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Ravenel and Barclay 1610 and 1616 16Th Street NW | Washington, D.C

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Ravenel and Barclay 1610 and 1616 16Th Street NW | Washington, D.C Ravenel and Barclay 1610 and 1616 16th Street NW | Washington, D.C. CORCORAN STREET NW Q STREET NW 16TH STREET NW OFFERING SUMMARY PROPERTY TOUR Property Visitation: Prospective purchasers will be afforded the opportunity to visit the Property during prescheduled tours. Tours will include access to a representative sample of units as well as common areas. To not disturb the Property’s ongoing operations, visitation requires advance notice and scheduling. Available Tour Dates: To schedule your tour of the Property, please contact Herbert Schwat at 202.618.3419 or [email protected]. Virtual tours are also available upon request. LEGAL DISCLAIMERS This Offering Summary is solely for the use of the purchaser. While the information contained in this Analysis has been compiled from sources we believe to be reliable, neither Greysteel nor its representatives make any representations or warranties as to the accuracy or completeness of the information contained in this Analysis. All financial information and projections are provided for reference only and are based on assumptions relating to the general economy, market conditions and other factors beyond our control. Purchaser is encouraged to conduct an independent due diligence investigation, prepare independent financial projections, and consult with their legal, tax and other professional advisors before making an investment decision. Greysteel does not have authority to legally bind the owner and no contract or agreement providing for any transaction shall be deemed to exist unless and until a final definitive contract has been executed and delivered by owner. All references to acreage, square footage, distance, and other measurements are approximations and must be independently verified. INVESTMENT SALES CONTACTS Ari Firoozabadi W. Kyle Tangney Herbert Schwat Dutch Seitz President & CEO Senior Managing Director Director Associate | Investment Sales 202.280.2724 202.280.2730 202.618.3419 202.869.3891 [email protected] [email protected] [email protected] [email protected] D.C. BR98371298 D.C. SP98369974 D.C. SP98377485 D.C. SP200203000 CAPITAL MARKETS CONTACTS Brendan Scanlon Jack Whitman Senior Director | Capital Markets Associate | Capital Markets 202.618.3419 202.280.2730 [email protected] [email protected] D.C. SP98372374 INVESTMENT SALES TRANSACTION SERVICES Nigel Crayton Nicole Capobianco Yassi Ghashghai Senior Associate | Investment Sales Vice President of Transaction Services Vice President of Corporate Services Christian Alves Sarah Carver Keeley Byer Senior Associate | Investment Sales Senior Transaction Coordinator Lead Research Analyst Trevor White Kris Foster Kelsey Brendel Associate | Investment Sales Research Analyst Senior Designer Madison Schubert Designer *For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO ([email protected] | 202.417.3873). © 2020 Greysteel / 2 Investment Highlights The Opportunity Sustained Rental Demand Ravenel and Barclay Apartments (the “Properties”) are The Properties promise sustained rental demand a 120-unit, two building portfolio on 16th Street NW, from renters seeking living accomodations with in between Q Street NW and Corcoran Street NW, in easy, walkable access to jobs and urban amenities. the Dupont Circle neighborhood of Washington, D.C. • Lifestyle Amenities The Properties were built in 1933 & 1924, respectively. The Properties (with a 98 Walk Score) are Amenities include a fitness center, SMART laundry immediately accessible to major centers of rooms, a package concierge, and bike storage. Lobby, entertainment, dining, and lifestyle amenities rental office, hallway, and common area improvements including Lower 17th Street NW, the 14th Street have been completed.The Properties are being offered NW Corridor, and P Street NW (see pp. 12). individually and as a portfolio. • Employment Centers Mature & Secure Submarket Ravenel and Barclay are immediately north of Within a half-mile radius of the Properties, there Scott Circle NW, the main entry point to the are zero new units under construction or proposed Downtown DC Business Improvement District and zero developable parcels of notable scale.1 This (BID) and the Golden Triangle BID (see pp. 13). immediate rental market is insulated from concerns of a supply flood. Value-Add Opportunities • Rental Revenue Enhancement New ownership can capitalize on the opportunity to modernize in-unit Population of D.C., improvements. Upgraded units in this PopulationAges 18–34of D.C., (Prime Prime Renter Renter Cohort) Cohort4 submarket are achieving a 5% premium over Washington, D.C.’s in-place rents at Ravenel and a 23% premium strong demographic over in-place rents at Barclay. and economic • Recapturing Revenue (Ravenel) fundamentals make A large, subterranean parking garage offers it a favorite market the opportunity to capture revenue by 31.86% leasing to motorcycles and small vehicles. The of institutional and management/leasing office is currently housed private investors alike. in a one-bedroom, first floor unit (this unit is on HOMEOWNERSHIP the Certificate of Occupancy). New ownership RATE 0-18 18-34 35-44 45-54 55-64 65+ can increase income by recapturing revenue Unemployment Rate, Aug. 20205 Homeownership Rate6 potential from the garage, and leasing the unit currently used as an office after moving the office elsewhere or removing it entirely. • Off-Street Parking (Barclay) Significant revenue generation is available 11.20% 67.90% by leasing the 10 off-street surface parking 9.00% spaces, a rare and valuable amenity in this 42.50% parking-constrained neighborhood. • Operating Expense Opportunities New ownership can create value by improving U.S. DISPOSABLED.C.D.C. INCOMEU.S.U.S. D.C.D.C. operating efficiency; per-unit operating Disposable Income7 expenses at Ravenel and Barclay are nearly 40% and 31% (respectively) higher than a D.C.D.C. $85,203 survey of 15 comparable properties.2 While the properties pay all utilities, additional value can be captured by passing on electricity and U.S.U.S. $61,937 gas expenses to tenants on new leases.3 Sources: 1. CoStar Resarch Analytics 2. Greysteel Research Analytics 3. Please note that D.C. Rent Control regulations may require a rent adjustment if an adjustment in utility payment structure is made on an existing lease 4. DC Health Matters, Age Data for City: District of Columbia, 2020 Demographics 5. Bureau of Labor and Statistics, Washington, DC Area Economic Summary, August 4, 2020 6. Federal Reserve Bank of Richmond, A Monthly Update of the Fifth District Economy, Sept. 2020 7. DataUSA.io © 2020 Greysteel / 3 Property Details Ravenel 1610 16th Street NW • Washington, D.C. 20009 98 93 89 31,328 WALK SCORE BIKE SCORE TRANSIT SCORE RENTABLE SF (Walker’s Paradise) (Biker’s Paradise) (Excellent Transit) CONSTRUCTION MECHANICALS Framing Concrete/Steel Plumbing Mix Steel & Copper Exterior Masonry Heating Radiant, Gas Boiler (Steam) Stories 8 + Basement Parking Subterranean Garage Air Conditioning Window Units Units 63 Roof Flat, Torchdown, +/- 2012 Electrical Breakers Building 1 Windows 1990's Vintage, Double Hung Elevator One Year Built 1933 Appliances 100% Stainless Steel Office On-Site (Converted Unit) LOT SIZE TYPE OF OWNERSHIP NEIGHBORHOOD ZONING PARCEL 6,710 SF Fee Simple Dupont Circle RA-9 0179-0813 PERSONNEL TAXES # OF TAX IMPROVEMENT LAND TOTAL FULL/PART TIME EMPLOYEES YEAR VALUE VALUE ASSESSED VALUE Manager Full Time (Shared with Barclay) 1 2020 11,291,766 1,550,010 $12,841,776 Leasing Full Time (Shared with Barclay) 1 2021 10,977,900 1,705,010 $12,682,910 Maintenance Supervisor Full Time (Shared with Barclay) 1 Maintenace Tech Full Time (Shared with Barclay) 1 UTILITIES ELECTRICAL UPGRADE AVAILABLE UTILITY POWER PAID Current ownership has installed new meter banks for SERVICE PROVIDER SERVICE SOURCE BY individual meters, and installed the wiring from those meter Heat Gas Property Washington Gas banks up to the units. The last step to complete this project is upgrading the Pepco supply lines from the street. Cooking Gas Property Washington Gas Hot Water Gas Property Washington Gas Air Conditioning Electric Property PEPCO Lights and Plugs Electric Property PEPCO Water/Sewer - Property DC Water © 2020 Greysteel / 4 Ravenel Unit Mix Modernized units achieve an approximately 5% rent premium over in-place effective rents at Ravenel. Refer to the Offering Memorandum for rent comp data and comparisons. Unit Mix Summary Total Effective Unit Type No. of Units Rentable SF Effective Rent/SF Market Rent/Unit Market Rent/SF Rentable SF Rent/Unit Studios (A) 13 310 4,030 $1,546 $4.99 $1,630 $5.26 Studios (B) 16 360 5,760 $1,709 $4.75 $1,797 $4.99 Studios (C) 7 396 2,772 $1,764 $4.45 $1,890 $4.77 One Bedrooms (B & A) 22 659 14,491 $2,369 $3.60 $2,451 $3.72 Two Bedrooms 5 855 4,275 $3,000 $3.51 $3,060 $3.58 Totals / Wtd. Averages 63 497 31,328 $2,014 $4.05 $2,101 $4.23 $3,500 $3,060 $3,000 Two $3,000 Bedrooms 8% $2,500 $2,451 $2,369 $2,000 $1,890 $1,797 $1,764 $1,709 $1,630 $1,546 $1,500 One $1,000 Bedrooms Studios 35% 57% $500 - Studios (A) Studios (B) Studios (C) One Bedrooms Two Bedrooms (B & A) Effective Rent/Unit Market Rent/Unit © 2020 Greysteel / 5 RAVENEL RAVENEL METER BANK (REFERENCE PP. 4) Property Details Barclay 1616 16th Street NW • Washington, D.C. 20009 98 93 89 36,950 WALK SCORE BIKE SCORE TRANSIT SCORE RENTABLE SF (Walker’s Paradise) (Biker’s Paradise) (Excellent Transit) CONSTRUCTION MECHANICALS Framing Concrete/Steel Plumbing Mix Steel & Copper Exterior Masonry
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