Village Square Apartments

Transcription

Multifamily Housing
WHEDA Compliant Preliminary Analysis
Delafield, WI
October 2014
Prepared by:
Baker Tilly Virchow Krause, LLP
Ten Terrace Court
PO Box 7398
Madison, WI 53707
608 249 6622
Baker Tilly refers to Baker Tilly Virchow Krause, LLP
an independently owned and managed member of Baker Tilly International
© Baker Tilly Virchow Krause, LLP
Delafield, WI
Table of Contents
Executive Summary .................................................................................................................... 1
Introduction ................................................................................................................................... 1
Methodologies .............................................................................................................................. 1
Sources......................................................................................................................................... 1
Report Limitations......................................................................................................................... 1
Summary of Conclusions.............................................................................................................. 2
Location and Market Area Definition ........................................................................................ 4
Primary Market Area (“PMA”) ....................................................................................................... 4
Site Location ................................................................................................................................. 6
Linkages ....................................................................................................................................... 8
Walk Score (Delafield, WI) ......................................................................................................... 10
Population and Households .................................................................................................... 11
Overall Demographic Analysis Summary ................................................................................... 11
PMA Population/Age Distribution ............................................................................................... 14
PMA Household Distribution Summary ...................................................................................... 16
Overall Households by Income .................................................................................................. 17
Senior Households by Income (55+) .......................................................................................... 22
Senior Households by Income ................................................................................................... 23
Household by Size...................................................................................................................... 26
Household by Tenure ................................................................................................................. 26
Occupied Housing Units by Age ................................................................................................. 27
Existing Housing Rental Stock ................................................................................................ 29
Existing and Planned Multifamily Rental Apartments................................................................. 29
Pipeline of Market Rate Multifamily Rental Housing .................................................................. 56
General Occupancy Estimation of Market Rents ....................................................................... 57
Minimum and Maximum Qualifying Incomes.............................................................................. 59
Existing Delafield Lakes and Woods Tenant Place of Origin ..................................................... 60
APPENDIX A: ESRI Demographic Data ................................................................................... 61
APPENDIX B: Market Rate Calculation Worksheets .............................................................. 62
APPENDIX C: Statement of Limiting Conditions ................................................................... 63
APPENDIX D: Market Analyst Resumes ................................................................................. 65
Delafield, WI
Page 1
Executive Summary
Introduction
Baker Tilly Virchow Krause, LLP (“Baker Tilly”) has conducted a Preliminary Market Analysis (“Project”) of the
Delafield, Wisconsin area housing market to evaluate the potential for the development of market rate multifamily
rental units at the potential development site located within the City of Delafield.
The scope of this Project is to evaluate the existing rental market as well as an identification of the proposed
market rate rental projects within the identified primary market area (“PMA”) based on historic trends in
multifamily housing in the PMA.
Methodologies
Methodologies used by Baker Tilly include the following:
x
The PMA must first be established before the influences of supply and demand can be assessed. The PMA
is defined as the geographic area from which a property is expected to draw the majority of its residents.
PMAs are established using a variety of factors including, but not limited to:
9
9
9
A detailed demographic and socioeconomic evaluation
Interviews with area planners, realtors and other individuals who are familiar with area growth patterns
An evaluation of existing housing supply characteristics and trends
x
Area building statistics and interviews with officials familiar with area development provide identification of
those properties that might be planned or proposed for the area that will have an impact on the marketability
of the proposed development.
x
A determination of estimated achievable market rent for the proposed subject development is conducted.
Using a Rent Comparability Grid, the features of the proposed development are compared with the most
comparable properties in the market. Adjustments are made for each feature that differs from that of the
proposed subject development. These adjustments are then included with the collected rent resulting in an
estimated achievable market rent for a unit comparable to the proposed unit.
Sources
Baker Tilly uses various sources to gather and confirm data used in each analysis. These sources include the
following:
x
x
x
x
The 1990, 2000 Census, and 2010 Census
ESRI
Property management for each comparable property included in the survey
Local planning, zoning, and building officials
Report Limitations
The intent of this Preliminary Market Analysis is to collect and analyze data to forecast the market success of
the subject property within an agreed to time period. Baker Tilly relies on a variety of sources of data to
generate this report. These data sources are not always verifiable. Baker Tilly, however, makes a significant
effort to assure accuracy. While this is not always possible, we believe our effort provides an acceptable
standard margin of error. Baker Tilly is not responsible for errors or omissions in the data provided by other
sources.
Delafield, WI
Page 2
The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting
conditions and are our personal, unbiased professional analyses, opinions and conclusions. We have no
present or prospective interest in the property that is the subject of this report and we have no personal interest
or bias with respect to the parties involved. Our compensation is not contingent on an action or event (such as
the approval of a loan) resulting from the analyses, opinions, conclusions in or the use of this study.
Summary of Conclusions
The following information is a summary of the current Delafield area market rate multifamily conditions.
Current Market Conditions Summary
Suggested/Potential Unit Sizes/Rental Rates
Housing Type
Market Rate
Multifamily
Rental Housing
x
Potential
Net Rent/SF
Suggested
Unit Sizes
Potential
Net Rents
1 BR
$1.34
1 BR
750 sf
1 BR
$1,010
2 BR
$1.15
2 BR
1,175 sf
2 BR
$1,350
Summary of Current
Market Conditions
x The overall population is projected to increase
by approximately 355 people per year for the
five years ending in 2019, resulting in an
overall gain of 2.2 percent. The number of
households is projected to increase at a rate of
about 165 per year for a gain of 2.7 percent.
x 98.1% multifamily occupancy (very strong)
x Little to no rental concessions being offered in
the market.
x Approximately 46.8 percent of the rented units
at Delafield Lakes and Delafield Woods are
occupied by households originating from
outside of Waukesha County.
According to the US Census Bureau and the ESRI BIS actual 2010 and forecasted 2014 and 2019
demographic data sets, the overall population is projected to increase by approximately 355 people per
year for the five years ending in 2019, resulting in an overall gain of 2.2 percent. The number of
households is projected to increase at a rate of about 165 per year for a gain of 2.7 percent. A greater
increase is projected in owner occupied units than in renter occupied units, with the overall average
household size decreasing from 2.55 persons per household to 2.54 persons per household.
Demographic Summary
2010
2014
2019
Annual
% Change
US
ESRI
ESRI
Change
2014-2019
Census
Forecasts Forecasts
2014-2019
Population
77,689
79,177
80,951
2.2%
355.0
Households
29,669
30,597
31,424
2.7%
165.4
Families
21,811
22,372
22,890
2.3%
103.6
Average Household Size
2.58
2.55
2.54
Owner Occupied Housing Units
23,693
24,102
24,783
2.8%
136.2
Renter Occupied Housing Units
5,976
6,495
6,641
2.2%
29.2
Median Age
42.0
43.2
43.9
Source: U.S. Census Bureau, Census 2010 Summary File 1. ESRI Forecasts for 2014 and 2019.
Description
Delafield, WI
Page 3
x
Eighteen comparable developments were identified and inventoried for a total of 1,746 rental units within or
near the PMA. Additionally, eight developments were not included in the comparable analysis, as the
property managers would either not provide vacancy information or were unable to be reached after
numerous attempts. The nine developments are the following:
Project Name
Foxtail Meadows
580 Foxtail Drive
Pewaukee, WI
262-691-1777
Unable to Contact
Hunters Ridge
N34 W23140 Ridge Place
Pewaukee, WI
262-691-8640
Unable to Contact
Project Name
Wexford Place/Canterbury Crossing
561 Westfield Way
Pewaukee, WI
866-541-9883
Unable to Contact
River Place
1211 W. Wisconsin Avenue
Oconomowoc, WI
262-567-3200
Unable to Contact
Parquelynn Village
4703 Vista Park Court
Nashotah, WI
262-533-4018
Refused to Provide Information
Meadow Ridge
N34 W23714 Five Fields Road
Pewaukee, WI
888-202-4681
Project Name
River Park
115 Chaffee Road
Oconomowoc, WI
414-774-1491
Unable to Contact
Whitman Place
1192 Lowell Drive
Oconomowoc, WI
414-355-6400
Unable to Contact
The multifamily rental market within the PMA is considered very strong by generally accepted standards.
Thirty-three vacancies were identified for a 1.9 percent vacancy rate indicating a very strong market rate
rental market.
Comparable Development
Occupancy Summary
Development Location
Delafield
Pewaukee
Hartland
Oconomowoc
Sussex
Market Rate Family Total
x
Number of
Developments
4
3
1
8
2
18
Number of
Units
180
484
244
580
258
1,746
Vacant Units
Vacancy Rate
9
11
0
13
0
33
5.0%
2.3%
0.0%
2.2%
0.0%
1.9%
Due to the strengths and weaknesses of all the comparable developments, we have used an average of all
the comparables as the primary indicators of value. Market rate calculations were based on the proposed
development’s most prevalent unit type for the one and two bedroom apartment units. Calculated
achievable rental rates represent an approximation as no site or development program were provided.
Summary of Estimated Achievable Market Net Rents
Unit Type
1 BR/1 BA
2 BR/2 BA
Base Market Net
Rent per Month
$1,010
$1,350
Average Unit Size
(SF)
750
1,175
Rent per SF
$1.34
$1.15
Delafield, WI
Page 4
Location and Market Area Definition
Primary Market Area (“PMA”)
The PMA is defined as a geographic area from which a property is expected to draw the majority of its
residents. Additionally, the PMA is the area in which similar properties compete with the subject property for
tenants. The PMA for the proposed development must first be established before the influences of supply and
demand can be assessed.
The site is located on the far northeast side of the City of Delafield between Vettelson Road, Village Square
Drive, Highway 16, and Highway 83. Interviews were conducted with property managers or potentially
competing developments, the Delafield planning department and other city and county officials. A consensus
among those interviewed indicated that a predominant primary market for the development exists.
The strongest potential demand for housing associated with the development is anticipated to originate from
within the PMA. A consensus among those persons interviewed, a review of the retail shopping patterns, a
review of the commuting and transportation linkages for the surrounding area, a review of the employment base
within the community, and a driving tour of the surrounding area indicate that the predominant PMA for the
housing proposed for the Subject Property includes the City of Delafield, as well as portions of the cities of
Oconomowoc and Hartland. This area is generally bounded by Village Square Drive and Vettelson Road to the
south, residential homes to the west, Highway 16 to the north, and Highway 83 to the east.
Based on the site’s pedestrian linkages, convenient access to major thoroughfares, proximity to numerous
major employers, and discussions with property managers of potentially competing developments, it is likely
that 20 to 25 percent of the residents that ultimately rent from the proposed development will originate from
outside the PMA (most likely from other areas of Waukesha County). However, as a conservative approach,
only the population from within the PMA will be analyzed in this study.
A map of the PMA is included on the following page.
Delafield, WI
Page 5
Delafield, WI
Page 6
Site Location
Delafield, WI
Page 7
Potential Site Location Aerial (Delafield, WI)
Delafield, WI
Page 8
Linkages
The City of Delafield will provide fire and police protection. Linkages and their respective distances from the
site are listed on the following table.
Delafield, WI
Neighborhood Linkages
Map #
Category
Name/Description
Waukesha Metro Transit
(Route 905 Oconomowoc-Milwaukee Express)
Pick ‘n Save – 3161 Village Square Drive
1
Grocery Store
Piggly Wiggly – 505 Cottonwood Avenue
2
Shopping
Hartbrook Mall – 600 Hartbrook Drive
Cloud 9 Dentistry – 3079 Village Square Drive
3
Medical
Wilkinson Medical Clinic – 2808 Heritage Drive
Aurora Pharmacy – 109 E Capitol Drive
4
Pharmacy
Walgreens – 423 Merton Avenue
Divine Redeemer Lutheran Church – 31385 Hill Road
5
Churches
St. Anskar’s Episcopal Church – N48W31340 Hill Road
Ixonia Bank – 3201 Village Square Drive
6
Banking
Landmark Credit Union – 801 Cardinal Lane
Subway – 3059 Village Square Drive
7
Restaurants
Asian Kitchen – 3061 Village Square Drive
Palmer’s Steakhouse – 122 E Capitol Drive
8
Post Office
3161 Village Square Drive
10
Elementary School
Hartland Elementary South – 651 East Imperial Drive
11
Middle School
North Shore Middle School – 800 N Shore Drive
12
High School
Arrowhead Union High School – 700 North Avenue
Anytime Fitness – 3130 Village Square Drive
13
Recreation
Lake Country Racquet & Athletic Club – 560 S Industrial Drive
Nixon Park – 181 E Park Avenue
14
Parks
Nashotah Park – W330n5113 County Road C
15
Public Library
Hartland Public Library – 110 E Park Avenue
Source: Baker Tilly Virchow Krause, LLP
-
Public Transportation
Distance
from Site
1.8 miles
0.0 miles
1.0 miles
1.6 miles
0.1 miles
1.2 miles
1.0 miles
1.7 miles
0.3 miles
0.3 miles
0.1 miles
0.7 miles
0.0 miles
0.0 miles
0.1 miles
0.0 miles
1.8 miles
2.1 miles
1.3 miles
0.0 miles
0.6 miles
1.1 miles
1.9 miles
1.0 miles
Delafield, WI
Page 9
Delafield, WI
Page 10
Walk Score (Delafield, WI)
In addition to the identification of area linkages on previous pages, the subject development’s site was also
entered into www.walkscore.com in order to evaluate the perceived walkability of the subject site.
According to the Walk Score website,
“Walk Score measures walkability based on distances to nearby restaurants, grocery stores, and other
amenities, plus other analysis of pedestrian friendliness. Walk Score measures the walkability of any
address using a patented system. For each address, Walk Score analyzes hundreds of walking routes
to nearby amenities. Points are awarded based on the distance to amenities in each category.
Amenities within a 5 minute walk (.25 miles) are given maximum points. A decay function is used to
give points to more distant amenities, with no points given after a 30 minute walk.
Walk Score also measures pedestrian friendliness by analyzing population density and road metrics
such as block length and intersection density. Data sources include Google, Education.com, Open
Street Map, the U.S. Census, Localeze, and places added by the Walk Score user community.”
Below is a description of the Walk Score scoring system as well as an identification of where the subject site
scores on the rating scale:
Walk Score
Point Score
Point Score Description
Walker’s Paradise
Daily errands do not require a car
Very Walkable
70–89
Most errands can be accomplished on foot
Somewhat Walkable
50–69
Some errands can be accomplished on foot
Car-Dependent
25–49
Most errands require a car
Car-Dependent
0–24
Almost all errands require a car
Source: Walkscore.com
90–100
Subject Development’s
Walk Score
30
-
The subject site has a Walkscore of 30 out of 100. This location is car-dependent so almost all daily errands
require a car.
Delafield, WI
Page 11
Population and Households
Overall Demographic Analysis Summary
The following table provides a summary of the demographic makeup of the people residing within the PMA.
According to the US Census Bureau and the ESRI BIS actual 2010 and forecasted 2014 and 2019
demographic data sets, the overall population is projected to increase by approximately 355 people per year for
the five years ending in 2019, resulting in an overall gain of 2.2 percent. The number of households is
projected to increase at a rate of about 165 per year for a gain of 2.7 percent. A greater increase is projected in
owner occupied units than in renter occupied units, with the overall average household size decreasing from
2.55 persons per household to 2.54 persons per household.
Demographic Summary
2010
2014
2019
Annual
% Change
US
ESRI
ESRI
Change
2014-2019
Census
Forecasts Forecasts
2014-2019
Population
77,689
79,177
80,951
2.2%
355.0
Households
29,669
30,597
31,424
2.7%
165.4
Families
21,811
22,372
22,890
2.3%
103.6
Average Household Size
2.58
2.55
2.54
23,693
24,102
24,783
2.8%
136.2
5,976
6,495
6,641
2.2%
29.2
Median Age
42.0
43.2
43.9
Description
Trends: 2014-2019 Annual Rate
Description
Area
State
National
Population
0.44%
0.32%
0.73%
Households
0.53%
0.40%
0.75%
Families
0.46%
0.31%
0.66%
Owner Occupied HHs
0.56%
0.38%
0.69%
Median Household Income
3.71%
3.02%
2.74%
Trends 2014-2019
Annual Rate (in percent)
3.5
3
2.5
2
1.5
1
Area
State
USA
0.5
0
Population
Households
Families
Owner HHs
Median HH Income
Delafield, WI
Page 12
Demographic Summary (continued)
Demographic
Summary
2010
US Census
2014
ESRI Forecasts
2019
ESRI Forecasts
Change
2014 to 2019
Total Population
77,689
79,177
80,951
1,774
Population 50+
27,876
31,078
33,256
2,178
Median Age
42.0
43.2
43.9
0.7
Households
29,669
30,597
31,424
827
% Householders 55+
43.0%
47.7%
51.5%
3.8
Owner/Renter Ratio
4.0
3.7
3.7
0.0
Median Home Value
$277,473
$331,689
$54,216
Average Home Value
$353,763
$409,216
$55,453
$88,101
$105,722
$17,621
$76,242
$95,321
$19,079
for Householder 55+
Source: U.S. Census Bureau, Census 2010 Summary File 1. ESRI Forecasts for 2014 and 2019
2014 to 2019
Annual Rate
0.44%
1.36%
0.32%
0.53%
1.54%
0.00%
3.63%
2.96%
3.71%
4.57%
Delafield, WI
Page 13
PMA Detailed Population/Age Distribution
2014 and 2019 ESRI Forecasted Annual Change
Average
Annual
Age Group
2014
2019
Increase
2014 to 2019
Total
79,177
80,951
355
0-4
3,954
4,048
19
5-9
5,133
5,016
-23
10-14
6,491
6,254
-47
15-19
5,904
6,182
56
20-24
3,609
3,584
-5
25-34
6,852
7,072
44
35-44
9,683
9,395
-58
45-54
13,564
12,570
-199
55-59
6,641
6,796
31
60-64
5,585
6,167
116
65-69
4,293
5,012
144
70-74
2,828
3,657
166
75-79
1,865
2,307
88
80-84
1,358
1,413
11
85+
1,417
1,478
12
Total Age 0-54
55,190
54,121
-214
Total Age 55+
23,987
26,830
569
Total Age 75+
4,640
5,198
112
Delafield, WI
Page 14
PMA Population/Age Distribution
PMA Population/Age Distribution
2010 – 2019
2010
2014
2019
US Census
ESRI Forecasts
ESRI Forecasts
Population by Age
Number
Percent
Number
Percent
Number
Percent
0-4
4,208
5.4%
3,954
5.0%
4,048
5.0%
5–9
5,758
7.4%
5,133
6.5%
5,016
6.2%
10-14
6,267
8.1%
6,491
8.2%
6,254
7.7%
15-19
5,698
7.3%
5,904
7.5%
6,182
7.6%
20-24
2,965
3.8%
3,609
4.6%
3,584
4.4%
25-34
6,774
8.7%
6,852
8.7%
7,072
8.7%
35-44
10,879
14.0%
9,683
12.2%
9,395
11.6%
45-54
14,182
18.3%
13,564
17.1%
12,570
15.5%
55-64
10,942
14.1%
12,226
15.4%
12,963
16.0%
65-74
5,600
7.2%
7,121
9.0%
8,669
10.7%
75-84
3,155
4.1%
3,223
4.1%
3,720
4.6%
85+
1,261
1.6%
1,417
1.8%
1,478
1.8%
Total
77,689
100%
79,177
100%
80,951
100%
Total Age 55+
20,958
27.0%
23,987
30.3%
26,830
33.1%
Total Age 65+
10,016
12.9%
11,761
14.9%
13,867
17.1%
Total Age 75+
4,416
27.0%
4,640
30.3%
5,198
33.1%
PMA Senior Population Distribution
2010
2014
2014
2019
2019
2010
Total
US
ESRI
ESRI
ESRI
ESRI
Census
Population
Census
Forecasts
Forecasts
Forecasts
Forecasts
% of Total
Number
Number
% of Total
Number
% of Total
27,876
35.9%
31,078
39.3%
33,256
41.1%
Total (50+)
50-54
6,918
8.9%
7,091
9.0%
6,426
7.9%
55-59
6,039
7.8%
6,641
8.4%
6,796
8.4%
60-64
4,903
6.3%
5,585
7.1%
6,167
7.6%
65-69
3,347
4.3%
4,293
5.4%
5,012
6.2%
70-74
2,253
2.9%
2,828
3.6%
3,657
4.5%
75-79
1,762
2.3%
1,865
2.4%
2,307
2.8%
80-84
1,393
1.8%
1,358
1.7%
1,413
1.7%
85+
1,261
1.6%
1,417
1.8%
1,478
1.8%
Total Age 55+
20,958
27.0%
23,987
30.3%
26,830
33.1%
Total Age 65+
10,016
12.9%
11,761
14.9%
13,867
17.1%
Total Age 75+
4,416
5.7%
4,640
5.9%
5,198
6.4%
Delafield, WI
Page 15
Population by Age
16
14
Percent
12
10
8
6
4
2014
2019
2
0
0-4
5-9
10-14
15-19
20-24
25-34
35-44
45-54
55-64
65-74
75-84
85+
Delafield, WI
Page 16
PMA Household Distribution Summary
PMA Household Distribution
Age Cohort
2014
ESRI
Forecasts
2019
ESRI
Forecasts
Change
2014 to 2019
2014 to 2019
Annual Rate
15-24
497
489
-1.6%
-1.6
25-34
2,946
2965
0.6%
3.8
35-44
5,040
4,868
-3.4%
-34.4
45-54
7,521
6,907
-8.2%
-122.8
55-64
7,046
7,397
5.0%
70.2
65-74
4,367
5,264
20.5%
179.4
75+
3,180
3,534
11.1%
70.8
Total
30,597
31,424
2.7%
165.4
ESRI BIS projects the senior household growth to be greater than that of the average general household
growth. The senior household growth is projected at 11.0 percent from 2014 to 2019, adding approximately
320 senior households annually.
PMA Senior (Age 55+) Households
Age of Householder
2010
US Census
2014
ESRI
Forecasts
2019
ESRI
Forecasts
%
Change
2014 to 2019
55-64
6,301
7,046
7,397
5.0%
65-74
3,437
4,367
5,264
20.5%
75+
3,017
3,180
3,534
11.1%
Households 55+
12,755
14,593
16,195
11.0%
Average
Annual
Increase
2014 to 2019
70.2
179.4
70.8
320.4
Delafield, WI
Page 17
Overall Households by Income
PMA Households by Income
2014 – 2019
2014
2019
ESRI Forecasts
ESRI Forecasts
Number
Percent
Number
Percent
30,597
100%
31,424
100%
Total
<$15,000
1,256
4.1%
974
3.1%
$15,000-$24,999
1,963
6.4%
1,211
3.9%
$25,000-$34,999
1,852
6.1%
1,396
4.4%
$35,000-$49,999
2,835
9.3%
2,377
7.6%
$50,000-$74,999
4,657
15.2%
3,585
11.4%
$75,000-$99,999
4,593
15.0%
4,989
15.9%
$100,000-$149,999
6,421
21.0%
6,926
22.0%
$150,000-$199,999
3,685
12.0%
5,428
17.3%
$200,000+
3,335
10.9%
4,538
14.4%
$88,101
$105,722
Average Household Income
$112,421
$134,733
Per Capita Income
$43,577
$52,464
Households Income
The following table shows the distribution of household income by age of householder in the PMA. ESRI BIS
estimates that in 2014 there are approximately 7,906 households with incomes between $0 and $49,999, and of
these, 3,633 households were under the age of 65 and 4,273 were over the age of 65. Although this
information does not match the proposed development’s targeted incomes exactly, it provides insight when
examining the depth of the affordable housing market. A more detailed penetration analysis will be presented
later in this report to more closely determine the number of age and income qualified households.
PMA Household Income by Age
2014 ESRI Forecasted
HH Income Base
<25
25-34
35-44
45-54
55-64
65-74
75+
Total
497
2,946
5,040
7,521
7,046
4,367
3,180
<$15,000
27
69
125
219
273
207
336
$15,000-$24,999
83
158
232
305
333
386
466
$25,000-$34,999
58
218
207
261
339
328
441
$35,000-$49,999
81
440
345
450
410
460
649
$50,000-$74,999
102
530
633
861
1,068
873
590
$75,000-$99,999
85
588
897
949
1,174
647
253
$100,000-$149,999
42
606
1,179
1,980
1,529
807
278
$150,000-$199,999
15
197
849
1,297
968
286
73
$200,000+
4
140
573
1,199
952
373
94
Median HH Income
$49,873
$76,739 $102,147 $112,854
$97,937
$72,169
$41,592
Average HH Income
$59,915
$91,069 $124,162 $137,186 $123,731
$96,627
$59,855
Totals
30,597
1,256
1,963
1,852
2,835
4,657
4,593
6,421
3,685
3,335
Delafield, WI
Page 18
HH Income Base
<25
25-34
35-44
45-54
55-64
65-74
75+
Total
489
2,965
4,868
6,907
7,397
5,264
3,534
<$15,000
23
52
78
128
186
185
322
$15,000-$24,999
55
107
129
160
182
260
318
$25,000-$34,999
47
156
133
147
227
285
401
$35,000-$49,999
76
353
243
261
313
425
706
$50,000-$74,999
102
403
437
520
725
789
609
$75,000-$99,999
101
645
866
838
1,248
907
384
$100,000-$149,999
56
687
1,166
1,767
1,671
1,143
436
$150,000-$199,999
24
353
1,112
1,668
1,514
591
166
$200,000+
5
209
704
1,418
1,331
679
192
Median HH Income
$58,200
$88,832 $118,058 $135,621 $119,153
$92,467
$50,551
Average HH Income
$69,365 $108,921 $145,023 $164,379 $151,039 $122,557
$77,327
Totals
31,424
974
1,211
1,396
2,377
3,585
4,989
6,926
5,428
4,538
2016 ESRI Interpolated
HH Income Base
<25
25-34
35-44
45-54
55-64
65-74
75+
Total
494
2,954
4,971
7,275
7,186
4,726
3,322
<$15,000
25
62
106
183
238
198
330
$15,000-$24,999
72
138
191
247
273
336
407
$25,000-$34,999
54
193
177
215
294
311
425
$35,000-$49,999
79
405
304
374
371
446
672
$50,000-$74,999
102
479
555
725
931
839
598
$75,000-$99,999
91
611
885
905
1,204
751
305
$100,000-$149,999
48
638
1,174
1,895
1,586
941
341
$150,000-$199,999
19
259
954
1,445
1,186
408
110
$200,000+
4
168
625
1,287
1,104
495
133
Totals
30,928
1,143
1,662
1,670
2,652
4,228
4,751
6,623
4,382
3,816
Delafield, WI
Page 19
PMA Household Income by Age (Under the Age of 65)
HH Income Base
<25
25-34
35-44
45-54
55-64
Total
497
2,946
5,040
7,521
7,046
<$15,000
27
69
125
219
273
$15,000-$24,999
83
158
232
305
333
$25,000-$34,999
58
218
207
261
339
$35,000-$49,999
81
440
345
450
410
$50,000-$74,999
102
530
633
861
1,068
$75,000-$99,999
85
588
897
949
1,174
$100,000-$149,999
42
606
1,179
1,980
1,529
$150,000-$199,999
15
197
849
1,297
968
$200,000+
4
140
573
1,199
952
Totals
23,050
713
1,111
1,083
1,726
3,194
3,693
5,336
3,326
2,868
HH Income Base
<25
25-34
35-44
45-54
55-64
Total
489
2,965
4,868
6,907
7,397
<$15,000
23
52
78
128
186
$15,000-$24,999
55
107
129
160
182
$25,000-$34,999
47
156
133
147
227
$35,000-$49,999
76
353
243
261
313
$50,000-$74,999
102
403
437
520
725
$75,000-$99,999
101
645
866
838
1,248
$100,000-$149,999
56
687
1,166
1,767
1,671
$150,000-$199,999
24
353
1,112
1,668
1,514
$200,000+
5
209
704
1,418
1,331
Totals
22,626
467
633
710
1,246
2,187
3,698
5,347
4,671
3,667
HH Income Base
<25
25-34
35-44
45-54
55-64
Total
494
2,954
4,971
7,275
7,186
<$15,000
25
62
106
183
238
$15,000-$24,999
72
138
191
247
273
$25,000-$34,999
54
193
177
215
294
$35,000-$49,999
79
405
304
374
371
$50,000-$74,999
102
479
555
725
931
$75,000-$99,999
91
611
885
905
1,204
$100,000-$149,999
48
638
1,174
1,895
1,586
$150,000-$199,999
19
259
954
1,445
1,186
$200,000+
4
168
625
1,287
1,104
Totals
22,880
615
920
934
1,534
2,791
3,695
5,340
3,864
3,188
Delafield, WI
Page 20
HH Income Base
<25
25-34
35-44
45-54
Total
497
2,946
5,040
7,521
<$15,000
27
69
125
219
$15,000-$24,999
83
158
232
305
$25,000-$34,999
58
218
207
261
$35,000-$49,999
81
440
345
450
$50,000-$74,999
102
530
633
861
$75,000-$99,999
85
588
897
949
$100,000-$149,999
42
606
1,179
1,980
$150,000-$199,999
15
197
849
1,297
$200,000+
4
140
573
1,199
Totals
16,004
440
778
744
1,316
2,126
2,519
3,807
2,358
1,916
HH Income Base
<25
25-34
35-44
45-54
Total
489
2,965
4,868
6,907
<$15,000
23
52
78
128
$15,000-$24,999
55
107
129
160
$25,000-$34,999
47
156
133
147
$35,000-$49,999
76
353
243
261
$50,000-$74,999
102
403
437
520
$75,000-$99,999
101
645
866
838
$100,000-$149,999
56
687
1,166
1,767
$150,000-$199,999
24
353
1,112
1,668
$200,000+
5
209
704
1,418
Totals
15,229
281
451
483
933
1,462
2,450
3,676
3,157
2,336
HH Income Base
<25
25-34
35-44
45-54
Total
494
2,954
4,971
7,275
<$15,000
25
62
106
183
$15,000-$24,999
72
138
191
247
$25,000-$34,999
54
193
177
215
$35,000-$49,999
79
405
304
374
$50,000-$74,999
102
479
555
725
$75,000-$99,999
91
611
885
905
$100,000-$149,999
48
638
1,174
1,895
$150,000-$199,999
19
259
954
1,445
$200,000+
4
168
625
1,287
Totals
15,694
376
647
640
1,163
1,860
2,491
3,755
2,678
2,084
Delafield, WI
Page 21
PMA Detailed Household Income by Age (Under the Age of 55)
2014 and 2019 ESRI Forecasted
2014
2019
Under the
Age of 55
Average
Annual
HH Income Base
<25-55
<25-55
Increase
2014 to 2019
Total
16,004
15,229
-155.0
<$15,000
440
281
-31.8
$15,000-$24,999
778
451
-65.4
$25,000-$34,999
744
483
-52.2
$35,000-$49,999
1,316
933
-76.6
$50,000-$74,999
2,126
1,462
-132.8
$75,000-$99,999
2,519
2,450
-13.8
$100,000-$149,999
3,807
3,676
-26.2
$150,000-$199,999
2,358
3,157
159.8
$200,000+
1,916
2,336
84.0
Delafield, WI
Page 22
Senior Households by Income (55+)
PMA Detailed Senior Household Income by Age (55+)
HH Income Base
55-64
65-74
75+
Total
7,046
4,367
3,180
<$15,000
273
207
336
$15,000-$24,999
333
386
466
$25,000-$34,999
339
328
441
$35,000-$49,999
410
460
649
$50,000-$74,999
1,068
873
590
$75,000-$99,999
1,174
647
253
$100,000-$149,999
1,529
807
278
$150,000-$199,999
968
286
73
$200,000+
952
373
94
Totals
14,593
816
1,185
1,108
1,519
2,531
2,074
2,614
1,327
1,419
HH Income Base
55-64
65-74
75+
Total
7,397
5,264
3,534
<$15,000
186
185
322
$15,000-$24,999
182
260
318
$25,000-$34,999
227
285
401
$35,000-$49,999
313
425
706
$50,000-$74,999
725
789
609
$75,000-$99,999
1,248
907
384
$100,000-$149,999
1,671
1,143
436
$150,000-$199,999
1,514
591
166
$200,000+
1,331
679
192
Totals
16,195
693
760
913
1,444
2,123
2,539
3,250
2,271
2,202
HH Income Base
55-64
65-74
75+
Total
7,186
4,726
3,322
<$15,000
238
198
330
$15,000-$24,999
273
336
407
$25,000-$34,999
294
311
425
$35,000-$49,999
371
446
672
$50,000-$74,999
931
839
598
$75,000-$99,999
1,204
751
305
$100,000-$149,999
1,586
941
341
$150,000-$199,999
1,186
408
110
$200,000+
1,104
495
133
Totals
15,234
767
1,015
1,030
1,489
2,368
2,260
2,868
1,705
1,732
Delafield, WI
Page 23
Senior Households by Income
HH Income Base
65-74
75+
Totals
Total
4,367
3,180
7,547
<$15,000
207
336
543
$15,000-$24,999
386
466
852
$25,000-$34,999
328
441
769
$35,000-$49,999
460
649
1,109
$50,000-$74,999
873
590
1,463
$75,000-$99,999
647
253
900
$100,000-$149,999
807
278
1,085
$150,000-$199,999
286
73
359
$200,000+
373
94
467
HH Income Base
65-74
75+
Totals
Total
5,264
3,534
8,798
<$15,000
185
322
507
$15,000-$24,999
260
318
578
$25,000-$34,999
285
401
686
$35,000-$49,999
425
706
1,131
$50,000-$74,999
789
609
1,398
$75,000-$99,999
907
384
1,291
$100,000-$149,999
1,143
436
1,579
$150,000-$199,999
591
166
757
$200,000+
679
192
871
HH Income Base
65-74
75+
Totals
Total
4,726
3,322
8,047
<$15,000
198
330
529
$15,000-$24,999
336
407
742
$25,000-$34,999
311
425
736
$35,000-$49,999
446
672
1,118
$50,000-$74,999
839
598
1,437
$75,000-$99,999
751
305
1,056
$100,000-$149,999
941
341
1,283
$150,000-$199,999
408
110
518
$200,000+
495
133
629
Source: U.S. Census Bureau, Census 2010 Summary File 1. ESRI Forecasts for 2014 and 2019
55-64
Percent
65-74
Percent
75+
Percent
55-64
Percent
65-74
Percent
75+
Percent
Total
7,397
100%
5,264
100%
3,534
100%
<$15,000
186
2.5%
185
3.5%
322
9.1%
$15,000-$24,999
182
2.5%
260
4.9%
318
9.0%
$25,000-$34,999
227
3.1%
285
5.4%
401
11.3%
$35,000-$49,999
313
4.2%
425
8.1%
706
20.0%
$50,000-$74,999
725
9.8%
789
15.0%
609
17.2%
$75,000-$99,999
1,248
16.9%
907
17.2%
384
10.9%
$100,000-$149,999
1,671
22.6%
1,143
21.7%
436
12.3%
$150,000-$199,999
1,514
20.5%
591
11.2%
166
4.7%
$200,000+
1,331
18.0%
679
12.9%
192
5.4%
Median HH Income
$119,153
$92,467
$50,551
Average HH Income
$151,039
$122,557
$77,327
HH Income Base
55+
Total
14,593
816
1,185
1,108
1,519
2,531
2,074
2,614
1,327
1,419
$76,242
$101,701
55+
Total
16,195
693
760
913
1,444
2,123
2,539
3,250
2,271
2,202
$95,321
$125,696
2019 Households by Income and Age of Householder 55+
ESRI Forecasted
Total
7,046
100%
4,367
100%
3,180
100%
<$15,000
273
3.9%
207
4.7%
336
10.6%
$15,000-$24,999
333
4.7%
386
8.8%
466
14.7%
$25,000-$34,999
339
4.8%
328
7.5%
441
13.9%
$35,000-$49,999
410
5.8%
460
10.5%
649
20.4%
$50,000-$74,999
1,068
15.2%
873
20.0%
590
18.6%
$75,000-$99,999
1,174
16.7%
647
14.8%
253
8.0%
$100,000-$149,999
1,529
21.7%
807
18.5%
278
8.7%
$150,000-$199,999
968
13.7%
286
6.5%
73
2.3%
$200,000+
952
13.5%
373
8.5%
94
3.0%
Median HH Income
$97,937
$72,169
$41,592
Average HH Income
$123,731
$96,627
$59,855
HH Income Base
2014 Households by Income and Age of Householder 55+
ESRI Forecasted
100%
4.3%
4.7%
5.6%
8.9%
13.1%
15.7%
20.1%
14.0%
13.6%
Percent
100%
5.6%
8.1%
7.6%
10.4%
17.3%
14.2%
17.9%
9.1%
9.7%
Percent
65+
Total
8,798
507
578
686
1,131
1,398
1,291
1,579
757
871
65+
Total
7,547
543
852
769
1,109
1,463
900
1,085
359
467
100%
5.8%
6.6%
7.8%
12.9%
15.9%
14.7%
17.9%
8.6%
9.9%
Percent
100%
7.2%
11.3%
10.2%
14.7%
19.4%
11.9%
14.4%
4.8%
6.2%
Percent
Delafield, WI
Page 24
55-64
55-64
2019
Age 55-64
Average
Annual
Increase
2014 to
2019
70.2
-17.4
-30.2
-22.4
-19.4
-68.6
14.8
28.4
109.2
70.2
65-74
2014
65-74
2019
Age 65-74
Average
Annual
Increase
2014 to 2019
Total
7,046
7,397
4,367
5,264
179.4
<$15,000
273
186
207
185
-4.4
386
260
$15,000-$24,999
333
182
-25.2
328
285
$25,000-$34,999
339
227
-8.6
$35,000-$49,999
410
313
460
425
-7.0
$50,000-$74,999
1,068
725
873
789
-16.8
$75,000-$99,999
1,174
1,248
647
907
52.0
$100,000-$149,999
1,529
1,671
807
1,143
67.2
$150,000-$199,999
968
1,514
286
591
61.0
373
679
$200,000+
952
1,331
61.2
Median HH Income
$97,937
$119,153
$72,169
$92,467
$96,627
$122,557
$123,731
$151,039
Average HH Income
HH Income Base
2014
PMA Detailed Senior Household Income by Age
2014 and 2019 ESRI Forecasted
3,180
336
466
441
649
590
253
278
73
94
$41,592
$59,855
75+
2014
3,534
322
318
401
706
609
384
436
166
192
$50,551
$77,327
75+
2019
70.8
-2.8
-29.6
-8.0
11.4
3.8
26.2
31.6
18.6
19.6
Age 75+
Average
Annual
Increase
2014 to 2019
Delafield, WI
Page 25
Delafield, WI
Page 26
Household by Size
The 2010 US Census data indicated 28,813 of the 29,669 (97.1 percent) occupied units in the PMA were
occupied by one to five people, a likely indicator that that approximately 97 percent of the rental demand in the
PMA is for efficiencies, one, two and three bedroom units. Additionally, 17,530 of the 29,669 (59.1 percent)
occupied units in the PMA were occupied by one or two people. The data suggests that existing and future
multifamily rental units should target a mix of about 97 percent efficiencies, one, two, and three-bedroom units.
Household by Size
2010 US Census
Households by Size
Number
Percent
Total
29,669
100%
1 Person Household
6,521
22.0%
2 Person Household
11,009
37.1%
3 Person Household
4,636
15.6%
4 Person Household
4,662
15.7%
5 Person Household
1,985
6.7%
6 Person Household
622
2.1%
7+ Person Household
234
0.8%
Source: U.S. Census Bureau, Census 2010 Summary File 1.
Household by Tenure
The 2010 US Census data indicates that in 2014, 72.8 percent of the occupied households in the PMA owned
their homes, while 19.6 percent of the occupied households were renters. The following table provides a
summary of the ratio of renters to owners for all ages.
Households by Tenure
2010 US Census
Total Housing Units
Total Occupied Units
Owner Occupied HHs/Householder
Renter Occupied HHs/Householder
Vacant Units
Source: US Census Bureau
Census 2010
Number
Percent
32,225
100.0%
29,669
92.1%
23,693
73.5%
5,976
18.5%
2,556
7.9%
2014
Number
Percent
33,126
100.0%
30,597
92.4%
24,102
72.8%
6,495
19.6%
2,529
7.6%
2019
Number
Percent
34,158
100.0%
31,424
92.0%
24,783
72.6%
6,641
19.4%
2,734
8.0%
Delafield, WI
Page 27
Occupied Housing Units by Age
PMA Occupied Housing Units by Age of Householder and Home Ownership
2010 US Census
Owner Occupied Units
Total
% Total
Number
Occupied
Households
Total
29,669
23,693
79.9%
15-24
503
96
0.3%
25-34
2,920
1,632
5.5%
35-44
5,619
4,536
15.3%
45-54
7,872
6,729
22.7%
55-64
6,301
5,601
18.9%
65-74
3,437
2,987
10.1%
75-84
2,163
1,662
5.6%
85+
854
450
1.5%
PMA Occupied Housing Units by Age of Householder (55+)
2010 US Census
Number
Total
12,755
10,700
Householder Age 55-64
5,601
2,987
1,662
Householder Age 85+
450
2,055
700
450
501
Householder Age 85+
404
Percent
100.0%
83.9%
43.9%
23.4%
13.0%
3.5%
16.1%
5.5%
3.5%
3.9%
3.2%
% Total Households
43.0%
36.1%
18.9%
10.1%
5.6%
1.5%
6.9%
2.4%
1.5%
1.7%
1.4%
PMA Renter Occupied Housing Units by Age of Householder (55+)
2010 US Census
Number of
Rental Occupied
Units
Total
12,755
2,055
6,301
700
3,437
450
2,163
501
Householder Age 85+
854
404
Number of
Occupied Units
% Total Households
16.1%
11.1%
13.1%
23.2%
47.3%
Delafield, WI
Page 28
Housing Unit by Year Structure Built
Year Structure Built
2009
2009
Built 1939 or earlier
4,820
14.9%
Built 1940 to 1949
1,301
4.0%
Built 1950 to 1959
2,788
8.6%
Built 1960 to 1969
2,680
8.3%
Built 1970 to 1979
5,276
16.4%
Built 1980 to 1989
3,025
9.4%
Built 1990 to 1999
6,462
20.0%
Built 2000 to 2004
5779
17.9%
Built 2005 to 2009
127
0.4%
Total
32,258
100%
Source: U.S. Census Bureau, ASC Housing Summary ESRI Forecasts for 2008-2012.
Delafield, WI
Page 29
Existing Housing Rental Stock
Existing and Planned Multifamily Rental Apartments
The initial step in this section is to identify representative existing developments that, in the analyst’s best
judgment, would compete with the proposed development. The comparable developments were identified
through a variety of sources including a review of local periodicals and interviews with the following: local real
estate professionals, local government officials, and property managers of existing developments. The selected
comparable developments are summarized on the following pages. An in-depth interview was conducted with
the property manager from each of these developments.
Eighteen comparable developments were identified and inventoried for a total of 1,746 rental units within or
near the PMA. Additionally, eight developments were not included in the comparable analysis, as the property
managers would either not provide vacancy information or were unable to be reached after numerous attempts.
The nine developments are the following:
Project Name
Foxtail Meadows
580 Foxtail Drive
Pewaukee, WI
262-691-1777
Unable to Contact
Hunters Ridge
N34 W23140 Ridge Place
Pewaukee, WI
262-691-8640
Unable to Contact
Project Name
Wexford Place/Canterbury Crossing
561 Westfield Way
Pewaukee, WI
866-541-9883
Unable to Contact
River Place
Oconomowoc, WI
262-567-3200
Unable to Contact
Parquelynn Village
4703 Vista Park Court
Nashotah, WI
262-533-4018
Meadow Ridge
N34 W23714 Five Fields Road
Pewaukee, WI
888-202-4681
Project Name
River Park
115 Chaffee Road
Oconomowoc, WI
414-774-1491
Unable to Contact
Whitman Place
1192 Lowell Drive
Oconomowoc, WI
414-355-6400
Unable to Contact
The comparable developments selected appear to provide a good cross section of the existing rental market.
The analysis focused on occupancy, rental rate range (based on the number of bedrooms), development age,
unit characteristics, and building amenities of potentially competing developments. Summary tables and a
comparable property locator map are provided on the following pages. Single-family and duplex dwellings
(including condominiums) were deemed not to materially compete with multifamily developments within the
PMA. Therefore, the effects of single-family and duplex dwellings were not analyzed and not reconciled with
the effective demand for the subject property.
The multifamily rental market within the PMA is considered very strong by generally accepted standards.
Thirty-three vacancies were identified for a 1.9 percent vacancy rate indicating a very strong market rate rental
market.
Comparable Development
Occupancy Summary
Development Location
Delafield
Pewaukee
Hartland
Oconomowoc
Sussex
Market Rate Family Total
Number of
Developments
4
3
1
8
2
18
Number of
Units
180
484
244
580
258
1,746
Vacant Units
Vacancy Rate
9
11
0
13
0
33
5.0%
2.3%
0.0%
2.2%
0.0%
1.9%
Delafield, WI
Page 30
Delafield, WI
Page 31
Delafield, WI
Page 32
Delafield, WI
Page 33
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Delafield Lakes
402 and 404 Genesee, Delafield, WI
262-226-0850
Dave
10/20/2014
2010
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
20
14
18
4
56
1 BR/1 BA
1 BR+Loft
2 BR/2 BA
2 BR+Loft
MKT
MKT
MKT
MKT
$940-1,075
$995-1,200
$1,325-1,475
$1,785-1,850
$62
$62
$79
$79
$1,002-1137
$1,057-1,262
$1,404-1,554
$1,864-1,929
752-815
741-912
1,134-1,220
1,434
X
X
X
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
(included)
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Air Conditioning (ca)
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
1
# of
Vacant
Units
0
2
1
0
3*
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
$250
Remarks:
Market rate family development. The units have upgraded finishes such as granite countertops, GE
CleanSteel appliances, center island/breakfast bar and tile flooring.
*Manager stated the first building opened in May 2010 and second building opened in July 2010. Both
buildings opened 50% preleased and reached full occupancy by September 2010. These dates indicate an
11-unit per month absorption.
None
Delafield, WI
Page 34
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Delafield Woods
411 Bleeker and 828 Division, Delafield, WI
262-226-0850
Dave
10/20/2014
2013
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
8
16
2
22
16
64
Studio
1 BR/1 BA
1 BR+Loft
2 BR/2 BA
2 BR+Loft
MKT
MKT
MKT
MKT
MKT
$1,150-1,185
$975-1,075
$1,200-1,350
$1,325-1,500
$1,325-2,025
$48
$62
$62
$79
$79
$1,198-1,233
$1,037-1,137
$1,262-1,412
$1,404-1,579
$1,404-2,104
809
652-818
1,112
1,127-1,297
1,127-1,529
X
X
X
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
(included)
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
2
# of
Vacant
Units
2
0
0
2
2
6
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
$250
Remarks:
Market rate family development. The units have upgraded finishes such as granite countertops, GE
CleanSteel appliances, center island/breakfast bar and tile flooring.
*Manager stated the first building opened in September 2013 and second building opened in November
2013. Both buildings opened 50% preleased. Developer expects development to reach 100% occupancy
by end of November 2014. These dates indicate a 4 to 5-unit per month absorption.
None
Delafield, WI
Page 35
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Cambridge Place
232 Main Street, Delafield, WI
414-349-4988
Dave
10/23/2014
Year Built:
2013
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent*
Utility
Allow.
Gross
Rent
Square
Footage
28
1 BR/1 BA
2 BR/2 BA
MKT
MKT
$1,150-1,350
$1,550-1,750
$62
$79
$1,212-1,412
$1,629-1,829
938
1,367
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
(included)
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
3
# of
Vacant
Units
0
0
0
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
$250
Remarks:
Market rate family development.
The units have upgraded finishes such as granite countertops, stainless steel appliances
*Developer stated rental rate ranges due to location in development (privacy)
None
Delafield, WI
Page 36
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Stoneridge Apartments
S17 W32490 Highway 18, Delafield, WI
262-370-2136
Jody
10/23/2014
Map #:
1990
4
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
32
2 BR/1 BA
MKT
$775-810
$122
$897-932
975-1,000
0
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
(included)
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
x
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Air Conditioning (wall)
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
Security Deposit:
$250
Remarks:
Market rate family development, a waiting list. The units have basic finishes.
None
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (electric)
Delafield, WI
Page 37
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Saddlebrook
N24 W24242 Saddle Brook Drive, Pewaukee, WI
262-314-8467
Samantha
10/20/2014
1999
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent**
Utility
Allow.
Gross
Rent
Square
Footage
268*
1 BR/1 BA
1 BR/1 BA+den
2 BR/2 BA apt.
2 BR/2 BA+den
2 BR/2 BA condo
3 BR/2 BA
MKT
MKT
MKT
MKT
MKT
MKT
$915-1,025
$1,025-1,125
$1,095-1,275
$1,500-1,600
$1,500-1,600
$1,650-1,750
$109
$109
$130
$130
$130
$161
$1,024-1,134
$1,134-1,234
$1,225-1,405
$1,630-1,730
$1,630-1,730
$1,811-1,911
773
917-966
966-1,153
1,406
1,216-1,438
1,639
X
X
X
X
X
X
X
Amenities:
Laundry Room
Swimming Pool
Jacuzzi
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
X
X
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Air Conditioning(ca)
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
5
# of
Vacant
Units
10***
Included in Rent:
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat
(included)
Security Deposit:
One month’s rent
Concessions:
Remarks:
Market Rate family development, no waiting list.
*Manager stated there are definitely more 1 and 2 BR units than 3 BR units, and a fairly even split between
1 and 2 BR units. Manager also mentioned that the 2 BR units (apartment and condo style) are their most
popular unit type.
**Rent range due to unit size, location within building and upgraded units. Upgrades include stainless steel
appliances, tile and/or laminate flooring.
***No applications pending on vacant units. Manager stated vacancies due to time of year and recent
turnover from tenants breaking lease for relocation or purchasing homes.
None
Delafield, WI
Page 38
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
Year Built:
Hawthorne Place
1105 Hawthorne Place, Pewaukee, WI
262-691-8899
Peggy
10/17/2014
Map #:
2000
6
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
52
52
104
2 BR/2 BA
2 BR/2 BA+den
MKT
MKT
$1,105-1,185
$1,290-1,305
$130
$130
$1,235-1,315
$1,420-1,435
1,276
1,636
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer($15)
W/D Hook-up
Microwave
Concessions:
X
X
X
X
X
X
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
(Included)
Security Deposit:
One month’s rent
Remarks:
Market rate family development, a waiting list. No upgraded finishes.
None
# of
Vacant
Units
0
0
0
Included in Rent:
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Delafield, WI
Page 39
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
The Bridlewood Apartments
N30 W23861 Green Road, Pewaukee, WI
866-817-6901
Amber
10/17/2014
1990
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
56
56
112
1 BR/1 BA+den
2 BR/2 BA
MKT
MKT
$993-1,068*
$1,174-1,323*
$36
$44
$1,029-1,104
$1,218-1,367
950
1,150
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace(2 BR)
Drapes/Blinds
Controlled Entry
Garage Parking
(Included)
7
# of
Vacant
Units
0
1
1**
Included in Rent:
X
Water/Sewer
X
Trash Removal
X
Hot Water
Electricity
X
Heat (gas)
Security Deposit:
One month’s rent
Remarks:
Market rate family development, a waiting list. No upgraded finishes and both 1 BR units may be more
popular.
*Rent range due to timing of lease signed and demand of unit type at time of rental.
**No applications pending.
None
Delafield, WI
Page 40
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
X
X
X
Year Built:
Summit Lakes Apartments
292 Lakeview Drive, Hartland, WI
262-367-1037
Judy
10/17/2014
Map #:
1970’s
8
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
36
108
100
244
1 BR/1 BA
2 BR/2 BA
2 BR/1.5 BA TH
MKT
MKT
MKT
$775-800
$855-900
$920-940
$62
$79
$79
$837-862
$934-979
$999-1,019
680
1,080
980
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer (TH)
W/D Hook-up
Microwave
Concessions:
X
X
X
X
X
X
X
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace (some units)
Air Conditioning
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
(Included)
X
X
# of
Vacant
Units
0
0
0
0
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
$500
Remarks:
Market rate family development, no waiting list. Townhome units have either washer/dryer or washer/dryer
hook-up in units.
None
Delafield, WI
Page 41
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
The Preserve at Prairie Creek
1200 Prairie Creek Boulevard, Oconomowoc, WI
262-567-1850
Stephanie
10/20/2014
2011-2012
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
27
27
40
27
53
27
27
228
Studio
1 BR/att. Garage
1 BR/1 BA
1 BR+Den
2 BR/att. Garage
2 BR/2 BA
3 BR/att. Garage
MKT
MKT
MKT
MKT
MKT
MKT
MKT
$750-775
$915-940
$835-895
$995-1,005
$1,290-1,340
$1,140-1,150
$1,540-1,560
$45
$62
$62
$62
$79
$79
$95
$795-820
$977-1,002
$897-957
$1,057-1,067
$1,369-1,419
$1,219-1,229
$1,635-1,655
520
703
707
869
1,078-1,145
1,088
1,374
X
X
X
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
9
# of
Vacant
Units
0
0
5
0
0
0
2
7
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
One month’s rent
Remarks:
Market rate family development, no waiting list.
Three buildings opened totaling 51 units (I-September 1, 2011, II-October 1, 2011, and
III-November 1, 2011). Three additional buildings totaling 51 units opened in phases from February 2012
through April 2012. Six additional buildings totaling 126 units approved for construction.
None
Delafield, WI
Page 42
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Vicksburg Way
N7761 Vicksburg Way, Oconomowoc, WI
262-567-3611
Ariel
10/17/2014
1997
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
44
44
88
2 BR/2 BA
3 BR/2 BA
MKT
MKT
$940-$1,030
$1,130-1,145
$71
$85
$1,011-1,101
$1,215-1,230
1,200
1,500
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
Security Deposit:
One month’s rent
Concessions:
Remarks:
Market Rate family development, no waiting list.
*No applications pending on vacant units.
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage Parking
(included)
None
10
# of
Vacant
Units
2
1
3*
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
X
Heat
Delafield, WI
Page 43
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
X
X
Year Built:
Morningside Orchard Apts.
172 Morningside Orchard Drive, Oconomowoc, WI
262-370-7530
Manager
10/17/2014
Map #:
1995
11
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
64
1 BR/1 BA
2 BR/1 BA
MKT
MKT
$610
$730
$109
$130
$719
$860
700
900
0
0
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Business Center
Elevator
Basketball court
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
X
Security Deposit:
One month’s rent
Concessions:
Remarks:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
None
Included in Rent:
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat
(gas)
Delafield, WI
Page 44
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
Year Built:
Sleepy Hollow Apartments
842 Forest Court, Oconomowoc, WI
262-567-0642
Penny
10/17/2014
Map #:
1975
12
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
24
2 BR/1 BA
MKT
$675
$44
$719
N/A
0
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Business Center
Elevator
Extra Storage
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
X
Security Deposit:
One month’s rent
Concessions:
Remarks:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
None
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
X
Heat
X
X
X
Delafield, WI
Page 45
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
Year Built:
Bolson Street
550 Bolson Street, Oconomowoc, WI
262-569-0044
Ray
10/17/2014
1990-1998
Map #:
13
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
36
2 BR/1 BA
MKT
$735-795
$79
$814-874
950-1,080
0
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Business Center
Elevator
Extra Storage
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Air Conditioning (central)
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
(Included)
Security Deposit:
$500
Remarks:
Market rate family development, four household waiting list.
None
X
X
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
Heat (gas)
Delafield, WI
Page 46
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Lake Country Village
700 Regent Road, Oconomowoc, WI
262-567-6665
Melissa
10/17/2014
Map #:
1970’s
14
# of
Vacant
Units
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
60*
1 BR/1 BA
2 BR/1 BA Loft
2 BR/1 BA
MKT
MKT
MKT
$675-700
$800
$775-1200
$62
$79
$79
$737-792
$879
$854-1,279
760
1,000
775-1,200
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Business Center
Elevator
Extra Storage
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
X
X
Security Deposit:
One month’s rent
Concessions:
Remarks:
*Sixty rental units and thirty condo’s at property.
**No applications pending on vacant units.
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Air Conditioning (central)
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
(Included)
None
X
X
0
3
0
3**
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
Heat (gas)
Delafield, WI
Page 47
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
X
Year Built:
Parkside Apartments
205 Jefferson Street, Oconomowoc, WI
920-988-5855
John
10/17/2014
Map #:
1965
15
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
32
2 BR/1 BA
MKT
$615
$44
$659
N/A
0
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
Security Deposit:
One month’s rent
Concessions:
Remarks:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
($45/month)
None
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
X
Heat (gas)
X
X
X
Delafield, WI
Page 48
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Grace Manor Apartments
675 S. Worthington Street, Oconomowoc, WI
920-988-5855
John
7/18/2012
Map #:
1965
16
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
48
1 BR/1 BA
2 BR/1 BA
MKT
MKT
$670
$790
$36
$44
$709
$834
700
1,000
0
0
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
X
X
Security Deposit:
One month’s rent
Concessions:
Remarks:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
None
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
X
Heat (gas)
X
X
X
Delafield, WI
Page 49
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
Mammoth Springs
N63 W23207 Main Street, Sussex, WI
262-893-4848
Arthur/website (mammoth-springs.com)
10/17/2014
Spring 2014*
Map #:
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
18
6
36
60*
1 BR/1 BA
1 BR+Den
2 BR/2 BA
MKT
MKT
MKT
$945-992
$1,096
$1,295-1,299
$109
$109
$130
$1,054-1,101
$1,205
$1,425-1,429
750-800
875
1,100-1,108
X
X
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
(with garage)
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage Parking
($35/month)
17
# of
Vacant
Units
0
0
0
0
Included in Rent:
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
One month’s rent
Remarks:
Market rate family development, no waiting list. The units have upgraded finishes such as granite
countertops, stainless steel appliances, center island/breakfast bar and hardwood flooring.
*Manager stated they opened 60 units (phase I) spring 2014 and plan on opening 60 additional units each
spring until the total units are at 300 units (phases II- V). Phases II-V are going to have a similar unit mix
as phase I.
None
Delafield, WI
Page 50
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
Year Built:
The Seasons
N67 W24969 Stonegate, Sussex, WI
262-820-0627
Robin
10/17/2014
Map #:
2007
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
68
130
198
1 BR/1 BA
2 BR/2 BA
MKT
MKT
$819-884
$940-1,005
$62
$79
$881-946
$1,019-1,084
800-850
1,010-1,100
X
X
Amenities:
Laundry Room
Swimming Pool
Business Center
Community Room
Fitness Center
Jacuzzi
Elevator
Extra Storage
($10/month)
X
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
Microwave
W/D Hook-up
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage Parking
(1 space included,
additional $70/single, $90
double)
18
# of
Vacant
Units
0
0
0
Included in Rent:
X
Water/Sewer
X
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
One month’s rent
Remarks:
Market rate family development, a waiting list. No upgraded finishes and both unit types are equally
popular.
None
Delafield, WI
Page 51
Comparable:
Address:
Telephone:
Contact Person:
Date of Survey:
X
X
Year Built:
Worthington Apartments
233 W. Wisconsin Avenue, Oconomowoc, WI
262-299-8073
Marcus
10/17/2014
November 2014
Map #:
19
# of
Units
Unit
Type
% of
AMI
Net
Rent
Utility
Allow.
Gross
Rent
Square
Footage
# of
Vacant
Units
60*
1 BR/1 BA
2 BR/1 BA
MKT
MKT
$995
$1,440-1,775
$56
$71
$1,051
$1,511-1,846
852-1,020
1,200-1,420
Under
Construction**
Amenities:
Laundry Room
Playground
Swimming Pool
Community Room
Fitness Center
Playground
Elevator
Extra Storage
X
X
X
X
X
Appliances:
Refrigerator
Range/Oven
Dishwasher
Disposal
Washer/Dryer
W/D Hook-up
Microwave
X
X
X
X
X
X
Concessions:
Unit Features:
W/W Carpet
Patio/Balcony
Fireplace
Drapes/Blinds
Controlled Entry
Garage/U.G. Parking
X
X
X
Included in Rent:
Water/Sewer
Trash Removal
Hot Water
Electricity
Heat (gas)
Security Deposit:
One month’s rent
Remarks:
Market rate family development, no waiting list. Manager stated the development is due to open to
residents November 1, 2014. Units have granite countertops, stainless steel appliances and 9 to 10 foot
ceilings. Manager also stated that no unit type seems to be more popular than the other.
*Manager stated there are slightly more 2 BR units than 1 BR units, but did not know the breakdown.
**Currently 90% preleased (approximately 54 units preleased and 6 vacant units). Preleasing began during
summer (approximately middle of July 2014).
None
7
6
5
4
3
2
1
Map #
484
56
56
112
52
52
104
268
180
32
28
20
14
18
4
56
8
16
2
22
16
64
# of
Units
$915-1,025
$1,025-1,125
$1,095-1,275
$1,500-1,600
$1,500-1,600
$1,650-1,750
$1,105-1,185
$1,290-1,305
$993-1,068
$1,174-1,323
1 BR/1 BA+den
2 BR/2 BA
$775-810
$1,150-1,350
$1,550-1,750
$1,150-1,185
$975-1,075
$1,200-1,350
$1,325-1,500
$1,325-2,025
$940-1,075
$995-1,200
$1,325-1,475
$1,785-1,850
Net (Adj.) Rent
Range
1 BR/1 BA
1 BR/1 BA+den
2 BR/2 BA apt.
2 BR/2 BA+den
2 BR/2 BA condo
3 BR/2 BA
2 BR/2 BA
2 BR/2 BA+den
2 BR/1 BA
1 BR/1 BA
2 BR/2 BA
Studio
1 BR/1 BA
1 BR+Loft
2 BR/2 BA
2 BR+Loft
1 BR/1 BA
1 BR+Loft
2 BR/2 BA
2 BR+Loft
Unit Types
950
1,150
773
917-966
966-1,153
1,406
1,216-1,438
1,639
1,276
1,636
975-1,000
938
1,367
809
652-818
1,112
1,127-1,297
1,127-1,529
752-815
741-912
1,134-1,220
1,434
Square
Footage
Range
Utilities Included: W-Water, S-Sewer, TR-Trash Removal, HW-Hot Water, E-Electric, H-Heat
Total Pewaukee
Hawthorne Place
1105 Hawthorne Place
Pewaukee, WI
262-691-8899
Peggy
Bridlewood Apartments
N30 W23861 Green Road
Pewaukee, WI
262-691-9440
Amber
Pewaukee
Saddlebrook
N24 W24242 Saddle Brook
Pewaukee, WI
262-314-8467
Samantha
Total Delafield
Cambridge Place
232 Main Street
Delafield, WI
414-349-4988
Dave
Stoneridge Apartments
S17 W32490 Hwy. 18
Delafield, WI
262-370-2136
Jody
Project Name/Address/
Phone Number/
Contact
Delafield
Delafield Lakes
402/404 Genesee Street
Delafield, WI
262-226-0850
Dave
Delafield Woods
411 Bleeker/828 Division
Delafield, WI
262-226-0850
Dave
Project Comparison
None
0 apps.
(2.3%)
11 units
(2.3%)
N/A
1 unit
(0.9%)
0 units
(0.0%)
None
0 apps.
(5.0%)
9 units
(5.0%)
10 units
(3.7%)
N/A
N/A
None
None
Applications
Pending
0 units
(0.0%)
0 units
(0.0%)
6 units
(9.4%)
3 units
(5.4%)
Vacancy
Rate
None
(family)
None
(family)
None
(family)
None
(family)
None
(family)
None
(family)
None
(family)
Subsidies
Yes
Yes
None
Yes
None
None
None
Waiting List
W, S, TR, HW, H/
None
TR/
None
TR/
None
W, S, TR/
None
W, S, TR/
None
W, S, TR/
None
W, S, TR/
None
Utilities
Included/
Concessions
Delafield, WI
Page 52
14
13
12
11
10
9
8
Map #
680
1,080
980
Square
Footage
Range
0 apps.
(0.0%)
0 units
(0.0%)
3 units
(5.0%)
0 units
(0.0%)
0 units
(0.0%)
0 units
(0.0%)
None
None
N/A
N/A
None
None
None
Applications
Pending
0 units
(0.0%)
Vacancy
Rate
3 units
(3.4%)
$750-775
$915-940
$835-895
$995-1,005
$1,290-1,340
$1,140-1,150
$1,540-1,560
$775-800
$855-900
$920-940
Net (Adj.) Rent
Range
2 BR/2 BA
$940-$1,030
1,200
Vicksburg Way
3 BR/2 BA
$1,130-1,145
1,500
N7761 Vicksburg Way
Oconomowoc, WI
262-567-3611
Ariel
Morningside Orchard Apt.
64
1 BR/1 BA
$610
700
172 Morningside Orchard
2 BR/1 BA
$730
900
Drive
Oconomowoc, WI
262-370-7530
Manager
Sleepy Hollow Apartments
24
2 BR/1 BA
$675
N/A
842 Forest Court
Oconomowoc, WI
262-567-0642
Penny
Bolson Street
36
2 BR/1 BA
$735-795
950-1,080
550 Bolson Street
Oconomowoc, WI
262-569-0044
Ray
Lake Country Village
60
1 BR/1 BA
$675-700
760
700 Regent Road
2 BR/1 BA Loft
$800
725-1,300
Oconomowoc, WI
2 BR/1 BA
$775-1200
262-567-6665
Melissa
Studio
1 BR/att. Garage
1 BR/1 BA
1 BR+Den
2 BR/att. Garage
2 BR/2 BA
3 BR/att. Garage
1 BR/1 BA
2 BR/2 BA
2 BR/1.5 BA TH
Unit Types
7 units
(3.1%)
27
27
40
27
53
27
27
228
44
44
88
244
36
108
100
244
# of
Units
520
703
707
869
1,078-1,145
1,088
1,374
Oconomowoc
The Preserve at Prairie Creek
1200 Prairie Creek Blvd.
Oconomowoc, WI
262-567-1850
Stephanie
Total Hartland
Phone Number/
Contact
Hartland
Summit Lakes Apartments
292 Lakeview Drive
Hartland, WI
262-367-1037
Judy
Project Comparison
None
(family)
None
(family)
None
(family)
None
(family)
None
(family)
None
(family)
None
Subsidies
None
Yes
None
None
None
None
None
Waiting List
W, S, TR/
None
W, S, TR/
None
W, S, TR, HW, H/
None
TR/
None
W, S, TR, H/
None
W, S, TR/
None
W, S, TR/
None
Utilities
Included/
Concessions
Delafield, WI
Page 53
18
17
16
15
Map #
1,746
Grand Total
$945-992
$1,096
$1,295-1,299
$819-884
$940-1,005
1 BR/1 BA
2 BR/2 BA
$670
$790
$615
Net (Adj.) Rent
Range
1 BR/1 BA
1 BR+Den
2 BR/2 BA
1 BR/1 BA
2 BR/1.5 BA
2 BR/1 BA
Unit Types
800-850
1,010-1,100
750-800
875
1,100-1,108
700
1,000
N/A
Square
Footage
Range
258
68
130
198
18
6
36
60
580
48
32
# of
Units
Total Sussex
Sussex
Mammoth Springs
N63 W23207 Main Street
Sussex, WI
262-893-4848
Arthur
The Seasons
N67 W24969 Stonegate
Sussex, WI
262-820-0627
Robin
Total Oconomowoc
Phone Number/
Contact
Oconomowoc
Parkside Apartments
205 Jefferson Street
Oconomowoc, WI
920-988-5855
John
Grace Manor Apartments
675 S. Worthington Street
Oconomowoc, WI
920-988-5855
John
Project Comparison
N/A
0 apps.
(0.0%)
0 apps.
(1.9%)
0 units
(0.0%)
0 units
(0.0%)
33 units
(1.9%)
N/A
0 apps.
(2.2%)
13 units
(2.2%)
0 units
(0.0%)
None
None
Applications
Pending
0 units
(0.0%)
0 units
(0.0%)
Vacancy
Rate
None
(family)
None
(family)
None
(family)
None
(family)
Subsidies
Yes
None
None
None
Waiting List
W, S, TR/
None
TR/
None
W, S, TR, HW, H/
None
W, S, TR, HW, H/
None
Utilities
Included/
Concessions
Delafield, WI
Page 54
19
Map #
# of
Net (Adj.) Rent
Square
Phone Number/
Unit Types
Units
Range
Footage Range
Contact
Oconomowoc
Worthington Apartments
60
1 BR/1 BA
$995
852-1,020
2 BR/1 BA
$1,440-1,775
1,200-1,420
Oconomowoc, WI
262-299-8073
Marcus
Project Comparison
In Initial Lease-Up/
Under Construction
Under
Construction
(currently
90%
preleased)
Vacancy
Rate
N/A
Applications
Pending
None
(family)
Subsidies
None
Waiting List
W, S, TR, HW/
None
Utilities
Included/
Concessions
Delafield, WI
Page 55
Delafield, WI
Page 56
Pipeline of Market Rate Multifamily Rental Housing
Based on conversations with Roger Dupler, Planner for the City of Delafield (414-949-8914), one other market
rate multifamily development is proposed to be constructed within the City of Delafield. HSI Properties, LLC, is
proposing Wells Street Station, a sixty-one unit market rate multifamily development to be located on a 1.8 acre
site is between Wells and Main streets, about one block west of Genesee St.
The development received a plan commission approval on September 24, 2014 and Common Council approval
on October 20, 2014. According to conversations with Mr. Dupler, HSI Properties, LLC plans to start
construction in November 2014 with construction completion in the summer of 2015.
Wells Street Station
Delafield, WI
Page 57
General Occupancy Estimation of Market Rents
The most comparable developments with a market rate component were analyzed and compared to estimate
the subject development’s correlated market rents. The most comparable developments include Delafield
Lakes (map #1), Delafield Woods (map #2), Saddlebrook (map #5), Hawthorne Place (map #6), Preserve at
Prairie Creek Crossing (map #9), and Mammoth Springs (map #17). The rents utilized in the analysis were
provided by the property manager. Detailed market rent calculations are included in Appendix B.
Delafield, WI
Page 58
Explanation of Adjustments and Market Rent Conclusions
Line 1. Last Rented / Restricted. All of the units are currently rented at rates shown on the grid. None of the
rents used in the comparables were under rent restrictions.
Line 2. Date Last Leased. The grid shows the effective date of the leases most recently signed. Effective
dates are from October 2014. No adjustments were necessary.
Line 4. Occupancy for Unit Type. According to data collected, the market area has historically maintained an
occupancy level between 95-100 percent. Therefore, no adjustment was made.
Line 7. Year Built. The subject will be constructed in 2015. Some of the comparables were adjusted $20 per
month to adjust for the year built.
Line 13. Unit Square Footage. Adjustments were applied to reflect differences in unit sizes at a rate of $0.25
per square foot. Adjustments were capped at $50 per month.
Line 18. Washer/Dryer. The subject will include in-unit washers and dryers. One comparable charges $15 per
month for the use of in-unit washers and dryers. This comparable was adjusted $15 per month.
Line 24. Parking. The subject will include garage parking. The comparable that does not include garage
parking was positively adjusted by $35 per month.
Line 25. Extra Storage. The subject will include extra storage. Those comparables that do not include extra
storage were positively adjusted by $5 per month.
Line 26. Swimming Pool. The subject will not include a swimming pool. The comparables that include a
swimming pool were negatively adjusted $5 per month.
Line 27. Clubhouse/Meeting Room. The subject will include a community room. The comparables that do
not include a community room were positively adjusted $5 per month.
Line 28. Fitness Center. The subject will include a fitness center. The comparables that do not include a
fitness center were positively adjusted $5 per month.
Line 38. Cold Water/Sewer. Cold water and sewer charges at the subject will be included in the rent.
Appropriate adjustments were made based on the Waukesha County utility allowance.
Due to the strengths and weaknesses of all the comparable developments, we have used an average of all the
comparables as the primary indicators of value. Market rate calculations were based on the proposed
development’s most prevalent unit type for the one and two bedroom apartment units. Calculated achievable
rental rates represent an approximation as no site or development program were provided.
Summary of Estimated Achievable Market Net Rents
Unit Type
1 BR/1 BA
2 BR/2 BA
Base Market Net
Rent per Month
$1,010
$1,350
Average Unit Size
(SF)
750
1,175
Rent per SF
$1.34
$1.15
MKT
MKT
1 BR/1 BA
2 BR/2 BA
$1,072
$1,429
Suggested Gross
Rent*
$36,754
$48,994
Minimum
Income**
1
$99,999
-
Maximum Income by
Household Size
2
$99,999
$99,999
3
$99,999
% of AMI
MKT
MKT
Unit
Type
1 BR/1 BA
2 BR/2 BA
$1,072
$1,429
Suggested
Gross
Rent*
$36,754
$48,994
Minimum
Income**
$99,999
$99,999
Likely
Maximum
Incomes
Number of
Income
Qualified
Households
8,411
7,003
Delafield Apartments
Number of Income Qualified Renter Households
19.6%
19.6%
PMA Renter
Percentage
Number of
Income
Qualified Renter
Households
1,649
1,373
Based on the most likely minimum and maximum qualifying incomes for each unit type, the following table highlights the potential number of income
qualified renter households within each potential AMI level. For instance, the one bedroom units would likely be rented to households with incomes
between $36,754** and $99,999. Within the assumed PMA for the project’s location, there are currently 8,411 income qualified households under the
age of 65. When the current renter percentage is applied, there are currently 1,649 income qualified households under the age of 65 potentially able to
rent one bedroom units in this AMI cohort.
*Inclusive of all utilities
**Gross rental rate*12 months divided by 35%
% of AMI
Unit
Type
Delafield Apartments
Minimum and Maximum Qualifying Incomes Chart
The developments’ unit mix and rental rate ranges are currently not finalized but would likely include market rate multifamily housing. Given the
uncertainty of the final unit mix and tenant income targeting, we will further analyze the expected household income cohorts that could potentially be
targeted by the development. The estimated maximum percent of gross household income can be used to determine the income base for a prospective
tenant. In most cases, 35 percent of gross household income is the most a household can afford to pay for rent, thereby providing an income base**. In
addition, we have utilized a maximum household income of $99,999 and have assumed a1.5 person per bedroom with a maximum of three persons per
two bedroom unit. The difference between the income base and the income cap defines the income eligible cohort for the rents proposed. The
minimum and maximum qualifying incomes for each unit type are included in the following chart. Bolded maximum incomes represent incomes that
would most likely be used for the calculation of demand.
Minimum and Maximum Qualifying Incomes
Delafield, WI
Page 59
Delafield, WI
Page 60
Existing Delafield Lakes and Woods Tenant Place of Origin
While it is estimated that there are currently 1,649 income qualified households under the age of 65 potentially
able to rent at the proposed development, there are likely far more households who would be considered in the
pool of eligible renters. The owner/manager of the existing Delafield Lakes and Delafield Woods has provided
a breakdown of the existing tenant base. As indicated in the following table, approximately 46.8 percent of the
rented units are occupied by households originating from outside of Waukesha County. This recent lease-up
data illustrates the ability of a newly constructed market rate multifamily development to attract residents from
outside a typical PMA. It is likely that any new development would continue the historical trend of drawing from
areas outside of Waukesha County.
Place of Origin
Oconomowoc
Delafield
Hartland
Waukesha
New Berlin
Brookfield
Dousman
Nashotah
Pewaukee
Sussex
Eagle
North Prairie
Total Waukesha County
Milwaukee
Sun Prairie
Hartford
Madison
Mequon
Watertown
Cleveland
Deerfield
East Troy
Ellison Bay
Fennimore
Fort Atkinson
Johnson Creek
McFarland
Monroe
Saukville
Sheboygan Falls
St. Francis
Thiensville
Verona
Waterford
Waupaca
Wauwatosa
Whitefish Bay
Whitewater
Total Outside of Waukesha County
Out of State
Out of Country
Total
*Occupied units
Delafield Lakes
Delafield Woods
402 Genesee
404 Genessee
411 Bleeker
828 Division
Waukesha County
2
6
4
2
2
3
4
2
2
2
1
4
3
1
3
2
1
1
2
2
1
1
1
1
1
1
1
1
1
1
14
16
17
12
Outside Waukesha County
1
2
2
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
7
7
9
12
5
3
3
5
0
0
1
0
26
26
30
29
Total
%
14
11
9
9
4
2
2
2
2
2
1
1
59
12.6%
9.9%
8.1%
8.1%
3.6%
1.8%
1.8%
1.8%
1.8%
1.8%
0.9%
0.9%
53.2%
5
3
2
2
2
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
35
16
1
111*
4.5%
2.7%
1.8%
1.8%
1.8%
1.8%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
0.9%
31.5%
14.4%
0.9%
100.0%
Delafield, WI
Page 61
APPENDIX A: ESRI Demographic Data
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Page 62
APPENDIX B: Market Rate Calculation Worksheets
Unit Type
Rent Comparability Grid
1 Bedroom
Subject
A.
1
Vettelson Road/State Road 83
Delafield, WI
Rents Charged
$ Last Rent / Restricted?
4
Date Last Leased (mo/yr)
Rent Concessions
Occupancy for Unit Type
5
Effective Rent & Rent/ sq. ft
B.
Design, Location, Condition
Structure/Stories
Yr. Built/Yr. Renovated
Condition/Street Appeal
Neighborhood
Same Market? Miles to Subj
Unit Equipment/ Amenities
# Bedrooms
# Baths
Unit Interior Sq. Ft.
Balcony/Patio
AC: Central/Wall
Range/Refrigerator
Microwave/Dishwasher
Washer/Dryer
Floor Coverings
Window Coverings
Cable/Satellite/Internet
Special Features
2
3
6
7
8
9
10
C.
11
12
13
14
15
16
17
18
19
20
21
22
23
D
24
25
26
27
28
29
30
31
32
E.
33
34
35
36
37
38
39
F.
40
41
42
43
G.
44
45
46
Site Equipment/ Amenities
Parking ( $ Fee)
Extra Storage
Swimming Pool
Clubhouse/Meeting Rooms
Fitness Center
Business Center
Service Coordination
Non-shelter Services
Neighborhood Networks
Utilities
Heat (in rent?/ type)
Cooling (in rent?/ type)
Cooking (in rent?/ type)
Hot Water (in rent?/ type)
Other Electric
Cold Water/Sewer
Trash/Recycling
Adjustments Recap
# Adjustments B to D
Sum Adjustments B to D
Sum Utility Adjustments
Net/ Gross Adjmts B to E
Adjusted & Market Rents
Adjusted Rent (5+ 43)
Adj Rent/Last rent
Estimated Market Rent
Data
on
Subject
Comp #1
Comp #2
Comp #5
Delafield Lakes
402 Genessee
Delafield, WI
Data
$ Adj
Delafield Woods
411 Bleeker
Delafield, WI
Data
$ Adj
Saddlebrook
N24 W24242 Saddle
Brook
Pewaukee, WI
Data
$ Adj
Comp #9
$1,008
$1,025
$970
$928
$969
Oct-14
None
95%
Oct-14
None
91%
Oct-14
None
96%
Oct-14
None
97%
Oct-14
None
100%
$1,008
$1.29
$1,025
$1.39
$970
$1.25
$928
In Parts B thru E, adjust only for differences the subject's market values.
Data
3-EL
2010
Good
Good
$ Adj
3-EL
2015
Good
Good
Data
1
1
784
Y
Central
Y
Y
Y
Y
Y
Y
N
Adj
1
1
750
Y
Central
Y
Y
Y
Y
Y
Y
N
G-Incl.
Y
N
Y
Y
N
N
N
N
N
N
N
N
N
Y
Y
Comp #17
Preserve at Prairie Creek
Mammoth Springs
1200 Prairie Creek Blvd. N63 W23207 Main Street
Oconomowoc, WI
Sussex, WI
Data
$ Adj
Data
$ Adj
Data
G-Incl.
Y
Y
N
Y
N
N
N
N
Data
N
N
N
N
N
Y
Y
Pos
1
$5
Net
($9)
Adj. Rent
($9)
$ Adj
($5)
$5
$ Adj
Neg
2
($14)
Gross
$19
$1,000
Data
3-EL
2013
Good
Good
$ Adj
Data
1
1
735
Y
Central
Y
Y
Y
Y
Y
Y
N
$ Adj
Data
G-Incl.
Y
Y
N
Y
N
N
N
N
Data
N
N
N
N
N
Y
Y
Pos
2
$9
$ Adj
Net
$4
Adj. Rent
Gross
$14
($5)
$5
$ Adj
Neg
1
($5)
$1,029
99%
$1,008
$4
$1.34
$ Adj
Data
1
1
773
Y
Central
Y
Y
Y
Y
Y
Y
N
$ Adj
Data
G-Incl.
Y
Y
Y
Y
N
N
N
N
Data
N
N
N
N
N
N
Y
Pos
2
$25
$47
Net
$61
Adj. Rent
$ Adj
$20
($6)
$5
($5)
$ Adj
$47
Neg
2
($11)
Gross
$83
$1,031
100%
PSF
Data
3-EL
1999
Good
Good
$1.32
$969
$1.25
Data
2-WU
2012
Good
Good
$ Adj
Data
3-EL
2014
Good
Good
$ Adj
Data
1
1
703
Y
Central
Y
Y
Y
Y
Y
Y
N
Adj
Data
1
1
775
Y
Central
Y
Y
Y
Y
Y
Y
N
Adj
$12
Data
G-Incl.
Y
Y
Y
Y
N
N
N
N
Data
N
N
N
N
N
Y
Y
Pos
1
$12
$ Adj
Net
$7
Adj. Rent
Gross
$17
($5)
$ Adj
Neg
1
($5)
$935
106%
Data
G-$35
Y
N
Y
Y
N
N
N
N
Data
N
N
N
N
N
N
Y
Pos
1
$35
$47
Net
$76
Adj. Rent
($6)
$ Adj
$35
$ Adj
$47
Neg
1
($6)
Gross
$88
$1,045
101%
108%
46
45
44
43
G.
42
41
40
39
F.
38
37
36
35
34
33
32
E.
31
30
29
28
27
26
25
24
23
D
22
21
20
19
18
17
16
15
14
13
12
11
10
C.
9
8
7
6
Estimated Market Rent
Net/ Gross Adjmts B to E
Adjusted & Market Rents
Adjusted Rent (5+ 43)
Adj Rent/Last rent
Site Equipment/ Amenities
Parking ( $ Fee)
Extra Storage
Swimming Pool
Clubhouse/Meeting Rooms
Fitness Center
Business Center
Service Coordination
Non-shelter Services
Neighborhood Networks
Utilities
Heat (in rent?/ type)
Cooling (in rent?/ type)
Cooking (in rent?/ type)
Hot Water (in rent?/ type)
Other Electric
Cold Water/Sewer
Trash/Recycling
Adjustments Recap
# Adjustments B to D
Sum Adjustments B to D
Sum Utility Adjustments
Design, Location, Condition
Structure/Stories
Yr. Built/Yr. Renovated
Condition/Street Appeal
Neighborhood
Same Market? Miles to Subj
Unit Equipment/ Amenities
# Bedrooms
# Baths
Unit Interior Sq. Ft.
Balcony/Patio
AC: Central/Wall
Range/Refrigerator
Microwave/Dishwasher
Washer/Dryer
Floor Coverings
Window Coverings
Cable/Satellite/Internet
Special Features
B.
5
4
3
Date Last Leased (mo/yr)
Rent Concessions
Occupancy for Unit Type
Effective Rent & Rent/ sq. ft
2
1
A.
Vettelson Road/State Road 83
Delafield, WI
Rents Charged
$ Last Rent / Restricted?
Subject
Rent Comparability Grid
N
N
N
N
N
Y
Y
G-Incl.
Y
N
Y
Y
N
N
N
N
2
2
1,175
Y
Central
Y
Y
Y
Y
Y
Y
N
3-EL
2015
Good
Good
Data
on
Subject
$1,349
$1,400
Net
($1)
Adj. Rent
Data
G-Incl.
Y
Y
N
Y
N
N
N
N
Data
N
N
N
N
N
Y
Y
Pos
1
$5
Data
2
2
1,177
Y
Central
Y
Y
Y
Y
Y
Y
N
Data
3-EL
2010
Good
Good
$1,400
Oct-14
None
95%
$1,400
Comp #2
Oct-14
None
91%
$1,413
Delafield Woods
411 Bleeker
Delafield, WI
Data
$ Adj
Comp #5
Oct-14
None
96%
$1,275
Saddlebrook
N24 W24242 Saddle
Brook
Pewaukee, WI
Data
$ Adj
Comp #6
Oct-14
None
100%
$1,145
Hawthorne Place
1105 Hawthorne Place
Pewaukee, WI
Data
$ Adj
$1.15
100%
Gross
$11
Neg
2
($6)
$ Adj
($5)
$5
$ Adj
($1)
Adj
$ Adj
PSF
$1,404
Net
($9)
Adj. Rent
Data
G-Incl.
Y
Y
N
Y
N
N
N
N
Data
N
N
N
N
N
Y
Y
Pos
1
$5
Data
2
2
1,212
Y
Central
Y
Y
Y
Y
Y
Y
N
Data
3-EL
2013
Good
Good
99%
Gross
$19
Neg
2
($14)
$ Adj
($5)
$5
$ Adj
($9)
$ Adj
$ Adj
$1,352
Data
G-Incl.
Y
Y
Y
Y
N
N
N
N
Data
N
N
N
N
N
N
Y
Pos
3
$31
$51
Net
$77
Adj. Rent
Data
2
2
1,153
Y
Central
Y
Y
Y
Y
Y
Y
N
Data
3-EL
1999
Good
Good
106%
Gross
$87
Neg
1
($5)
$51
$ Adj
$5
($5)
$ Adj
$6
$ Adj
$20
$ Adj
$1,211
Data
G-Incl.
N
N
Y
N
N
N
N
N
Data
N
N
N
N
N
N
Y
Pos
3
$40
$51
Net
$66
Adj. Rent
Data
2
2
1,276
Y
Central
Y
Y
Y-$15
Y
Y
Y
N
Data
2-WU
2000
Good
Good
106%
Gross
$116
Neg
1
($25)
$51
$ Adj
$5
$ Adj
$15
($25)
Adj
$20
$ Adj
$1.19
$1,413
$1.17
$1,275
$1.11
$1,145
$0.90
In Parts B thru E, adjust only for differences the subject's market values.
Delafield Lakes
402 Genessee
Delafield, WI
Data
$ Adj
Comp #1
2 Bedroom
Unit Type
Comp #9
Comp #17
$1,326
Net
$11
Adj. Rent
Data
G-Incl.
Y
Y
Y
Y
N
N
N
N
Data
N
N
N
N
N
Y
Y
Pos
1
$16
Data
2
2
1,111
Y
Central
Y
Y
Y
Y
Y
Y
N
Data
2-WU
2012
Good
Good
$1,315
Oct-14
None
97%
$1,315
101%
Gross
$21
Neg
1
($5)
$ Adj
($5)
$ Adj
$16
Adj
$ Adj
$1.18
$1,401
Data
G-$35
Y
N
Y
Y
N
N
N
N
Data
N
N
N
N
N
N
Y
Pos
2
$53
$51
Net
$104
Adj. Rent
Data
2
2
1,104
Y
Central
Y
Y
Y
Y
Y
Y
N
Data
3-EL
2014
Good
Good
$1,297
Oct-14
None
100%
$1,297
108%
Gross
$104
Neg
$51
$ Adj
$ Adj
$35
$18
Adj
$ Adj
$1.17
Preserve at Prairie Creek
Mammoth Springs
1200 Prairie Creek Blvd. N63 W23207 Main Street
Oconomowoc, WI
Sussex, WI
Data
$ Adj
Data
$ Adj
Delafield, WI
Page 63
APPENDIX C: Statement of Limiting Conditions
1. In the event that the client provided a legal description, building plans, title policy and/or survey, etc., the
consultant has relied extensively upon such data in the formulation of all analyses.
2. The legal description as supplied by the client is assumed to be correct and the author assumes no
responsibility for legal matters, and renders no opinion of property title, which is assumed to be good and
merchantable.
3. All information contained in the report which others furnished was assumed to be true, correct, and reliable. A
reasonable effort was made to verify such information, but the author assumes no responsibility for its
accuracy.
4. The report was made assuming responsible ownership and capable management of the property.
5. The sketches, photographs, and other exhibits in this report are solely for the purpose of assisting the reader
in visualizing the property. The author made no property survey, and assumes no liability in connection with
such matters. It was also assumed there is no property encroachment or trespass unless noted in the report.
6. The author of this report assumes no responsibility for hidden or unapparent conditions of the property,
subsoil or structures, or the correction of any defects now existing or that may develop in the future. Equipment
components were assumed in good working condition unless otherwise stated in this report.
7. It is assumed that there are no hidden or unapparent conditions for the property, subsoil, or structures, which
would render it more or less valuable. No responsibility is assumed for such conditions or for engineering, which
may be required to discover such factors.
8. The investigation made it reasonable to assume, for report purposes, that no insulation or other product
banned by the Consumer Product Safety Commission has been introduced into the Subject premises. Visual
inspection by the consultant did not indicate the presence of any hazardous waste. It is suggested the client
obtain a professional environmental hazard survey to further define the condition of the Subject soil if they
deem necessary.
9. An evaluation of the market for a property is made as of a certain day. Due to the principles of change and
anticipation the market estimate is only valid as of the date of valuation. The real estate market is non-static and
change and market anticipation is analyzed as of a specific date in time and is only valid as of the specified
date.
10. Possession of the report, or a copy thereof, does not carry with it the right of publication, nor may it be
reproduced in whole or in part, in any manner, by any person, without the prior written consent of the author
particularly as to market rents and projected absorption, the identity of the author or the firm with which he or
she is connected. Neither all nor any part of the report, or copy thereof shall be disseminated to the general
public by the use of advertising, public relations, news, sales, or other media for public communication without
the prior written consent and approval of the consultant. Nor shall the consultant, firm, or professional
organizations of which the consultant is a member be identified without written consent of the consultant.
11. The author of this report is not required to give testimony or attendance in legal or other proceedings
relative to this report or to the Subject unless satisfactory additional arrangements are made prior to the need
for such services.
12. The opinions contained in this report are those of the author and no responsibility is accepted by the author
for the results of actions taken by others based on information contained herein.
Delafield, WI
Page 64
13. All applicable zoning and use regulations and restrictions are assumed to have been complied with, unless
nonconformity has been stated, defined, and considered in the report.
14. It is assumed that all required licenses, permits, covenants or other legislative or administrative authority
from any local, state, or national governmental or private entity or organization have been or can be obtained or
renewed for any use on which the value estimate contained in this report is based.
15. On all market studies, subject to satisfactory completion, repairs, or alterations, the report and market rents
and absorption are contingent upon completion of the improvements in a workmanlike manner and in a
reasonable period of time. A final inspection and value estimate upon the completion of said improvements
should be required.
16. All general codes, ordinances, regulations or statutes affecting the property have been and will be enforced
and the property is not subject to flood plain or utility restrictions or moratoriums, except as reported to the
consultant and contained in this report.
17. Acceptance of and/or use of this report constitute acceptance of all assumptions and the above conditions.
Estimates presented in this report are not valid for syndication purposes.
By:
Signature
Signature
David S. Haviland, Manager
Baker Tilly Virchow Krause LLP
John Gannon, Sr. Financial Analyst
Baker Tilly Virchow Krause LLP
October 24, 2014
Date
October 24, 2014
Date
Delafield, WI
Page 65
APPENDIX D: Market Analyst Resumes
David S. Haviland
Manager
608 240 2358
david.haviland@bakertilly.com
David Haviland, Manager with Baker Tilly Virchow Krause, LLP, joined the firm in 2005 and
has been conducting real estate market research and consulting services since 2001.
David provides effective and practical solutions for property owners, tenants, mortgage
lenders, public officials, and others involved in all aspects of the real estate process. His
strong background in finance and the real estate industry provides for a sound, thorough
evaluation of real estate situations.
Specific experience
x
x
x
x
x
Specializes in a variety of real estate advisory services to clients throughout the
Midwest including market rate and Section 42 tax credits; senior and multifamily
housing market feasibility studies.
Assisted in developing and financing of various housing types including multifamily and
single family.
Has written over 700 market studies and conducts in excess of 25 market feasibility
studies at any given time.
Gained extensive real estate development experience as a project manager
overseeing several mixed-use developments in Dane County for a local commercial
real estate developer.
Worked with MONY Realty Capital assisting with the internal underwriting and due
diligence process of over $200 million in debt.
Industry involvement
x
x
University of Wisconsin Real Estate Association
National Council of Housing Market Analysts (NCHMA)
Education
x
University of Wisconsin - Madison
Bachelor of Business Administration in Real Estate and Urban Land Economics and
Finance, Investment, and Banking
Delafield, WI
Page 66
John P. Gannon
Senior Financial Analyst
608 240 2533
john.gannon@bakertilly.com
John Gannon, Senior Financial Analyst with Baker Tilly Virchow Krause, LLP has been
with the firm since 2008. He provides effective and practical solutions for property
owners, tenants, mortgage lenders, public officials, and others involved in all aspects of
the real estate process.
Specific experience
x
x
x
Specializes in a variety of real estate advisory services to clients throughout the
Midwest, including market rate and Section 42 tax credits and senior and multifamily
housing market feasibility studies.
Assists with writing market feasibility studies.
Industry involvement
x
National Council of Housing Market Analysts (NCHMA)
Education
x
Cardinal Stritch University
Bachelor of Science in Business Administration

Village Square Apartments

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