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ACADEMY MANOR I32 Units • 302-308 Reece Ave • Randleman, NC 27317

OFFERING MEMORANDUM

Exclusive Multifamily Offering

ACADEMY MANOR

Randleman, NC

ACT ID Z0520075

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

Non-EndorsementsMarcus & 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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has

been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References

to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &

Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

2

TABLE OF CONTENTS

MARKET OVERVIEW 05Market Analysis

Demographic Analysis

SECTION SECTIONINVESTMENT OVERVIEW 03

Property Overview

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 04

Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

MARKET COMPARABLES 05

Sales Comparables

Rent Comparables

ACADEMY MANOR

3

ACADEMY MANOR

4

INVESTMENT

OVERVIEW

PROPERTY OVERVIEW

ACADEMY MANOR

PROPERTY HIGHLIGHTS

Academy Manor I in Randleman, North Carolina was built in 1986,

and consists of 32 units. The property is comprised of four

buildings with an attractive unit mix of 16 one bedroom, one

bathroom units and 16, two bedroom, two bathroom units.

Academy Manor is one of the few properties in the area offering

both one and two bedroom floor plans.

This property has been recently renovated with new decks and new

interiors. An immediate value add opportunity exists through

increasing rents to market levels and interior renovations to the

remaining units. Conveniently located, the property is surrounded

by national and regional retailers, including WalMart, Cato,

Advance Auto, Dollar Tree, McDonald’s, Bojangle’s, and Capital

Bank. This attractive investment opportunity is located just off

Highway 74, just 20 minutes from Downtown Greensboro.

PROPERTY OVERVIEW

Value Add Opportunity

Proven Ability to Increase Rents to Market Levels

Surrounded by Retail

Quiet, Safe Property

Conveniently Located near Interstates 74 and 85

Delivered Free and Clear – Attractive Agency Debt Options Available

5

20 Miles to Greensboro, NC

9.5 Miles to Asheboro, NC

PROPERTY PHOTOS

ACADEMY MANOR

REGIONAL MAP

ACADEMY MANOR

8

LOCAL MAP

ACADEMY MANOR

9

AERIAL PHOTO

ACADEMY MANOR

10

ACADEMY MANOR

11

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

ACADEMY MANOR

RENT ROLL SUMMARY

12

FINANCIAL ANALYSIS

ACADEMY MANOR

13

RENT ROLL DETAIL

FINANCIAL ANALYSIS

ACADEMY MANOR

OPERATING STATEMENT

14

FINANCIAL ANALYSIS

ACADEMY MANOR

PRICING DETAIL

15

ACADEMY MANOR

16

MARKET

COMPARABLES

ACADEMY MANOR

SALES COMPARABLES MAP

17

ACADEMY MANOR

(SUBJECT)

Terrace Trace

Stonecrest Apartments

1336 E Main St

SALES COMPARABLES

1

2

3

PROPERTY NAMEACADEMY MANOR

SALES COMPARABLES

18

SALES COMPARABLES

Avg. $58.92

$0.00

$6.50

$13.00

$19.50

$26.00

$32.50

$39.00

$45.50

$52.00

$58.50

$65.00

Academy

Manor

Terrace

Trace

Stonecrest

Apartments

1336

E Main St

Average Price Per Square Foot

Avg. $52,205

$0

$6,000

$12,000

$18,000

$24,000

$30,000

$36,000

$42,000

$48,000

$54,000

$60,000

Academy

Manor

Terrace

Trace

Stonecrest

Apartments

1336

E Main St

Average Price Per Unit

Avg. 7.65%

0.0

0.8

1.6

2.4

3.2

4.0

4.8

5.6

6.4

7.2

8.0

Academy

Manor

Terrace

Trace

Stonecrest

Apartments

1336

E Main St

Average Cap Rate

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM

ACADEMY MANOR

SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


19

SALES COMPARABLES

Units Unit Type

Offering Price: $1,550,000 16 1 Bdr

Price/Unit: $48,438 16 2 Bdr

Price/SF: $61.63

CAP Rate: 6.94%

GRM: 8.09

Total No. of Units: 32

Year Built: 1986

Underwriting Criteria

Income $180,488 Expenses $72,865

NOI $107,622 Vacancy ($11,970)

ACADEMY MANOR302-308 Reece Ave, Randleman, NC, 27317

1

Units Unit Type

Close Of Escrow: 5/6/2016 28 2 Bdr 2 Bath

Sales Price: $1,500,000

Price/Unit: $53,571

Price/SF: $51.97

CAP Rate: 7.90%


Year Built: 1999

TERRACE TRACE APARTMENTS102 Terrace Trace Ct, Archdale, NC, 27263

Units Unit Type


Sales Price: $3,750,000 36 2 Bdr 2 Bath

Price/Unit: $52,083

Price/SF: $54.82

CAP Rate: 7.40%


Year Built: 2005

2

STONECREST APARTMENTS320 W 11th St, Siler City, NC, 27344

PROPERTY NAME

MARKETING TEAM

ACADEMY MANOR

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


20

SALES COMPARABLES

Units Unit Type


Sales Price: $662,500

Price/Unit: $50,962

Price/SF: $59.95


Year Built: 1995

3

1336 E MAIN ST1336 E Main St, Graham, NC, 27253

8

ACADEMY MANOR

RENT COMPARABLES MAP

ACADEMY MANOR

(SUBJECT)

Forest Ridge

Arlington Square East

10409 S Main Apartments

10411 S Main Apartments

1801 Fairway Rd

Aparatments

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

21


RENT COMPARABLES

22

AVERAGE OCCUPANCY

Avg. 90.04%

0

10

20

30

40

50

60

70

80

90

100

Academy

Manor

Forest

Ridge

Arlington

Square East

10409

S Main

Apartments

10411

S Main

Apartments

1801

Fairway Rd

Aparatments


RENT COMPARABLES

23

AVERAGE RENT - MULTIFAMILY

Avg. $569

$0

$70

$140

$210

$280

$350

$420

$490

$560

$630

$700

Academy

Manor

Forest

Ridge

Arlington

Square East

10409

S Main

Apartments

10411

S Main

Apartments

1801

Fairway Rd

Aparatments

2 Bedroom

Avg. $466

$0

$60

$120

$180

$240

$300

$360

$420

$480

$540

$600

Academy

Manor

Forest

Ridge

Arlington

Square East

10409

S Main

Apartments

10411

S Main

Apartments

1801

Fairway Rd

Aparatments

1 Bedroom

PROPERTY NAME

MARKETING TEAM

ACADEMY MANOR

RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


24

YEAR BUILT: 1986

rentpropertyname1


Unit Type Units SF Rent Rent/SF

1 Bdr 16 640 $450 $0.70

2 Bdr 16 932 $548 $0.59

Total/Avg. 32 786 $499 $0.63

ACADEMY MANOR302-308 Reece Ave, Randleman, NC, 27317

OCCUPANCY: 87% | YEAR BUILT: 1987

1

NOTES

Units come with a full kitchen. Water, trash, and sewer are included. There

is an application fee of $35 and a pet fee of $250. There is also a 2 pet

maximum. Amenities include a playground, clubhouse, on-site laundry

facility, swimming pool, and furnished studios.


Studio 1 Bath 124 288-388$405-$450

$1.26

1 Bdr 1 Bath 81 588-588$455-$455

$0.77

2 Bdr 1 Bath 2 788-788$550-$550

$0.70

Total/Avg. 207 440 $439 $1.00

FOREST RIDGE100 Ashewood Cir, Asheboro, NC, 27203

2


NOTES

Units come with full kitchens and W/D hookups. Pets are allowed for an

additional $35/mo. Amenities include a BBQ grill, fitness center and picnic

area.


1 Bdr 1 Bath 16 600-600$525-$525

$0.88

2 Bdr 2 Bath 16 900-900$650-$650

$0.72

Total/Avg. 32 750 $588 $0.78

ARLINGTON SQUARE EAST200 E Strider St, Asheboro, NC, 27203

PROPERTY NAME

MARKETING TEAM

ACADEMY MANOR

RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


25


3


Studio 1 Bath 5 600-600$445-$445

$0.74

1 Bdr 1 Bath 4 750-750$465-$465

$0.62

2 Bdr 1 Bath 1 1,000-1,000$560-$560

$0.56

Total/Avg. 10 700 $465 $0.66

10409 S MAIN APARTMENTS10409 S Main St, Archdale, NC, 27263


4

NOTES

Units come with a full kitchen


1 Bdr 1 Bath 10 500-500$420-$420

$0.84

Total/Avg. 10 500 $420 $0.84

10411 S MAIN APARTMENTS10411 S Main St, Asheboro, NC, 27263

5


NOTES

Units come with a full kitchen


1 Bdr 1 Bath 5 730-730$465-$465

$0.64

2 Bdr 1 Bath 5 1,000-1,000$515-$515

$0.52

Total/Avg. 10 865 $490 $0.57

1801 FAIRWAY RD APARATMENTS1801 Fairway Rd, Asheboro, NC, 27205

ACADEMY MANOR

26

MARKET

OVERVIEW

MARKET OVERVIEW

GREENSBORO,WINSTON-SALEM,HIGH POINT

OVERVIEW

Known as the Piedmont Triad, the Greensboro/Winston-Salem/High

Point market is composed of eight counties: Davidson, Davie, Forsyth,

Guilford, Randolph, Rockingham, Stokes and Yadkin. The region is

connected primarily by U.S. Interstates 40 and 85 and its International

Piedmont Triad Airport. Known as a large manufacturing and

transportation hub for the Southeast, the area continues to grow in

prominence thanks to its educational institutions, health services

providers, financial employers and cultural activities. The metro has

approximately 1.8 million people residing in 718,000 households.

MARKET OVERVIEW

METRO HIGHLIGHTS

DIVERSIFYING INDUSTRIES

The metro has grown from a manufacturing base to

expanding industries in technology, biotechnology

and retail.

MANUFACTURING INDUSTRY

The area is known for manufacturing of textiles,

tobacco and furniture, housing large corporations in

these industries.

ROBUST ECONOMIC GROWTH

The Gross Metro Product increased faster than U.S.

Gross Domestic Product in 2016.

ACADEMY MANOR

27

MARKET OVERVIEW

ECONOMY

As opportunities in manufacturing streamline, the market has diversified into technology

and biotechnology industries, developing research parks such as the Wake Forest

Innovation Quarter.

Local Fortune 500 firms headquartered in the metro include VF Corp., Reynolds American,

BB&T Corp., Laboratory Corp. of America and Hanesbrands. Other notable firms with large

local operations include FedEx, Volvo Trucks and Honda Aircraft Co.

SHARE OF 2016 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

BB&T Corp Bank

Volvo Trucks of North America

Laboratory Corp. of America

Delhaize America Inc./Food Lion LLC

Wells Fargo

Novant Health

Pepsi Bottling Ventures

Cone Health

Wal-Mart

Wake Forest Medical Center* Forecast

MANUFACTURING

15%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

21%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

1%INFORMATION

15%

4%

12% 9% 5%

14%

ACADEMY MANOR

28

MARKET OVERVIEW

DEMOGRAPHICS

The metro is expected to add nearly 80,000 people through 2021, resulting in the

formation of nearly 40,000 households.

A median home price below the national level afforded 66 percent of households to

own their own home.

Roughly 25 percent of people age 25 and older hold a bachelor’s degree; among

those residents, 8 percent also have earned a graduate or professional degree.

The region includes the cities of Greensboro, Winston-Salem and High Point, each with

distinctive features and attractions that include arts, sports and educational opportunities.

Educational institutions include Wake Forest University, Winston-Salem State University,

the University of North Carolina at Greensboro, High Point University, North Carolina A&T,

and the North Carolina School of the Arts. Cultural opportunities abound, including the

Greensboro Ballet, International Civil Rights Center and Museum, Tanger Preforming Arts

Center, Southeast Center for Contemporary Art, the Science Center and Weatherspoon Art

Museum. Sports enthusiasts can support the Greensboro Swarm, Greensboro Cobras,

Greensboro Grasshoppers, Carolina Thunderbirds and the Winston-Salem Dash.

39.6

2016MEDIAN AGE:

U.S. Median:

37.7

$44,600

2016 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$57,200

1.6M

2016POPULATION:

Growth2016-2021*:

4.6%

658K

2016HOUSEHOLDS:

5.4%

Growth2016-2021*:

QUALITY OF LIFE

2016 Population by Age

0-4 YEARS

6%5-19 YEARS

20%20-24 YEARS

7%25-44 YEARS

25%45-64 YEARS

27%65+ YEARS

15%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

ACADEMY MANOR

29

PROPERTY NAME

MARKETING TEAM

ACADEMY MANOR

DEMOGRAPHICS

Source: © 2017 Experian

Created on August 2018

POPULATION 1 Miles 3 Miles 5 Miles

2022 Projection

Total Population 2,059 9,688 24,911

2017 Estimate


2010 Census


2000 Census


Daytime Population

2017 Estimate 4,866 11,834 21,511

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2022 Projection

Total Households 914 3,954 9,796

2017 Estimate


Average (Mean) Household Size 2.32 2.49 2.57

2010 Census


2000 Census


Growth 2015-2020 4.46% 9.53% 8.29%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

Occupied Units

2022 Projection 914 3,954 9,796

2017 Estimate 966 3,885 9,816

Owner Occupied 486 2,406 5,943

Renter Occupied 390 1,204 3,103

Vacant 91 275 770

Persons In Units

2017 Estimate Total Occupied Units 875 3,610 9,046

1 Person Units 31.89% 25.84% 24.29%

2 Person Units 33.49% 34.40% 34.40%

3 Person Units 16.34% 18.01% 17.40%

4 Person Units 11.20% 13.32% 13.92%

5 Person Units 4.80% 5.40% 6.25%

6+ Person Units 2.29% 3.05% 3.76%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2017 Estimate

$200,000 or More 0.60% 0.98% 1.11%

$150,000 - $199,000 0.31% 0.41% 1.01%

$100,000 - $149,000 6.22% 6.44% 6.90%

$75,000 - $99,999 9.52% 10.51% 10.42%

$50,000 - $74,999 15.77% 18.12% 18.61%

$35,000 - $49,999 15.15% 14.31% 15.40%

$25,000 - $34,999 15.73% 15.86% 15.37%

$15,000 - $24,999 16.17% 15.74% 15.22%

Under $15,000 20.53% 17.63% 15.95%

Average Household Income $44,952 $48,691 $51,202

Median Household Income $33,554 $35,626 $38,173

Per Capita Income $19,456 $19,610 $19,927

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2017 Estimate Total Population 2,022 8,968 23,260

Under 20 25.43% 26.64% 27.11%

20 to 34 Years 20.16% 19.02% 19.91%

35 to 39 Years 5.54% 5.97% 6.14%

40 to 49 Years 13.33% 14.35% 14.26%

50 to 64 Years 18.89% 19.30% 18.86%

Age 65+ 16.66% 14.71% 13.72%

Median Age 39.03 38.69 37.46

Population 25+ by Education Level

2017 Estimate Population Age 25+ 1,370 6,014 15,398

Elementary (0-8) 7.47% 6.54% 6.92%

Some High School (9-11) 16.02% 16.81% 15.74%

High School Graduate (12) 30.94% 31.38% 32.81%

Some College (13-15) 23.47% 22.53% 20.78%

Associate Degree Only 10.95% 10.88% 10.16%

Bachelors Degree Only 7.48% 8.21% 9.22%

Graduate Degree 2.98% 2.80% 3.07%

Population by Gender

2017 Estimate Total Population 2,022 8,968 23,260

Male Population 48.37% 49.10% 49.57%

Female Population 51.63% 50.90% 50.43%

30

Income

In 2017, the median household income for your selected geography is

$33,554, compare this to the US average which is currently $56,286.

The median household income for your area has changed by 1.80%

since 2000. It is estimated that the median household income in your

area will be $38,597 five years from now, which represents a change

of 15.03% from the current year.

The current year per capita income in your area is $19,456, compare

this to the US average, which is $30,982. The current year average

household income in your area is $44,952, compare this to the US

average which is $81,217.

Population

In 2017, the population in your selected geography is 2,022. The

population has changed by 2.38% since 2000. It is estimated that the

population in your area will be 2,059.00 five years from now, which

represents a change of 1.83% from the current year. The current

population is 48.37% male and 51.63% female. The median age of

the population in your area is 39.03, compare this to the US average

which is 37.83. The population density in your area is 643.23 people

per square mile.

Households

There are currently 875 households in your selected geography. The

number of households has changed by 9.79% since 2000. It is

estimated that the number of households in your area will be 914 five

years from now, which represents a change of 4.46% from the

current year. The average household size in your area is 2.32 persons.

Employment

In 2017, there are 1,335 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

38.85% of employees are employed in white-collar occupations in

this geography, and 62.06% are employed in blue-collar occupations.

In 2017, unemployment in this area is 4.44%. In 2000, the average

time traveled to work was 24.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

81.29% White, 8.26% Black, 0.03% Native American and 0.56%

Asian/Pacific Islander. Compare these to US averages which are:

70.42% White, 12.85% Black, 0.19% Native American and 5.53%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 11.10% of the current year

population in your selected area. Compare this to the US average of

17.88%.

PROPERTY NAME

MARKETING TEAM

ACADEMY MANOR

Housing

The median housing value in your area was $103,448 in 2017,

compare this to the US average of $193,953. In 2000, there were 568

owner occupied housing units in your area and there were 228 renter

occupied housing units in your area. The median rent at the time was

$334.

Source: © 2017 Experian

DEMOGRAPHICS

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ACADEMY MANOR

DEMOGRAPHICS

32

E X C L U S I V E L Y L I S T E D B Y

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