FOR SALE $5,700,000 Nevin Place Apartments 3146 BARODA LANE CHARLOTTE, NC 28269 TABLE OF CONTENTS Investment Overview................................................................. 3 City Overview .............................................................................4 Map .............................................................................................. 5 Aerial Map ................................................................................6-7 CONTACT US Site Photos .............................................................................8-12 Floor Plans ...........................................................................13-15 Robbie Colombo Indus Companies Area Photos............................................................................... 16 4200 Regent St., Suite 200 Columbus, Ohio 43219 Property Description................................................................ 17 Phone: 614-562-6244 Fax: 614-944-5192 Unit Mix ..................................................................................... 18 [email protected] Income & Expenses .................................................................. 19 Site Demographics ...................................................................20 Site Demographics Map ........................................................... 21 Sales Comparables ............................................................. 22-23 Monroe H. Ridenhour N.C. License #138125 Confidentiality Agreement & Disclaimer...............................24 INVESTMENT OVERVIEW Nevin Place Apartments 3146 Baroda Lane, Charlotte, NC 28269 Sale Price $5,700,000 Lot Size 4.6 acres Building Size 47,500 sq ft Year Built 1999 Zoning R-12MF Market: Charlotte Property Overview Nevin Place provides the opportunity to own 55 units in Charlotte, North Carolina. Owner will benefit from the rising rental pressure in Mecklenburg County, which is where this property resides. This property is extremely well maintained and offers an Investor an amazing opportunity. Constructed in 1999, the property has large all-electric units, excellent floorplans, oversized walk-in closets and storage space, garages, basketball court, play area and picnic area. The property is well located near schools, employment and shopping. Residents enjoy quick and easy access to UNCC and uptown Charlotte. [3] CITY OVERVIEW Charlotte is the largest city in the state of North Carolina and is the county seat of Mecklenburg County. In 2017 the U.S. Census Bureau estimated the population was 859,035, making it the 17th most populous city in the United States. The Charlotte metropolitan area’s population ranks 22nd in the U.S. and had a 2016 population of 2,474,314. The Charlotte metropolitan area is part of a sixteen-county market region. Between 2004 and 2014, Charlotte was ranked as the country’s fastest-growing metro area, with 888,000 new residents. Based on a U.S. Census data from 2005 to 2015, it tops the 50 largest U.S. cities as the millennial hub. Charlotte is home to the corporate headquarters of Bank of America and the east coast operations of Wells Fargo, which along with other financial institutions made it the second-largest banking center in the United States from 1995-2017. In additional to Wells Fargo and Bank of America, Charlotte is also home to 10 Fortune 500 companies with Nucor, Duke Energy, Sonic Automotive, Family Dollar, Goodrich Corporation, SPX Corporation, Domtar and Chiquita Brands International. Other notable major companies include Extended Stay Hotels, RSC Brands, Continental Tire, Belk, Harris Teeter, Lending Tree, and Bojangles. [4] MAP [5] AERIAL MAP [6] AERIAL MAP [7] SITE PHOTO [8] SITE PHOTO [9] SITE PHOTO [10] SITE PHOTO [11] SITE PHOTO [12] FLOOR PLAN 1 Bedroom Garden 680 Sq. Ft. 1 Bed / 1 Bath [13] FLOOR PLAN 2 Bedroom Garden 850 Sq. Ft. 2 Bed / 1 Bath [14] FLOOR PLAN 3 Bedroom Garden 1062 Sq. Ft. 3 Bed / 2 Bath [15] AREA PHOTOS University of North Carolina Charlotte IKEA Carowinds Amusement Park Charlotte Aviation Museum [16] PROPERTY DESCRIPTION LOCATION CONSTRUCTION Property Address: 3146 Baroda Lane Framing: Wood Charlotte, NC 28269 Exterior: Brick/Vinyl Parking Surface: Asphalt SITE INFORMATION Roof: Pitched/Composite Shingle Foundation: Slab w/ Concrete Footings No. of Units 55 No. of Buildings 10 No. of Stories 2 UTILITIES GLA (SF): 47,500 Water: City of Charlotte Average Unit Size (SF): 850 Electric: Duke Power Year Built: 1999 Acres: 4.6 Zoning R-12 MF MECHANICAL UNIT MIX HVAC: Individual Units 1BD/1BA (680 Sq. Ft.): 4 2BD/1BA (797 Sq. Ft.): 43 PARKING 2BD/1BA (860 Sq. Ft.): 4 Parking Spaces: 118 3BD/2BA (1062 Sq. Ft.): 4 Parking Spaces/Unit: 2 to 1 [17] UNIT MIX Unit Type Count % of Total Size(Sqft) Rent/Sqft Rent 1 BR 4 7.3 680 $ 1.22 $ 830 2 BR 1 BA 43 78.2 797 $ 1.16 $ 930 2 BR 1BA 4 7.3 860 $ 1.08 $ 930 3 BR 2 BA 4 7.3 1,062 $ 0.97 $ 1,030 Total | Average 55 100% 44,679 $ 1.11 $ 50,750 [18] INCOME & EXPENSES Income Summary 2017* 2018 2019 Gross Potential Rent $ 578,525 $ 611,175 $ 626,454 Other Income $ 28,047 $ 31,387 $ 31,285 Vacancy** - $ 14,434 - $ 30,559 - $ 31,323 Employee Unit - $ 8,110 - $ 9,660 $ 0 Delinquency - $ 10,147 - $ 7,133 - $ 7,000 Referrals - $ 200 - $ 200 - $ 200 GROSS INCOME $ 573,681 $ 595,010 $ 619,216 Expense Summary Real Estate Taxes $ 34,531 $ 39,531 $ 39,351 Insurance $ 16,031 $ 15,326 $ 16,000 Administration $ 17,333 $ 16,000 $ 15,275 Payroll $ 55,120 $ 48,054 $ 54,680 Management $ 25,525 $ 25,911 $ 26,087 Utilities $ 41,615 $ 43,329 $ 42,860 Repair & Maintenance*** $ 52,760 $ 31,486 $ 31,075 Landscaping $ 19,987 $ 10,800 $ 10,800 Reserves $ 11,000 $ 11,000 GROSS EXPENSES $ 262,902 $ 241,437 $ 247,308 NET OPERATING INCOME $ 310,779 $ 353,573 $ 371,908 * “2017” Employee theft loss, insurance company coverage with reimbursement pending ** Historically the property operates at 96.5% occupancy, for proforma and underwriting purposes we utilized 95% for “2018” and “2019”. *** Significant amount of landscape work and parking lot work performed in “2017” [19] SITE DEMOGRAPHICS 1 mi. radius 3 mi. radius 5 mi. radius Median Age 33.5 32.9 33.4 Estimated Households 2,902 27,364 77,287 Median Household Income $52,562 $51,223 $52,905 Average Household Size 2.8 2.6 2.5 Owner-Occupied Median Home Value $135,594 $149,641 $162,378 Total Population 7,630 72,219 202,752 White 20.7% 25.1% 30.0% Black or African American 63.8% 55.2% 52.4% American Indian or Alaska Native .5% .5% .5% Asian 5% 6.8% 6.7% Hawaiian or Pacific Islander .1% .1% .1% Other Race 7.5% 9.6% 6.7% Two or More Races 2.4% 2.6% 2.8% [20] SITE DEMOGRAPHICS MAP [21] SALES COMPARABLES Subject Property Nevin Place Apartments 3146 Baroda Ln., Charlotte, NC 28269 Sale Price: $5,700,000 Year Built: 1999 No. Units: 55 Price/Unit: $103,636 Occupancy: 97% NOI: $353,573 Sales Comparable 1 Bridges of Quail Hollow 7561 Quail Meadow Ln., Charlotte, NC 28210 Sale Price: $10,750,000 Year Built: 1981 No. Units: 90 Price/Unit: $119,444 Occupancy: 93% NOI: $579,902 Closing Date: 3/11/17 Cap Rate: 5.39% [22] SALES COMPARABLES Sales Comparable 2 Matthews Pointe 1700 Chambers Dr., Charlotte, NC 28105 Sale Price: $10,900,000 Year Built: 1986 No. Units: 100 Price/Unit: $109,000 Occupancy: 93% NOI: $609,722 Closing Date: 6/5/17 Cap Rate: 5.59% Sales Comparable 3 Walkers Ridge 1100 Robinwood Rd., Gastonia, NC 28054 Sale Price: $13,000,000 Year Built: 1990 No. Units: 144 Price/Unit: $90,278 Occupancy: 94% NOI: $818,887 Closing Date: 4/3/18 Cap Rate: 6.30% [23] CONFIDENTIALITY AGREEMENT & DISCLAIMER The material contained in this Investment Offering is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstance be photo copied or disclosed to any third party without written consent from Indus Companies, Monroe Ridenhour (NC License 138125) or Owner, or used for any other purpose other than to evaluate the potential purchase of the property. The only party authorized to represent the Property Owner in connection with the sale of the Property is Indus Companies and Monroe Ridenhour listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering. Neither Indus Companies, Monroe Ridenhour nor the Owner make any representation or warranty, express or implied, as to the accura- cy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering may include certain statements and estimates by Indus Companies and or Monroe Ridenhour with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Indus Companies, Monroe Ridenhour and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between Buyer and Owner. The information contained in this Offering is subject to change without notice and the recipient of these materials shall not look to Owner, Indus Companies or Monroe