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CARDINAL HOUSINGAPARTMENTS
ONLINE AUCTION: AUGUST 10-12, 2020
TABLE OF CONTENTS
EXECUTIVE SUMMARY
01ASSET
OVERVIEW
02FINANCIAL OVERVIEW
03MARKET
OVERVIEW
04CONTACTS
ERIC GREENFIELD Vice President
+1 412 394 9804 [email protected]
Adam SklaverFirst Vice President
+1 301 706 4619 [email protected]
ROBERT GOLD, CCIMFirst Vice President
+1 412 316 2397 [email protected]
EMILY MCHUGH Client Services Coordinator
+1 412 394 9834 [email protected]
CBRE PITTSBURGH 600 Grant Street, Suite 4800
Pittsburgh, PA 15219 +1 412 471 9500
www.cbre.us/pittsburgh
AFFILIATED BUSINESS DISCLOSURECBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
CONFIDENTIALITY AGREEMENTYour receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
DISCLAIMERThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
© 2020 CBRE, Inc. All Rights Reserved.
01EXECUTIVE SUMMARY
CARDINAL HOUSING APARTMENTS | 5
EXECUTIVE SUMMARYCBRE is pleased to present to qualified investors the opportunity to acquire the Cardinal Housing Apartments, located at 234 Washington Avenue, Wheeling, West Virginia 26003 (“The Property”), just footsteps away from Wheeling University in a vibrant student neighborhood. The three-story Property consists of 36 fully furnished units with 18 one bedroom/one bathroom and 18 two bedroom/two bathroom.
Nearby amenities include various restaurants, retailers, hotels, entertainment facilities including Wheeling Island Hotel-Casino-Racetrack, Wheeling Park, Wheeling Hospital, Interstate 70, Route 40 and recreational activities.
KEY AMENITIES
UNBEATABLE LOCATION
The apartments are located in walking distance to the Wheeling University campus, local eateries, shops, hotels for visiting families and friends, entertainment facilities and recreational spots. Interstates 70 and 470 and Route 40 are minutes away.
1
ON-SITE LAUNDRYA laundry facility is available on-site.
24-HOUR SECURITYThe Property includes security cameras.
OTHER AMENITIES INCLUDE...• Air Conditioning
• Balconies
• Elevator access
70
70
CARDINAL HOUSING APARTMENTS
Investment SummaryStarting BidPro Forma NOI Total Units Occupancy as of 9/1/20
$750,000$345,443
36 41.7%
CARDINAL HOUSING APARTMENTS | 6
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS• One of Cardinal Housing’s most compelling amenities is its location within the most
desirable and affluent section of Wheeling, located minutes from Wheeling University.
• Wheeling University has a current enrollment of 1,171 students. Over 3,700 of thepopulation in the immediate area surrounding Wheeling (within 7 miles) is between the ages of20-24.
• Perfectly located to access all Wheeling University campus buildings includingWhelan Hall, Hodges Library, Swint Hall, and sports venues.
• Investors are always searching for the “next thing”, and Wheeling is emergingas a top target. The city attracts residents due to its high quality of life, nationally rankedschools, top hospitals, year-round recreational activities such as golf, boating, water sports,skiing, biking, and hiking, and an up-and-coming entertainment scene; Wheeling is the placeto be for a unique nightlife and extraordinary menus. Wheeling is the home of Oglebay Resort,The Wheeling Jamboree, and Wheeling Island Hotel-Casino-Racetrack, with 24 table games, a9-table poker room, over 1,400 of the most popular slot machines, a 151-room luxury hotel, liveGreyhound racing, 4 great restaurants, a 1,000-seat showroom, meeting and banquet servicesand gift shop. Each year, approximately 2 million visitors walk through its doors. Centre Market,located on Market Street, is a great place to eat, play and shop and has been since the latenineteenth century. Avenue Eats, popular among students, offers traditional American fare atan affordable price and is rated four and a half stars on Yelp.
• Wheeling is progressively moving forward. Wheeling’s downtown area is currently beingreinvented by City Council and partners Regional Economic Development Partnership, TheWheeling Area Convention and Visitor’s Bureau, Wheeling National Heritage Area Corporation,The Chamber of Commerce, and others.
• Wheeling is one of the Fastest Growing MSAs in the Nation. Due to over a decade ofdrilling, fracking, pipelining, hotel building and various other activities linked to the Marcellusand Utica shale, the Wheeling MSA is booming. Recent statistics show the area of Belmont,Marshall and Ohio counties comprise the fifth-fastest developing economy in the nation. Awealth of economic development projects includes three new hotels that have recently openedin the area: Hawthorn Suites by Wyndham Wheeling at the Highlands, Microtel Inn & Suites byWyndham Wheeling at the Highlands, and the Microtel Inn & Suites St. Clairsville, OH (located 15minutes from Wheeling). Other projects include the new Kettler’s Ridge retail development in St.Clairsville, ongoing expansion of pipelines and processing infrastructure in Marshall County, andnew natural gas wells drilled in the Wheeling MSA.
02ASSET
OVERVIEW
CARDINAL HOUSING APARTMENTS | 8
ASSET OVERVIEW
KEY POINTS OF INTEREST
70
70
40
40
40
470
2506
1.2 Miles 1.2 Miles 1.4 Miles 1.9 Miles 3.2 Miles 3.2 Miles1 2 3 4 5 6
Hampton Inn Wheeling Wheeling HospitalSpringHill Suites
by Marriot Wheeling Triadelphia Area
Wheeling Park JB Chambers Performing Arts Center
Wheeling Island Hotel-Casino-Racetrack
31
4
5
2
CARDINAL HOUSING APARTMENTS
CARDINAL HOUSING APARTMENTS | 9
ASSET OVERVIEW
NEAREST MAJOR CITIES
CARDINAL HOUSING APARTMENTS
DESTINATION MILES
PITTSBURGH, PA CBD 57.1
CLEVELAND, OH CBD 146
COLUMBUS, OH CBD 128
CARDINAL HOUSING APARTMENTS | 10
ASSET OVERVIEW
PARCEL MAP
1 2 3 4 5 635-10- W53-0165.0001 35-10- W53-0165.0000 35-10- W53-0164.0001 35-10- W53-0164.0000 35-10- W53-0163.0000 35-10- W53-0163.0001
7 835-10- W53-0162.0001 35-10- W53-0162.0000
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2
3
4
5
6
7
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CARDINAL HOUSING APARTMENTS | 11
ASSET OVERVIEW
SITE DESCRIPTIONADDRESS 234 Washington Avenue, Wheeling, West Virginia 26003
FOUNDATION Masonry
EXTERIOR WALLS 2x6 wood framed
ROOF Asphalt shingles
WINDOWS Vinyl
FLOOR 1 SOG, 2 wood truss, 3 wood truss
FLOOR COVER Carpet, VCT, ceramic
INTERIOR WALLS Drywall, suspended acoustic
HVAC V-tacs, split systems
ELECTRICAL Each unit has a separate meter
PLUMBING PVC, PEX
LIFE SAFETY Sprinkled, alarm in common areas, smoke detectors in units
PARCEL IDS
35-10- W53-0165.000135-10- W53-0165.000035-10- W53-0164.000135-10- W53-0164.000035-10- W53-0163.000035-10- W53-0163.000135-10- W53-0162.000135-10- W53-0162.0000
YEAR BUILT 2014
FLOORS 3
COUNTY Ohio
UNIT SIZE DETAILS
1 BEDROOM/1 BATH 605+ SF
2 BEDROOM/2 BATH 925+ SF
CARDINAL HOUSING APARTMENTS | 12
ASSET OVERVIEW
FLOOR PLANS 1 BEDROOM/1 BATHROOM
CARDINAL HOUSING APARTMENTS | 13
ASSET OVERVIEW
FLOOR PLANS 2 BEDROOM/2 BATHROOM
CARDINAL HOUSING APARTMENTS | 14
INTERIOR PHOTOS
03FINANCIAL OVERVIEW
CARDINAL HOUSING APARTMENTS | 16
FINANCIAL OVERVIEWRENT ROLL as of 9/1/2020
Unit Size Rent/MO Rent/YR Rent/MO Rent/YR
103 Double $0.00 $0.00 $1,700.00 $20,400.00104 Single $800.00 $9,600.00 $800.00 $9,600.00105 Double $0.00 $0.00 $1,700.00 $20,400.00106 Double $0.00 $0.00 $1,700.00 $20,400.00107 Single $950.00 $11,400.00 $800.00 $9,600.00108 Double $0.00 $0.00 $1,700.00 $20,400.00109 Single $800.00 $9,600.00 $800.00 $9,600.00110 Single $800.00 $9,600.00 $800.00 $9,600.00111 Double $0.00 $0.00 $1,700.00 $20,400.00112 Double $0.00 $0.00 $1,700.00 $20,400.00113 Single $0.00 $0.00 $800.00 $9,600.00114 Single $0.00 $0.00 $800.00 $9,600.00206 Double (Rented as Single) $0.00 $0.00 $1,700.00 $20,400.00207 Single $0.00 $0.00 $800.00 $9,600.00208 Double $0.00 $0.00 $1,700.00 $20,400.00209 Double $0.00 $0.00 $1,700.00 $20,400.00210 Single $0.00 $0.00 $800.00 $9,600.00211 Double $1,500.00 $18,000.00 $1,700.00 $20,400.00212 Single $1,050.00 $12,600.00 $800.00 $9,600.00213 Single $800.00 $9,600.00 $800.00 $9,600.00214 Double $0.00 $0.00 $1,700.00 $20,400.00215 Double (Rented as Single) $800.00 $9,600.00 $1,700.00 $20,400.00216 Single $0.00 $0.00 $800.00 $9,600.00217 Single $0.00 $0.00 $800.00 $9,600.00305 Double $1,250.00 $15,000.00 $1,700.00 $20,400.00306 Single $800.00 $9,600.00 $800.00 $9,600.00307 Double $0.00 $0.00 $1,700.00 $20,400.00308 Double $0.00 $0.00 $1,700.00 $20,400.00309 Single $800.00 $9,600.00 $800.00 $9,600.00310 Double $0.00 $0.00 $1,700.00 $20,400.00311 Single $800.00 $9,600.00 $800.00 $9,600.00312 Single $800.00 $9,600.00 $800.00 $9,600.00313 Double $0.00 $0.00 $1,700.00 $20,400.00314 Double (Rented as Single) $750.00 $9,000.00 $1,700.00 $20,400.00315 Single $900.00 $10,800.00 $800.00 $9,600.00316 Single $800.00 $9,600.00 $800.00 $9,600.00
$14,400.00 $172,800.00 $45,000.00 $540,000.00
Occupied 15 43.24%Vacant 21 56.76%
Total 36 100.0%
Occupied Gross Potential
CONTACTSERIC GREENFIELD Vice President +1 412 394 9804eric.green [email protected]
ADAM SKLAVERFirst Vice President +1 301 706 [email protected]
ROBERT GOLD, CCIM First Vice President+1 412 316 [email protected]
EMILY MCHUGH Client Services Coordinator +1 412 394 [email protected]
CBRE PITTSBURGH 600 Grant Street Suite 4800 Pittsburgh, PA 15219 +1 412 471 9500www.cbre.us/pittsburgh
