Nevin Place Apartments3146 BARODA LANE

CHARLOTTE, NC 28269

FOR SALE $5,700,000

CONTACT USRobbie ColomboIndus Companies4200 Regent St., Suite 200Columbus, Ohio 43219Phone: 614-562-6244Fax: 614-944-5192Rcolombo@induscompanies.com

Monroe H. RidenhourN.C. License #138125

TABLE OF CONTENTSInvestment Overview................................................................. 3

City Overview ............................................................................. 4

Map .............................................................................................. 5

Aerial Map ................................................................................6-7

Site Photos .............................................................................8-12

Floor Plans ...........................................................................13-15

Area Photos............................................................................... 16

Property Description................................................................ 17

Unit Mix ..................................................................................... 18

Income & Expenses .................................................................. 19

Site Demographics ...................................................................20

Site Demographics Map ........................................................... 21

Sales Comparables ............................................................. 22-23

Confidentiality Agreement & Disclaimer...............................24

INVESTMENT OVERVIEWNevin Place Apartments

3146 Baroda Lane, Charlotte, NC 28269

Property OverviewNevin 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.

Sale Price $5,700,000 Lot Size 4.6 acres Building Size 47,500 sq ft Year Built 1999 Zoning R-12MF Market: Charlotte

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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.

CITY OVERVIEW

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MAP

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AERIAL MAP

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AERIAL MAP

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SITE PHOTO

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SITE PHOTO

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SITE PHOTO

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SITE PHOTO

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SITE PHOTO

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FLOOR PLAN

1 Bedroom Garden680 Sq. Ft. 1 Bed / 1 Bath

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FLOOR PLAN

2 Bedroom Garden850 Sq. Ft. 2 Bed / 1 Bath

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FLOOR PLAN

3 Bedroom Garden1062 Sq. Ft. 3 Bed / 2 Bath

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University of North Carolina Charlotte

AREA PHOTOS

IKEA

Carowinds Amusement Park Charlotte Aviation Museum

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PROPERTY DESCRIPTION

LOCATION CONSTRUCTION

UTILITIES

MECHANICAL

PARKING

SITE INFORMATION

UNIT MIX

Property Address: 3146 Baroda LaneCharlotte, NC 28269

No. of Units 55No. of Buildings 10No. of Stories 2GLA (SF): 47,500Average Unit Size (SF): 850Year Built: 1999Acres: 4.6Zoning R-12 MF

Framing: WoodExterior: Brick/VinylParking Surface: AsphaltRoof: Pitched/Composite ShingleFoundation: Slab w/ Concrete Footings

Water: City of CharlotteElectric: Duke Power

HVAC: Individual Units

Parking Spaces: 118Parking Spaces/Unit: 2 to 1

1BD/1BA (680 Sq. Ft.): 42BD/1BA (797 Sq. Ft.): 432BD/1BA (860 Sq. Ft.): 43BD/2BA (1062 Sq. Ft.): 4

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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

UNIT MIX

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INCOME & EXPENSESIncome 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 - $ 31,323Employee Unit - $ 8,110 - $ 9,660 $ 0Delinquency - $ 10,147 - $ 7,133 - $ 7,000Referrals - $ 200 - $ 200 - $ 200GROSS INCOME $ 573,681 $ 595,010 $ 619,216

Expense SummaryReal Estate Taxes $ 34,531 $ 39,531 $ 39,351Insurance $ 16,031 $ 15,326 $ 16,000Administration $ 17,333 $ 16,000 $ 15,275Payroll $ 55,120 $ 48,054 $ 54,680Management $ 25,525 $ 25,911 $ 26,087Utilities $ 41,615 $ 43,329 $ 42,860Repair & Maintenance*** $ 52,760 $ 31,486 $ 31,075Landscaping $ 19,987 $ 10,800 $ 10,800Reserves $ 11,000 $ 11,000GROSS 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”

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1 mi. radius 3 mi. radius 5 mi. radius

Median Age 33.5 32.9 33.4Estimated Households 2,902 27,364 77,287Median Household Income $52,562 $51,223 $52,905Average Household Size 2.8 2.6 2.5Owner-Occupied Median Home Value $135,594 $149,641 $162,378

Total Population 7,630 72,219 202,752White 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%

SITE DEMOGRAPHICS

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SITE DEMOGRAPHICS MAP

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SALES COMPARABLES

Subject PropertyNevin Place Apartments

3146 Baroda Ln., Charlotte, NC 28269Sale Price: $5,700,000 Year Built: 1999No. Units: 55 Price/Unit: $103,636Occupancy: 97% NOI: $353,573

Sales Comparable 1Bridges of Quail Hollow

7561 Quail Meadow Ln., Charlotte, NC 28210Sale Price: $10,750,000 Year Built: 1981No. Units: 90 Price/Unit: $119,444Occupancy: 93% NOI: $579,902Closing Date: 3/11/17 Cap Rate: 5.39%

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SALES COMPARABLES

Sales Comparable 2Matthews Pointe

1700 Chambers Dr., Charlotte, NC 28105Sale Price: $10,900,000 Year Built: 1986No. Units: 100 Price/Unit: $109,000Occupancy: 93% NOI: $609,722Closing Date: 6/5/17 Cap Rate: 5.59%

Sales Comparable 3Walkers Ridge

1100 Robinwood Rd., Gastonia, NC 28054Sale Price: $13,000,000 Year Built: 1990No. Units: 144 Price/Unit: $90,278Occupancy: 94% NOI: $818,887Closing Date: 4/3/18 Cap Rate: 6.30%

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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 Ridenhour, nor any of their officers, employees, representatives or affiliates, for the accuracy or com-pleteness thereof. Recipients of this Offering are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering is a solicitation of interest only and is not an offer to sell the Property. The Owner reserves the right, at its sole discre-tion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner, Indus Companies and Monroe Ridenhour from any liability with respect thereto.

To the extent the Owner or any agent of the Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.

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