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Ghent Apartments Portfolio Offering Memorandum Ghent Apartments Portfolio 40-Unit Portfolio in the Historic Ghent Neighborhood NON-ENDORSEMENT AND DISCLAIMER NOTICE NON-ENDORSEMENTS Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any com- The Ghent mercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or GHENT Apartments Portfolio subsidiaries, or any agent, product, service, or commercial listing of Marcus & Milli- chap, and is solely included for the purpose of providing tenant lessee information 832 Brandon Avenue, Norfolk, VA about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MAR- 750 W Princess Anne Road, Norfolk, VA CUS & MILLICHAP AGENT FOR MORE DETAILS. 400 Fairfax Avenue, Norfolk, VA DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND EXECUTIVE SUMMARY SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from Investment Highlights sources we believe to be reliable, but we make no representations or warranties, ex- Property Highlights 1 press or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any PROPERTY ANALYSIS inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. Investment Overview ZAA0600056, ZAA0600057, and ZAA0600058. Selling Points Location Overview 8 Location Highlights EXCLUSIVELY LISTED BY: COMPARABLE PROPERTIES Sale Comparables Rent Comparables 52 ALTAY UZUN JUSTIN FERGUSON Vice President, Investments Investment Associate FINANCIAL ANALYSIS [email protected] [email protected] Pricing Detail Rent Roll Summary Cash Flow Statement 70 KYLE GROSS SHELBY JACOBS Growth Rates Investment Associate Marketing Coordinator [email protected] [email protected] DEMOGRAPHIC ANALYSIS Demographic Highlights www.midatlanticmultifamily.com Statistics 76 Section Offering Price Offering Highlights $4,008,000 2 01 3 Bed Total Units 1.5 Bath Residents have access to 40 EXECUTIVE HIGHLY REGARDED & TOP 18 40 20 2 Bed 1 Bed RANKED PUBLIC SCHOOLS 1 Bath Units 1 Bath within 1 mile from Properties SUMMARY Taylor Elementary School, 3 Blair Middle School, and Maury High School. Offering Highlights Combined 50+446 Lot Size Rarity of Offering Resident Amenities 0.45 Property Overview #1 Laundry Facility Hardwood in Select in Best Flooring Properties Rentable Investment Highlights Neighborhoods Square Feet Stainless Steel to Live in Ceiling Fans in Appliances in Select Units Norfolk Select Units 35,950 -Niche Property Overview Brandon Avenue Apartments 12 0.27 Marcus & Millichap has been selected to exclusively market for sale the Ghent Apartments Portfolio, Units Lot Size a 40-unit apartment portfolio located in the historic Ghent neighborhood of Norfolk, VA. SUBJECT PROPERTY EXECUTIVE SUMMARY The Ghent Apartments Portfolio consists of 40 units across three buildings built between 1910 and 1928 and situated on a combined 0.45 acres. There are twenty (20) 828 sqft one-bedroom one-bathroom units, sixteen (16) 944 sqft two-bedroom one-bathroom units, and two (2) 1,200 sqft three-bedroom one-and-a-half bathroom units. Select units feature hardwood flooring, private balconies, ceiling fans, stainless steel appliances, and tile flooring. Located in Ghent, Norfolk, the property’s prime location enjoys the benefits of not only Hampton Roads liveliest metro, but also the most prominent 2 arts and culture district in the entire MSA. The Ghent Apartments Portfolio also provides quick ac- Ghent Apartments Portfolio cess to Downtown Norfolk and Norfolk’s Waterside District. Ghent Apartments Portfolio 1 The Ghent Apartments Portfolio has a current occupancy of 92.5% while the Ghent submarket has shown 95.5% occupancy for the past year. With a focus on healthcare, professional, and business services sectors, Ghent is less susceptible to the volatility in the military and shipping industries that increased vacancies throughout the Hampton Roads. DEVELOPMENT EXECUTIVE SUMMARY Sentara Norfolk General Hospital’s new $200 million expansion increases the emergency depart- ment, modernizes eighteen operationing rooms, and adds two helicopter pads. Sentara Norfolk General Hospital is home to the Sentara Neuroscience Institute, Special Care Nursery, CyberKnife Radiosurgery System, and the Sentara Cancer Network. Tidewater Community College is relocating its Visual Arts Center to Norfolk’s NEON District. The 47,000 square foot development will feature a hospitality and restaurant management school and a culinary arts program. The new TCC campus is anticipated to open in 2021. Baylor Fairfax Apartments 22 0.25 6 0.16 Apartments Units Lot Size Units Lot Size EXECUTIVE SUMMARY 4 Ghent Apartments Portfolio Ghent Apartments Portfolio 3 EXECUTIVE SUMMARY Investment Highlights 40-Unit Multifamily Portfolio Located within a 1.3 Mile Radius Uniquely Positioned in Ghent Best of the Hampton Roads! EXECUTIVE SUMMARY One of the Most Expensive Single Value-Add Opportunity: investors Family Housing Markets in Norfolk: have the opportunity to remodel unit 6 the median single family home mort- interiors and revamp the common ar- Ghent Apartments Portfolio Ghent Apartments Portfolio gage payment in Ghent is $1,865 com- eas capturing rental premiums. 5 pared to the average renting price of $1,300. Norfolk offers a vibrant Superb Demographics: average Neighborhood Amenities: located entertainment district (NEON Arts household income in Ghent is $83,867. within walking distance to Sentara District), tasty cuisine for every EXECUTIVE SUMMARY Approximately 69.5% of the popula- Norfolk General Hospital, the Chrys- appetite, newly re-developed tion are renters and 92% of the popu- ler Museum of Art, Harris Teeter, Press Waterside District, downtown area, lation hold a college degree. 626 Wine Bar, Starbucks, Chipotle, and 144 miles of shoreline offering a Noodles & Company, Skinny Dip, the wide variety of recreational activities. Green Onion, and so much more! Section Property Highlights Baylor Apartments Fairfax Apartments Brandon Ave Apartments Address 750 W Princess Anne Rd Address 400-402 Fairfax Ave Address 832 Brandon Ave 02 Total Units 22 Units Total Units 6 Units Total Units 12 Units Parcel Number 1428627287 Parcel Number 1427798239 Parcel Number 1428638617 Buildings 1 Building Buildings 1 Building Buildings 1 Building PROPERTY Stories 4 Stories Stories 3 Stories Stories 3 Stories Zoning HC-G2 Zoning HC-G1 Zoning MF-NS Year Built 1921 Year Built 1910 Year Built 1928 ANALYSIS Occupancy 90.9% Occupancy 100% Occupancy 91.7% Flood Zone X Flood Zone AE - 8Ft Elevation Flood Zone X Gross Building SF 19,000 SqFt Gross Building SF 5,900 SqFt Gross Building SF 10,900 SqFt Property Highlights Lot Size .02473 Acres Lot Size 0.1567 Acres Lot Size 0.2705 Acres Total Parking Street Parking Total Parking Street Parking Total Parking 12 Spots Investment Overview HVAC Window A/C (Tenant) HVAC Central HVAC Window A/C (Tenant) Laundry On Site Coin Laundry Laundry W&D Hookups (1st Floor) Laundry On Site Coin Facility Market Overview Utilities Utilities Utilities Water Owner Paid Water Owner Paid Water Owner Paid Location Overview Sewer Owner Paid Sewer Owner Paid Sewer Owner Paid Electric Tenant Paid Electric Tenant Paid Electric Tenant Paid Trash Owner Paid Trash Owner Paid Trash Owner Paid Aerial Map Regional Map Baylor Brandon Apartments PROPERTY ANALYSIS Avenue 16 One-Bed Units Apartments 4 Two-Bed Units 12 Two-Bed Units 2 Three-Bed Units 10 Ghent Apartments Portfolio Ghent Apartments Portfolio 9 Fairfax Apartments 4 One-Bed Units 2 Two-Bed Units Ghent Apartment Portfolio PROPERTY ANALYSIS Capitalize on a Rare High End Retailers GHENT Highlight the Area’s Multifamily Offering Desirability Limited Buying Opportunities PROPERTY ANALYSIS 5 71 19 Properties 10 Properties Properties Sold in Units & Up Sold in 5 Units & Up Last 3 Years the Last 3 Years Household Gender: 12 Ownership: Ghent Apartments Portfolio Ghent, Norfolk Ghent Apartments Portfolio 11 52.3% 69.5% Male Rent 30.5% 47.7% 7,372 95.5% Own Female 56.8% Superb Demographics Total Occupancy Owned Population Rate The submarket’s proximity to major em- ployment centers, high end retail, historic Educational Attainment PROPERTY ANALYSIS neighborhood charm, on the water perks, 69.5% $83,867 3.9% No Degree 2% of the Average Population and central location make it a desirable High School 6% Population Household Growth place of residence for tenants of all ages. Rent Income by 2024 Some College 22% Bachelor’s Degree 37% Post Graduate Degree 33% Points of Interest 3 A Premier 1 Virginia Zoo Central Location 2 Norfolk Botanical Garden Norfolk offers a plethora of retail amenities and recreational ac- 3 Ocean View Beach Park 12 tivities within twenty minutes from Norfolk Premium Outlets Hampton Roads’ top attractions. 4 Nauticus 2 24,176 Students 5 The Scope as of Fall 2018 6 Chrysler Museum of Art Notable Developments 1 Ghent Apartments Portfolio Norfolk Gateway Office Tower 11 1,438 Students 7 Expected to Open in Dec. 2020 13 Waterside District The Ghent as of Fall 2018 1 Apartments 260,000 sqft Class A Office Space 8 The NorVa 5,204 Students Virginia Beach Town Center
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