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FOR SALE

7576 Old Peppers Ferry Loop, Fairlawn, VA 24141

The Fairlawn Apartments

600 5th Street, Radford, VA 24141

The Georgetown Apartments

Waldvogel Commercial Properties, Inc.800 Professional Arts Building

30 Franklin Road, SWRoanoke, VA 24011

(540) 342-0800

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Waldvogel)Commercial)Properties)is)pleased)to)offer)for)sale)this)29)unit)multifamily)investment)opportunity)located)in)Radford,)Virginia,)which)is)part)of)the)BlacksburgAChristiansburgARadford)MSA)that)contains)both)Radford)University)as)well)as)Virginia)Tech)University,)the)second)largest)public)university)in)the)state. The)offering)is)comprised)of)two)apartment)communities,)a)12Aunit)two)bedroom/one)&)a)half)bath)townhouse)style)building)and)a)17)unit)building)with)15)one)bedroom/one)bath)units)and)2)two)bedroom/one)bath)units. Both)communities)are)situated)in)close)proximity)to)Radford)University)and)appeal)to)a)variety)of)tenants,)including)students,)professionals,)and)families.

Investors)will)appreciate)the)opportunity)to)acquire)stable,)high)occupancy)properties)with)upside)available)through)gradual)increases)in)rents. Radford)has)experienced)steady)growth)in)recent)years)due)largely)to)strategic)partnerships)forged)by)Radford)University. In)2018,)it)was)announced)that)Radford)would)merge)with)the)Jefferson)College)of)Health)Sciences)in)Roanoke,)which)is)expected)to)double)the)number)of)nursing)students)within)the)next)five)years. In)November)2019,)Governor)Ralph)Northam)announced)the)Radford)University)would)receive)$17.3)in)funding)over)the)next)20)years)as)part)of)a)statewide)initiative)known)as)the)Tech)Talent)Investment)Program,)which)is)slated)to)add)400)additional)graduates)in)emerging)tech)fields. Continued)expansion)of)the)university)has)fueled)numerous)privateAmarket)economic)development)projects)in)the)area,)which)should)continue)to)increase)tourism)and)add)to)local)lifestyle)amenities.

Jason Fountain, CCIM

540.354.6456Virginia Licensed Salesperson

Clay Taylor, CCIM

804.819.9948Virginia Licensed Salesperson

Matthew Zimmerman

540.759.1884Virginia Licensed Salesperson

Multifamily Investment Opportunity

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Area MapBlacksburgVirginia Tech – 34,400 students

Roanoke2010 MSA Population – 300,399

RadfordRadford University – 9,400 students

Christiansburg: 2010 Population - 21,041

Welcome to the New River Valley

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The$Blacksburg/Christiansburg/Radford$Metropolitan$Statistical$Area$is$located$in$the$New$River$Valley$of$Southwest$Virginia.$As$of$the$2010$census,$the$MSA$had$a$population$of$162,958.$ The$MSA$is$dominated$by$the$presence$of$Virginia$Tech$and$Radford$University.$The$area,$known$as$the$New$River$Valley$(or$NRV),$has$experienced$tremendous$growth$in$the$last$twenty$years$and$continues$to$be$among$the$fastest$growing$areas$in$Virginia.$It$is$bordered$by$the$Allegheny$Mountains$to$the$North$and$the$Blue$Ridge$Mountains$to$the$South,$with$the$New$River$flowing$through$the$valley$itself.$The$central$communities$in$the$area$consist$of$two$towns$and$one$city;$state$law$draws$a$sharp$distinction$between$cities,$which$are$completely$separate$from$counties,$and$towns,$which$are$contained$within$counties.$Blacksburg,$the$larger$of$the$towns,$is$home$to$Virginia$Tech,$while$Radford,$the$only$city$in$the$group,$is$home$to$Radford$University.$Christiansburg,$a$town$which$lies$between$Blacksburg$and$Radford$in$both$population$and$geographic$location,$is$home$to$a$branch$of$the$New$River$Community$College$as$well$as$hundreds$of$stores$and$restaurants$and$a$historic$downtown.

Radford$University$is$located$in$the$Virginia$Highlands$between$the$Blue$Ridge$and$Allegheny$mountains$at$a$double$bend$in$the$New$River.$ According$to$a$2016$economic$impact$study,$Radford$University$contributed$in$excess$of$$313$million$to$the$regional$economy$(New$River$and$Roanoke$valleys)$and$a$total$of$$475.2$million,$supporting$an$estimated$total$of$4,176$jobs,$when$combined$with$the$induced$impact$of$alumni$in$the$region.

Radford University in the News

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• Radford University Foundation has teamed up with JLL to building a hotel conference center, which will include 125 rooms, a conference center, a rooftop restaurant, and on-site parking. The hotel, which will be located at the intersection of Tyler Avenue and Calhoun Street, will be constructed on land owned by the Radford University Foundation. The hotel project is slated for completion by 2023 with an estimated cost of $20 million to $25 million

• Radford plans a new riverfront campus with an amphitheater, a restaurant along the New River, a zip-line, a boardwalk, and access to the river for experiential learning and outdoor recreation. Additionally, the university is planning a revamped bridge design, and a new traffic pattern will be constructed along University Drive. The riverfront development will be completed in stages over the next five years with an estimated cost of $10 million as part of a public-private partnership.

• Governor Ralph Northam announced the creation of the Tech Talent Investment Program (TTIP), a statewide workforce initiative that will poise Radford University as a lead institution in producing graduates prepared to fill the emerging tech talent pipeline. Through the TTIP, Radford University is expected to receive approximately $17.3 million in funding over the next 20 years to produce nearly 400 additional graduates beyond current degree production.

• Radford University and Carilion Clinic’s Jefferson College of Health Sciences expect that an upcoming merger will lead to doubling the number of nursing students within five years. Jefferson is on target to become part of Radford by the fall semester. The schools announced in January 2018 that they planned to merge. Carilion also partnered with Virginia Tech a decade ago to create a medical school in Roanoke. The Virginia Tech Carilion School of Medicine this year became a college of Tech.

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Property Location Overview

600 5th Street

7576 Old Peppers Ferry Loop

Wildwood ParkRadford High School

Demographics at a Glance

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600 5th Street

1 Mile Ring

7576 Old Peppers Ferry Loop

1 Mile Ring

Fairlawn Apartments:Property Description

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This brick apartment community consists of fifteen 1BR/1BA units and two 2BR/1BA units housed in several low rise brick and cinderblock buildings with plenty of off street parking. The property has been well maintained under current ownership with many recent upgrades including vinyl replacement windows, exterior painting and facade improvements, and new french-drain style drainage system. The metal pitched roofs were replaced in 2004.

Investors will appreciate the opportunity to acquire a stable, high occupancy property with upside available through gradual increases in rents. Currently, the property operates with baseboard electric heat and window A/C units for cooling. Electric service is separated and paid by the tenants. Owner pays trash and water & sewer, which are on public utility service.

The property is located along a commercial arterial and is surrounded buy national retail and restaurants in Fairlawn, Virginia, which is a bedroom community of Radford, Virginia. Radford University is less than 3.5 miles from the subject property.

Fairlawn Apartments:Financial Pro Forma

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7576$Old$Peppers$Ferry$Loop Total$Rent Unit$Type 7576$Old$Peppers$Ferry$Loop Total$Rent Unit$TypeUnit$1 475.00$''''''''''' 1BR/1BA Unit$1 550.00$'''''''''' 1BR/1BAUnit$2 495.00$''''''''''' 1BR/1BA Unit$2 550.00$'''''''''' 1BR/1BAUnit$3 525.00$''''''''''' 1BR/1BA Unit$3 550.00$'''''''''' 1BR/1BAUnit$4 495.00$''''''''''' 1BR/1BA Unit$4 550.00$'''''''''' 1BR/1BAUnit$5 575.00$''''''''''' 1BR/1BA Unit$5 550.00$'''''''''' 1BR/1BAUnit$6 495.00$''''''''''' 1BR/1BA Unit$6 550.00$'''''''''' 1BR/1BAUnit$7 550.00$''''''''''' 1BR/1BA Unit$7 550.00$'''''''''' 1BR/1BAUnit$8 525.00$''''''''''' 1BR/1BA Unit$8 550.00$'''''''''' 1BR/1BAUnit$9 525.00$''''''''''' 1BR/1BA Unit$9 550.00$'''''''''' 1BR/1BAUnit$10 475.00$''''''''''' 1BR/1BA Unit$10 550.00$'''''''''' 1BR/1BAUnit$11 500.00$''''''''''' 1BR/1BA Unit$11 550.00$'''''''''' 1BR/1BAUnit$12 525.00$''''''''''' 1BR/1BA Unit$12 550.00$'''''''''' 1BR/1BAUnit$13 535.00$''''''''''' 1BR/1BA Unit$13 550.00$'''''''''' 1BR/1BAUnit$14 495.00$''''''''''' 1BR/1BA Unit$14 550.00$'''''''''' 1BR/1BAUnit$15 487.00$''''''''''' 1BR/1BA Unit$15 550.00$'''''''''' 1BR/1BAUnit$16 495.00$''''''''''' 2BR/1BA Unit$16 625.00$'''''''''' 2BR/1BAUnit$17 510.00$''''''''''' 2BR/1BA Unit$17 625.00$'''''''''' 2BR/1BA

Monthly$Total 8,682$''''''''''''' Monthly$Total 9,500$''''''''''''

Annual$Potential$Rental$Income 104,184.00$'''' Annual$Potential$Rental$Income 114,000.00$'''

Vacancy$Rate 5.00% Vacancy$Rate 5.00%Vacancy$Losss (5,209.20)$'''''' Vacancy$Losss (5,700.00)$'''''

Adjusted$Gross$Income 98,974.80$'''''' Adjusted$Gross$Income 108,300.00$'''

%$AGI %$AGI2018'RE'Taxes (3,215.00)$'''''' <3.25% 2018'RE'Taxes (3,215.00)$''''' <2.97%2018'Insurance (3,063.00)$'''''' <3.09% 2018'Insurance (3,063.00)$''''' <2.83%Management'(8%) (7,917.98)$'''''' <8.00% Management'(8%) (8,664.00)$''''' <8.00%Operating'Maintenance/Repairs'(10%) (9,897.48)$'''''' <10.00% Operating'Maintenance/Repairs'(10%) (10,830.00)$''' <10.00%2018'Water/Sewer (6,222.55)$'''''' <6.29% 2018'Water/Sewer (6,222.55)$''''' <5.75%2018'Gas/Electric (1,655.00)$'''''' <1.67% 2018'Gas/Electric (1,655.00)$''''' <1.53%2018'Exterminating (1,660.00)$'''''' <1.68% 2018'Exterminating (1,660.00)$''''' <1.53%Landscaping/Snow'Removal'(Budget) (2,400.00)$'''''' <2.42% Landscaping/Snow'Removal'(Budget) (2,400.00)$''''' <2.22%

Total$Operating$Expenses (36,031.01)$'''' <36.40% Total$Operating$Expenses (37,709.55)$''' <34.82%

Net$Operating$Income 62,943.79$'''''' 63.60% Net$Operating$Income 70,590.45$''''' 65.18%

Asking$Price 865,000.00$

Implied$Cap$Rate 7.28%

Fairlawn$Apartments:$Cash$Flow$Pro$Forma

Operating$Expenses

AS$IS$(Rent$Roll$11/5/19) UPSIDE

Operating$Expenses

Georgetown Apartments:Property Description

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This elegant, two-story brick townhouse style apartment community is situated in a quiet residential neighborhood on a .95 acre lot less than 2.5 miles from Radford University with over 9,400 students. The building contains twelve 2BR/1.5 bath units and is fully rented to a mix of students, professionals, and families.

The property has been well maintained under current ownership with many recent upgrades including newer insulation in the crawl space, commercial guttering, and ductless mini-split HVAC systems on each of the two end units. The other units operate with baseboard electric heat and window A/C units for cooling. Electric service is separated for each unit. Owner pays trash and water & sewer, which are on public utility service. Each unit features a private patio & storage shed with insulated, hinged patio doors. In unit laundry hook ups available.