4828 Glenway Avenue, Cincinnati, OH45238

PROPERTY  OFFERING MEMORANDUM 

(2019)

Asking: $750,000 Disclaimer Property Offering Memorandum(POM) for La Hacienda, a 13-unit low-rise garden apartment compound in the City of Cincinnati, Ohio, is compiled and created by Sunshine Homes of Ohio, a local property management company. All data and graphics used, quoted and exhibited are believed to be true to the facts. However, the compiler does not provide any guarantee on any part of the statements, quotations, calculations and conclusions. It is the responsibility and due diligence of the buyer for verifying the veracity and authenticity. regardless of the ardent assistance from the management in any aspect of the property and business operation. Typo errors and omissions are reduced to minimum at compiler’s best effort but may still exist. Tenants’ names have been redacted for protection of privacy. Under

no Circumstance should prospective buyer or its agent to contact the tenant/residents without pre-consent from the management. Part I Property Introduction

Asking: $650,000

Every morning after you get up and try to make yourself ready to go to work, you will brush your teeth and wash your face, at least we hope so, did you ever look at the bar soap and tooth-paste to find out where they are produced? If you did, you could never miss this name: Cincinnati, Ohio! If you are a fan of baseball, you can never miss the name of The Cincinnati Reds; a fan of football, the Bengals. Yes, it is all about Cincinnati, the Queen City! La Hacienda, a multifamily apartment compound compromising 13 one bedroom residential units, is proudly located in the City of Cincinnati, Ohio. 4828 Glenway Avenue, Cincinnati, OH45238

Located in the City of Cincinnati, County of Hamilton, State of Ohio, La Hacienda( aka Overlook) was built

in 1930 by The Leonard Marian Family. The builder-owner had maintained and operated its rental business out of this gorgeous U-shape building all the way till the year of 2003. That’s 73 years! Current owner took over the

Ownership in 2017 from the second proprietor who had been there for almost 15 years! Basic facts:

About The Building 1. Parcel Number: 180-0080-0020-00 2. Lot Area: 0.342 Acres 3. Building Description: Low-rise Garden 4. Structure: Poured concrete basement and masonry bricks 5. Floor-plan: 13 One-bedroom apartments with Balconies or Sunrooms 6. Parking Lot: Rear, 10 Stalls 7. Neighborhood: West Price Hill 8. Current Occupancy Rate: 100% 9. Utility Providers: Duke Energy for Electricity and Gas

City of Cincinnati Water Works for Water Rumpke for Trash Services Spectrum for Telephone, Internet and Cable Services Terminix for Pest Control

10. Rental Features: Annual Lease and then Month-to-Month after Expiry 11. Utility Payments: Tenants pay for their own electricity and gas Landlord pays for water, heat, gas for boiler and water-heaters, Electricity for public areas 12. Amenity: Public Laundromat, Free Wi Fi About the City of Cincinnati:

A. Geographical Location: Southwestern Ohio, located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line with Kentucky .

B. Population: Population Demographics by Race

Race Population % of Total

Total Population 296,943 100

White 146,435 49

Black or African American

133,039 44

Hispanic or Latino 8,308 2

Two or More Races 7,412 2

Asian 5,481 1

Some Other Race 3,566 1

Three or more races 762 Below 1%

American Indian 759 Below 1%

Native Hawaiian Pacific Islander

251 Below 1%

C. Metropolis Cincinnati Population: 2,172,191 ( 2010 Census ) D. State Rank: Third Largest City in Ohio E. National Rank: 66th in the US F. 2018 Population Growth Rank: 39th in the USA G. Major Industries: Advanced energy, manufacturing, BioHealth, Consumer Products

& Brand Development, Food Processing & Agriculture, Finance, Insurance and IT.

H. Big Employers: Kroger Proctor & Gamble Company Health Alliance of Greater Cincinnati Fifth Third Bank GE Aviation IRS

I. Annual Average Rental Occupancy Rate: 95% Top 11 Reasons to Invest in Real Estate Market in Cincinnati, Ohio In its January Issue, 2019, Forbes listed Cincinnati, Ohio, as the country’s 20th hotspot for real estate Investment. Furthermore, trade insiders recently revealed 11 convincing reasons for investors to come to Cincinnati to be the winner:

11 Reasons To Invest In The Cincinnati Real Estate Market Cincinnati itself is a mid-sized city. It is home to around 300,000 people, making it the third largest city in Ohio.

The Cincinnati metropolitan area is home to over two million people. It is growing faster than the nation as a

whole, though this is partially due to its recovery from a low point during the Great Recession. It is recovering

home values and growth in cheap markets can yield the greatest ROI. Let’s find out 11 reasons to invest in the

Cincinnati real estate market

1. Cincinnati Real Estate Market Is Growing Again Cincinnati was ranked the fastest growing power in the Midwest in terms of percentages. It is the seventh

largest economy in the Midwest and 28th largest in the United States. The median age, here, is a positive sign.

The media age for residents is 32, while the average age of people living in Ohio is 39. There are people

coming here and staying here, raising their children here. That demographic momentum will keep Cincinnati

going strong for years to come.

2. Cincinnati Real Estate Is Affordable

Cincinnati was recently ranked the most affordable place for renters to live alone. The median home price in

Cincinnati was around $160,000 in 2016. The average townhome cost around $140,000, while the average

detached home cost around $200,000. All these prices are lower than the Ohio (and national) average.

This isn’t a surprise when you learn that the cost of living here is 8% below the national average. Cincinnati has

an unusual combination of consistently high home values with a low cost of living, which makes it a solid choice

for the savvy real estate investors. Cincinnati have all the amenities of the urban lifestyle; access to nightlife,

shopping, great restaurants and culture, along with good schools and some beautiful green spaces.

Once such affordable neighborhood in Cincinnati is Oakley. Oakley, Cincinnati is on the rise as a

neighborhood for young professionals to get their start. Between its affordable rent, thriving business district,

ample shopping, and cool and diverse locals, you’ll never want to leave.

3. The Tiny Home Market Is Unusually Strong If you’ve heard of Cincinnati lately, there is a fair chance it is because one of several Cincinnati small home

builders popped up in the news or was the star of a tiny house reality show. Whether you want to build tiny

homes to provide affordable options on the Cincinnati real estate market or think that tiny homes built here and

exported elsewhere will help the local economy is your decision. Nearby Dayton has jumped on the bandwagon

and been at the forefront of approving “tiny home” projects.

4. Jobs Keep People Here and Attract New Ones Unemployment in Cincinnati is around 4%. That’s almost half the rate it was at the peak of the Great Recession.

The economy has shifted somewhat from manufacturing to services, though manufacturing remains a major

employer. Several Fortune 500 companies are located here, though Kroger is the largest. The University of

Cincinnati is the second largest, though it isn’t even the only major college in town. Healthcare, though,

accounts for around a fifth of all jobs in the city.

5. University Of Cincinnati Real Estate Landlords love populations that cannot or will not buy a home, so they’re certain to rent. Military bases provide

such a large population of stable renters, and so do colleges. The University of Cincinnati provides a large

student body (more than 40,000) that lives on and off campus. Union Institute and University hosts more than a

thousand students, while the Christ College of Nursing has almost a thousand students. Cincinnati State

Technical College has around a thousand students. Cincinnati Christian University has almost a thousand

students. Xavier University educates over six thousand students. This means there are many opportunities in

the Cincinnati real estate market for those who want to cater to students.

6. The Military Market Wright-Patterson Air Force Base is about an hour drive from Cincinnati. For those investing in the Cincinnati

real estate market, especially in the northern suburbs, could tap into this market with affordable single family

homes conveniently located for those commuting to the base. If you are looking for something closer to home,

the Blue Ash Air National Guard Station supplies a constant stream of renters.

7. Cincinnati Rental Market Is Growing Cincinnati was hit very hard by the Great Recession, the deep recession that officially started in 2008, officially

ended around 2010, and in reality didn’t completely fade away until 2016. Cincinnati finally saw the region’s

labor force hit the same number in June 2018 that it had in June, 2008. This means that many residents have

been out of work for years, their credit preventing them from being considered for a mortgage even if they have

a job. This explains why around 60% of households in Cincinnati rent and the Cincinnati rental market will

continue to grow in the next few years. Though many are back to work or looking for work, it will be years before

the city has a majority owning their own homes.

8. Cincinnati Forecast Shows Long-Term Growth The Cincinnati forecast shows that the housing market is truly expanding for a number of reasons. The Dayton

and Cincinnati metro areas are expanding along I-75 and expected to combine into one metro area by 2040.

This provides a known area where businesses and eventually people will move, so those who build up or invest

in Cincinnati real estate here will have excellent future returns.

The Cincinnati forecast also shows that the real estate market certainly isn’t hurt by the Amazon distribution

centers popping up in nearby Dayton. It doesn’t matter if the property is in the Cincinnati housing market if it is

close to new employers like this.

9. Cincinnati Real Estate Market Is Landlord Friendly Ohio is more landlord friendly than a number of other Midwestern states. There’s no maximum security deposit.

There’s no statute stating how much notice you must give before increasing rent. There is no law stating that a

tenant must be allowed to make repairs and deduct said cost from the rent.

You can evict a tenant three days after they’ve failed to pay the rent, and the lease can be terminated three

days after notice that they’ve violated the lease. There’s no statute saying the landlord has to hold onto

abandoned property for weeks waiting for the tenant to get it. The Cincinnati housing market is one of the best

in the area for real estate investors.

10. Cincinnati Apartments For Rent – Riverfront Redevelopment Cincinnati has a number of sports venues downtown, but the true heart of the city is the downtown riverfront.

Signs of redevelopment include the new 45 acre park between the Great American Ballpark and Paul Brown

Stadium and a wave of new condos and retail buildings. New restaurants and parking garages sit alongside

new shops and apartment buildings. The Cincinnati apartments for rent are increasing due to riverfront

re-development . A new report by Apartment List, a privately held online rental company based in San

Francisco, placed Cincinnati at No. 32 on its list that ranks the 100 largest U.S. cities by year-over-year rent

growth. Among the top 25 cities listed, just six increased growth rates in their rental markets between 2017 and

2018. Click here to view the study on the Apartment List website.

Downtown Cincinnati has developed from a relatively seedy neighborhood to one that’s packed with residences,

restaurants, bars, attractions, and various other things to do. This area of Cincinnati is growing with number of

new residential buildings, including everything from apartments to lofts.

Whether you want to buy a building to renovate into condos or find bungalows perfect for infill development, the

Cincinnati real estate market could yield strong return on the investment if you’re a short trip from all of the new

construction by the Riverfront. Note that this is one of the few options for those who want to invest in the

upscale Cincinnati housing market.

11. Cincinnati Condos And Rental Properties According to the data published in Huduser.gov, the rental housing market in Cincinnati is balanced with an

estimated rental vacancy rate of 7.3 percent, down from 11.8 percent in April 2017. The apartment market was

slightly tight with a 4.3-percent vacancy rate during May 2017, unchanged from 1 year earlier. The average rent

for an apartment in this submarket is currently $847, an increase of $21, or 3 percent, from a year earlier.

Since 2014, growing demand for apartments in downtown Cincinnati and state tax credits resulted in the

highest level of multifamily construction, as measured by the number of multifamily units permitted, in the

Hamilton County submarket since 2012. A large share of rental housing demand during the next 3 years is likely

to occur in and near the Cincinnati city center because of the Ohio Historic Preservation Tax Credit Program

and revitalization efforts. The 1,450 units currently under construction will satisfy a portion of the demand during

the next 2 years*.

* Noradarealestate.com internet excerpt

Why does West Price Hill offer?

-- Where is West Price Hill?

West Price Hill, US Postal Code as 45238, is a neighborhood in the City of Cincinnati, Ohio., which has been

densely populated and meticulously maintained by the city for many years. As one of the oldest yet most stylish

communities in Metropolitan Cincinnati, it is always a rental market of highest Occupancy Rate. Located almost

centrally in Hamilton County, West Price Hill offers residents an urban feel and most residents own their homes.

With so many bars , parks, churches, schools and healthcare centers, West Price Hill is the ideal home to people

of all age range, with or without families.

As far as demography is concerned, West Price Hill also offers typical diversified features as follows:

White - 82.80%

Black - 15.87%

Hispanic - 2.08%

Asian - 1.51%

Native American - 0.7%

With its advantageous location, diversity of business, affordable housing price and family-friendly atmosphere

overall, West Price Hill has been one of the hottest rental markets in Cincinnati for many years, and the rent is

trending north steep now according to Trulia.com

Why is La Hacienda is a good buy?

Located in West Price Hill sitting right on the vibrant Glenway Avenue across from the majestic Saint Theresa

Catholic Church with CVS as its neighbor, La Hacienda has 10 reasons to glorify itself as one of the best

multifamily apartment compounds this neighborhood offers:

Reason No.1 : Location, Location, Location Walking out of this U-shape building, it only takes minutes for you to be anywhere, Wal Mart, Home Depot, Elementary School, High School, Parks, Downtown Cincinnati, River Bank, etc.. It is a perfect Definition of Convenience! Reason No.2: Excellent Rental History Built in 1930 and managed by the same family for 73 years before changing ownership, this story speaks for the property and its rental business by itself , from the Recession Time to the War Times! La Hacienda maintained full house for many many years according to the legends narrated by the Tenants and neighbors, and current rent roll, of course. Reason No.3: Spacious Floor-plan and Magnificent Views Having 13 one-bedroom apartments, La Hacienda offers 6 with balcony with double French patio doors facing the grand Saint Theresa Church, 6 without balcony but having bonus sunroom viewing the woods in the back . There is one smaller unit in the basement which used to be the manager’s quarter, and now rent as cheaper unit. The spacious floor-plan allows tenants to have more rooms for their Daily enjoyment and family entertainment. Reason No.4: Well-maintained Property & Hassle-free As family built and family owned property, La Hacienda has been whole-heartedly maintained in the past to keep its grandeur and glory, from the exquisite woodwork to the plumbing. In April, 2018, current Owner replaced the old boiler for heat in winter with a brand new one. In June, 2018, two brand new gas Water-heaters , 80-Gallon each, were installed. Reason No.5: Individual Meters for Gas and Electricity with Master Water Meter Reason No.6: Rear Secure Parking Lot with Neighbor’s Generous Allowance Being the grandpa building, La Hacienda offers 10 drawn parking stalls which is apparently not up to today’s par. However, thanks to the great neighbor, CVS, which has a huge store-front parking lot, tenants can always park their vehicles along the rims without any worry. Reason No.7: Relatively Lower Rent in Practice & Realistic Opportunity to Increase Rent Rent was adjusted upward after the current owner took over the property in 2017. However, the current rent rate is still on the low level according to the local statistics. At least a 20% increase is very logic and reasonable for the floor-plan over 1,000 Sq.Ft. living area. At present, the rent rate chart is as below:

Unit 1 Contract Rent: $750 Market Level: $750 Increase: N/A

Unit 2 Contract Rent: $525 Market Level: $650 Increase: $125

Unit 3 Contract Rent: $550 Market Level: $650 Increase: $100

Unit 4 Contract Rent: $550 Market Level: $650 Increase: $100

Unit 5 Contract Rent: $525 Market Level: $650 Increase: $125

Unit 6 Contract Rent: $650 Market Level: $650 Increase: N/A

Unit 7 Contract Rent: $525 Market Level: $650 Increase: $125

Unit 8 Contract Rent: $525 Market Level: $650 Increase: $125

Unit 9 Contract Rent: $525 Market Level: $650 Increase: $125

Unit 10 Contract Price: $675 Market Level: $675 Increase: N/A

Unit 11 Contract Rent: $650 Market Level: $650 Increase: N/A

Unit 12 Contract Rent: $525 Market Level: $650 Increase: $125

Unit 13 Contract Rent: $550 Market Level: $600 Increase: $50

Current GRI: $7,525 Adjustable GRI: $8,525

Reason No.8: More Sources of Income with Rows of Storages in Basement & Coin-op Laundromat The spacious and clean basement offers a dozen of storage rooms with individual locks and two pairs of coin-op laundromat, all electric. Renting the storages and operating the laundromat will definitely bring in more income. Current laundry income is about $200 a month which is not included in the rent roll at all. Storage is now used by some tenants for free, but no contractual obligations at all. Reason No.9: Advanced Wi Fi Operated Electronic Surveillance System to Ensure Top Security & Protection Currently, there are 5 Hi Fi cameras installed around the building which allow remote viewing and Cloud recording on motion. Reason No. 10: Motivated Absentee Owners Absentee owners do not offer any owner financing. However, they like to see any offers and choose the Best & Highest. Part II. Financial Statements

1. Rent Roll - June, 2019

Unit No. Tenant(s) Contract Rent Actual Collection

1 John Doe, Jane Doe, Daughter, Dog

$750 $750

2 John Doe $525 $525

3 John Doe $525 $525

4 Jane Doe $550 $550

5 Jane Doe $525 $525

6 Jane Doe $675 $675

7 Jane Doe $525 $525

8 John Doe $525 $525

9 Jane Doe $525 $525

10 Jane Doe, Dog $675 $675

11 John Doe $650 $650

12 John Doe, Jane Doe, Son

$525 $600

13 John Doe, Jane Doe, Dog, Cats

$550 $550

2. Profit & Loss Statement for Month of May, 2019