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07-19-2017
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07-19-2017
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8/30/2018 6:14:45 AM
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8/30/2018 6:13:53 AM
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MV City Council
City Council Document Type
City Council Packets
Date
7/19/2017
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<br /> <br /> 12 <br />Bowen National Research <br />155 E. Columbus Street, Suite 220 <br />Pickerington, Ohio 43147 <br />(614) 833-9300 <br />The amenity package expected to be offered at the subject project will be very <br />competitive, relative to those offered among the comparable properties. In fact, the <br />subject project will include washer/dryer appliances within each unit, a feature which is <br />not offered among most of the comparable properties and will likely create a competitive <br />advantage for the property. <br /> <br />Comparable LIHTC Summary <br /> <br />The subject project is expected to help fill a void within the Mounds View Site PMA, as <br />currently only one (1) general-occupancy LIHTC property containing 16 units exists <br />within the Site PMA. This property was, however, unable to be surveyed at the time of <br />this analysis and thus has been excluded from our analysis. The three comparable LIHTC <br />properties surveyed outside the Site PMA have a combined occupancy rate of 99.3%, <br />which is reflective of just two vacant units and strong demand for family-oriented LIHTC <br />product within the region. The subject’s proposed gross rents will be the lowest among <br />the comparable properties and thus will represent a significant value within the Mounds <br />View market. This is especially true when considering the newness and competitive <br />position of the subject project in terms of unit design (square feet) and number of <br />bathrooms, as well as amenities offered. <br /> <br />The map on the following page depicts the location of the surveyed comparable LIHTC <br />projects in relation to the subject site location.
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