STUDENT HOUSING STUDENT HOUSING INVESTMENT OPPORTUNITYINVESTMENT OPPORTUNITY

Alex Marshamarsh@rweiler.com

10 N. High St. Suite 401 Columbus, Ohio 43215

614-221-4286www.rweiler.com

65 Bed Student Housing Facility For SaleNear The Third Largest University in The Country!

Central Campus LocationOhio State University - Main CampusIncredible location adjacent to High St & OSU

CONFIDENTIAL OFFERINGCONFIDENTIAL OFFERING

Property DescriptionProperty DescriptionINCREDIBLE INVESTMENT OPPORTUNITY!

The subject property, located at The Ohio State University, offers the investor the rare opportunity to purchase a 65 bed student housing facility near the third largest university in the country. With the

Columbus campus enrollment over 59,000 students and the close proximity to downtown Columbus and the Short North arts district, this property is well positioned for current and continued success. The prop-erty was recently completely renovated with new roof, windows, parking lot, electrical, plumbing, HVAC,

fire alarms, sprinkler system, flooring, drywall, paint, kitchens, bathrooms and bedrooms. Torn down to the block walls, the property is now in like-new condition. The property is also fully furnished with new furni-

ture is 2016 and is eligible for sophomore living under Ohio State’s new regulations.Do not disturb the tenants! Showings by appointment.

Property A• 35 beds• 22 singles, 6 doubles, 1 bedroom advisor suite• 9 private bathrooms with quartz countertops• Large kitchen• Large living room/meeting room• Laundry room (8 commercial machines with

credit car readers)

Property B• 30 beds• 26 singles, 2 doubles• 8 private bathrooms with quartz counterto• Large kitchen• Large living room/meeting room• Laundry room (8 commercial machines with

credit card readers)

Address: Columbus, OH 43201County: FranklinAcreage: 0.614 +/- acreBuilding Size: 16,854 +/- SFTotal Beds: 65Sale Price: $5,790,000Market Parking Rent: $40Parking: 30 spotsCap Rate: 8.02%2020 Cap Rate: 8.31%

• Sides can be leased separately or combined• Fully furnished property at a Landlord cost

of $150,000 in 2016• Bedrooms include a closet, dresser, desk,

chair and bed• Rooming license for property• Fully sprinkled and fire alarmed (monitored)• Central A/C with HVAC units for each floor/zone• Gas, energy efficient furnaces• Utilities included in rent, if tenants exceed their

allowance, tenant pays the surplus• 30+/- parking spaces

• Bike racks• New roof, windows, flooring, doors, walls, paint,

bathrooms, kitchens, electrical, plumbing, sprinkler, HVAC, insulation and all other major items installed in 2016 to current building codes

• Commercial Wi-Fi throughout the property and bedrooms wired

• Large patios• Leases guaranteed by a parent• Rent prepaid at beginning of each semester• Eligible for Ohio State Sophomore housing• 1,000 feet from High Street

Features:

Iuka Avenue Financial Analysis

Total Beds65

Income Annual($) $/Bed $/SF Annual($) $/Bed $/SFRent Income $589,616 $756 $2.92 $608,788 $780 $3.01Laundry $8,000 $10 $0.04 $8,320 $12 $0.04Security Deposit Forfeited $33,952 $34,971Parking Pass Sales $0 $0 $0.00 $0 $0.00Total Income $631,568 $810 $3.12 $652,079 $836 $3.22

Annualized $9,716 $37 Annualized $10,032 $39

ExpensesReal Estate Taxes $37,718 $580 $2.24 $38,472 $592 $2.28Insurance $12,177 $187 $0.72 $12,421 $191 $0.74Utilities & Trash $36,448 $561 $2.16 $37,177 $572 $2.21Maintenance & Repairs $47,338 $728 $2.81 $48,285 $743 $2.86Rooming House License $2,212 $34 $0.13 $2,256 $35 $0.13Management Fee of 5.0% $31,578 $486 $1.87 $32,604 $502 $1.93Total Expense $167,471 $2,576 $9.94 $171,215 $2,634 $10.16

Net Income $464,097 $7,140 $480,864 $7,398

Sale Price $5,790,000 Cap Rate 8.02% 2020 Cap 8.31%

Down Payment $1,447,500 25%Loan Amount $4,342,500

Loan Interest Rate 4.50%Loan Amortization 25

Monthly Loan Payment $24,137

Annual Cashflow $174,452 2020 Cashflow $191,219Cash on Cash Return 12.05% Cash on Cash 13.21%

Total Beds 65Building Square Feet 16,854

2020-2021 School Year2019-2020 School YearLease begins August 1st 2019

FinancialsFinancials

Aerial MapAerial Map

15+High Project15+High ProjectAs part of The Ohio State University’s 15+High Project developed by CampusPartners, it will be more than just a structure — it will be a vital touch-point between WOSU and our community • Three, five-story buildings• 250,000 SF office space over 50,000 SF of ground floor retail• New pedestrian-scaled street connecting North High Street and Pearl Alley• A revamped Pearl Alley serving as a retail hub

Property LocationProperty Location

Great Location!1,000 +/- Feet to N. High Street

Next to The Ohio State University Main CampusMinutes to Downtown

15 minutes to Columbus International Airport

King AveKing Ave

N High StN High St

OSUOSUMain Main

CampusCampus

W Lane AveW Lane Ave

Ole

ntan

gy R

iver

Ole

ntan

gy R

iver

Property LocationProperty Location

• 35,821 Full Time Employees• 3rd largest university in USA (enrollment)• 59,800 students• >200 Majors• Approx. 66% of students live off-campus*• Proximity to Downtown, Short North Arts District and Clintonville

*Ohio State Office of Student Life

Ohio State

• Population: 860,090• Median Household Income: $47,156• Per Capita Income: $25,781• Corporate Environment:• Chase Bank• Nationwide Insurance• Huntington Bank• Cardinal Health• American Electric Power

Columbus

Columbus has seen tremendous growth over the past ten years and is home to the State Capital. Ranked 14th largest in the country, the city is well positioned for future success. Very rarely does a like-new property

such as this hit the market in the Ohio State off-campus area. One thousand feet to the Ohio State main campus, the property has the ability to be leased to undergraduate and graduate students. All leases are

currently guaranteed by a parent, providing great financing options. Demand has been high for the property and it is 100% leased through the 2018-2019 school year. 1956 Iuka is 100% leased through 2021.

The property is currently leased to the Alpha Tau Omega Fraternity (ATO) for the 2018-2019 school year.

The Ohio State UniversityThe Ohio State University

The Ohio State University’s main Columbus campus is one of America’s largest and most comprehensive. More than 59,400 students select from 19 colleges, 170 undergrad-uate majors, and 215 master’s, doctoral and professional degree programs.

As Ohio’s best and one of the nation’s top-20 public uni-versities, Ohio State is further recognized by a top-rated academic medical center and a premier cancer hospital and research center.

Ohio resident tuition for the 2017-18 year, including room and board, averages $22,843.

Enrollment and Tuition • Enrollment (Columbus Campus, undergraduate and

graduate): 59,482 • Estimated tuition and fees for full-time undergraduates

(fall 2016): • Tuition: $10,591 • Room & Board: $12,252

Academics • Number of majors: more than 200 • Number of academic specializations: 475 • Number of courses offered: more than 12,000 • First-year student retention rate in 2015: 94.2% • Undergraduate student/faculty ratio: 19:1

Street MapsStreet Maps

Demographics & Traffic Demographics & Traffic

Columbus, OH Columbus, OHApartment Market OverviewApartment Market Overview

Like many state capitals, Columbus benefits from the economic stability that high levels of government employment provide. Over 50,000 residents work for the state, but the region's real strength is the private sector. The metro is home to Fortune 500 companies as well as regional powerhouses, and job growth has con-sistently outpaced the national average. This is bringing in residents from across the coun-try, and the metro’s population has climbed by more than 7% this cycle. A quarter of the metro’s population is 20–34 years old, and the 66,000 students enrolled at Ohio State provide a robust base level of demand. Even more promisingly, high-end supply is quickly filling across the metro, and not just in student-ori-ented neighborhoods.

The construction already underway Downtown will begin to transform city life by the end of the year, with close to 2,000 new units expected to deliver. Columbus has never had a live/work/play environment in the heart of the city, and such an influx of new residents will likely promote growth in retail and office stock, increasing demand for space in the city. This positive feedback loop has already begun in trendy areas like Short North, Italian Village, and Grandview Heights. The cultur-al and commercial options are helping keep Ohio State students in place after graduation, attract-ing Millennials from across the country, which means demand for space continues to grow. With economic figures expected to remain robust through 2018, there is little reason for pessimism about the metro’s ability to absorb the thousands of new units expected this year. Vacancies and rent growth are healthy across the board, and fundamentals continue to outperform historical averages.

County HighlightsCounty Highlights

11FACTBOOK

franklin county

EMPLOYMENT BY INDUSTRY

DEMOGRAPHICS

1,264,597RESIDENTS

33.8MEDIAN AGE

480,946HOUSEHOLDS

$52,341MEDIAN HOUSEHOLD INCOME

FRANKLIN COUNTY EMPLOYMENT BY INDUSTRY

Construction and Mining

3% 5%4%

9%

6%

8%

20%

16%

10%

3%

16%Manufacturing

Wholesale Trade

Retail Trade

Transportation and Utilities

Financial Activities

Professional and Business Services

Education and Health

Leisure and Hospitality

Other Services

Government

WORKFORCE

4.1% UNEMPLOYMENT RATEFRANKLIN COUNTY

helor US

0 10 20 30 40 50

BacBachelorAssociate USAssociate

% 25+ WITH ASSOCIATE DEGREE

OR HIGHER

% 25+ WITH BACHELOR’S DEGREE

OR HIGHER

Franklin County

U.S.Average

30.6%

38.8%

44.3%

37.6%

Source: U.S. Census Bureau, 2016 Population Estimates; U.S. Census Bureau, American Community Survey 2015; EMSI, 2017; Bureau of Labor Statistics, LAUS, seasonally adjusted by Columbus 2020 (2016 average)

COMPANY FTE OPERATIONSNationwide 13,400 HQ, software development, analytics, data center

Cardinal Health, Inc. 5,058HQ, distribution of pharmaceuticals and medical devices, radiopharmaceutical production

JPMorgan Chase & Co. 4,700 Major back office, software development, card manufacturing, data center

American Electric Power Company, Inc. 3,627 Utilities HQ, R&D, smart grid technology, transmissions, data center

Alliance Data Systems Corporation 3,057 Card services unit HQ, transactions processing, data center

Defense Supply Center Columbus 3,000 HQ of the Land and Maritime Supply Chain, distributin of supplies

Express Scripts 2,441 Pharmaceuticals distribution, customer service

Verizon Communications Inc. 2,406 Telecommunications back office, customer service, switching operations, data center

Gap, Inc. 2,200 Distribution and fulfillment of apparel, customer service

Abercrombie & Fitch Co. 2,200 HQ, distribution and fulfillment of apparel, software development

LARGEST PRIVATE SECTOR EMPLOYERS

Marion County

KnoxCounty

Logan County

CLEVELAND

DETROIT

INDIANAPOLIS

CHICAGO

LOUISVILLE

PITTSBURGH

CINCINNATI

ATLANTA

ST. LOUIS

80

75

9080

90

64

70

80

71

COLUMBUS 70

77

77

64

75

65

40

250 miles 400 km

500 miles 800 km

RICHMOND

TORONTO

MATT McCOLLISTERVice President, Economic Development150 South Front ST, Suite 200Columbus, OH 43215

Phone: (614)225.6953Email: mm@columbusregion.com

COLUMBUS ECONOMIC MARKET

D

L

M

I

K

HJF

A

N

O

E

B C

G

FORTUNE 1000 HEADQUARTERS

A – Scotts Miracle-Gro Co.B – PacerC – Cardinal HealthD – Worthington IndustriesE – Mettler-Toledo International, Inc.F – Big LotsG – Huntington BancsharesH – Hexion Specialty Chemicals/Momentive Performance Materials

I – Bob Evans Farms J – Retail Ventures Inc.K – American Electric PowerL – NationwideM – Limited BrandsN – Abercrombie & FitchO – Greif

Market HighlightsMarket Highlights

This confidential Offering memorandum has been prepared by The Robert Weiler Company for use by a limited number of parties whose sole purpose is to evaluate the possible purchase of the subject property. This Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.

The information contained in the Memorandum has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and make no guar-antee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used, are for example only, and do not represent the current or future performance of the property. The value of this transaction to you depends on taxes and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, inde-pendent investigation of the property for your needs. All potential buyers must take appropri-ate measures to verify all of the information set forth herein. Both The Robert Weiler company and the Owner disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. The contained informa-tion is subject to change at any time and without notice. The recipient of the Memorandum shall not look to the Owner or The Robert Weiler Company for the accuracy of completeness of the Memorandum.

A prospective purchaser must make its own independent investigations, projections, and con-clusions regarding the acquisition of the property without reliance on this Memorandum or any other Confidential information, written or verbal, from the Broker or the Seller. The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the property or to terminate any negotiations with any party, at any time, with or without written notice. Only a fully-executed Real Estate Purchase Agreement , approved by Seller, shall bind the prop-erty. Each prospective purchaser and /or broker proceeds at its own risk.

Offering MemorandumOffering Memorandum