tryfon christoforou mulberry street …...mulberry street apartments - 631 mulberry street,...

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

Presented By:

TRYFON [email protected]

BRIAN [email protected]

MICHAEL [email protected]

631 MULBERRY STREET, CINCINNATI, OH 45215

MULBERRY STREET APARTMENTS// MULTIFAMILY PROPERTY FOR SALE

Confidential Offering Memorandum // 2

PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 12

DEMOGRAPHICS 17

ADVISOR BIOS 21

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:




MULBERRY STREET APARTMENTS - 631 MULBERRY STREET, CINCINNATI, OH 45215

PROPERTY INFORMATION// SECTION 1

Confidential Offering Memorandum PROPERTY INFORMATION // 4

OFFERING SUMMARY

Sale Price: $399,000

Number Of Units: 9

Cap Rate: 8.22%

NOI: $32,810

Lot Size: 0.17 Acres

Year Built: 1953

Building Size: 6,912 SF

Renovated: 2017

Zoning: 401 - APARTMENT, 4-19

UNITS

Market: Cincinnati

Submarket: Lockland

Price / SF: $57.73

The 3CRE team is proud to present the Mulberry Street Apartments. This property consists of nine units comprised of seven 1BR/1BA, and two 4BR/2BA. The property is currently 100% occupied. Each Unit is separately metered while the landlord pays water andheat. All of the Nine units have been completely remodeled within the past 18 months which includes new kitchens, bathrooms,flooring, and appliances. The roof and gutters were replaced in 2018. The electric panels along with the plumbing were alsoupdated. The building is Section 8 approved. There is coin laundry equipment and income that is owned by the landlord. There is anopportunity to raise rents on all the units and bring them to market in order to create a Value Add Opportunity.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Nine (9) Totals Unit comprised of seven (7) 1BR/1BA, and two (2) 4BR/2BA

• Units have all been updated with new Kitchens, Appliances, Flooring, and Bathrooms!

• Roof and Gutters were replaced in 2018!

• Building is Section 8 Approved! [CMHA]

• Value add opportunity by raising all units to market rents.

// EXECUTIVE SUMMARY


PROPERTY DESCRIPTION

The 3CRE team is proud to present the Mulberry Street Apartments. This property consistsof nine units comprised of seven 1BR/1BA, and two 4BR/2BA. The property is currently100% occupied. Each Unit is separately metered while the landlord pays water and heat. Allof the Nine units have been completely remodeled within the past 18 months which includesnew kitchens, bathrooms, flooring, and appliances. The roof and gutters were replaced in2018. The electric panels along with the plumbing were also updated. The building is Section8 approved. There is coin laundry equipment and income that is owned by the landlord.There is an opportunity to raise rents on all the units and bring them to market in order tocreate a Value Add Opportunity.

LOCATION DESCRIPTION

The property is located in the Cincinnati sub-market of Lockland. Lockland offers charming,modest homes and a sense of a hometown community. Lockland’s central location alongI-75 provides quick access to I-71, I-74 and I-275 and is one of its greatest business andindustrial assets. Driving time to downtown Cincinnati is around 15 minutes. This propertysits on Mulberry which is a quiet street with many residential homes as well as a churchacross the street. Nine new homes have been built around this complex on Mulberry Streetwith many more set to be built.

// PROPERTY DESCRIPTION


// ADDITIONAL PHOTOS


Presented By:





LOCATION INFORMATION// SECTION 2

Confidential Offering Memorandum LOCATION INFORMATION // 9

Cincinnati, OH

// REGIONAL MAP


// LOCATION MAPS


// AERIAL MAPS


Presented By:





FINANCIAL ANALYSIS// SECTION 3

Confidential Offering Memorandum FINANCIAL ANALYSIS // 13

INVESTMENT OVERVIEW MULBERRY STREET APARTMENTS

Price $399,000Price per Unit $44,333GRM 6.0CAP Rate 8.2%Cash-on-Cash Return (yr 1) 14.43 %Total Return (yr 1) $18,590Debt Coverage Ratio 1.54

OPERATING DATA MULBERRY STREET APARTMENTS

Gross Scheduled Income $66,108Total Scheduled Income $64,062Gross Income $64,062Operating Expenses $31,252Net Operating Income $32,810Pre-Tax Cash Flow $11,519

FINANCING DATA MULBERRY STREET APARTMENTS

Down Payment $79,800Loan Amount $319,200Interest Rate 4.5%Amortization Schedule 25 YearsDebt Service $21,291Debt Service Monthly $1,774Principal Reduction (yr 1) $7,071

// FINANCIAL SUMMARY


INCOME SUMMARY MULBERRY STREET APARTMENTS PER UNIT

Total Gross Income $66,108 $7,345Vacancy [5%] -$3,305 -$367Laundry Income $1,259 $139

Gross Income $64,062 $7,118

EXPENSE SUMMARY MULBERRY STREET APARTMENTS PER UNIT

Electric | Gas $7,451 $827Water | Sewer $4,480 $497Trash $924 $102Property Insurance $2,640 $293Property Taxes $5,599 $622Property Management (8%) $5,079 $564Property Maintenance (8%) $5,079 $564

Gross Expenses $31,252 $3,472

Net Operating Income $32,810 $3,645

// INCOME & EXPENSES


UNITNUMBER

UNITBED

UNITBATH TOTAL RENT

LEASESTART

CMHA RENTSPORTION

TENANT CONTRIBUTIONPORTION

1 1 1 505 06/01/2016 $0 $505

2 1 1 550 11/01/2017 $415 $135

3/4 4 2 595 08/01/2009 $595 $0

5 1 1 564 04/06/2018 $564 $0

6 1 1 530 08/14/2017 $394 $136

7 1 1 550 10/30/2017 $550 $0

8 1 1 685 06/14/2018 $428 $257

9 1 1 630 01/01/2017 $409 $221

10 4 2 900 $900

Totals/Averages 5,509 $4,255 $1,254

// RENT ROLL


UNIT TYPE COUNT % TOTAL RENT MARKET RENT MARKET RENT/SF

1BR | 1BA 7 77.8 $573

4BR | 2BA 2 22.2 $747 $950

Totals/Averages 9 100% $5,505 $1,900

// UNIT MIX SUMMARY


Presented By:





DEMOGRAPHICS// SECTION 4

Confidential Offering Memorandum DEMOGRAPHICS // 18

POPULATION 1 MILE 3 MILES 5 MILES

Total population 10,494 67,244 200,318

Median age 36.3 39.7 38.0

Median age (Male) 35.9 37.2 35.9

Median age (Female) 35.5 41.1 39.8

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 4,084 27,870 82,829

# of persons per HH 2.6 2.4 2.4

Average HH income $63,965 $67,938 $62,584

Average house value $107,131 $169,929 $171,523

// DEMOGRAPHICS MAP & REPORT


RACE 1 MILE 3 MILES 5 MILES

Total Population - White 6,380 41,190 120,977

% White 60.8% 61.3% 60.4%

Total Population - Black 3,525 23,014 68,499

% Black 33.6% 34.2% 34.2%

Total Population - Asian 272 1,290 3,436

% Asian 2.6% 1.9% 1.7%

Total Population - Hawaiian 73 114 309

% Hawaiian 0.7% 0.2% 0.2%

Total Population - American Indian 0 23 181

% American Indian 0.0% 0.0% 0.1%



Total Population - Other 31 220 2,610

% Other 0.3% 0.3% 1.3%

* Demographic data derived from 2010 US Census



Presented By:





ADVISOR BIOS// SECTION 5

Confidential Offering Memorandum ADVISOR BIOS // 22

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 // 23

BRIAN COYLE

Advisor

[email protected]: 513.745.9333 | Cell: 203.918.3944

PROFESSIONAL BACKGROUNDBrian Coyle is an advisor with 3CRE who specializes in multifamily assets. His unrivaled hustle, drive, and persistence have made him a pivotal part of a multifamily team responsible forover $100million dollars in sales. However, it’s his dedication and appreciation for customer relations that have made him an indispensable asset to 3CRE at such a young age.

Originally from Darien, Connecticut, he made his way to Cincinnati by way of Xavier University, where he is currently a stellar senior majoring in Marketing and Entrepreneurship. Hisstudies, as well as his life experience (he grew up in a circle of successful East Coast real estate developers) have equipped him with the knowledge and skills to locate, facilitate, and closehigh-value commercial real estate deals with confidence far beyond his years.

His specialties include helping investors with the process of acquiring and selling multifamily investments. When he isn’t at work helping investors close commercial deals, he enjoys,golfing, boating, and fishing on the Gulf Coast.

3CRE ADVISORS7815 Cooper Rd #C

Cincinnati, OH 45242513.490.6881

// ADVISOR BIO 2

tryfon christoforou mulberry street …...mulberry street apartments - 631 mulberry street,...

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