student housing apartment complex for sale · management fee $5,999.94 repairs/maintenance...
TRANSCRIPT
113-131 PLUM STREET10 - 2BR UNITS | OXFORD, OH | MIAMI UNIVERSITY
Student Housing Apartment Complex For Sale
DON MURPHYSENIOR DIRECTORT: +1 513 763 3008 M: +1 513 604 [email protected]
CUSHMAN & WAKEFIELD TEAM
JORDAN MURPHYASSOCIATET: +1 513 763 3026M: 513 607 7110 [email protected]
TABLE OF CONTENTS
INVESTMENT SUMMARY / PG. 1
PROPERTY DESCRIPTION / PG. 4
FINANCIAL ANALYSIS / PG. 6
LOCATION OVERVIEW / PG. 9
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
1
INVESTMENT SUMMARY
PROPERTY DETAILS: 113-131 PLUM STREET
Address 113-131 Plum StreetOxford, OH 45056
County Butler County
Parcel Number H4100106000124
University Miami University
Distance to Campus Adjacent to Campus
Year Built 1957
Number of Units/Beds 10 - 2BR Units (permitted for 30 beds)
Parking 10 Covered Garage Ports
Utilities All Paid by Tenant
Furniture Non-Furnished
Current Occupancy 100%
Offering Price $1,450,000
CUSHMAN & WAKEFIELD 2
INVESTMENT OFFERING
113-131 PLUM STREET | OXFORD, OHIO
The Cushman & Wakefield Ohio Multifamily Team is pleased to present the exclusive listing of 113-131 Plum Street, 10 units and 30 beds, located in Oxford, Ohio. Adjacent to Miami University, the property offers direct access to main campus and is located directly across from the campus recreation center.
113-131 PLUM STREET
MIAMI UNIVERSITY RECREATION CENTER
GOGGIN ICE CENTER
MIAMI UNIVERSITY STUDENT HEALTH
OFFICE OF ADMISSIONS
MCGUFFEY HALL
KREGER HALL
PHILLIPS HALL
ARMSTRONG STUDENT CENTER
ANDERSON HALL
STANTON HALL
RICHARD HALL
SCOTT HALL
E Spring St E Spring St
Map
le S
tM
aple
St
S C
amp
us A
veS
Cam
pus
Ave
E Chestnut StE Chestnut St
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
3
PROPERTY DESCRIPTION
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
4
FEATURES AND AMENITIES• Recently remodeled
• Well maintained property in excellent location
• All 2 bedrooms
• Washer/Dryer
• Air conditioning
• Covered parking
• Directly across from Miami University’s Recreation Center
• Historical high occupancy
• Miami University produced double digit growth in full time undergraduate enrollment and total enrollment over the last five years
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
5
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
6
FINANCIAL ANALYSIS
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
7
Income and Expenses
Rental Income $117,850.00
Expenses
Management Fee $5,999.94
Repairs/Maintenance $4,200.00
Insurance $6,050.00
Real Estate Taxes $3,892.00
Utilities $880.00
General & Admin $300.00
Carpet/Painting $1,900.00
Landscaping $900.00
Exterior Maintenance $700.00
City Fees $325.00
Appliances $500.00
Total Expenses $25,646.94
NOI $92,203.06
FINANCIAL HIGHLIGHTS
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
8
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
9
LOCATION OVERVIEW
CUSHMAN & WAKEFIELD
113-131 PLUM STREET | OXFORD, OHIO
10
Total Population 2017 22,859
Median Age 21
County Butler
OXFORD, OHby the numbers
75
80ToledoToledo
DaytonDaytonOxfordOxford
71
70
71
80
113-131 PLUM STREET | OXFORD, OHIO
11
UNIVERSITY OVERVIEW
Miami University is one of the oldest public universities in the country, made possible by an ordinance signed by President George Washington in 1795. Chartered in 1809, Miami welcomed its first students in 1824. Miami University (also referred to as Miami of Ohio or simply Miami) is a public research university located on a 2,138-acre campus in Oxford, Ohio, 35 miles north of Cincinnati.
RANKINGS
• Kiplinger’s Personal Finance magazine listed Miami as one the “100 Best Values in Public Colleges” for 2018, ranking Miami 50th among in-state best values nationwide for public universities and 36th for public university best values for out-of-state students.
• The 2018 U.S. News & World Report ranks Miami University the top public university in the nation for an “unusually strong commitment to under-graduate teaching.”
• Forbes magazine ranked Miami 185th overall and 29th in the Midwest in its America’s Top Colleges for 2019 list.
DEVELOPMENT PIPELINE
There is one off campus proposed development in the pipeline that was denied re-zoning in Sep 2018. Status unknown of plans moving forward.
11.35%TOTAL ENROLLMENT GROWTHSince Fall 2013
11.42%FT UNDERGRAD GROWTHSince Fall 2013
12.06%TOTAL UNDERGRAD GROWTHSince Fall 2013
Fall 2018 YoY Incr.
Total Enrollment 19,933 2.47%
FT Undergraduate 16,714 0.57%
Total Undergraduate 17,326 1.04%
Total Graduate 2,607 13.1%
ENROLLMENT STATISTICS
Full Time (FT) Undergrad 16,714
Total Off-Campus Beds 3,730
Total On-Campus Beds (Est)* 8.150
Total Market Demand (Beds) 4,834
MARKET DEMAND
*Source Axiometrics
CONFIDENTIALITY STATEMENTThis Offering Memorandum (OM) was prepared by Cushman & Wakefield (Broker) and has been reviewed by the Owner. The OM is confidential, furnished solely for the purpose of considering the acquisition of the Property described herein, and is not to be used for any other purpose or made available to any other person without the express written
consent of Broker. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
The information contained herein has been obtained from sources deemed reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Owner or Broker or any related entity as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as
they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the building(s) or located at the land site, including but not limited to lead-based products (for compliance with “Target Housing” regulation for multifamily housing constructed
prior to 1978), asbestos, etc.
The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any purchaser unless a written agreement for the
purchase of the Property has been delivered, approved, and fully executed by the Owner, and any conditions to the Owner’s obligations thereunder have been satisfied or waived. Broker is not authorized to make any representations or agreements on behalf of the Owner. Broker represents the Owner in this transaction and makes no
representations, expressed or implied, as to the foregoing matters. The depiction of any persons, entities, signs, logos, or properties (other than Broker’s client and the Property) is incidental only and not intended to connote any affiliation, connection, association, sponsorship, or approval by or between that which is incidentally depicted and Broker or
its client.
This OM is the property of Cushman & Wakefield and may be used only by parties approved in writing by Broker. The information is privately offered and, by accepting this OM, the party in possession hereon agrees (i) to return it to Cushman & Wakefield immediately upon request of Broker or the Owner and (ii) that this OM and its contents are of a
confidential nature and will be held and treated in the strictest confidence. No portion of this OM may be copied or otherwise reproduced and/or disclosed to anyone without the written authorization of Broker and Owner. The terms and conditions set forth above apply to this OM in its entirety.
multifamily.cushwake.com/Specialties/StudentHousing