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Greyhound Pointe
• 235 Apartments• 360 Convenient Garage Parking Spaces• 17,000 SQFT of Ground Floor Commercial Space
• Resident Fitness Center
Patrick Fluharty ofFluharty & Company, LLC.
465 CHESTER AVE Cleveland, OH 44114. Site Attributes Townhouses Restaurants Apartments Office Parking
StructureMixed
Use Retail
Visibility/Views 1 1 2 2 1 2 2Auto Traffic 2 2 2 2 2 2 2Adequate Parking 1 1 1 1 1 2 0Pedestrian Access 2 2 2 2 2 2 2Highway Access 2 2 1 1 1 2 2Rapid/Bus 2 2 2 2 1 2 2Freight Rail 0 0 0 1 0 0 0Noise level -2 0 -1 0 0 -1 0Resident Base 1 1 2 1 1 2 2Day time use 2 2 2 1 1 2 2Brownfield 0 0 0 0 0 0 0Infrastructure 2 2 1 1 2 2 2Zoning 1 1 1 0 1 2 1Condition of Parcel 2 2 2 1 1 2 2Size of Parcel 2 2 2 1 1 2 2Compatibility to Structure 2 2 2 2 0 2 2Future Expansion 2 1 2 2 1 2 1Competition 1 -2 0 -1 0 0 -2Value of Land 2 2 2 1 1 2 2Totals 27 25 27 22 19 31Totals
31 25
Highest and Best Use
The Project Redevelopment of Greyhound
Property 17,000 SQFT Ground Floor Retail 9 story building, 235 Apartments 1,000 SF Resident Fitness Center 360 Car Parking Garage Total over 235,000 SQFT of New Build 24 month Construction timeline $70 Million Dollar Total Project Cost
Site Assembly 16 Parcels ($5.9 million)
• Paying market value plus 15% 4.3 acres of property New zoning required
(Commercial/Residential)• ie.) Approval from Planning Commission
Proposal Area Site Map
Current Market Trends
PMA Housing Niche2015 Income Range Number of
HH in RangeOwner
OccupiedRental Total Units Net Demand
-$ 9,999$ 7584 -$ 29,997$ -$ 235$ 251 1800 2051 553310,000$ 14,999$ 4313 30,000$ 44,997$ 235$ 353$ 1812 2164 3976 33715,000$ 24,999$ 6715 45,000$ 74,997$ 353$ 588$ 3608 5185 8793 -207825,000$ 34,999$ 4546 75,000$ 104,997$ 588$ 824$ 2987 7473 10460 -591435,000$ 49,999$ 5003 105,000$ 149,997$ 824$ 1,176$ 1673 4272 5945 -94250,000$ 74,999$ 4019 150,000$ 224,997$ 1,176$ 1,765$ 1196 2042 3238 78175,000$ 99,999$ 1850 225,000$ 299,997$ 1,765$ 2,353$ 180 375 555 1295
100,000$ 149,999$ 1543 300,000$ 449,997$ 2,353$ 3,529$ 267 0 267 1276150,000$ 199,999$ 511 450,000$ 599,997$ 3,529$ 4,706$ 190 0 190 321200,000$ More 473 600,000$ 4,706$ -$ 171 0 171 302
36557 12335 23311 35646 911
Units in RangeAffordable Housing in
RangeMonthly Rent Range
2015 Income Range Number of HH in Range
Owner Occupied
Rental Total Units Net Demand
-$ 9,999$ 689 -$ 29,997$ -$ 235$ 7 149 156 53310,000$ 14,999$ 303 30,000$ 44,997$ 235$ 353$ 25 337 362 -5915,000$ 24,999$ 401 45,000$ 74,997$ 353$ 588$ 56 505 561 -16025,000$ 34,999$ 239 75,000$ 104,997$ 588$ 824$ 46 608 654 -41535,000$ 49,999$ 284 105,000$ 149,997$ 824$ 1,176$ 8 429 437 -15350,000$ 74,999$ 359 150,000$ 224,997$ 1,176$ 1,765$ 65 279 344 1575,000$ 99,999$ 151 225,000$ 299,997$ 1,765$ 2,353$ 5 99 104 47
100,000$ 149,999$ 112 300,000$ 449,997$ 2,353$ 3,529$ 0 0 112150,000$ 199,999$ 40 450,000$ 599,997$ 3,529$ 4,706$ 0 0 40200,000$ More 80 600,000$ 4,706$ -$ 0 0 80
2658 -$ -$ 212 2406 2618 40
Monthly Rent RangeAffordable Housing in Range
Units in Range
Comparable Rents2017 E 9TH 1010 BOUTIQUE APARTMENTS
2303 CHESTER AVE THE LANGSTON
Apartment/Commercial Price Range
OtherCommercial $16/per SFParking $115/per
Space
Budget Numbers Land Cost $5,908,930/$31 SF $1 million budgeted for
Environmental $47 million Hard Costs/$200 SF $9.9 million Soft Costs $7.9 million Parking/$22,000 per
space $72.5 million TOTAL PROJECT COST
Funding Sources/Public Subsidies Commercial 1st Mortgage Commercial 2nd Mortgage County Loan 3rd Mortgage New Market Tax Credits Federal/State Historic Tax Credits EPA Clean up Grant Cash Equity
ConclusionsCAVEATS/LIMITATIONS RECOMMENDATION
Property Acquisition Obtaining Public
Subsidies Adhering to Historic
Guidelines per Sec. of Interior
Year 2018 NOI, $3 million Value of $60 million at
Year 2027 DCR above 2.00 NPV $24,744,318 IRR of 17% Financial gap Project a NO GO!!
Community Impacts 410 New Residents $478,168 per/yr of new income tax 500+ Construction jobs 45 Permanent Full and Part-time jobs More vitality and progress along
Chester Increase in Property values
Financing Options Tax Abatement 100% @ 12 years
• 10yrs generates $18,735,500• Taxes are still paid on existing building and
land Abatement could shorten the terms
of the loan and insuring revenue stream.
Thus lessening the tax impact after abatement period.
Refinancing after 12 years as option.