidential Information and who are specifically aware of the agreement and agree to honor it. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property and it shall not, at any time or in any manner, be used for any other purpose. Buyer Broker and Proposed Purchaser shall not contact directly any persons concerning the Property without Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers, and tenants. The property is occupied and discretion must be used to not reveal to the tenants, that the property is for sale. This agreement shall be governed and construed in accordance with the laws of the State of Ohio. Please sign below to acknowledge that you have received and read the above information and agree to the terms of the agreement thereto. Agreed: PROPOSED PURCHASER: BUYER BROKER (if applicable): By: By: Print Name: Print Name: Title: Title: Date: Date: Address: Address: Phone: Phone: Fax: Fax: E-mail: E-mail:

Email Jim Reckers: [email protected]

Equity Inc.

455 Delta Ave. Suite #200 Cincinnati, Ohio 45226

(513) 336.8765 www.equity.net

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