LYRIC APARTMENTS - LoopNet€¦ · - Upgraded Northern Lights Park & Ride - Public artwork adorns...

SVN | WILSON COMMERCIAL GROUP, LLC | EASTON TOWN CENTER, 4200 REGENT STREET, SUITE 200, COLUMBUS , OH 43219 OFFERING MEMORANDUM

LYRICAPARTMENTS3742 CLEVELAND AVE.COLUMBUS, OH 43224

Michael [email protected]

Kristen AsmanSenior [email protected]

Property SummaryProperty PhotosAdditional PhotosColumbus_Slide.pdfCleveland Ave Bus RouteSMART CITY WINNERLocation MapsRetailer MapRent_Roll-11.pdfFinancial SummarySale Comps SummaryRent CompsDemographics MapAdvisor Bio & Contact 1Advisor Bio & Contact 2Back Page

OFFERING MEMORANDUMLYRIC APARTMENTS | 3742 CLEVELAND AVE., COLUMBUS, OH 43224

OFFERING SUMMARY

Sale Price: $1,150,000

Number Of Units: 29

2018 Projected NOI: $95,098

Lot Size: 1.37 Acres

Year Built: 1958

Building Size: 15,484 SF

Renovated: 2018

Price / Unit: $38,448

A well maintained and updated apartment complex. Nice upside available for new owner. All 1 bedroom,ranch style, brick buildings with separate entrances and basements. Tenants pay all utilities.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• 8.6% Cap. Rate trend for 2018 via new water bill back program

• Around $18,000 annual upside for new owner when units brought to market rents

• Large capital improvements

• Property management in place

• Located on new $48 Million CMAX Rapid Bus Transit Route

• Over 125,000 population within a 3 mile radius

• Over 17,000 vehicles per day

Property Summary

LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | All SVN® offices are independently owned and operated.


Property Photos


Additional Photos

ColumbusLeadingtheway

PROPERTY LOCATED ON NEW CMAX BUS ROUTE

- $48.6M investment including $37.5M in federal funds

- Limited stops to facilitate faster service

- Averaging 15 minute commute to downtown during rush hour

- All new CMAX bus stations

- New Northland Transit Center

- Upgraded Northern Lights Park & Ride

- Public artwork adorns stations

- LCD real-time bus information screens


CMAX Bus Rapid Transit

SMART CITY GRANT WINNER• Sole winner of the U.S. Department of Transportation's SMART

Cities Challenge.

• $50 Million Grant which has attracted over $500 Millioninvestments from the private sector

• Subject property in the path of focus area which includes thethe North Linden market and Cleveland Avenue corridor

PROGRAM GOALS• Drive Economic Growth

• Improve quality of life through transportation technology

• Assisting the most vulnerable populations

• Foster Sustainability and Improve Safety


SMART CITY WINNER


Location Maps


Retailer Map

Recurring

Unit Tenants Lease Start Lease End Bed/Bath Rent Non-rent Credits Total Deposits Held Balance Due

L y r ic A p ar tm en tsL y r ic A p ar tm en ts

2142 Bonnetta Harris

8/1/2015 7/31/2018 1 Bed/1 Bath 500.00 0.00 0.00 500.00 450.00 (447.46)

2144 Valerie Perez-Cruz

9/14/2017 8/31/2018 1 Bed/1 Bath 500.00 0.00 0.00 500.00 500.00 (1.49)

2146 Gloria Robinson

3/1/2018 2/28/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 525.00 136.12

2148 Kenneth Perry 2/28/2018 2/28/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 500.00 95.33

2150 Celester Walker

2/1/2015 2/28/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 450.00 191.63

2177 A Seandez Davis

8/14/2017 7/31/2018 1 Bed/1 Bath 500.00 0.00 0.00 500.00 500.00 (0.94)

2177 B Janada Jernigan

2/1/2016 5/31/2019 1 Bed/1 Bath 550.00 0.00 0.00 550.00 500.00 (200.20)

2177 C Damion Ray 8/1/2017 7/31/2018 1 Bed/1 Bath 500.00 0.00 0.00 500.00 500.00 608.80

2177 D Doshia Gore 3/20/2018 2/28/2019 1 Bed/1 Bath 550.00 0.00 0.00 550.00 550.00 (0.33)

2177 E Sherry Peoples

2/12/2018 1/31/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 525.00 999.51

2177 F Robert Mosley

8/1/2014 7/31/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 450.00 115.91

2177 G Christina Beres

7/14/2017 at-will 1 Bed/1 Bath 500.00 0.00 0.00 500.00 500.00 0.00

2177 H VACANT 1 Bed/1 Bath 0.00 0.00 0.00 0.00 0.00 0.00

2177 I Sadiq Mbecah 11/15/2017 10/31/2018 1 Bed/1 Bath 525.00 0.00 0.00 525.00 525.00 (1.78)

2177 J Brenda Heine(sec 8, $117)

11/6/2013 12/31/2018 1 Bed/1 Bath 325.00 0.00 0.00 325.00 335.00 97.27

Rent RollAs of 7/9/2018, LYRIC PROPERTIES LLC, Current leases, All units

Abbeyhill Realty & Management, LLC691 East Dublin Granville RoadColumbus, OH 43229614-554-0158

Generated 07/09/2018 15:39:59 Page 1 of 3

Michael Rodriguez

Michael Rodriguez

2177 K Kevin Williams

7/13/2017 at-will 1 Bed/1 Bath 500.00 0.00 0.00 500.00 500.00 0.00

2177 L Leticia Thurman

8/21/2017 7/31/2018 1 Bed/1 Bath 500.00 0.00 0.00 500.00 500.00 0.00

3734 A Joy & Jeremy Moore

3/1/2017 1/31/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 500.00 102.65

3734 B Tyrone Smith 11/1/2014 12/31/2019 1 Bed/1 Bath 500.00 0.00 0.00 500.00 450.00 (49.66)

3734 C Kimberly King 7/1/2018 6/30/2019 1 Bed/1 Bath 550.00 0.00 0.00 550.00 550.00 0.00

3734 D Donald Buckley

1/1/2015 12/31/2018 1 Bed/1 Bath 500.00 0.00 0.00 500.00 0.00 (18.38)

3734 E Quandell Collins

1/22/2018 12/31/2018 1 Bed/1 Bath 550.00 0.00 0.00 550.00 550.00 0.00

3734 F Thomasina Jordan

5/21/2018 4/30/2019 1 Bed/1 Bath 550.00 0.00 0.00 550.00 550.00 (0.21)

3742 A Quinetta Taylor

12/1/2017 10/31/2018 1 Bed/1 Bath 525.00 0.00 0.00 525.00 550.00 116.46

3742 B Joshua Webb 7/8/2015 7/31/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 450.00 117.18

3742 C Deborah Valentine

6/11/2015 at-will 1 Bed/1 Bath 525.00 0.00 0.00 525.00 450.00 (0.24)

3742 D Kayshwnda Cummings

12/18/2017 11/30/2018 1 Bed/1 Bath 525.00 0.00 0.00 525.00 525.00 (3.85)

3742 E Lashana Swanson

4/1/2017 3/31/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 500.00 (0.27)

3742 F Toni Tyler 3/1/2018 2/28/2019 1 Bed/1 Bath 525.00 0.00 0.00 525.00 500.00 363.23

Total for Lyric ApartmentsTotal for Lyric Apartments $14,400.00$14,400.00 $0.00$0.00 $0.00$0.00 $14,400.00$14,400.00 $13,385.00$13,385.00 $2,219.28$2,219.28

Recurring

Unit Tenants Lease Start Lease End Bed/Bath Rent Non-rent Credits Total Deposits Held Balance Due




Michael Rodriguez

Grand totalsGrand totalsAmount

Market rent $14,500.00

Recurring rent $14,400.00

Recurring non-rent $0.00

Recurring credits $0.00

Deposits held $13,385.00

Balance due $2,219.28

Summary by bed/bath Occupancy Square Feet Market Rent

Bed/Bath No. of Units Vacant Occupied % Occupied Total Average Total Average Avg./Sq.Ft.

1 Bed/1 Bath 29 1 28 96.55% 14,500.00 500.00

Totals andTotals andaveragesaverages

2929 11 2828 96.55%96.55% $14,500.00$14,500.00 $500.00$500.00

Summary by property Occupancy Square Feet Market Rent

Property No. of Units Vacant Occupied % Occupied Total Average Total Average Avg./Sq.Ft.

LyricApartments

29 1 28 96.55% 14,500.00 500.00

Totals andTotals andaveragesaverages

2929 11 2828 96.55%96.55% $14,500.00$14,500.00 $500.00$500.00





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INVESTMENT OVERVIEW 2018 PROJECTED OPERATING STATEMENT

Price $1,150,000Price per Unit $39,6552018 Projected CAP Rate 8.6%

OPERATING DATA 2018 PROJECTED OPERATING STATEMENT

Total Scheduled Income $204,015Operating Expenses $105,455Net Operating Income $98,559

Financial Summary


SUBJECT PROPERTY PRICE PRICE/UNIT # OF UNITS

Lyric Apartments3742 Cleveland Ave.Columbus, OH 43224

$1,150,000 $39,655 29

SALE COMPS PRICE PRICE/UNIT # OF UNITS CLOSE

13788 Cleveland Ave.Columbus, OH43224

$1,125,000 $37,500 30 03/01/2018

23170 Cleveland Ave.Columbus, OH43224

$2,089,500 $31,659 66 06/01/2018

33065 Morsetown CtColumbus, OH43224

$470,000 $42,727 11 03/01/2018

41699 Shanley Dr.Columbus, OH43224

$23,100,000 $38,245 604 05/01/2017

PRICE PRICE/UNIT # OF UNITS CLOSE

Totals/Averages $6,696,125 $37,671 177.75

Sale Comps Summary

SUBJECTPROPERTY #OF1BEDS AVG.RENT/UNIT

3742ClevelandAve. 29 $496

RENTCOMPS #OF1BEDS AVG.RENT/UNIT

3170ClevelandAve 52 $567

3535DerbyshireDr. 100 $675

4151ClevelandAve. 24 $549

Totals/Averages 176 $597


Rent Comps


POPULATION 1 MILE 3 MILES 5 MILES

Total population 12,154 125,942 323,952

Median age 34.7 34.4 32.9

Median age (male) 33.6 33.2 31.7

Median age (Female) 35.3 35.7 34.2

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 4,838 49,313 128,609

# of persons per HH 2.5 2.6 2.5

Average HH income $37,598 $42,566 $49,604

Average house value $106,270 $123,113 $148,650

* Demographic data derived from 2010 US Census

Demographics Map

Easton Town Center, 4200 Regent Street, Suite 200Columbus , OH 43219T 614.949.4512C [email protected] #2017004152

PROFESSIONAL BACKGROUND

Mike Rodriguez is an advisor with SVN Wilson Commercial Group in Columbus, Ohio.

Managing his own investment property portfolio gives him perspective on investor risk analysis and allows for additionalconsultation from his personal experiences.

He grew up in a family business and has always embraced an entrepreneurial spirit. Complex transactions andinvestment strategy excite Mike the most about real estate.

EDUCATION

Mike is a licensed real estate agent and holds a B.S. in International Business and Marketing from the University ofDayton.

MEMBERSHIPS & AFFILIATIONS

Columbus Apartment AssociationNational Association of REALTORS (R)Ohio Commercial Real Estate Exchangors

MICHAEL RODRIGUEZ

Advisor


Advisor Bio & Contact 1

Easton Town Center, 4200 Regent Street, Suite 200Columbus , OH 43219T 614.370.9077C [email protected]

PROFESSIONAL BACKGROUND

Kristen Wilson-Asman is a Licensed Real Estate Agent and a Senior Real Estate Advisor with SVN. She received herBachelors of Science Degree in Accounting from Miami University of Ohio. After graduation, Ms. Asman worked as anAuditor for Deloitte and Touche in Cincinnati, OH.

Ms. Asman began her real estate career with Matthews Click Bauman in Columbus, OH and later worked at McKinneyProperties and Horizons Real Estate in Property Management and Development before joining SVN in 2003. Ms. Asmanhas worked in Sales and Leasing of all Real Property Types but has focused recently on investment sales with theNational Self Storage Team.

Kristen Asman is a member of the SVN National Self Storage Team, the National Self Storage Association, and, the OhioSelf Storage Association.

Ms. Asman lives with her family in the Columbus, Ohio area.

EDUCATION

Bacheor of Science, Accountancy, Miami UniversityHondros School of Real Estate

MEMBERSHIPS & AFFILIATIONS

SVN National Self Storage TeamNational Self Storage AssociationOhio Self Storage Association

KRISTEN ASMAN

Senior Advisor


Advisor Bio & Contact 2

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