APARTMENT COMPLEX FOR SALE
Alex [email protected]
10 N. High St. Suite 401 Columbus, Ohio 43215
614-221-4286www.rweiler.com
Eighteen (18), one (1) Bedroom Units
Schumacher Place470-480 E. Columbus Street
Columbus, Ohio 43206
Property DescriptionGREAT INVESTMENT OPPORTUNITY!
These properties are located along E. Columbus Street with excellent access to German Village and Down-town Columbus. With close proximity to German Village and the various amenities of the Village, these apartments are highly desirable in a strong multifamily market. With continued redevelopment along
Parson’s Avenue, the surrounding area will continue to improve.
Own a German Village area apartment complex near Nationwide Children’s Hospital. Very rare opportunity! Acquire an investment property in a strong rental market. Competitive Market!
Address: 470-480 E. Columbus Street Columbus, OH 43206County: FranklinPID: 010-013651-00 010-007162-00 010-024249-00Location: Between Parsons Ave & Beech Street
Buildings Style: 3 Two - story buildingsEach Building Area: 3,082 +/- SFTotal Buildings Size: 9,246 +/- SFAcreage: 0.39 +/- acres
Sale Price: $1,440,000Year Built: 1962/63Zoning: R2F - Residential
Features:• Last two units rented for $600 per month • Area is seeing dramatic rent growth• All roofs redone in 2010 - Completely New! • New blacktop parking lot in 2015• New gutters and downspouts in 2017
“As-Is” Statement
Property Type: ApartmentsTotal N.R.S.F. 9,246 Number of units: 18Occupancy: 95%
Income: Per Unit Monthly Rent Annual Rent $/S.F.Rental Revenue $600 $10,800 $129,600 $1.17Application Fee $30 $540 $540Water Reimbursement $30 $540 $6,480Gross Rental Income(Monthly) $11,385 $136,620 Annually $136,620 $1.23 MonthlyTotal Gross Income $136,620 $1.23 MonthlyLess: Vacancy 5% $6,831Effective Gross Income $129,789 $14.04 AnnualOperating Monthly Unit/Year AnnuallyRepairs & Maintenance $1,675 $1,117 $20,097 $2.17Insurance $515 $343 $6,180 $0.67Total Management (3% of Gross Income) $342 $228 $4,099 $0.44Real Estate Taxes $1,508 $1,005 $18,090 $1.96Utilities $377 $252 $4,527 $0.49Total Operating Expenses: $4,416 $2,944 $52,993 $5.73 Annual
Net Operating Income $6,400 $76,796 59% $8.31 Annual
470-476-478 Columbus Street - "As Is" Statement
3/23/2017 5:18 PM
Proforma
3/15/2017 4:04 PM
Property Type: ApartmentsTotal N.R.S.F. 9,246 Number of units: 18Occupancy: 95%
Income: Per Unit Monthly Rent Annual Rent $/S.F.Rental Revenue $785 $14,130 $169,560 $1.53Application Fee $30 $0 $540Water Reimbursment $30 $540 $6,480Gross Rental Income(Monthly) $14,715 $176,580 Annually $176,580 $1.59Total Gross Income $176,580 $1.59Less: Vacancy 5% $8,829 $0.08Effective Gross Income $167,751 $1.51Operating Expenses: Monthly
year Annually
Repairs & Maitenance $1,674.75 $1,117 $20,097 $2.17Insurance $515.00 $343 $6,180 $0.67Total Management (3% of Gross Income) $441.45 $294 $5,297 $0.57Real Estate Taxes $3,333.33 $2,222 $40,000 $4.33Utilites $377.25 $252 $4,527 $0.49Total Operating Expenses: $6,341.78 $4,228 $76,101 $8.23
Net Operating Income $7,637.47 55% $91,650 $9.91
Cap Rate 6.25%Capitalized Value $1,466,394 $158.60
CASH FLOW ANALYSIS:Monthly Net Operating Income $7,637.47Less: Debt Service $5,012.86Debt Service Coverage 1.52
Monthly Cash Flow $2,624.61Annual Cash Flow $31,495.27
Sales price $1,400,000Down Payment 25% $350,000Loan Amount $1,050,000Loan Interest Rate 4.00%Loan Amortization 30
Monthly Loan Payment $5,013Annual Loan Payment $60,154Annual Cash Flow $31,495Cash on Cash Return 9.00%
470-476-478 Columbus Street - Proforma Statement
Rent Roll
Property Type: 18 Unit Apartment ComplexTotal N.R.S.F. 9,246
Number of Tenants: 18Occupancy: 94%
Income:Monthly
Rent Annual Rent Unit SFMonthly Additional
ChargeAnnual Additional
Charge $/S.F.
470 A $480 $5,760 514 $15.00 $180.00 $0.93470 B $580 $6,960 514 $25.00 $300.00 $1.13470 C $580 $6,960 514 $25.00 $300.00 $1.13470 D $0 $0 514 $0.00 $0.00 $0.00470 E $600 $7,200 514 $30.00 $360.00 $1.17470 F $600 $7,200 514 $30.00 $360.00 $1.17476 A $580 $6,960 514 $25.00 $300.00 $1.13476 B $580 $6,960 514 $25.00 $300.00 $1.13476 C $550 $6,600 514 $25.00 $300.00 $1.07476 D $530 $6,360 514 $15.00 $180.00 $1.03476 E $500 $6,000 514 $30.00 $360.00 $0.97476 F $560 $6,720 514 $25.00 $300.00 $1.09480 A $500 $6,000 514 $30.00 $360.00 $0.97480 B $580 $6,960 514 $25.00 $300.00 $1.13480 C $550 $6,600 514 $25.00 $300.00 $1.07480 D $600 $7,200 514 $30.00 $360.00 $1.17480 E $540 $6,480 514 $15.00 $180.00 $1.05480 F $530 $6,360 514 $15.00 $180.00 $1.03
Totals $9,440 $113,280 9,252 $410 $4,920
Current Average Rent $524 $1.02
470-476-480 Columbus Street
Columbus, Ohio - Rent Roll
Aerial
Photos
Bedroom Kitchen
BedroomBathroom
Building 470 Building 480
Property Location
Great Location!Excellent access to German Village and Downtown
Near Nationwide Children’s HospitalSouth of I-71
Minutes to major arteries & bus lines
Aerial & Plat Maps
Street Maps
Demographics & Traffic
Relevant Article1/19/2017 SideStreet Development launches with East Public project on Parsons Columbus Columbus Business First
http://www.bizjournals.com/columbus/news/2017/01/13/parsonsprojectlaunchesnewdevelopmentfirmwith.html?s=print 1/2
RENDERINGS COURTESY SIDESTREET DEVELOPMENT
From the Columbus Business First: http://www.bizjournals.com/columbus/news/2017/01/13/parsons-project-launches-new-development-firm-with.html
Parsons project launches new development firm with focus onbuilding reuse SUBSCRIBER CONTENT:Jan 13, 2017, 6:00am EST
A trio of construction and design experts is using a project onColumbus’ south side to introduce their new development company.
SideStreet Development LLC is preparing to renovate four vacantbuildings at Parsons Avenue and Beck Street, saying the plannedoffice-and-entertainment complex exemplifies potential futureprojects.
East Public, named to pay homage to Parsons Avenue’s former name,will consist of a restaurant and craft brewery, offices – including thegroup’s own – and a communal outdoor area.
The SideStreet partners say turning dilapidated buildings into multiuse community gathering areas will bea continuing theme of their efforts.
The two-story building at 677 Parsons Ave., in the shadow of Nationwide Children’s Hospital’s expandingcampus, was an adult bookstore. The trio of buildings to the south had a variety of past uses, from a bar toa church.
“We want buildings that have been forgotten but have character. ... We want to save buildings, we don’twant to knock things down when we don’t have to,” said Blake Compton, CEO of Compton Constructionand one of three SideStreet partners. “We want communities that are proud of their area and what they’redoing. Up-and-coming areas and transitional kinds of neighborhoods, that’s where the buildings are. Thereare buildings like that all over town. We’re looking all over.”
The Parsons Avenue corridor fits the bill as “transitional.” Schumacher Place, the neighborhood west ofParsons Avenue, divides one of Columbus’ wealthiest enclaves, German Village, and the less well-offSouthern Orchards and Driving Park areas. All are in the city’s 43206 ZIP code.
SideStreet plans to begin construction in March.
Though more projects are expected, the partners, all in their early 30s, will continue working their otherjobs.
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1/19/2017 SideStreet Development launches with East Public project on Parsons Columbus Columbus Business First
http://www.bizjournals.com/columbus/news/2017/01/13/parsonsprojectlaunchesnewdevelopmentfirmwith.html?s=print 2/2
Brianne DeRolph and Killian McIlroy are partners at the Columbus design firm Sidecar Creative LLC andwill handle most of the design work for projects.
Compton, whose firm built Hot Chicken Takeover’s North Market restaurant and other downtown-areaspaces, will provide construction expertise.
But the venture is a chance for the three to branch out from their expertise, said Compton, who revivedthe Compton Construction that his grandfather founded in 1974 but which closed in 1994.
“I think we’re taking it one project at a time at this point,” he said. “Personally, this is where I see my careergoing as an individual. I’ve been blessed at Compton – I have great project managers and GMs (and) thatallows me to spend every Friday working on SideStreet Development.
“Someday maybe it will be a full-time gig,” he said. “We’re really enjoying working together and there’ssome natural synergies.”
For the East Public project, the three pooled their money and landed some outside investment. Thebuildings were purchased for about $420,000 in cash. Renovations will run about $1.8 million.
Amanda Dunfield of Columbus is the project’s architect.
Evan WeeseStaff reporterColumbus Business First
GERMAN VILLAGE COMMUNITY PROFILEWelcome to the Village
Italian Village Commission
German Village is a historic neighborhood just south of downtown Columbus, Ohio. Initially platted in 1814 in Columbus’s South End, the German Village area primarily developed between 1840 and 1914. It was settled largely by German immigrants in the mid 1800s. German descendants at one time comprised as much as a third of the population of the entire city of Columbus.
www.germanvillage.com
Unique Urban DesignA highway bridge over Interstate 70 is all that separates the German Village Historic District from downtown Columbus, but as one looks east from the interstate, the difference between old and new is glaring. A 20+ story structure sits just north of the interstate bridge, and just south, in German Village, no struc-ture is higher than three stories. Five blocks south, the spire of St. Mary Church stands 197’ off the sidewalk and towers over everything around it. Structures and sidewalks are orange masonry, and many streets (about half) are still brick pavers.
German Village does not have a recreated sense of histo-ry or kitschy Bavarian feel ~ rather, it is a neighborhood with architecture dating from the 1840s-1890s that has been pre-served, and its use as a shared residential and commercial neighborhood has been maintained. People walk to their destinations, park on the street due to the overwhelming absence of driveways, and live life at a very pedestrian lev-el. The neighborhood is extremely dense ~ very often only inches separate neighboring structures, and many struc-tures were built for multi-family use. German Village is nota-bly different because its appearance has changed so little.
Make a Memories Here “German Village is memorable for a thousand reasons, all of which are intimately personal to the individuals fortunate to reside in or visit the neighborhood. The sense of community is palpable, the historic architecture is beauti-ful, and the history is visible. German Village is not easily for-gotten. Our neighborhood is a vibrant place to live, work, shop, and play. Our sense of character is built on a foun-dation of community. We see richness — in our history, our tradition, and our social interaction. We see new genera-tions enjoying our own brand of urban living, created more than 50 years ago by previous generations of trailblazers”.
“German Village is an incredible place to be. You feel it when you cross through the Third Street gateway or explore our parks. Millions of individual bricks were placed on top of one another to form this Village. What we have can’t be replicated. We live this way — and protect it with great passion — because we un-derstand that what we have is a neighborhood like no other”.
TodayToday, German Village is a model of urban neighborhood preservation and revitalization – a nationally recognized success story. The average home price in the neighborhood is $377,450 and several are well over $1 million. The Village has a single commercially zoned strip along Livingston Av-enue, and the rest of the neighborhood is mixed use. There is some concentration of businesses along Third Street, Mo-hawk Street and Whittier Avenue, too. The Village is mostly a residential neighborhood of sturdy, red-brick homes with wrought iron fences along tree-lined, brick-paved streets.
Geography
German Village is bound by Pearl Street on the west; East Living-ston Avenue on the north; Lath-rop Street, Brust Street, Grant Avenue, Jaeger Street, and Blackberry Alley on the east; and Nursery Lane on the south.
Boundaries
Parks and LandmarksSchiller Park, named after Johann Christoph Friedrich von Schiller (1759-1805), was once a community meeting ground for German immigrants. It is now the site of recre-ational facilities, gardens, and an amphitheater that hosts free live performances of Shakespearean plays during the summer months courtesy of Actors’ Theatre of Columbus.[22] It is bounded by Jaeger Street and City Park, Rein-hard, and Deshler Avenues. It has been the area’s center for festivals and neighborhood activities since the 1800s.
The 23-acre park’s main entrance, along City Park Avenue, greets visitors with the Huntington Gardens, sponsored by Hun-tington National Bank and maintained by volunteers, and the Schiller statue. The statue was presented to the park by local residents in 1891. It is a second casting of the statue in Munich, Germany, designed and executed by Max von Widnmann and unveiled on May 9, 1863. The Columbus statue was transported free of charge across the Atlantic. The park is also home to the Umbrella Girl Fountain, dedicated to the citizens of German Vil-lage in October 1996 to replace the missing original sculpture.
City Highlights
FACTBOOK 3
The Columbus Region is an 11-county area comprising Delaware, Fairfield, Franklin, Knox, Licking, Logan, Madison, Marion, Morrow, Pickaway and Union counties. This Region represents the coverage area of Columbus 2020’s economic development activities.
The Columbus Region varies from the Columbus Metropolitan Statistical Area (MSA), which comprises 8 of the above 11 counties (excluding Knox, Logan and Marion) and an additional two (Hocking and Perry). Wherever possible, the information and data in this document covers the 11-county region. However, some data is only available at the MSA level and is identified as such in the text, title or source.
• Eleven-county region located in Central Ohio
• Population of 2 million people• Population growth rate of
1.3 percent annually • Ten-county Columbus MSA, 2nd fastest
growing among Midwest metro areas with at least 1 million in population
• Driver of Ohio’s population and economic growth
• 62 college and university campuses • More than 140,000 college students• Home to 15 Fortune 1000 headquarters
COLUMBUS AND FRANKLIN COUNTY
• State capital and largest Ohio city • 15th largest city in the U.S.
COLUMBUS IS WELL CONNECTED TO THE REST OF THE U.S. AND BEYOND
• Port Columbus International Airport: 31 destination airports with more than 140 daily flights
• Enhanced freight rail connections to East Coast ports in Norfolk, VA, Baltimore, MD, and Wilmington, NC
• Columbus is within 500 miles of 44 percent of the U.S. population, higher than other major distribution centers in the U.S. (Source: ESRI Business Analyst, 2013)
REGIONAL OVERVIEWTHE COLUMBUS REGION
MarionCounty
KnoxCounty
LoganCounty
68
U.S. Population within 500 miles
Columbus Chicago
Virgina Beach Los Angeles
Pittsburgh Atlanta
Charlotte Minneapolis
Louisville Savannah
St.Louis Phoenix
Indianapolis Dallas
Memphis
=
New York
Denver
Seattle
139,187,116 – 44% 83,826,331 – 27%
102,716,781 – 33% 46,902,095 – 15%
137,265,695 – 44% 81,371,175 – 26%
98,258,083 – 31% 44,152,696 – 14%
117,447,431 – 37% 66,009,482 – 21%
96,002,428 – 31%
10%
38,438,798 – 12%
110,615,985 – 35% 47,526,233 – 15%
91,338,138 – 29%
90,949,182 – 29%
17,178,926 – 5%
12,810, 661 – 4%
City Highlights
Marion County
KnoxCounty
Logan County
CLEVELAND
DETROIT
INDIANAPOLIS
CHICAGO
LOUISVILLE
PITTSBURGH
CINCINNATI
ATLANTA
ST. LOUIS
80
75
9 080
90
64
70
80
71
COLUMBUS 70
77
77
6 4
75
65
4 0
250 miles 40 0 km
50 0 miles 80 0 km
RICHMOND
TORONTO
FORTUNE 10 0 0 HEADQUARTERS
City Highlights
This confidential Offering memorandum has been prepared by The Robert Weiler Company for use by a limited number of parties whose sole purpose is to evaluate the possible purchase of the subject property. This Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.
The information contained in the Memorandum has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and make no guar-antee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used, are for example only, and do not represent the current or future performance of the property. The value of this transaction to you depends on taxes and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, inde-pendent investigation of the property for your needs. All potential buyers must take appropri-ate measures to verify all of the information set forth herein. Both The Robert Weiler company and the Owner disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. The contained informa-tion is subject to change at any time and without notice. The recipient of the Memorandum shall not look to the Owner or The Robert Weiler Company for the accuracy of completeness of the Memorandum.
A prospective purchaser must make its own independent investigations, projections, and con-clusions regarding the acquisition of the property without reliance on this Memorandum or any other Confidential information, written or verbal, from the Broker or the Seller. The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the property or to terminate any negotiations with any party, at any time, with or without written notice. Only a fully-executed Real Estate Purchase Agreement , approved by Seller, shall bind the prop-erty. Each prospective purchaser and /or broker proceeds at its own risk.
Offering Memorandum
