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THE GRAND AT WEST GHENT1000 Westover Avenue, Norfolk VA

O F F E R I N G M E M O R A N D U M

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus

& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect

to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,

the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,

or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained

in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information

contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy

or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service

mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2018 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's

logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or

any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to

prospective customers. Activity ID: Z0600078

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y.P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

EXCLUSIVELY LISTED BY:

The Uzun Group:

Altay UzunSenior Investment Associate

Hampton Roads Office

Justin FergusonInvestment Associate

Hampton Roads Office

Kyle P. GrossInvestment Associate

Raleigh Office

Moe IbrahimInvestment Associate

D.C. Office

Shelby JacobsMarketing CoordinatorHampton Roads Office

(908) 910 - 1572

www.midatlanticmultifamily.com

TABLE OF CONTENTS

R E N T C O M PA R A B L E S / / 4 5

04

S A L E S C O M PA R A B L E S / / 3 8

05M A R K E T O V E R V I E W / / 6 4

06

E X E C U T I V E S U M M A R Y / / 2

01 P R O P E R T Y D E S C R I P T I O N / / 1 0

02

F I N A N C I A L A N A LY S I S / / 5 6

03

1

Offering Highlights

Property Summary

Investment Summary

EXECUTIVESUMMARY

O F F E R I N G S U M M A R Y

THE GRAND AT WEST GHENT

Address 1000 Westover Ave Norfolk VA

Gross Square Feet 18,060 SF

Number of Buildings 1 Building

Number of Stories 3 Stories

Year Built 1914

Lot Size 0.32 Acres

Type of Ownership Fee Simple

Average Unit Size 1,003 SF

Utilities: Water/Sewer/Gas Owner Paid

Utilities: Electric Tenant Paid

Loan Type Assumed

Interest Rate 4.77%

Year Due 2027

Loan Term 10 Years

Loan to Value 75%

Debt Coverage Ratio 1.62

$2,475,000 18 TotalUnits

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THE GRAND AT WEST GHENT1 0 0 0 We s t o v e r A v e n u e , N o r f o l k VA 2 3 5 0 7

Marcus & Millichap is pleased to present the exclusive offering memorandum for The Grand at West Ghent located in the historic Ghent neighborhood of Norfolk, VA.

SUBJEC T PROPER T Y

The Grand at West Ghent Offering provides an investor the opportunity to acquire a market rate asset with upside potential. The offering contains eighteen (18) units built in 1914 and situated on 0.32 acres. There are six (6) 700 square foot one bedroom one bathroom units, six (6) 1,060 square foot two bedroom one bathroom units and six (6) 1,250 square foot three bedroom one bathroom units. The subject property features newly renovated kitchens, refurbished hardwood floors, 9 foot ceilings, large balconies, on site laundry facilities and cable ready units. The apartments advantageous location in the historic Ghent neighborhood positions current and potential residents to access a network of evolving recreation, business associations, and communities culture.

DE VELOPMENT

Harvey Lindsay started construction on The Norfolk Gateway Office Tower located adjacent to the City Hall Light Rail Station and Court Complex in Downtown Norfolk. The 20 story building will contain 260,000 square feet of 5 star office space and a covered parking garage. The sustainable building, with completion expected in 2020, will feature smart technology, efficient layouts, panoramic views, rooftop terraces, landscaped gardens and valet services. St. Paul's Apartments, a $20 million development project on 5 acres of land will contain 126 one, two and three bedroom units across 7 buildings. Amenities include a clubhouse, pool, playground, fitness center and dog park. Glass Light Hotel and Gallery, on the corner of Granby Street and City Hall Avenue, a $20 million remodel will feature 117 rooms and is expected to open in 2019. Tidewater Community College is relocating its Visual Arts Center to Norfolk's NEON District. The 47,000 square foot development will feature a hospitality and restaurant management school and a culinary arts program. The new TCC campus is anticipat-ed to open in 2021. Internationally owned brand, Ikea Furniture Store, broke ground for construction late last year with completion expected to conclude in mid2019. This $75 million investment will provide the area with 500 additional mid to low level jobs and authenticate Virginia as a successful commercial corridor for further international companies to come.

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P R O P E R T Y H I G H L I G H T S ► 18 Market Rate Units: 6 One Bedroom Units, 6 Two Bed-

room Units and 6 Three Bedroom Units

► Historically High Occupancy

► On Site Laundry Facilities

M A R K E T D R I V E R S ► Sentara Norfolk General Hospital's $199 million expansion and

modernization project will be completed in 2020.

► 1 Mile from Downtown Norfolk

► Easy Access to Fortune 500 Company - Norfolk Southern

► Centrally Located between Old Dominion University and

Norfolk State University

U N I T A M E N T I T I E S ► Newly Renovated Kitchens

► Hardwood Flooring

► Abundant Natural Light

► 9 Foot Ceilings

► Exclusive Courtyard Entryway

► Large Private Balconies

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9

Local & Regional Maps

Local Attractions

Amenities

Property Images

PROPERT YSUMMARY

18 UNITS

T H E G R A N D A T

W E S T G H E N T

18 UNITS

T H E G R A N D A T

W E S T G H E N T

E V E N T S & L E I S U R E

► Waterside District

► MacArthur Center Mall

► Chrysler Museum of Art

► The Norva

► Ted Constant Convention Center

► The Nauticus

PA R K S & R E C R E AT I O N

► Norfolk Zoological Park

► Norfolk Botanical Garden

► Harbor Park Stadium

► Scope Arena

► Ocean View Fishing Pier

► Elizabeth River

CO M M U N I T Y D E V E LO P M E N T

► Sentara General Hospital

► Hampton Roads Bridge Tunnel

► Ikea Furniture Store

► Scope Arena

► Chrysler Hall

► Fresh Market

J O B M A R K E T

► Norfolk Southern

► ADP

► Dominion Enterprises

► Naval Station Norfolk

► Joint Base Little Creek - Fort Story

► Old Dominion University

► Norfolk State University

► Sentara Norfolk General Hospital

LOCAL ATTRACTIONS

NORFOLKVIRGINIA

Portsmouth Naval Shipyard

Naval Station Norfolk

Norfolk International

Port

THE GRAND AT WEST GHENT

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G H E N T

NARO EXPANDEDCINEMA

18 UNITS

T H E G R A N DA T W E S T

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WES

T T W E N T Y - F I R S T

DINING: LITTLE DOG DINER, KOTOBUKI JAPENESE, CHANELLO’S PIZZA #5, HANDSOME BISCUIT, LUNA MAYA, STREATS, RAJPUT INDIAN CUISINE, MR. SHAWARMA, PHO 79, TASTE, VOLCANO SUSHI, SUPPER, 80/20 BURGER BAR, ANDREA’S LA BELLA

LEISURE: NOFROLK TAPHOUSE, MERMAID WINERY, PINOT’S PAL-LETE, O’CONNER BREWING CO, RIP RAP BREWING CO, COEL-ACANTH BREWING, SKINNIES RECORDS

SHOPPING: TABLE 7, ANTIQUE DESIGN CENTER, CREME 321, MI-CHAEL MILLARD-LOWE ANTIQUES, LEVINE’S OF NORFOLK

WEST GHENT IS A MECA FOR ONE-OF-A KIND EXPERIENCES WITHIN THE HAMPTON ROADS MSA. WITHIN WALKING DISTANCE (1 MILE), RESIDENTS HAVE ACCESS TO A MELTING POT OF LOCAL RESTAURANTS, UNIQUE STORE-FRONTS, AND POPULAR RECREATIONAL ACTIVITIES. WEST 21ST STREET IS HOME TO TWENTY SIX POPULAR HOTSPOTS, ALONE.

5 . 3 M I L E S F R O M

N O R F O L K N AV A L

S H I P YA R D

The Grand at West Ghent18 Units

1, 2 & 3 Bedrooms

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H I S TO R I C

G H E N T“The Cultural HEART of Norfolk”

Ghent is a thriving and eclectic com-munity, offering a diverse cultural, shopping and dining experience to residents and visitors, alike. Ghent is located in central Norfolk, just minutes from downtown and the Norfolk Naval Station. Recently with the emergence of private and public investment a drastic shift in redevelopment and repositioning of the city has created a booming business district with vast corporate platforms looking for start-

up and relocation opportunities.

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map w/ sentara shown

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NEON DISTRICT NEON, or New Energy Of Norfolk, captures the essence of Norfolk’s cultural presence and progressive efforts to reflect a new wave of inclusion, collective entertainment, advancing technology, and growing strength of the city as a whole. Local attractions, developing eateries, budding comedians, promising artists, and striving actors flourish and provide an array of recreational activities and entertainment to the area.

5 . 3 M I L E S F R O M

N O R F O L K N AV A L

S H I P YA R D

WALKING DISTANCE TO SENTARA NORFOLK

GENERAL HOSPITAL / EASTERN VIRGINIA

MEDICAL SCHOOL

H A M P TO N R OA D S B R I D G E T U N N E L

I K E A F U R N I T U R E S TO R E

► Internationally Owned Brand

► $75 Million Investment

► Completion Expected to Conclude in 2019

► Will Provide the Area with 500 Additional Mit-to-Low Level Jobs

► “Ikea Theory” States the existing commercial influence on the area will

undergo a market shock of growing demand and marginal profit. This surge

in demand will result in further corporate competition and commercial

development.

► Expansion Will Widen the Tunnel to Include a Fourth Driving Lane

► $3.6 Billion Investment

► Completion Expected to Conclude 2024

► Largest Road Project in Virginia History

S E N TA R A H O S P I TA L

► Destination Medical Center for the Most Complex Patients from Across the

U.S., Puerto Rico, Canada and Germany.

► Home to Hampton Roads’ Only Level I Trauma Center and the Primary Teach-

ing Hospital for Eastern Virginia Medical School.

► $199 Million Investment

► Completion Expected to Conclude in 2020

► Renovation Includes: Additional Six Floors, Expansion to the Emergency De-

partment, Modernization of 18 Operating Rooms, Replacement of a 48-Bed Ward

Style Unit and Consolidation of the Hospital’s 54 ICU Beds

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C O M M U N I T YA M E N I T I E S

On Site Laundry Facilities

Pet Friendly Units

6 Minute Walk from SentaraNorfolk General Hospital

1.7 Miles from Downtown Norfolk

2 Miles from Old Dominion University

7.1 Miles from Norfolk International Airport

U N I TA M E N I T I E S

Hardwood Flooring

High Ceilings

Ceiling Fans

Spacious Balcony

Select Units Newly Remodeled with Granite Countertops and Wood Cabinets

Central HVAC

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0 .3 M I L E S F R O MS E N TA R A N O R F O L KG E N E R A L H O S P I TA L

S E N T A R A N O R F O L KG E N E R A L H O S P I T A LE A S T E R N V I R G I N I A M E D I C A L S C H O O L

Ranked Best National Hospital in 2018-2019 for Cardiology & Hear t Surger y, Diabetes & Endocrinology, and Nephrology.

"Serving as a destination medical center in the mid-atlantic re-gion, Sentara Norfolk General Hospital is one of just five Level 1 trauma centers in Virginia, home to the Nightingale Regional Air Ambulance, region’s first Magnet® hospital and nationally ranked heart program at Sentara Heart Hospital.

Sentara Norfolk General Hospital (SNGH), on the Eastern Virginia Medical Campus, is a large 525-bed medical center, which serves as the primary teaching institution for the adjacent Eastern Vir-ginia Medical School (EVMS). Our partnership with EVMS com-bines the latest innovations in technology, research and clinical care, to offer you advanced diagnostic and therapeutic services. In fact, our nationally ranked diabetes and endocrinology pro-gram - ranked 24th in the nation – is support by the renowned international team of endocrinology experts at the EVMS Strelitz Diabetes Center."

O L D D O M I N I O NU N I V E R S I T Y"Old Dominion University, located in the City of Norfolk in the metropolitan Hampton Roads region of coastal Virginia, is a dynamic public research in-stitution that serves its students and enriches the Commonwealth, the nation, and the world through rigorous academic programs, strategic partnerships, and active civic engagement."

"Ranked #1 in Virginia for 'Best for Vets'"- Military Times

"Among 'America's Top Colleges'"- Forbes

• 24,375 Total Enrolled Students with 763 International Students from 134 Countries• 25% of Enrolled Students are Military Affiliated• 3 Extended Locations: Peninsula Center, ODU Virginia Beach Center & ODU Tri-Cities Center• 22 Doctoral Programs & 274 Academic Programs• 335 Campus Acres• 148 Campus Buildings• 300+ Student Organizations• 18 to 1 Student to Faculty Ratio• $2.6 Billion Contributes in GDP Annually to VA's Econ-omy

2 M I L E S F R O M O L D D O M I N I O N

U N I V E R S I T Y

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Sale Comparables

Rent Comparables

COMPARABLESUMMARY

PROPERTIES PRICE# OF

UNITSPRICE PER

UNIT

THE GRAND AT WEST GHENT // 1000 Westover Ave, Nor folk VA $2,475,000 18 $137,500

1 WOODROW LUXURY LOFTS IN GHENT // 945 Woodrow Ave, Nor folk VA $1 ,200,000 3 $300,000

2 747-749 W Pr incess Anne Road, Nor fo lk VA $1 ,600,000 11 $145,455

5 THE MERCER BUILDING // 742 W Princess Anne Rd, Nor folk VA $1 ,247,500 8 $155,938

SALES COMPARABLES // The Grand at West Ghent

1

2

3

Average Price per Unit:

2

3

1

18 UNITS

T H E G R A N DA T W E S T G H E N T

Avg. $200,464

$0

$30,000

$60,000

$90,000

$120,000

$150,000

$180,000

$210,000

$240,000

$270,000

$300,000

The Grandat WestGhent

WoodrowLuxuryLofts inGhent

747-749 WPrincessAnne Rd

The MercerBuilding

Average Price Per Unit

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7 4 7 - 7 4 9 W P R I N C E S S A N N E R O A D747-749 W Princess Anne Rd, Norfolk VA 23517

2 3

Sale Price $1,600,000

Close of Escrow 9/11/2018

Price per Unit $145,455

Price per Square Foot $112.44

Total Number of Units 11

4 One Bed One Bath Units

3 Two Bed One Bath Units

2 Three Bed One Bath Units

1 Three Bed Two Bath Unit

1 Four Bed Two Bath Unit

$145,455PRICE / UNIT

1 9 1 7YEAR BUILT

T H E M E R C E R B U I L D I N G742 W Princess Anne Rd, Norfolk VA 23517






8 Two Bed Two Bath Units


1 9 1 9YEAR BUILT

T H E G R A N D A T W E S T G H E N T1000 Westover Ave, Norfolk VA 23507

Offering Price $2,475,000



6 One Bed One Bath Units

6 Two Bed One Bath Units

6 Three Bed One Bath Units

W O O D R O W L U X U R Y L O F T S I N G H E N T945 Woodrow Ave, Norfolk VA 23517

1


1 9 1 4YEAR BUILT






3 Two Bed Two and a Half Bath Units

1 Retail Unit


2 0 1 4YEAR RENO.

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RENT COMPARABLES // THE GRAND AT WEST GHENT

PROPER TIES# OF

UNITSAVERAGE

SQUARE FEE TAVERAGE

RENTDISTANCE FROMSUBJEC T (MILES)

THE GRAND AT WEST GHENT // 1000 Westover Ave, Norfolk VA 18 1,003 $1,101

1 THE CLARK // 709 Graydon Ave, Nor folk VA 8 1,000 $1,350 0.4

2 517 Graydon Avenue, Nor folk VA 8 1,000 $1,475 0.7

3 WOODROW LUXURY LOFTS IN GHENT// 945 Woodrow Ave, Norfolk VA 4 1,600 $2,500 0.9

4 THE HERITAGE IN FREEMASON HARBOUR // 200 College Pl, Norfolk VA 184 1,116 $1,695 1.6

5 THE ICON // 321 E Main St, Norfolk VA 269 857 $1,840 2.0

6 BELMONT AT FREEMASON // 260 W York St, Norfolk VA 239 886 $1,512 1.4

7 HAGUE PARK APARTMENTS // 408 Dundaff St, Norfolk VA 64 970 $1,258 0.7

8 THE ABERDEEN // 800 Redgate Ave, Norfolk VA 8 1,100 $1,565 0.3

9 915 Spotswood Avenue, Nor folk VA 6 590 $1,149 0.4

2

7

6

5

4

3

1

18 UNITS

T H E G R A N DA T W E S T G H E N T 9

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Avg. $1,834

$0

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

$2,400

$2,700

$3,000


The Clark 517 Graydon

Ave


TheHeritage atFreemason

Harbour

The Icon Belmont atFreemason

Hague Park

Apartments

TheAberdeen

SpotswoodAvenue

2 BedroomTwo Bedroom Rent:

Avg. $1,332

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000



Ave



Harbour


Hague Park

Apartments

TheAberdeen

SpotswoodAvenue

1 BedroomOne Bedroom Rent:

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1T H E G R A N T A T W E S T G H E N T1000 Westover Ave, Norfolk VA 23507

18Total Units

Unit Type Units SqFt Rent Rent/SF

1 Bed 1 Bath 6 700 $952 $1.36

2 Bed 1 Bath 6 1,060 $1,114 $1.05

3 Bed 1 Bath 6 1,250 $1,239 $0.99

Total/Avg 18 1,003 $1,101 $1.10

1914Year Built

T H E C L A R K709 Graydon Ave, Norfolk VA 23507


3 Bed 1 Bath 4 1,000 $1,300 $1.30

3 Bed 2 Bath 4 1,000 $1,400 $1.40

Total/Avg 8 1,000 $1,350 $1.35

8Total Units

1919Year Built

Heat, Water, Sewer and Trash are included in the rent.Amenities: Laundry Hookups or Laundry Facilities and Spacious Balcony. Pet Friendly: Cats are permitted with $60 deposit.

Avg. $1,848

$0

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

$2,400

$2,700

$3,000



Ave



Harbour


Hague Park

Apartments

TheAberdeen

SpotswoodAvenue

3 Bedroom Three Bedroom Rent:

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5THE HERITAGE AT FREEMASON HARBOUR200 C ol lege Pl , Norfolk VA 23510

184Total Units


1 Bed 1 Bath 50 764-954 $1,299-$1,677 $1.73

2 Bed 2 Bath 109 1,071-1,330 $1,634-$1,804 $1.43

3 Bed 2 Bath 25 1,187-1,330 $1,790-$2,218 $1.59

Total/Avg 184 1,116 $1,695 $1.52

1999Year Built

T H E I C O N321 E Main St , Norfolk VA 23510


Studio 1 Bath 37 472 $1,190-$1,320 $2.66

1 Bed 1 Bath 108 622-712 $1,395-$1,580 $2.23

2 Bed 2 Bath 86 950-1,183 $1,875-$2,395 $2.00

3 Bed 2 Bath 32 1,200 $2,640-$2,790 $2.26

3 Bed 3 Bath 6 1,822 $2,905 $1.59

Total/Avg 269 857 $1,840 $2.15

269Total Units

1967Year Built

4

Amenities: Pool, Movie Theater, Fitness Center, Billiards, Business Center, Pet Spa, 24 Hour Maintenance, Storage Units, Spa, Package Receiving, Full Size In Unit W&D, Large Ceilings, Open Floorplans, Tile Ceramic Bathrooms and Cable Ready.

Amenities: Gated Parking, Package Receiving, Fitness Center, Elevators, Clubhouse, Business Center, Storage, 24 Hour Maintenance, High Ceil-ings, Hardwood Flooring, Select Units Newly Renovated, Spacious Clos-ets, Fireplace in Select Units, Patio/Balcony, Dishwasher and Cable Ready. Pet Friendly: $350 Pet Fee, $100 Pet Deposit and $35/month Per Pet; 2 Pets Maximum; Breed Restrictions Apply.

2 5 1 7 G R A Y D O N A V E N U E517 Graydon Ave, Norfolk VA 23507


3 Bed 1 Bath 4 1,000 $1,400 $1.40

3 Bed 2 Bath 4 1,000 $1,550 $1.55

Total/Avg 8 1,000 $1,475 $1.48

8Total Units

1914Year Built

3 WOODROW LUXURY LOFTS IN GHENT945 Woodrow Ave, Norfolk VA 23517


2 Bed 2.5 Bath 4 1,600 $2,500 $1.56

Total/Avg 4 1,600 $2,500 $1.56

4Total Units

2014Year Renovated

Water, Sewer and Trash included in the rent. Amenities: Central A/C, In Unit W&D, Dishwasher, Hardwood Floors, Balcony and Off Street Parking. Pet Friendly: Cats permitted with $60 deposit.

AMENITIES: Abundant Natural Light, Walk In Closet, Patio, Polished Cement Flooring, Granite Countertops, Fully Func-tioning Kitchen, Matching Appliances, In Unit W&D and Cable Ready.

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9THE ABERDEEN800 Redgate Ave, Norfolk VA 23507

8Total Units


2 Bed 2 Bath 4 1,000 $1,465 $1.47

3 Bed 2 Bath 4 1,200 $1,665 $1.39

Total/Avg 8 1,100 $1,565 $1.42

1914Year Built

9 1 5 S P O T S W O O D915 Spotswood Ave, Norfolk VA 23517


1 Bed 1 Bath 6 583-596 $1,099-$1,199 $1.95

Total/Avg 6 590 $1,149 $1.95

6Total Units

1927Year Built

8

Amenities: Hardwood Flooring, Spacious Kitchen, Sunroom, Stainless Steel Appliances, Cable Ready, Laundry Facilities, Off Street Parking and Laundry Facilities.Water, Sewer and Trash Included in Rent.

Amenities: Central A/C, In Unit W&D, Hardwood Flooring, Dishwasher, Balcony, Living Room and Dining Room.

6 B E L M O N T A T F R E E M A S O N260 W York St , Norfolk VA 23510


1 Bed 1 Bath 160 702-836 $1,315-$1,455 $1.80

2 Bed 2 Bath 79 1,065-1,182 $1,599-$1,939 $1.57

Total/Avg 239 886 $1,512 $1.71

239Total Units

2009Year Built

7 HAGUE PARK APAR TMENTS408 Dundaf f St , Norfolk VA 23507


1 Bed 1 Bath 38 850 $1,150 $1.35

2 Bed 1 Bath 26 1,145 $1,380-$1,450 $1.24

Total/Avg 64 970 $1,258 $1.30

64Total Units

1972Year Built

Amenities: Controlled Access, Fitness Center, Game Room, Conference Room, Elevators, Parking Garage, 24 Hour Maintenance, High Ceilings, In Unit W&D, Granite Countertops, Stainless Steel Appliances, Private Patio/Balcony in Select Units and Cable Ready. Pet Friendly: $200 Pet Fee Per Pet and $200 Deposit Per Pet; 2 Pet Maxi-mum; 35 Pound Combined Weight Limit; Pet Age Limit 6 Months Mini-mum; Breed Restrictions Apply.

Amenities: Pool, Fitness Center, Laundry Facilities and Cable Ready.

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51

Rent Roll Summary

Operating Statement

Cash Flow Statement

FINANCIAL

ANALYSIS

RENT ROLL SUMMARY | The Grand at West Ghent

C U R R E N T P OT E N T I A L

UNIT TYPE # OF UNITS

AVG SQFEET

RENTAL RANGE

AVG RENT

AVG RENT/SF

MONTHLYINCOME

AVG RENT

AVG RENT/SF

MONTHLYINCOME

One Bed One Bath 6 700 $899 - $999 $952 $1.36 $5,709 $999 $1.43 $5,994

Two Bed One Bath 6 1,060 $999 - $1,289 $1,114 $1.05 $6,684 $1,299 $1.23 $7,794

Three Bed One Bath 6 1,250 $1,199 - $1,399 $1,239 $0.99 $7,432 $1,499 $1.20 $8,994

Totals/Averages 18 1,003 $1,101 $1.10 $19,825 $1,266 $1.26 $22,782

Gross Annualized Rents $237,900 $273,384

PRICE $2,475,000

Down Payment 33% $827,000

Number of Units 18

Price Per Unit $137,500

Rentable SqFt 18,060

Price Per SqFt $137.04

Year Built 1914

RE TURNS CURRENT PRO FORMA

Cap Rate 5.83% 7.12%

GRM Rate - Current 10.40 8.96

Cash-on-Cash 6.69% 10.55%

Debt Coverage Ratio 1.62 1.98

FINANCING 1st LOAN

Loan Amount $1,648,000

Loan Type Assumed

Interest Type 4.77%

Amortizaion 30 Years

Year Due 2027

IRR YEAR IRR UNLEVERED IRR LEVERED

5 8.47% 14.47%

7 9.07% 15.53%

10 9.22% 20.40%

PRICING DETAIL | The Grand at West Ghent

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NOTES | The Grand at West Ghent

Notes to Operating Statement

[1] Current Gross Potential Rent (GPR) is based on actual rents per the current rent roll, this accounts for all 18 units.

[2] Current Vacancy reflects actuals per rent roll. Pro Forma Vacany reflects an aggressive assumption based on average submarket loss.

[3] Pro Forma Bad Debt reflects an aggressive assumption based on average sub-market deliquency.

[4] Current Concession reflects actuals per T-12. Pro Forma Concession reflects an aggressive assumption based on average submarket deductions.

[5] Current and Pro Forma Utility Bill-Back income reflects actuals per T-12.

[6] Current and Pro Forma All Other Income reflects actuals per T-12. All Other Income includes month to month charges, pet rent, pet non-refundable fee, NSF fees, late charges, legal/court fees, damages (current residents), application fees, and other income.

[7] Current Real Estate Taxes reflect actuals per T-12. Pro Forma Real Estate Taxes are based on estimated sale price and Norfolk mill rate.

[8] Current Insurance expenses are based on actuals per T-12. Pro Forma Insurance expenses are estimated at $556/unit per year.

[9] Current and Pro Forma Electric Utility expenses are based on actuals per T-12.

[10] Current and Pro Forma Water & Sewer Utility expenses are based on actuals per T-12.

[11] Current and Pro Forma Gas Utility expenses are based on actuals per T-12.

[12] Current Repairs & Maintenance expenses reflect actuals per T-12. Pro Forma Repairs & Maintenance expenses are estimated at $550/unit per year.

[13]Current Contract Services expenses reflect actuals per T-12. Pro Forma Contract Services expenses are estimated at $350/unit per year. Contract Services include janitorial contract, painting turnover, landscaping contract, trash removal, and other contracted services.

[14] Current Marketing and Advertising expenses reflect actuals per T-12. Pro Forma Marketing and Advertising expenses are estimated at $50/unit per year.

[15]Current General & Administrative expenses reflect actuals per T-12. Pro Forma General & Administrative expenses are estimated at $150/unit per year. General & Administrative expenses include travel, office supplies, computer expenses, telephone/internet, and legal fees.

[16] Current and Pro Forma Operating Reserves are estimated at $250/unit per year.

[17] Current Management Fee reflects actuals per T-12. Pro Forma Management Fee expense is estimated at 8%.

OPERATING STATEMENT | The Grand at West GhentINCOME CURRENT YEAR 1 NOTES PER UNIT PER SF

Gross Potential Rent 273,384 276,118 [1] 15,340 15.29

Loss / Gain to Lease (35,484) 13.0% 0 0 0

Gross Current Rent 237,900 276,118 15,340 15.29

Physical Vacancy (9,754) 4.1% (11,045) 4.0% [2] (614) (0.61)

Bad Debt (1,000) 0.4% (1,381) 0.5% [3] (77) (0.08)

Concession (6,295) 2.6% (2,761) 1.0% [4] (153) (0.15)

Total Vacancy (17,049) 7.2% (15,186) 5.5% (844) (1.00)

Economic Ocupancy 92.83% 94.50%

Effective Rental Income 220,851 260,931 14,496 14.45

Utility Bill-Back 7,894 7,894 [5] 439 0.44

All Other Income 8,383 6,209 [6] 345 0.34

Total Other Income $16,277 $14,103 $784 $0.78

Effective Gross Income $237,128 $275,034 $15,280 $15.23

EXPENSES CURRENT YEAR 1 NOTES PER UNIT PER SF

Real Estate Taxes 19,275 32,500 [7] 1,806 1.80

Insurance 17,427 10,000 [8] 556 0.55

Utilities - Electric 2,717 2,717 [9] 151 0.15

Utilities - Water & Sewer 5,907 5,907 [10] 328 0.33

Utilities - Gas 1,454 1,454 [11] 81 0.08

Repairs & Maintenance 6,970 9,900 [12] 550 0.55

Contract Services 10,746 6,300 [13] 350 0.35

Marketing & Advertising 2,537 900 [14] 50 0.05

General & Administrative 2,375 2,700 [15] 150 0.15

Operating Reserves 4,500 4,500 [16] 250 0.25

Management Fee 18,970 8.0% 22,003 8.0% [17] 1,222 1.22

Total Expenses $92,878 $98,881 $5,493 $5.48

Expenses as % of EGI 39.1% 36.0%

Net Operating Income $144,250 $176,154 $9,786 $9.75

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CASH FLOW STATEMENT| The Grand at West GhentGROWTH RATE PROJECTIONS | The Grand at West Ghent

INCOME Year 1 2020 2021 2022 2023 2024 2025 2026 2027 2028

Gross Potential Rent 1.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Loss / Gain to Lease 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Physical Vacancy 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

Bad Debt 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

Concession 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

Total Vacancy 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

Total Other Income 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

EXPENSES Year 1 2020 2021 2022 2023 2024 2025 2026 2027 2028

Operating Expenses 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Real Estate Taxes 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Insurance 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Utilities 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Management Fee 8.0%

INCOME Current 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Gross Potential Rent 273,384 276,118 284,401 292,933 301,721 310,773 320,096 329,699 339,590 349,778 360,271

Loss / Gain to Lease (35,484) 0 (8,532) (8,788) (9,052) (9,323) (9,603) (9,891) (10,188) (10,493) (10,808)

Gross Current Rent 237,900 276,118 275,869 284,145 292,670 301,450 310,493 319,808 329,402 339,284 349,463

Physical Vacancy (9,754) (11,045) (11,035) (11,366) (11,707) (12,058) (12,420) (12,792) (13,176) (13,571) (13,979)

Bad Debt (1,000) (1,381) (2,759) (2,841) (2,927) (3,014) (3,105) (3,198) (3,294) (3,393) (3,495)

Concession (6,295) (2,761) (2,759) (2,841) (2,927) (3,014) (3,105) (3,198) (3,294) (3,393) (3,495)

Total Vacancy (17,049) (15,186) (16,552) (17,049) (17,560) (18,087) (18,630) (19,188) (19,764) (20,357) (20,968)

Effective Rental Income 220,851 260,931 259,317 267,097 275,110 283,363 291,864 300,620 309,638 318,927 328,495

Utility Bill-Back 7,894 7,894 8,131 8,375 8,626 8,885 9,151 9,426 9,709 10,000 10,300

All Other Income 8,383 6,209 6,395 6,587 6,785 6,988 7,198 7,414 7,636 7,865 8,101

Total Other Income 16,277 14,103 14,526 14,962 15,411 15,873 16,349 16,840 17,345 17,865 18,401

Effective Gross Income 237,128 275,034 273,843 282,059 290,520 299,236 308,213 317,459 326,983 336,793 346,896

EXPENSES

Operating Expenses (22,628) (19,800) (20,196) (20,600) (21,012) (21,432) (21,861) (22,298) (22,744) (23,199) (23,663)

Real Estate Taxes (19,275) (32,500) (33,150) (33,813) (34,489) (35,179) (35,883) (36,600) (37,332) (38,079) (38,841)

Insurance (17,427) (10,000) (10,200) (10,404) (10,612) (10,824) (11,041) (11,262) (11,487) (11,717) (11,951)

Utilities (10,078) (10,078) (10,280) (10,485) (10,695) (10,909) (11,127) (11,349) (11,576) (11,808) (12,044)

Management Fee (18,970) (22,003) (21,907) (22,565) (23,242) (23,939) (24,657) (25,397) (26,159) (26,943) (27,752)

Total Expenses (88,378) (94,381) (95,733) (97,867) (100,050) (102,283) (104,568) (106,906) (109,298) (111,746) (114,250)

Operating Reserves (4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500) (4,500)

Net Operating Income 144,250 176,154 173,610 179,692 185,971 192,453 199,145 206,053 213,185 220,547 228,146

59

Economy Overview

Location Overview

Demographic Analysis

MARKETSUMMARY

“Wit h t he C hes ap e a ke B ay, At lant ic o ce an and count less r ivers in our b ackyard, you are ne ver far f rom t he water. Nor fol k’s t hr iv ing ar t s community welcomes you into i t s s tudios , ga l l e r ies and up and down t he s t re e t s of downtown, t he NEON Ar ts Dis t r ic t and b e yond. I f you’re lo ok ing for wor ld-c lass c u is ine , lo ok no f ur t her ! From t radit iona l S out her n fare to a wide range of nouve au and inter nat iona l of fer ings Nor fol k’s e ater ies of fer s omet hing for e ver yone – and e ver y app et i te .”

• Encomp ass es 66 s quare mi les wit h 144 mi les of shore l ine .• S e cond most p opu lous c i ty in Virg in ia .• Name d Favor i te Amer ican City for 2018 .• S e le c te d as one of t he Top 50 Places to Trave l in 2017 in t he wor ld .• Home to t he wor ld’s l arges t nava l b as e and t he Nor t h Amer ican He adquar ters for NATO.• Nor fol k Inter nat iona l Ter mina l i s t he l arges t inter mo da l center in t he U.S .• Home to t he USS Wis cons in b att l e sh ip.• O ce an going cr u is e vess e l s regu lar y do ck at Ha l f Mo one Cr uis e and C elebrat ion center downtown.

C i t y O fN O R F O L K

“Naw-fok”

Hampton Roads, also known as the Virginia Beach-Nor-folk-Newport News metropolitan area, is recognized for its miles of waterfronts and beaches, military presence, har-bors, shipyards and coal piers. The metro is composed of James, Gloucester, Mathews, York and Isle of Wight coun-ties in Virginia, and Gates and Currituck counties in North Carolina, as well as the cities of Virginia Beach, Williams-burg, Chesapeake, Norfolk, Newport News, Hampton, Po-quoson, Portsmouth and Suffolk. Approximately 1.8 million people reside in the market, roughly 460,000 of whom are in Virginia Beach, the market’s most populous city.

H a m p t o n R o a d sO V E R V I E W

MILITARY CONCENTRATION

It has the second-largest concentration of mil-itary personnel in the U.S. with eight military installations in the market providing a large portion of jobs.

HOSPITALITY AND TOURISM

Visitors are drawn to Williamsburg and the multiple beaches and resorts in the area that have activities for everyone.

SKILLED LABOR POOL

Technical knowledge learned in the military helps to provide a highly educated and skilled labor force.

NORFOLKV I R G I N I A

P O P U L A T I O N2 4 4 , 7 0 3

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HAMPTON ROADS // Demographics

• Median home prices that are above the U.S. level contribute to a homeownership rate of 61 percent, which is slightly below the national rate of 64 percent. • The metro is projected to expand by 58,200 people through 2022, resulting in the forma-tion of 28,200 households during this period. • Approximately 29 percent of residents age 25 and older hold a bachelor’s degree; of those residents, 11 percent also have earned a graduate or professional degree.

2017 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

9%25-44 YEARS

28%45-64 YEARS

25%65+ YEARS

13%

35.52017

MEDIAN AGE:

U.S. Median:37.8

$60,500 2017 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:$56,300

1.8M2017

POPULATION:

Growth2017-2022*:

3.3%

658K2017

HOUSEHOLDS:

4.3%Growth

2017-2022*:

Q UA L I T Y O F L I F E

Known for its beaches and water recreation, the region has much to offer by way of outdoor activ-ities and entertainment. Busch Gardens Williamsburg, Colonial Williamsburg, the USS Wisconsin and the Virginia Aquarium are prominent attractions that draw tourist and locals alike. Cultural activities are available at the Virginia Museum of Contemporary Art, Virginia Aquarium & Marine Science Center and Virginia Beach Amphitheater. Sports teams play at the Virginia Beach Sports-plex, Harbor Park and Scope Arena, while the Kingsmill Championship is held here as a part of the LPGA Tour. Universities include the College of William & Mary, Old Dominion University, Virginia Wesleyan College, Hampton University and Norfolk State University.

S P O R T S

E D U C A T I O N

ARTS & ENTERTAINMENT

HAMPTON ROADS // Economy

• The local economy is best known for tourism and defense, but advanced manufacturing, maritime and logistics, cybersecurity and biomedical technology are growing sectors.• Fortune 500 headquarters include Norfolk Southern, Dollar Tree and Huntington Ingalls Industries. Other companies headquartered locally include Gold Key PHR, Amerigroup, Anthem and Stihl.• The large military presence includes Naval Station Norfolk, Joint Expeditionary Base Little Creek-Fort Story, Naval Air Station Ocea-na Dam Neck Annex, Joint Base Langley-Eustis Naval Shipyard and Coast Guard Base-Portsmouth.

7%MANUFAC TURING

14%PROFESSIONAL &

BUSINESS SERVICES

21%GOVERNMENT

11%LEISURE &

HOSPITALIT Y

17%TRADE, UTILITIES

& TRANSPORTATION

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NORFOLK // Demographics

244,703T o t a l P o p u l a t i o n

GENDER

70.2%

29.8%

$90,406Average Household Income

within 1 Mi le f rom Subject Proper ty

$308,677Median Housing Value within 1

Mi le f rom Subject Proper ty

7 , 4 8 2To t a l H o u s e h o l d s

13.14%From 2000

1-Mile Radius

3-Mile Radius

5-Mile Radius

18 UNITS

T H E G R A N DA T W E S T G H E N T

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate

$200,000 or More 7.58% 4.75% 2.88%$150,000 - $199,000 5.62% 4.36% 3.10%$100,000 - $149,000 12.19% 9.75% 8.94%$75,000 - $99,999 12.10% 9.44% 10.18%$50,000 - $74,999 18.80% 16.91% 19.50%$35,000 - $49,999 13.20% 12.92% 14.79%$25,000 - $34,999 7.70% 9.71% 10.88%$15,000 - $24,999 9.22% 11.84% 12.23%Under $15,000 13.59% 20.33% 17.49%

Average Household Income $90,406 $70,759 $62,798Median Household Income $56,968 $44,565 $44,639Per Capita Income $28,560 $26,220 $24,099POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2017 Estimate Total Population 34,652 118,510 267,756Under 20 10.43% 22.58% 25.05%20 to 34 Years 63.65% 39.03% 32.25%35 to 39 Years 7.01% 6.02% 6.14%40 to 49 Years 6.34% 9.04% 9.89%50 to 64 Years 7.21% 14.04% 16.07%Age 65+ 5.34% 9.28% 10.59%Median Age 25.86 28.11 30.40

Population 25+ by Education Level2017 Estimate Population Age 25+ 18,758 68,307 163,851Elementary (0-8) 1.42% 2.86% 3.01%Some High School (9-11) 3.70% 10.80% 11.33%High School Graduate (12) 16.16% 22.87% 27.56%Some College (13-15) 23.38% 23.13% 25.14%Associate Degree Only 5.40% 6.29% 7.18%Bachelors Degree Only 26.83% 17.90% 14.76%Graduate Degree 22.83% 14.94% 9.73%

Population by Gender2017 Estimate Total Population 34,652 118,510 267,756Male Population 70.18% 54.91% 51.19%Female Population 29.82% 45.09% 48.81%

POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection

Total Population 35,017 119,110 266,850 2017 Estimate

Total Population 34,652 118,510 267,756 2010 Census

Total Population 33,575 114,846 260,445 2000 Census

Total Population 13,342 91,341 237,722 Daytime Population

2017 Estimate 43,573 175,613 329,991HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection

Total Households 7,719 38,347 95,750 2017 Estimate

Total Households 7,482 37,602 94,973Average (Mean) Household Size 1.96 2.35 2.48

2010 CensusTotal Households 7,087 36,175 92,216

2000 CensusTotal Households 6,613 35,191 91,196

Growth 2015-2020 3.17% 1.98% 0.82%HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units

2022 Projection 7,719 38,347 95,7502017 Estimate 8,306 41,973 103,842Owner Occupied 2,575 15,311 43,055Renter Occupied 4,907 22,291 51,918Vacant 824 4,372 8,869

Persons In Units2017 Estimate Total Occupied Units 7,482 37,602 94,9731 Person Units 44.60% 34.21% 30.29%2 Person Units 33.08% 30.81% 30.80%3 Person Units 11.60% 15.73% 17.22%4 Person Units 6.38% 10.64% 11.90%5 Person Units 2.77% 5.14% 5.78%6+ Person Units 1.56% 3.47% 4.01%

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THE GRAND AT WEST GHENT1000 Westover Avenue, Norfolk VA

O F F E R I N G M E M O R A N D U M

the grand at west ghent - loopnet · medical campus, is a large 525-bed medical center, which...

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