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 | Page 3All SVN® offices are independently owned and operated.
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 4All SVN® offices are independently owned and operated.
Property Photos
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 5All SVN® offices are independently owned and operated.
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
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 7All SVN® offices are independently owned and operated.
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
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 8All SVN® offices are independently owned and operated.
SMART CITY WINNER
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 9All SVN® offices are independently owned and operated.
Location Maps
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 10All SVN® offices are independently owned and operated.
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
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
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 2 of 3
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
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 3 of 3
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 14All SVN® offices are independently owned and operated.
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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
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 15All SVN® offices are independently owned and operated.
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
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 16All SVN® offices are independently owned and operated.
Rent Comps
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 17All SVN® offices are independently owned and operated.
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
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 18All SVN® offices are independently owned and operated.
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
LYRIC APARTMENTS | 3742 CLEVELAND AVE. COLUMBUS, OH 43224 SVN | Wilson Commercial Group, LLC | Page 19All SVN® offices are independently owned and operated.
Advisor Bio & Contact 2
Easton Town Center, 4200 Regent Street, Suite 200Columbus , OH 43219
614.949.4512www.svnwilson.com
All SVN® Offices Independently Owned & Operated | 2018 All Right Reserved