What's New at VWB

What's New

VWB Research strives to be on the forefront of market research with the latest technologies, statistics, and methods. At times, the statistics, terminology, and calculations that go into market studies can be overwhelming. At VWB Research, we are continually responding to our clients’ needs and requests to provide market studies that are thorough, reliable, and concise.

New to our studies, we are providing a Summary of Critical Facts. Similar to an executive summary, the Summary of Critical Facts is one place where all pertinent information about a site, the comparable properties, and the market can be found. This new layout will allow clients (and whomever the client shares the study with) to easily find the relevant information they need. Below is a sample of a Summary of Critical Facts.

SUMMARY OF CRITICAL FACTS

Based on the data collected and analyzed for this report, it is our opinion the property can be supported as proposed.

The following is a summary of key findings from our report:

Project Name:	Sample Site
Property Location:	1000 Sample Street Columbus, Ohio

Proposed Structure:

						PROPOSED RENTS
TOTAL UNITS	BEDROOM TYPE	BATHS	STYLE	SQUARE FEET	PERCENT OF AMHI	COLLECTED	UTILITY ALLOWANCE	GROSS
2	ONE-BR.	1.0	GARDEN	652	35%	$422	$0	$422
2	ONE-BR.	1.0	GARDEN	652	50%	$543	$0	$543
4	ONE-BR.	1.0	GARDEN	652	60%	$543	$0	$543
2	TWO-BR.	1.0	GARDEN	859	35%	$506	$0	$506
12	TWO-BR.	1.0	GARDEN	859	50%	$653	$0	$653
14	TWO-BR.	1.0	GARDEN	859	60%	$671	$0	$671
36

Source: Developer
AMHI – Area Median Household Income (Columbus, OH MSA)

Achievable Tax Credit Rents to Proposed Rents:

BEDROOM TYPE	PROPOSED SUBJECT	ACHIEVABLE MARKET RENT	PROPOSED RENT AS SHARE OF MARKET
ONE-BEDROOM	$422 - 35% $543 - 50% $543 - 60%	$725	58.2% 74.9% 74.9%
TWO-BEDROOM	$506 - 50% $653 - 60% $671 - 60%	$850	59.5% 76.8% 78.9%

Absorption Projection to Stabilized Occupancy:

6 to 7 months

Stabilized Occupancy:

95%

Target Market:

Seniors with incomes up to 35%, 50%, and 60% of AMHI

Additional Subsidies:

None

Unit/Project Amenities:

UNIT		PROJECT
Range		On-Site Management
Refrigerator		Community Room
Dishwasher		Community Kitchen
Disposal		Exercise Room
Microwave		Laundry Facilities
Windows Blinds		Additional Storage
Central Air Conditioning		On-Site Maintenance
Carpeting		Grandparent/Child Play Area
Security Intercom		Secure Controlled Entry
Emergency Call System		Support Services Coordinator
Ceiling Fans		Library/Computer Room
Patio/Balcony
Surface Parking

Date of Opening:	2010
Anticipated Project Quality Rating:	A
Neighborhood Rating:	A-
Primary Market Area: (Square Miles):	47.5

PMA Map:

Sample PMA Map

Proximity to Significant Community Services:

COMMUNITY SERVICES	NAME	TRAVEL DISTANCE FROM SITE
PUBLIC BUS STOP	COTA	0.4 MILES East
CONVENIENCE STORE	UNITED DAIRY FARMERS	2.1 MILES Northeast
GROCERY	KROGER	1.3 MILES Southeast
DISCOUNT DEPARTMENT STORE	YOUR DOLLAR STORE WITH MORE	2.5 MILES Southeast
SHOPPING CENTER/MALL	EASTON TOWN CENTER	5.2 MILES Southwest
HOSPITAL	ST. ANN’S	4.6 MILES Northwest
POLICE	BLENDON TOWNSHIP POLICE DEPARTMENT	3.0 MILES Northwest
FIRE	BLENDON TOWNSHIP FIRE DEPARTMENT	4.8 MILES Northwest
POST OFFICE	U.S. POST OFFICE	4.0 MILES Northwest
BANK	WES BANCO BANK	1.1 MILES Southeast
SENIOR CENTER	BLENDON TOWNSHIP SENIOR CENTER	2.9 MILES Northwest
PHARMACY	CVS PHARMACY	2.5 MILES Southwest
RESTAURANT	TACO BELL	2.5 MILES Southwest
COMMUNITY CENTER	CHAUTAUQUA COMMUNITY CENTER	4.0 MILES Southeast

PMA Population/Households (2007):

121,920 / 49,137

PMA Population/Household Growth Rates
(2000-2007):

2.8% / 3.9%

City Population/Households (2007):

732,084 / 313,933

City Population/Household Growth Rates
(2000-2007):

2.9% / 4.1%

PMA 2007 Median Household Income:

$56,259

Total Franklin County Employment:

587,984

Latest Unemployment Rate:

4.7%

Employment Change 2000-2007:

2.1%

Total Properties in Survey/Units/Vacancy Rate:

95 / 16,324 / 4.6%

Non-subsidized Tax Credit Units/Vacancy Rate:

1,380 / 0.1%

Subsidized Tax Credit Units/Vacancy Rate:

316 / 0.0%

HUD Median Household Income Trends:

2007:	$64,200	2004:	$63,800
2006:	$64,400	2003:	$63,800
2005:	$64,000	CHG: 2003-2007	0.6%

Project Qualified Income Range:

$12,660-$30,900

Project Qualified Persons/Household:

1-2

Rent-to-Income Ratio:

40.0%

Qualified Renter Households:

3,169

Required Capture Rate:

1.1%

Penetration Income Range:

$10,560-$30,900

Penetration Rate (with proposed property):

13.1%

Comparable Property Profiles:

The following are one-page profiles of the comparable market-rate properties used to establish achievable market rents. Following the market-rate comparables are the Tax Credit comparable property profiles, a one page summary table of all comparables and overall market averages, and a map of the site and comparable properties.

Sample One Page Report 1

Sample One Page Report 2

Sample One Page Report 3

Sample One Page Report 4

Sample One Page Report 5

Sample One Page Report 6

Sample One Page Report 7

Sample One Page Report 8

Sample One Page Report 9

Comp Analysis

Comp Map

Capture Rate Analysis

In addition to the Summary of Critical Facts, VWB Research has designed an answer to a very common question. The capture rate analysis, while an important consideration for evaluating a project, is often difficult to understand. We are providing a table that clearly defines the calculations so they are easy to comprehend. Beyond the overall capture rate, a capture rate by bedroom type is often necessary to evaluate a project’s success in a market. VWB Research has also designed a table showing that complex calculation. The overall capture rate analysis and capture rate analysis by bedroom type are included below.