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Iowa Finance Authority Dubuque Housing StudyTHE CITY OF DUB E Masterpiece on the Mississippi !/ TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Iowa Finance Authority Dubuque Housing Study DATE: December 2, 2009 Dubuque All-America City 1 2007 Economic Development Director David Heiar is transmitting a report from the Iowa Finance Authority (IFA) about Dubuque's rental housing market. IFA contracted with Real Property Research Group (RPRG) to research Dubuque's current rental market and the need for additional rental housing. RPRG gives several conclusions and recommendations, the most notable are listed below. • The impact of IBM and to a smaller extent Hormel cannot be understated as the 1,500 new jobs projected over the next year and a half will provide a boon to the Dubuque County economy while bringing a significant number of new households to the region. The location of IBM within downtown Dubuque is also significant as it has the potential to spur additional growth in the surrounding downtown neighborhoods. • It is important to note that recent layoffs and decrease in at-place employment has not negatively impacted the rental market in the Dubuque market area as vacancy rates remain very low. • It is likely that few if any of the households relocating to Dubuque will qualify for units funded through the Low-Income Housing Tax Credits. • A net demand exists for 556 units in the Dubuque market area. Subtracting 95 percent of the units currently in the pipeline, an excess demand of 306 units exists. Given the influx of new households expected over the next fourteen months and current vacancy rates, RPRG notes that this estimate is conservative. • A net demand for 150 senior living rental units exists in the area. • The existing rental housing stock consists of primarily scattered site units. Most larger multi-family apartment communities that exist are located in the western suburbs. • Much of Dubuque's rental housing is old,. though many have been renovated. Some units lack modern features. Most new rental units are single-family homes or duplexes. • Many of the rental units in and around downtown contain government subsidies or are in poor condition. Quality market rate housing is limited in the city, particularly downtown. Pent-up demand exists for rental units in this area. • On average, 1.8 percent of units were reported available with many communities maintaining 100 percent occupancy and waiting lists. • Average rents in Dubuque are generally modest and commensurate to the overall unit size, features, and amenities offered. A newly constructed rental community with reasonable features and amenities could expect rents at or near $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit assuming unit sizes of 700, 950, and 1,300, respectively. • Ideal units should be located near or accessible to downtown given current redevelopment efforts and IBM's location. Michel C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager David J. Heiar, Economic Development Director THE CITY OF Dubuque D V L ~ All-AmericaCity 1~ Masterpiece on the Mississippi 2007 TO: Michael Van Milligen, City Manager FROM: David J. Heiar, Economic Development Director ~%~~ ~, SUBJECT: Iowa Finance Authority Dubuque Housing Study DATE: November 30, 2009 INTRODUCTION This memorandum highlights important information obtained in a report for the Iowa Finance Authority (IFA) about Dubuque's rental housing market. BACKGROUND With Dubuque's need for additional rental housing, City Staff and local developers have discussed projects with IFA for funding assistance. Through IFA's approval process, a study is needed to show a demand for more rental units in a community. IFA contracted Real Property Research Group (RPRG) out of Atlanta, GA to research Dubuque's current rental market and the need for additional rental housing. IFA has shared this study with the City. DISCUSSION The study analyzed many aspects of the Dubuque area as it relates to housing in Dubuque. RPRG analyzed the current housing stock, socio-economic and demographic patterns in the community, the supply of housing in the area, and conducted an affordability analysis. RPRG also gives several conclusions and recommendations and the most notable are listed below. • The impact of IBM and to a smaller extent Hormel cannot be understated as the 1,500 new jobs projected over the next year and a half will provide a boon to the Dubuque County economy while bringing a significant number of new households to the region. The location of IBM within downtown Dubuque is also significant as it has the potential to spur additional growth in the surrounding downtown neighborhoods. • It is important to note that recent layoffs and decrease in at-place employment has not negatively impacted the rental market in the Dubuque market area as vacancy rates remain very low. • It is likely that few if any of the households relocating to Dubuque will qualify for units funded through the Low-Income Housing Tax Credits. • A net demand exists for 556 units in the Dubuque market area. Subtracting 95 percent of the units currently in the pipeline, an excess demand of 306 units exists. Given the influx of new households expected over the next fourteen months and current vacancy rates, RPRG notes that this estimate is conservative. • A net demand for 150 senior living rental units exists in the area. • The existing rental housing stock consists of primarily scattered site units. Most larger multi-family apartment communities that exist are located in the western suburbs. • Much of Dubuque's rental housing is old, though many have been renovated. Some units lack modern features. Most new rental units are single-family homes or duplexes. • Many of the rental units in and around downtown contain government subsidies or are in poor condition. Quality market rate housing is limited in the city, particularly downtown. Pent-up demand exists for rental units in this area. • On average, 1.8 percent of units were reported available with many communities maintaining 100 percent occupancy and waiting lists. • Average rents in Dubuque are generally modest and commensurate to the overall unit size, features, and amenities offered. A newly constructed rental community with reasonable features and amenities could expect rents at or near $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit assuming unit sizes of 700, 950, and 1,300, respectively. • Ideal units should be located near or accessible to downtown given current redevelopment efforts and IBM's location. RECOMMENDATION/ACTION STEP I recommend that the City Council receive and file the attached housing study conducted by Real Property Research Group for the Iowa Finance Authority. F:\USERS\Econ Dev\Downtown Housing\20091130 Council Memo on IFA Study.docx Real PropertyResearchGroup ~~ - A~~ Rental Market Overview Dubuque, Dubuque County, Iowa Prepared for Iowa Finance Authority October 26, 2009 10400 Little Patuxent Parkway 225 Creekstone Ridge Suite 450 Woodstock, Georgia 30188 Columbia, Maryland 21044 Voice (770) 517-2666 Voice (410) 772-1004 Fax (868) 243-5057 Fax (410) 772-1110 Table of Contents I. Executive Summary .................................................................................................. 5 II. Introduction ............................................................................................................. 11 III. Location and Neighborhood Context ......................................................:............ 12 A. Area Overview ................................................................................................................. 12 B. Historic Millwork District .................................................................................................. 14 C. Area Amenities ................................................................................................................ 20 Transportation /Accessibility ..................................................................................... 21 Medical ...................................................................................................................... 21 Shopping ................................................................................................................... 22 IV. Socio-Economic and Demographic Content ....................................................... 25 A. Economic Context .........................:................................................................................. 27 B. Commuting Patterns ....................................................................................................... 38 C. Population and Household Trends .................................................................................. 39 D. Senior Household Trends ...:........................................................................................... 40 E. Building Permit Activity .................................................................................................... 40 F. Demographic Characteristics .......................................................................................... 44 G. Income Characteristics .................................................................................................... 50 H. Crime Data ...................................................................................................................... 55 V. Supply Analysis. ...................................................................................................... 56 A. Area Housing Stock ........................................................................................................ 56 B. For-Sale Data /Homeownership ...................................................................................... 58 C. General Occupancy Rental Market ................................................................................. 59 D. Senior Rental Market ...................................................................................................... 70 VI. Affordability Analysis .............................................................................................. 75 A. Income Qualified Households ......................................................................................... 76 B. Projected IBM Household Incomes ................................................................................. 77 C. Demand Estimates .......................................................................................................... 80 D. Proposed Developments ................................................................................................. 85 E. Deep Subsidy and Section 8 Analysis ............................................................................ 86 F. Interviews ........................................................................................................................ 87 VIII. Conclusions and Recommendations ................................................................... 89 A. Findings ........................................................................................................................... 89 B. Conclusions ..................................................................................................................... 93 C. Final Conclusion and Recommendation ......................................................................... 96 Appendix 1 Underlying Assumptions and Limiting Conditions .................................. 97 Appendix 2 Analyst CertiScations ................................................................................... 99 Appendix 3 Resumes ......................................................................................................1 01 Appendix 4 Community Photos and Profiles ...............................................................1 04 www.rprg.net 2 REALPROPERTYRESEARCHGROUP List of Tables Table 1 Area Amenities ............................................................................................................. 20 Table 2 Business Announcements, 2008-2009 ......................................................................... 28 Table 3 Major Employers, Dubuque County .............................................................................. 32 Table 4 Labor Force and Unemployment Rates, Dubuque County ........................................... 34 Table 5 Monthly Unemployment Rates, Dubuque County ......................................................... 35 Table 6 Average Annual Wage, 2001-2008 ............................................................................... 37 Table 7 Time Spend Commuting, PMA Workers ....................................................................... 38 Table 8 Place of Work, PMA Workers ....................................................................................... 38 Table 9 Population and Households Projections and Estimates, Dubuque Market Area and Dubu que County ................................................................................................................... 41 Table 10 Trends in Senior Households, 2000 - 2014 ................................................................. 42 Table 11 Dubuque County Building Permits, 1990 - 2008 ......................................................... 43 Table 12 2009 Population by Age .............................................................................................. 45 Table 13 2009 Households by Household Type ........................................................................ 46 Table 14 Dwelling Units by Occupancy Status .......................................................................... 47 Table 15 Occupancy Status, Householders 62+, PMA and Dubuque County ........................... 48 Table 16 2009 Renter Households by Household Size ............................................................. 48 Table 17 2009 Households by Tenure & Age of Householder ................................................... 49 Table 18 2009 Income Distribution, Dubuque Market Area and Dubuque County .................... 51 Table 19 Income by Tenure, Dubuque Market Area .................................................................. 52 Table 20 2009 HH Income by Age of Householder, Dubuque Market Area .............................. 53 Table 21 Income for HHs 62+ by Tenure, Dubuque Market Area .............................................. 54 Table 22 Crime Rate, Dubuque ................................................................................................. 55 Table 23 2000 Renter Households by Number of Units ............................................................ 56 Table 24 2009 Renter Households by Number of Units, Dubuque Market Area ....................... 56 Table 25 Year Property Built ...................................................................................................... 57 Table 26 For-Sale Data, Dubuque Area .................................................................................... 58 Table 27 Waiting List Summary, Surveyed Rental Communities ............................................... 59 Table 28 Rental Summary, Property Management Companies ................................................. 59 Table 29 Rental Summary, Surveyed Rental Communities ....................................................... 61 Table 30 Common Area Amenities of Surveyed Communities .................................................. 62 Table 31 Estimated Market Rent, One Bedroom Units .............................................................. 64 Table 32 Estimated Market Rent, Two Bedroom Units .............................................................. 65 Table 33 Estimated Market Rent, Three Bedroom Units ........................................................... 66 Table 34 Market Rent Adjustment Key ...................................................................................... 67 Table 35 Features of Rental Communities in Dubuque Market Area ........................................ 68 Table 36 Salient Characteristics, Surveyed Rental Communities .............................................. 69 Table 37 Salient Characteristics, Comparable Senior Communities ........................................ 71 Table 38 Common Area Amenities, Senior Communties ........................................................... 72 Table 39 Features of Senior Rental Communities ..................................................................... 73 Table 40 Affordability Income Limits, Dubuque MSA ................................................................ 75 Table 41 Total Income Qualified Households, Dubuque Market Area ....................................... 78 Table 42 Senior Income Qualified Households, Dubuque Market Area .................................... 79 Table 43 Net Housing Demand, Dubuque Market~Area ............................................................ 83' Table 44 Net Senior Housing Demand, Dubuque Market Area ................................................. 84 Table 45 Subsidized Rental Communities, Dubuque Market Area ............................................ 86 www.rprg.net 3 REALPROPERTYRESEARCHGROUP List of Figures Figure 1 Location Photos .........................................................................................................16 Figure 2 At Place Employment, Dubuque County 1990-2008 ................................................... 29 Figure 3 At Place Employment Change, Dubuque County 1990-2008 ......................................29 Figure 4 Employment by Sector, Dubuque County, 2009 Q1 ....................................................31 Figure 5 Employment by Sector Change, Dubuque County, 2001-2009 Q1 .............................31 Figure 6 Average Annual Wage by Employment Sector, Dubuque County ............................... 37 List of Maps Map 1 Area Amenities ................................................................................................................24 Map 2 Dubuque Market Area ..................................................................................................... 26 Map 3 Major Employers, Dubuque County ................................................................................ 36 Map 4 Surveyed Rental Communities ....................................................................................... 60 Map 5 Surveyed Senior Rental Communities, Dubuque Market Area .......................................74 Map 6 Subsidized Rental Communities, Dubuque Market Area ................................................ 88 www.rprg.net 4 REALPROPERTYRESEARCHGROUP Executive Summary Real Property Research Group, Inc. has been retained by the Iowa Finance Authority (IFA) to conduct a rental market overview for the city of Dubuque in Dubuque County, Iowa. Michael Riley, Analyst, conducted fieldwork and data collection on October 19th and 20th , 2009 which included a physical inspection of the City of Dubuque and its surrounding areas. The Executive Summary follows and is based on IFA's market study guidelines. Studv Description Over the past year and half, several major employers announced plans for new or expanded facilities in the city of Dubuque. The largest and most significant of these announcements was IBM which opened its new technology services delivery center on August 25, 2009. In total, IBM is expected to add up to 1,300 new jobs through 2010 with an estimated 600 new workers to be hired by the end of this year. Combined with Hormel Foods, which will finish construction on a new processing plant in January of 2010, the city will experience a total employment increase of approximately 1,500 over an eighteen month time period. The purpose of this study is to determine the adequacy of the existing housing supply in meeting the needs of the area's increasing household base. Area Overview Located in eastern Iowa along the western banks of the Mississippi River, the city of Dubuque is positioned adjacent to both the Illinois and Wisconsin state lines. As the seat of Dubuque County, the city of Dubuque is the major population center of the tri- state area which includes a number of smaller cities and municipalities. The city of Dubuque is roughly made up of five districts which include downtown, College Grandview, West End, South End, and Eagle Point (North End). Downtown District -Development within this area includes a mixture of commercial, industrial, and residential land uses which form a number of unique neighborhoods and districts. Most buildings in this area are significantly older than in other portions of the city though recent revitalization has lead to a number of renovated and restored structures. Despite the higher overall density of development, housing in downtown Dubuque includes a number of historic single-family detached homes, many of which are in disrepair. Over the past few years renovated loft- style apartments above store fronts and warehouses have become more common as city officials promote alive /work campaign to rejuvenate the downtown core and its surrounding neighborhoods. College Grandview -With larger lot sizes and fewer streets, the housing stock is a mixture of single-family homes, duplexes, and smaller multi- family structures. This district is home to four colleges /seminary schools: Emmaus Bible College, Clark College, Loras College, and the University of Dubuque and contains some larger-scale multi-family developments managed by the colleges as student housing. West End - As the newest growth area of the city, the West End is distinctly different from other city neighborhoods as the nature of development becomes unmistakably suburban. Single-family attached and detached homes account for a significant proportion of the housing www.rprg.net 5 REALPROPERTYRESEARCHGROUP stock with larger multi-family apartment communities also scattered throughout the area. • South End -This District is largely residential consisting primarily of single-family detached neighborhoods and scattered light-commercial development. South End is also home to several parks and recreational areas including Louis Murphy Park, E. B. Lyons Nature Center, and Mines of Spain Recreation Area. • Eagle Point (North End) - This portion of Dubuque contains many of the city's manufacturing facilities in addition to residential neighborhoods which travel northwest and northeast along Central Avenue and Lincoln Drive, respectively. As a result, the area maintains the more urban feel of downtown with housing that is generally older and in poorer condition compared to other portions of the city. A major economic development project in the preliminary stages of development is the Historic Millwork District, which will act as the foundation for the City of Dubuque's ongoing revitalization of downtown. Dominated by empty warehouses and industrial buildings from the turn of the century, the redevelopment of the Historic Mill Work District is anticipated to include a total of 634 housing units, 359,000 square feet of office/retail space, 1,400 parking spaces, two urban plazas, and a landform park scheduled in three phases. Overall, the planned Historic Millwork District redevelopment has the potential to create a significant economic impact as it will provide residents and businesses with opportunities for growth and improved efficiency. Its development will also help to meet the demand for new rental housing downtown with its convenience to many major employers. With the opening of IBM's technology services delivery center located just a short distance west, the location and design of this mixed-use community appears ideal to meet the needs of the growing and changing economy. Demographic Trends The 2009 Claritas population by age indicates that the Dubuque market area is slightly older than Dubuque County with median ages of 38 and 37, respectively. Given the number of smaller colleges and Universities located in Dubuque, the Dubuque market area has a slightly higher percentage of its population between the ages of 18 to 24 years (11.4 percent versus 10.6 percent). Additionally, the Dubuque market area contains a higher percentage of its population in each of the three age cohorts age 65 and older. Both the Dubuque market area and Dubuque County have a large percentage of family households. Marriage rates are 51.4 percent in the Dubuque market area and 57.3 percent in Dubuque County. Children are present in 30.1 percent of the Dubuque market area's households and 33.2 percent of the Dubuque County's households. The Dubuque market area's renter percentage is higher the Dubuque County's, overall. The estimated 2009 renter percentages are 31.4 percent in the Dubuque market area and 25.4 percent in Dubuque County. Among householders age 62 and older, the renter percentages in both areas are lower than among all households. The senior renter percentage is 24.2 percent in the Dubuque market area and 19.3 percent in Dubuque County. www.rprg.net 6 REALPROPERTYRESEARCHGROUP Approximately seventy-five percent of all renter households in the Dubuque market area and Dubuque County contain one or two persons. An additional 11.3 percent and 11.5 percent of renter households contain three persons in the Dubuque market area and Dubuque County, respectively. Based on Claritas projections, the 2009 median income for all households living in the Dubuque market area was $42,933, $4,061 or 8.6 percent lower than the Dubuque County median of $46,993. The Dubuque market area has a higher percentage of its householders in each income classification below $45,000. Among senior householders age 62 and older, the 2009 estimated median income in the market area is $33,317, which is 77.6 percent of the overall median. Within the Dubuque market area, over one-quarter (26.4 percent) of all senior households (62+) earn less than $25,000. Economic Trends Dubuque County's at-place employment grew in eight of nine years from 1990 to 1999 adding a total of 7,030 jobs for an increase of 16.1 percent. Following this period of growth, the county suffered a brief contraction in which at-place employment declined by over 1,300 between 1999 and 2002. Beginning in 2003, the Dubuque County economy expanded at through 2007 before losing over 220 jobs in 2008; however, this decline was relatively modest compared to many areas of the country. Through the first quarter of 2009, Dubuque County's preliminary average at-place employment shows a loss of 2,372 total jobs. While this figure is the most recent measurement available from the U.S. Bureau of Labor Statistics, it includes natural employment fluctuations in seasonal industries such as construction, natural resources-mining, and leisure-hospitality. An analysis of the 2009 first quarter average employment by sector reveals approximately 900 jobs lost during this period are in these industries. Over the past eighteen years, Dubuque County's unemployment rate has tracked just above the State of Iowa and consistently lower than the nation. Despite rising gradually over the past eight years, Dubuque County's annual average unemployment rate never surpassed 4.5 percent which it totaled in 2004. Due to the national recession, Dubuque County's unemployment surged to 6.3 percent through the second quarter of 2009; however, this is still over three full percentage points below national unemployment rates and just 0.5 percentage points above the State of Iowa. Competitive Rental Market Compared to the 2000 Census, a higher proportion of rentals in 2009 are contained within duplexes, structures with three to four units, and structures with 20+ units. Overall, the rental stock in the Dubuque market area has increased in density between 2000 and 2009. As of the 2000 Census, the median year built among owner occupied housing units was 1956 in the Dubuque market area and 1962 in Dubuque County. Among renter occupied households, the median year built was 1951 in the Dubuque market area and 1952 in Dubuque County. From 1990 to 2000, only 6.9 percent of the Dubuque market area's rental stock was constructed compared to 8.1 percent in Dubuque County. The fifteen surveyed rental communities combine to offer 800 rental units. Only 14 units were reported vacant at the time of our survey resulting in an overall vacancy www.rprg.net ~ REALPROPERTYRESEARCHGROUP rate of 1.8 percent. Among the seven LIHTC communities, two of 226 units (0.9 percent) were reported available. Additionally, nine of the fifteen properties currently maintain waiting lists. Given that the Dubuque rental stock contains a large proportion of lower-density scattered site rentals, many of which are independently owned, RPRG attempted to contact companies or individuals who managed the largest number of units in order to get an accurate picture of the current rental market. In total, the six management companies surveyed manage 976 total rental units. All six companies reported vacancy rates of less than five percent while three of the six companies reported 100 percent occupancy. The street rents at existing communities have been adjusted to account for rental incentives and the inclusion of utilities to compute net rent. The average net effective rent among the surveyed communities is $464 for a one bedroom unit, $614 for a two bedroom unit, and $662 for a three bedroom unit. The estimated market rents are $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit. Adjustments for unit size were based on proposed square footages of 700 for a one bedroom unit, 950 for a two bedroom unit, and 1,300 for a three bedroom unit. Given the age of the existing rental stock and tight rental market, a newly constructed rental community with average features and amenities could expect to achieve rents at or near these amounts. Combined, the eleven senior LIHTC communities offer 436 total units of which 26 or 6.0 percent were reported vacant. It is important to note that 19 of the 26 total vacancies are at one service-enriched community, Oak at Park Place. By excluding this property, the overall senior vacancy rate drops to 1.8 percent. Overall, more than half of the senior communities' surveyed (six properties) were at 100 percent occupancy at the time of survey. Additionally, six properties reported waiting lists of varying length. Conclusions • The overall economy of Dubuque County is relatively diversified with a historically stable job base and generally low unemployment. Substantial layoffs in late 2008 and early 2009 are somewhat of a concern, though employment figures from the first quarter of 2009 are likely exaggerated due to the seasonal nature of some industries. As a portion of laid off workers have been called back to work, it is possible at least a percentage of these job losses may be temporary. • The impact of IBM and to a smaller extent Hormel cannot be understated as the 1,500 new jobs projected over the next year and a half will provide a boon to the Dubuque County economy while bringing a significant number of new households to the region. The location of IBM within downtown Dubuque is also significant as it has the potential to spur additional growth in the surrounding downtown neighborhoods. • It is important to note that recent layoffs and decrease in at-place employment has not negatively impacted the rental market in the Dubuque market area as vacancy rates remain very low. • Based on the general salary estimates for jobs at IBM, it is likely that few if any of the households relocating to Dubuque will qualify for LIHTC units. As a result, most of these households will add to the moderate income renter household base which already exceeds tax credit eligible renters (50% to 60% of the AMI). Based on this analysis, affordable market rate housing is the best option to meet the needs of these incoming households. www.rprg.net $ REALPROPERTYRESEARCHGROUP Taking into account household growth, demolitions, and existing vacancies, a net demand exists for 556 rental units in the Dubuque market area. Subtracting out 95 percent of the units currently in the pipeline, an excess demand of 306 units exists. Given the influx of new households expected over the next fourteen months and current vacancy rates, these estimates are likely conservative. Among senior households 62 and older, a net demand exists for 150 rental units in the Dubuque market area. Subtracting out 95 percent of senior units currently in the pipeline, an excess demand for 110 units exists. Based on the number of senior units constructed over the past five years, the need for additional senior housing is not as paramount as in the general rental market. Given that most of the recent senior supply has focused on the market rate side of senior housing the most likely opportunity for additional senior oriented rental units lies in the affordable (income restricted) market. Given the sizeable senior household base, senior rental communities are common within the City of Dubuque; however, a number of these communities have been constructed within the past five years and it appears senior housing may have been developed at the expense of family oriented units. Despite the additions to supply, senior occupancy rates have remained strong; however, the overall senior rental appears to be in balance. The existing rental stock consists primarily of scattered site units which include smaller-scale multi-family buildings, single-family detached homes, and duplexes. Of the larger multi-family apartment communities that exist within the city, most are in located in the western suburbs. On average, much of Dubuque's rental housing is old (built in the 50's, 60's and 70's), though many units have been renovated since their original construction. As is the case in many renovations, some units lack modern features and amenities which either could not be retrofitted or simply cost too much to include. Typically the newest rental units available are single-family detached homes or duplexes as only a few larger multi-family apartment communities have been constructed within the past ten years. The distribution of rental housing throughout the city of Dubuque is relatively even with a slightly higher percentage of rental units located in the more densely developed portion of the city. Despite this fact, many of the rental units in and around downtown contain government subsidies or are in poor condition. Quality market rate housing, which is also affordable, is limited in the city, particularly downtown. With the number of major employers located nearby, it is likely pent-up- demand exists for rental units in this area. The market for general occupancy or family oriented rental housing is noticeably tight in the Dubuque market area. Few vacancies exist among surveyed rental communities with both market rate and affordable (income restricted) housing performing equally well. On average, 1.8 percent of units were reported available with many communities maintaining 100 percent occupancy and waiting lists. Average rents in Dubuque are generally modest and commensurate to the overall unit size, features, and amenities offered. None of the family oriented communities surveyed reported rents exceeding $1,000 per month. A newly constructed rental community with reasonable features and amenities could expect to achieve rents at or near $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit assuming unit sizes of 700, 950, and 1,300 square feet, respectively. www.rprg.net 9 REALPROPERTYRESEARCHGROUP Overall Conclusion and Recommendation Based on current market conditions and projected employment growth in Dubuque, we believe significant demand exists for additional housing in the local area. Given the relatively low HUD Median Income and the estimated salary range of IBM jobs, market rate rental housing appears to have the most demand. Income restricted rental units, such as those with Low Income Housing Tax Credits, would not alleviate future demand from IBM related household growth. While some of these workers will prefer homeownership, affordable single family detached homes are readily available in the market area with several new communities under construction. Based on conservative household estimates, insufficient rental housing exists to support new households. The lack of significant vacancies coupled with the lack of modern multi-family rental communities indicates pent up demand for high quality market rate rental units. Based on our demand estimates, the Dubuque market area is in need to 300 to 400 additional rental units over the next two to three years. The ideal units would: • Be located near or accessible to downtown given current redevelopment efforts and IBM's location. • Modern amenities and finishes including dishwashers, disposals, and washer/dryer connections, Community amenities should include a community room, business center, fitness center, and playground. • Have rents of roughly $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit. It is important to note estimated rents were based on the existing rental stock which is generally older and without top of the line features or amenities. Depending upon the product to be constructed and the location within the community it may be possible to achieve rents as much as ten percent higher than these estimates. • Have minimum unit sizes of 700 square feet for a one bedroom unit, 950 square feet for a two bedroom unit, and 1,300 square feet for a_ three bedroom unit. www.rprg.net ~~ REALPROPERTYRESEARCHGROUP II. Introduction Real Property Research Group, Inc. has been retained by the Iowa Finance Authority to conduct a rental market overview for the city of Dubuque in Dubuque County, Iowa. Included in this analysis is a detailed assessment of current market conditions and overall estimates of demand for both general occupancy (family) and senior oriented (age restricted) rental housing. Over the past year and half, several major employers announced plans for new or expanded facilities in the city of Dubuque. The largest and most significant of these announcements was IBM which opened its new technology services delivery center on August 25, 2009. In total, IBM is expected to add up to 1,300 new jobs through 2010 with an estimated 600 new workers to be hired by the end of this year. Combined with Hormel Foods, which will finish construction on a new processing plant in January of 2010, the city will experience a total employment increase of approximately 1,500 over an eighteen month time period. The purpose of this study is to determine the adequacy of the existing housing supply in meeting the needs of the area's increasing household base. The report is divided into six sections. Following the executive summary and this introduction, Section 3 provides an area overview and an analysis of local neighborhood characteristics. Section 4 examines the socio-economic and demographic characteristics of the delineated market area. Section 5 presents a discussion of the competitive residential environment. Section 6 estimates the demand for the project using growth projections and income distributions. Section 7 discusses conclusions reached from the analysis. The conclusions reached in a market study are inherently subjective and should not be relied upon as a determinative predictor of results that will actually occur in the marketplace. There can be no assurance that the estimates made or assumptions employed in preparing this report will in fact be realized or that other methods or assumptions might not be appropriate. The conclusions expressed in this report are as of the date of this report, and an analysis conducted as of another date may require different conclusions. Reference is made to the statement of Underlying Assumptions and Limiting Conditions attached as Appendix I and incorporated in this report. www.rprg.net 11 REALPROPERTYRESEARCHGROUP III. Location and Neighborhood Context A. Area Overview Located in eastern Iowa along the western banks of the Mississippi River, the city of Dubuque is positioned adjacent to both the Illinois and Wisconsin state lines. As the seat of Dubuque County, the city of Dubuque is the major population center of the tri- state area which includes a number of smaller cities and municipalities. As the oldest city in Iowa, the heart of Dubuque is centered in its historic downtown district which spirals out west from the Port of Dubuque. Development within this area includes a mixture of commercial, industrial, and residential land uses which form a number of unique neighborhoods and districts. Most buildings in this area are significantly older than in other portions of the city though recent revitalization has lead to a number of renovated and restored structures. Despite the higher overall density of development, housing in downtown Dubuque includes a number of historic single-family detached homes, many of which are in disrepair. Over the past few years renovated loft-style apartments above store fronts and warehouses have become more common as city officials promote alive /work campaign to rejuvenate the downtown core and its surrounding neighborhoods. Several ongoing programs by the city of Dubuque continue to support this concept including low-interest fixed rate loans for rehabilitations of homes and/or businesses in distressed areas of downtown. The remainder of the housing stock within the downtown district, most of which is renter occupied, consists of three to ten unit multi-family structures generally ranging from one to three stories in height. Downtown Dubuque is also home the historic Millwork District which is described in detail on pages 13 and 14 below. Moving due west from downtown Dubuque, development gradually transitions to amore open design with larger lot sizes and fewer streets, though a number of smaller- scale multi-family units still exist in this area. Known as the College Grandview District, which spans from U.S. 20 in the south to John F. Kennedy Road in the north, this district is home to four colleges /seminary schools: Emmaus Bible College, Clark College, Loras College, and the University of Dubuque. In addition to some larger-scale multi- family developments managed by the colleges as student housing, the housing stock is a mixture of single-family homes, duplexes, and smaller multi-family structures. Traditional commercial retail outlets are also more prevalent including convenience stores, fast food restaurants, and specialty shops. www.rprg.net 12 REALPROPERTYRESEARCHGROUP Farther west toward the outer edges of the Dubuque city limits is the West End District. As the newest growth area of the city, the West End is distinctly different from other city neighborhoods as the nature of development becomes unmistakably suburban. Single-family attached and detached homes account for a significant proportion of the housing stock with larger multi-family apartment communities also scattered throughout the area. Big box retailers, shopping centers, and other retail outlets are prominent fixtures along major thoroughfares particularly NW Arterial and U.S. Highway 20. A portion of West End also stretches into the city of Asbury, a smaller suburb which has seen considerable growth over the past five years. The remaining two districts of Dubuque, South End and Eagle Point (North-End) are located directly south and north' of downtown, respectively. South End is largely residential consisting primarily of single-family detached neighborhoods and scattered light-commercial development. South End is also home to several parks and recreational areas including Louis Murphy Park, E. B. Lyons Nature Center, and Mines of Spain Recreation Area. Eagle Point or North End, maintains the more urban feel of downtown with a noticeable industrial core. This portion of Dubuque contains many of the city's manufacturing facilities in addition to residential neighborhoods which travel northwest and northeast along Central Avenue and Lincoln Drive, respectively. The housing in North End is generally older and in poorer condition compared to other portions of the city. A physical inspection of the City of Dubuque and its surrounding areas was made by Michael Riley, Analyst, on October 19t"and 20t", 2009. www.rprg.net 13 REALPROPERTYRESEARCHGROUP B. Historic Millwork District A major economic development project in the preliminary stages of development is the Historic Millwork District, which will act as the foundation for the City of Dubuque's ongoing revitalization of downtown. The Historic Millwork District encompasses approximately 8 square blocks within a larger 16 block warehouse district bounded by White Street to the west, 12t" Street to the north, and U.S. 61 to the south and east. Dominated by empty warehouses and industrial buildings from the turn of the century, the Millwork District was once an entrepreneurial center and backbone of the regional economy. After years of neglect and migration of residents to the city's western suburbs, many of the buildings in the Millwork District stood vacant for several decades. In an effort to utilize over one million square feet of existing warehouse space, the City of Dubuque developed a plan to renovate and redevelop the area as amaster-planned mixed-used community. The redevelopment of the Historic Mill Work District is anticipated to include a total of 634 housing units, 359,000 square feet of office/retail space, 1,400 parking spaces, two urban plazas, and a landform park. Development is planned in three phases detailed below: • Phase I will consist of three building renovations to include 200 residential units (both rental and for-sale) and 90,000 square feet of office/retail space. Two of the three buildings will be permanent rental housing while the third building is planned to operate as rental housing for five ,years before converting to condominiums. • Phase II will include the redevelopment of the Kirby building, the Farley Loetscher Building, and Wilmac Building into a combination of residential units and office/retail space. • Phase III will include the redevelopment of the areas surrounding 11t" and 12t" Streets as well the repurposing of 11t" street to be pedestrian friendly. The redevelopment of the Millwork District is designed with sustainability in mind, making it attractive to both residents and businesses. Features that incorporate this concept include green streets redesigned to be pedestrian friendly, modernized utilities, on-street parking, storm water management, and open space to promote a sense of community. www.rprg.net 14 REALPROPERTYRESEARCHGROUP Overall, the planned Historic Millwork District redevelopment has the potential to create a significant economic impact as it will provide residents and businesses with opportunities for growth and improved efficiency. Its development will also help to meet the demand for new rental housing downtown with its convenience to many major employers. With the opening of IBM's technology services delivery center located just a short distance west, the location and design of this mixed-use community appears ideal to meet the needs of the growing and changing economy. www.rprg.net 15 REALPROPERTYRESEARCHGROUP Figure 7 Location Photos www.rprg.net 16 REALPROPERTYRESEARCHGROUP View of the Roshek Building, IBM technology services delivery cenfer View of the Historic Millwork District www.rprg.net ~~ REALPROPERTYRESEARCHGROUP View of the Historic Millwork District View of the Historic Millwork District www.rprg.net ~$ REALPROPERTYRESEARCHGROUP View of the Historic Millwork District View of Kohl's on NW Arterial Road, big box retail development www.rprg.net 19 REALPROPERTYRESEARCHGROUP View of Star Cinema on NW Arterial Road Common type of attached single-family home in Dubuque C. Area Amenities Table 1 Area Amenities Establishment Type', Address City. State .Distance AARP Senior Employment Senior Services 590 Iowa St. Dubuque IA 0.1 mile Dubuque Police Department Police 770 Iowa St. Dubuque IA 0.1 mile Dubuque Fire Department Fire 11 W 9th St. Dubuque IA 0.1 mile Hartig Pharmacy 703 Main St. Dubuque IA 0.2 mile Carnegie-Stout Library Library 360 W 11th St. Dubuque IA 0.3 mile Hartig Pharmacy 157 Locust St. Dubuque IA 0.4 mile Mercy Care Pharmacy Pharmacy 535 Hill St. Dubuque IA 0.5 mile Eagle Country Market Grocery 1800 Elm St. Dubuque IA 0.7 mile Mercy Medical Center Hospital 250 Mercy Dr. Dubuque IA 0.7 mile Mercy Family Pharmacy Pharmacy 250 Mercy Dr. Dubuque IA 0.7 mile Hy Vee Grocery 400 S Locust St. Dubuque IA 0.8 mile Medical Associates Clinic Doctor/Medical 1000 Langworthy St. Dubuque IA 0.8 mile Mercy Family Pharmacy Pharmacy 1000 Langworthy St. Dubuque IA 0.8 mile Mercy Family Pharmacy Pharmacy 1920 Elm St. Dubuque IA 0.8 mile Family Dollar Store General Retail 2013 Central Ave. Dubuque IA 0.8 mile Dollar General General Retail 605 W Locust St. Dubuque IA 0.9 mile Wahlert Memorial Library Library 1450 Alta Vista St. Dubuque IA 0.9 mile Hartig Pharmacy 2225 Central Ave. Dubuque IA 1 mile Cremer's Grocery Grocery 731 Rhomberg Ave. Dubuque IA 1.1 miles Finley Hospital Hospital 350 N Grandview Ave. Dubuque IA 1.1 miles Medical Clinic Doctor/Medical 1500 Delhi St. Dubuque IA 1.1 miles Dubuque Internal Medicine Doctor/Medical 1515 Delhi St. Dubuque IA 1.1 miles Dubuque Family Practice Doctor/Medical 320 N GrandviewAve. Dubuque IA 1.2 miles Hartig Pharmacy 1600 University Ave. Dubuque IA 1.2 miles Senior Volunteer Program Senior Services 350 N Grandview Ave. Dubuque IA 1.2 miles Union Family Pharmacy Pharmacy 2541 Central Ave. Dubuque IA 1.4 miles Roberta Kuhn Center Senior Center 1150 Carmel Dr. Dubuque IA 1.7 miles Reu Memorial Library Library 333 Wartburg PI. Dubuque IA 1.7 miles Pines Healthcare for Women Doctor/Medical 2100 Asbury Rd. Dubuque IA 2 miles Coborn's Grocery 2600 Dodge St. Dubuque IA 2.1 miles Kmart General Retail 2600 Dodge St. Dubuque IA 2.1 miles Walgreens Pharmacy 55 John F Kennedy Rd. Dubuque IA 2.6 miles Kennedy Mall Mall 555 John F Kennedy Rd. Dubuque IA 2.6 miles Shopko General Retail 255 John F Kennedy Rd. Dubuque IA 2.6 miles Medical Clinic Doctor/Medical 2140 John F Kennedy Rd. Dubuque IA 2.9 miles Walgreens Pharmacy 2260 John F Kennedy Rd. Dubuque IA 2.9 miles Dollar Tree General Retail 2050 John F Kennedy Rd. Dubuque IA 2.9 miles Dollar General General Retail 2400 Gateway Dr. Dubuque IA 2.9 miles Dollar General General Retail 3250 Kennedy Cir. Dubuque IA 2.9 miles Hartig Pharmacy 2255 John F Kennedy Rd. Dubuque IA 3 miles Area Agency on Aging Senior Services 3505 Stoneman Rd. Dubuque IA 3 miles Hy Vee Grocery 3500 Dodge St. Dubuque IA 3.2 miles Target General Retail 3500 Dodge St. Dubuque IA 3.2 miles Econofoods Grocery 3355 John F Kennedy Rd. Dubuque IA 3.7 miles Mercy Family Pharmacy Pharmacy 1500 Associates Dr. Dubuque IA 3.8 miles Wal Mart General Retail 4200 Dodge St. Dubuque IA 3.8 miles Hy Vee Grocery 2395 NW Arterial Dubuque IA 3.9 miles Kohl's General Retail 2595 NW Arterial Dubuque IA 3.9 miles Aldi Grocery 2160 Holliday Dr. Dubuque IA 4.1 miles Dollar General General Retail 4989 Radford Ct. Dubuque IA 4.3 miles Asbury Police Department Police 4985 Asbury Rd. Dubuque IA 4.4 miles Asbury Fire Department Fire 5485 Saratoga Rd. Dubuque IA 4.7 miles www.rprg.net 2~ REALPROPERTYRESEARCHGROUP Transportation /Accessibility The major arterial roadways providing access to the city of Dubuque include U.S. Highway 20 (Dodge Street), U.S. Highway 61, U.S. Highway 3, John F. Kennedy Road, and Northwest Arterial. While John F. Kennedy Road and the Northwest Arterial are fully contained within the immediate city of Dubuque area, Highway 20 is along-distance route. Highway 20 travels eastward over the Mississippi River into the State of Illinois and westward the full width of the State of Iowa and beyond. Highway 20 also affords access to downtown Dubuque. KeyLine Transit provides public transportation opportunities in the city of Dubuque via fixed bus routes and paratransit minibus service. KeyLine is sponsored by the city of Dubuque, but operated by a third party named First Transit. KeyLine's four fixed bus routes run between 6:00 am and 6:20 pm Monday through Friday, and between 8:00 am and 5:30 pm on Saturday. The typical fixed-route fare is $1.00, and individuals age 65 and older can ride for $0.50. Monthly passes are $35.00. KeyLine's paratransit service provides adoor-to-door alternative for seniors and disabled persons. All locations within the city of Dubuque are eligible as starting and ending points for a minibus trip. Minibus fares are either $1.00 or $2.00. Trips must be scheduled via phone no later than the day before. RPRG consulted the Dubuque Metro Area Transportation Study (DMATS) FY 2008- 2011 Transportation Improvement .Program prepared by the East Central Intergovernmental Association (ECIA) and the City of Dubuque's FY 2009-2013 Capital Improvement Program in an attempt to identify any planned transportation projects with the potential to significantly impact vehicular, transit, or pedestrian access. The city has allocated funds to conduct a comprehensive study of east-west corridors that might have the potential to alleviate traffic along Highway 20 in the future. Presumably, the east-west Pennsylvania Avenue will be evaluated as part of this study. It is also important to note that a number of local stakeholders, led by ECIA, have been active in attempting to establish an Amtrak link between the port of Dubuque and the city of Chicago. Amtrak studied the concept in mid 2007, and the concept reportedly remains under consideration. Medical Two full-service hospitals are present in the city of Dubuque. Finley Hospital lies 1.1 miles from the city center along Grandview Avenue. The non-profit Finley Hospital offers 142 beds, a 24-hour emergency room/trauma center, and specialty centers such as the Wendt Regional Cancer Center, the Kohl Diabetes Center, and the Babka Wellness Center. The non- profit, Catholic-affiliated Mercy Hospital is located 0.7 miles from the city center. Mercy's 263- www.rprg.net 21 REALPROPERTYRESEARCHGROUP bed facility features an emergency room and specialties such as cancer care, heart care, and rehabilitation. Numerous primary care physicians and medical clinics also serve the City of Dubuque including the Medical Associates Clinic, Dubuque Internal Medicine, Dubuque Family Practice, and Pines Healthcare for Women. All of these facilities /offices are located within two miles of the city center. Schools The Dubuque Community School District provides public education for residents of Dubuque and the surrounding rural areas in eastern Dubuque County. The school district is comprised of 14 elementary schools, three junior high schools, and three high schools. Numerous institutions of higher learning are located within the city of Dubuque including Emmaus Bible College, Loras College, Clark College, Wartburg Theological Seminary, Northeast Iowa Community College, and the University of Dubuque. Other post-secondary educational institutions in the region include University of Wisconsin (Platteville) (23.4 miles), University of Wisconsin (29.6 miles), Clinton Community College (31.2 miles), and Kirkwood College (43.2 miles). Shopping The two largest commercial corridors in Dubuque are NW Arterial and John F. Kennedy Road. Commercial growth along NW Arterial consists of numerous big box retailers such as Kohl's, Sam's Club, Michael's, Old Navy, Bed Bath and Beyond, Dress Barn, Famous Footwear, Pier 1 Imports, Petco, MC Sports, and Star Cinema. Restaurants, convenience stores, and a full service grocery (Hy-Vee) are also located in this area. The 1.5-mile stretch of the John F. Kennedy Road commercial corridor between Highway 20 to the south and Asbury Road to the north offers pharmacies, supermarkets, sit- down restaurants, personal services establishments, comparison-shopping venues, and entertainment establishments. Major convenience establishments along the corridor include two Walgreens pharmacies (at the John F. Kennedy/Asbury and John F. Kennedy/Highway 20 intersections), a Hartig pharmacy, and an Econo Foods supermarket. Big-box retailers along John F. Kennedy include ShopKo, Staples, PetSmart, and Best Buy. Anchor tenants of Kennedy Mall include Younkers, Sears, and JC Penney department stores and a Borders bookstore. In-line tenants include two sit-down restaurants -Dubuque Mining Company and Bishop's diner. Asix-screen Mindframes movie theater is located on a mall outparcel. A strip www.rprg.net ~ REALPROPERTYRESEARCHGROUP shopping center located along the south side of Highway 20 near Kennedy Mall -named Warren Plaza - is anchored by Target and a Hy-Vee supermarket. A Wal-Mart Supercenter lies near the Highway 20/Northwest Arterial intersection. www.rprg.net 23 REALPROPERTYRESEARCHGROUP o ~, ~ ~ 'o ~ °' ~z ~ c ~ ~ ~, ~ = ~~~~ € o•Qz m .` : -, ~ E ~ ^ c7 c7 a ii a ~ cn x ~~ ~ a ~ • m o ` j's Q, a _ , ~ ~ W ~ ea a~' E • of ~ c i ~ ~- ,~~` ~~ ~ ,~~ ~.~~';` ~ ~ ~ 49~ ~My61H sa~~~S p ~lu~~ ~ ~ ~- ~ ~ ~~~ a~ c ;~ ~ ~ ~ ~ ~ ~ ~ ~ ~ yy _ ~' ~ ~~ .~ LL ~,: ~ ,~ . l N l if •~ ~ ~ ~~ N \~ J i ~_~ L,L ~ N ~~~ d N ~ ~ ~~ ~ ~~ ~ ~' >~~ ~ ~_ ) ~ E ~a // V 1 d J_ .Q . ~_ .C V W C 4f 7 1- - - O ~ 0~ ~~VC = V_Q ~ ~~ d <...,, t ~ ~ ii ~ ;~ C J ~ ~~ Z F- ~ / ~ ~ U ~ -~/.' V _, ~ ~ N cL~ ~ i" ~ ~ <{ rn -~ ; _~ d ~-~ >. ~~ ~ ~~ ~_ 3 / _1 '- a~ ~, ~ o i ~; ~' ~ ~ •\ , V ~ Q 0 t~ -~ _ i• !~T x i ,.• J p r r ,_ FF :~ p ~ Gil ~~ -d j ~ v ~ ~ , ~ \\ W ~ - - • `-- •- ~ ~ ~ ~ E __~ _ ~ ~ o r 7 - ~' ~~ i ~ { ~ `°- ~- r Q ~~v \ -- ~ O `~ ~ O - L I ~ j -,-- z ~ ~~ ~ - o ~ ,~; ~'' I Z -- r ~ c ~, `- ` ` ~ --- ~ '. ~ , N I Q~ ~ E ~ ~ } --7 ~(^1 V t0 C D My6 ~ ~ ~n - Z~h , ,~ ,- - -jy- p I ~ ~ "t l ~i ,\ I , I 1 ~ I ~ I a IV. Socio-Economic and Demographic Content The Dubuque market area is comprised of the census tracts located in the city of Dubuque. The Dubuque market area for the purposes of this study is defined as the geographic area from which current and future residents of the community would live. The approximate boundaries of the Dubuque market area and their distance from the subject site are: North: Rupp Hollow Road ..................... East: Mississippi River .......................... South: Mar Jo Quarry Road .................. West: Hales Mill Road .......................... ........................................... (5.1 miles) ........................................... (2.3 miles) ........................................... (2.6 miles) ........................................... (4.2 miles) RPRG's definition of the Dubuque market area is based upon a variety of factors, including physical boundaries, observed development patterns, and U.S. Census Bureau tract definitions. The defined market area reflects the distinct urban/suburban development pattern of the city of Dubuque and immediately bordering areas -including the small cities of Asbury and Sageville and some unincorporated territory. The Dubuque market area's development pattern is contrasted with the remainder of Dubuque County, which exhibits a rural and small town character. A physical barrier, the Mississippi River, defines the Dubuque market area's eastern boundary. The fact that the river also serves as the Iowa-Illinois and Iowa-Wisconsin state borders reinforces this boundary definition. None of the Iowa, Illinois, or Wisconsin counties that border Dubuque County has a population center as sizable as Dubuque. The Dubuque market area includes year 2000 Census tracts 0001, 0003, 0004, 0005, 0006, 000701, 000702, 000801, 000802, 0009, 001101, 001102, 001201 (the subject tract), 001202, 001203, and 01.0101. A map of this market area is shown on page 26. www.rprg.net 25 REALPROPERTYRESEARCHGROUP m Q Y (0 m a 0 0 0 uJ o 0 0 0 0 0 0 M ~ ~ (O Ih n 00 00 O ~ ~ CV (V N Q O O O O O O O O O O O O O O O O O O O O _ O _ O O O _ O _O Z O O O O O O O O O O O O O O O O C 'J~'M C O V fq N N ~ w .O ~ _ z~y - ~ .~ 3 0 V ` l a~ trst ~ -` ,~ E 16 - l ~ ) ~. ~` - -, ~~~ ~ ~~a ~~' ' ~. ~ - ,~ ~; Z ~°.,~c ~ ,, '" ~~~ ~ Terminal St_-~Car~`eA `, _: ~-. I~~ Amelia Cir 1 O Pc f,, 9 ~~My6iH sa `rp ~~ Harns~ t"~ r _ ~ ~ ~ L 7ejSpe u ,Q ,, a^b aas ~ T!un ISJa~ne~ J'°4alul: G:~. ~ ~ t 4llb 'ul lass ~ ~~~'1 ~ Ir, ~' °~ g,~ g~ ~49 ~teMy6iH sa;a;S'paiiu . IJ J >-~/ ~' S//~ S p k~,_ F' 62 0, I aK ~S-auld Q ~~,r ~ ~ °~~, L. ~ap~Lo 'o: ~{~a- ~~ Abbott St ~(O .Ib > '' ~,'G m spa w u_- c~ o r•N ~S: m, u ~W '- GAe ~~ o ~ ~ . ~ Q r :~---' ~/~, ~o o_ ~ ates~~0 ~ ~~S T, ~7.uy~~ ~iP \<-St ~~ "~ ~~~~ °~f~~'/_ s~~`L\ •F+ .- ~ '~ ,; ~ °° ea ~ dreg \CaP i~ ~ ~a~ ~.Y ;~///~~ ~ - N ~C a ~ - Oa~sy N~\~~'rl ~~~~ P, ~h{Q ap-uadsy P = m ~ ink ~~~ p H"nters R dge Q ~ `O ; .'~ '~ tS uaa ' ~'\ peere St ~ ~ ~ ~ _ U ` ~ ~~~` s 7 yJ ~ Cherrywood Jls qr N p~T ~ v _~ a ~~ a 1 ~~ a a9~ ,~~ 3~` ~- i- `I A! ~. U -,- y~ alb ~ ~~ m~ ,, J ~ ay .~e~ .y1 ~ I ~, Hope Dr { p~m r ~ ~' ; =° ;- > ~ ¢` ( ,a 2 c ~ ~ ~ dad ° 2 ~ (_ Edv ~~ _ ^'~ ~r _ /~. As en MeadowCt o 9 ,i Y ~ ' Paua}~apr~% ` `~~ 1 /~ j ~ ~;. P ~- ~ b. ~= t.n Js~ ~~ 7°~ ~ `; --~ ~~;i ~4~6sslap ~ I i' ~~~ a`'b i - Ir?~ ` - ., _ ~ , yy ~ Z ~ Q. .~ o , .. Bies Dr ~e i ester°~ ` W ,=- ~~I~l PnW ~ ! fi \ ~{c ~ p~IvosuoBT ! r;- ~°5 ~~ L~ Cliffortl St Ag9ie St' ~ ~h~ P , _ - ~ a6Ai~ ppi m ~ m ~~ ~ i ' _~ ~ ~ I _ .o ~~ -~ y /tea a .Ga Admiral~$t I ~" ~ ° i N l1 ~ C7 ° _\ ~ g a ~Dr ~~ ~~ `, a ~~~ P21 Pao~Pe2i ~'~ I ~`,\I o s-, z ~ `dge' ~ `'~ ' I V i ~ b I - - -~ ~ ,. p sa/~~ `'` l - Gary p~ ~" J ~ ~~ v ~ 4iSho~ 'Oa~?iU ... °~ I ~ I Berry Ln ~ J~= I ,..- o w ;~ \ - - ~^~ I ~ U I O ' ii c~ t °ma Il s ~~ ~ O~ I a~~i ~ ~ "i`°i. \ "''Doreen Ln - - _rn - c ~ ' , ' ~, °i G~' III ~ ` ~ V l O°_ - ,~, P2i we46ulg. ~~inRd. ~ ~ r F 2 ~° ~` ~ ~ ~~, Q -cd 4 i ~~ , ~ t) ~ , _ Jam/ ~_-- A. Economic Context Dubuque County's at-place employment grew in eight of nine years from 1990 to 1999 adding a total of 7,030 jobs for an increase of 16.1 percent (Figure 2). Following this period of growth, the county suffered a brief contraction in which at-place employment declined by over 1,300 between 1999 and 2002. Beginning in 2003, the Dubuque County economy expanded at an increasing rate through 2006, netting 613 jobs, 1,124 jobs, 1,275 jobs, and 1,470 jobs in consecutive years. An additional 300+ jobs were added during 2007. Dubuque County began to feel some impact from the national recession during 2008, as the county's job base fell by over 220 during the course of the year; however, this decline was relatively modest compared to many areas of the country. Through the first quarter of 2009, Dubuque County's preliminary average at-place employment shows a loss of 2,372 total jobs. While this figure is the most recent measurement available from the U.S. Bureau of Labor Statistics, it includes natural employment fluctuations in seasonal industries such as construction, natural resources-mining, and leisure-hospitality. An analysis of the 2009 first quarter average employment by sector reveals approximately 900 jobs lost during this period are in these industries. The remaining job losses occurred primarily in the manufacturing, trade-transportation-utilities, and information sectors due in large part to layoffs caused by the national recession; however, based on available information of major closures, layoffs, and expansions within Dubuque County, these figures may also be affected, though to a much smaller extent, by seasonal employment changes. Notable business announcements in 2008 and 2009 are detailed below: www.rprg.net 27 REALPROPERTYRESEARCHGROUP Table 2 Business Announcements, 2008-2009 La offs/Closures: Year Industry Sector City Company Type Jobs Lost 2008 Manufacturing Cascade Webber Metal Products, Inc. Layoff 30 2008 Manufacturing Dubuque Flexsteel Industries, Inc. Layoff 33 2008 to 2009 Manufacturing Dubuque Eagle Window and Door Layoff 150 2008 to 2009 Manufacturing Dubuque John Deere Works Layoff 400 2009 Trade-Transportation-Utilities Peosta Bodine Electric Company Layoff 30 2009 Information Dubuque Woodward Communications, Inc. Termination 24 2009 Manufacturing Dubuque Edwards Cast Stone Layoff 23 2009 Trade-Transportation-Utilities Dubuque The Hodge Company Layoff 5 2009 Manufacturing Dubuque Thermo Fisher Scientific Closure 350 2009 Financial Activities Dubuque Prudential Retirement Termination 20 Total 1,065 0 enings /Expansions /Layoff Callbacks: Year Industry Sector City Company Type Jobs Created 2008 Trade-Transportation-Utilities Dubuque Hormel Foods New Facility 180 2008 Manufacturing Dubuque International Transmission Co. New Facility 30 2009 Professional Business Dubuque IBM, Corp New Facility 1,300 2009 Manufacturing Dubuque John Deere Layoff Callback 38 2009 Professional Business Dubuque WS Live Expansion 50 2009 Manufacturing Peosta Rubbermaid Expansion 15 Total 1,613 Source: Iowa Workforce Development, Greater Dubuque Development Corporation The major employment expansions of IBM and Hormel Foods have provided a stabilizing force to the Dubuque County economy which has suffered heavy job losses in the manufacturing and trade-transportation-utilities sectors over the past year and half. Based on information provided by the Dubuque Economic Development Department and the Greater Dubuque Development Corporation, 1,133 new jobs are anticipated through 2010 in addition to the 300+ positions already filled by IBM since its opening in August of this year. While recent layoffs in manufacturing and other industry sectors will soften the impact of this recent and future job growth, Dubuque County is still expected to have a net employment increase through the end of 2010. Additionally, IBM's high profile decision to locate downtown may prove to be a factor in luring other employers (including downtown retailers) to the area. www.rprg.net 28 REALPROPERTYRESEARCHGROUP Finura 2 dfi Plar_p Emn/nvmpnt_ Duhunup County 9990.2008 Employment Growth 3,000 10.0% 8.0% 2,000 6.0 4.0% 1 00 G ,0 2.0% eE 3 n 0 z 0 0.0% 'e d c ~ c a -2.0% ~ z 1 - ,000 -4.0% -6.0 2 000 - , -8.0 3 000 10 0% - , - . 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q1 ~DUbuqueCounty tl-~mUnitedStates ~DubuqueCountyGrowthRate z,lzo 1p7o 1,160 1,109 1,275 1,124 984 746 669 ~~~? ,W,• 613 318 ~~ -17 -22 '1 -8 ~ -1,323 -z,37z Source: Iowa Department of Labor, Bureau of Labor Statistics www.rprg.net 29 REALPROPERTYRESEARCHGROUP Figure 3 At Place Employment Change, Dubuque County 1990-2008 The largest employment sector in the Dubuque County economy is trade-transportation- utilities, which contributed 21.9 percent of all jobs as of the first quarter of 2009 (Figure 4). The trade-transportation-utilities sector is also the largest national employment sector and is responsible for 19.1 percent of all employment. The education-health and manufacturing sectors play key roles in the Dubuque County economy, representing 18.9 percent and 15.6 percent of the county's base respectively. While education-health and manufacturing contribute more than one-third of Dubuque County employment, these two sectors combined represent just 23.4 percent of all employment nationally. Dubuque County is much less reliant upon the government sector for jobs than are many areas; the government sector accounts for just 8.9 percent of all employment opportunities compared to 16.9 percent across the United States. Dubuque County trails nationwide averages in the proportion of jobs of the largely white-collar professional-business sector (7.6 percent versus 12.8 percent). However, the county exceeds national averages in terms of the percentage of jobs in the white-collar financial services (6.7 percent versus 5.9 percent) and information sectors (2.7 percent versus 2.2 percent). Figure 5 details employment change by industry sector within Dubuque County and the United States between 2001 and the first quarter of 2009. Over this period, Dubuque County netted 2,200 new jobs. Nine of eleven major economic sectors contributed positively to this expansion. The fastest growing industries on an annual percentage basis were financial activities at 7.2 percent and natural resources-mining at 2.9 percent; however, annual growth of 1.4 percent in leisure-hospitality, 1.2 percent in education-health, and 0.3 percent in trade- transportation-utilities had a more significant impact in terms of total jobs as three of the four largest employment sectors within the county. The only Dubuque County economic sectors to experience contractions over this time period were manufacturing and construction which shed jobs at annualized rates of 2.4 percent and 0.3 percent, respectively. The annualized rate of job loss in both manufacturing and construction was less severe in Dubuque County compared to the nation. www.rprg.net 30 REALPROPERTYRESEARCHGROUP Figure 4 Employment by Sector, Dubuque County, 2009 Q1 Employment by Sector 2009 Q1 Other Leisure-Hospitalky Education Heakh Professional-Business Financial Activities Information Trade-Trans-Uti I ities Manufacturing Construction Natural Resources-Mining Government 21.9 Source: Iowa Department of Labor, Bureau of Labor Statistics Figure 5 Employment by Sector Change, Dubuque County, 2001-2009 Q7 Annualized EmploymentChange bySector, 2001-2009 Q1 Other Leisure-Hospitalky Education Heakh Profession al-Business Financial Activities Information Trade-Trans-Uti Iities Manufacturing Construction Natural Resources-Mining Government Source: Iowa Department of Labor, Bureau of Labor Statistics www.rprg.net 31 REALPROPERTYRESEARCHGROUP 0.0% 5.0% 10.0% 15.0% 20.0% ^ United States ^ Dubuque County -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% ^ United States ^ Dubuque County Dubuque County's major private-sector employers are clustered in proximity to the city of Dubuque. John Deere Dubuque Works - a major manufacturing facility located just north of Dubuque - is the county's largest employer (Table 3). Five of the 13 largest employers in Dubuque County are in the education-health sector. Large white-collar employers include a multi-media communications company (Woodward) and two insurance companies (Prudential Retirement and Cottingham & Butler). With its recent move to the city, IBM Corporation will be Dubuque County's fourth largest employer. Table 3 Major Employers, Dubuque County RANK NAME Industry # of Employees 1 John Deere Dubuque Works Manufacturing 1,800 2 Dubuque Community School District Education-Health 1,627 3 Mercy Medical Center Education-Health 1,324 4 IBM, Corp. Information Anticipated: 1,300 (2010) 5 The Finley Hospital Education-Health 920 6 Eagle Window and Door Manufacturing 750 7 Medical Associates Clinic, P.C. Education-Health 743 g The City of Dubuque Govemment 604 9 Prudential Retirement Financial Activities 550 10 Holy Family Catholic Schools Education-Health 500 11 Dubuque Racing Association Leisure-Hospitality 500 12 Flexsteellndustries Manufacturing 450 13 Dubuque County Government 450 14 Diamond Jo Casino Leisure-Hospitality 400 15 McGraw Hill Higher Education Professional Business 375 16 Quebecor World Dubuque Professional Business 370 17 Cottingham & Butler Financial Activities 360 1g McKesson Corp. Education-Health 355 19 A.Y. McDonald Mfg. Co. Manufacturing 345 20 Mi-T-M Manufacturing 310 21 Rite Hite Corp. Manufacturing 300 Source: Greater Dubuque Development Corporation Between 1990 and 1996, the resident labor force of Dubuque County reached a total of 50,936 workers for an increase of 4,554 or 9.8 percent (Table 4). Following this six year period, the labor force decreased on an annual basis through 2001 before reestablishing an upward trend in 2002. Overall, the 52,141 workers in 2008 represent an increase of 5,759 or 12.4 percent since 1990. Through the second quarter of 2009; the labor force has decreased by 538 people. www.rprg.net 32 REALPROPERTYRESEARCHGROUP Over the past eighteen years, Dubuque County's unemployment rate has tracked just above the State of Iowa and consistently lower than the nation. Following a high of 6.2 percent in 1990, the unemployment rate declined in seven of the next nine years reaching a period low of 2.8 percent in 1999. Despite rising gradually over the past eight years, Dubuque County's annual average unemployment rate never surpassed 4.5 percent which it totaled in 2004. Due to the national recession, Dubuque County's unemployment surged to 6.3 percent through the second quarter of 2009; however, this is still over three full percentage points below national unemployment rates and just 0.5 percentage points above the State of Iowa. The data and graph in Table 6 track monthly unemployment rates between January 2008 and August 2009 for Dubuque County, Iowa, and the United States. The impacts of the current national economic recession are evident in this data for each of the three jurisdictions. Dubuque County's non-seasonally adjusted unemployment rate in August 2009 - 6.5 percent - was 1.2 percentage points higher than it was in January 2008. All of this increase occurred from November of 2008 to January of 2009. Over the past seven months, the county's unemployment rate appears to have stabilized falling within a range of 5.7 percent to 6.5 percent. Iowa's statewide unemployment rate increased by 1.8 percent between January 2008 and February 2009, to 6.5 percent. The United States unemployment rate nearly doubled over the same period, from 5.4 percent to 9.6 percent. On the whole, the State of Iowa in general and Dubuque County in particular maintain relatively low unemployment rates in the face of the ongoing national recession. www.rprg.net 33 REALPROPERTYRESEARCHGROUP ~o~~ x~v ~ m ~ ~ m ~ m N `~ N ~~1 ,~yr vvui p 00 N ~pOp~~ ]~Qp. 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Vf N N M T lG ~mN~ ~~~ ~ N ~ N V ~ Ilf O p~ N ~ „'~ O O N ~ N ~ N ~N Hl fvl Yf m ~..j ~ N a N a N a ni V O ~ "'~ V b N N ~ a N O V ill O n ~ v N ~ ,a N n N M N O u uhf V N V ? of Q N pO.°1-.a {: m~a N O N of V of d N ~ C V d E ~ o ~ Qa d ~ 4 a Q F ¢° b Tr g u° o' Z ~ P 5 o ~ p h & N lj T 6 Q Q b 0 0 0 ~ 0 0 0 ~ m e r J o a 0 l7 2 Q W H W d O d a W Q: M Q~ G a L i C . N 0 • ~ V _a L ~> y W o L •O V C ^ ~ '~ LL7 O _ '~ C W o _.~.~ :~ l a ~\\ ~ 3~?+j o .C ,. ~ o ~~ ~ o ~ q %^~ d aNi ~ , o ~ ~ v \ - , ~.. °' ~-Y 3 L y~ ~ .~'+ ~ W ~~~ v c N I k ~~ dpi t^! ~~ ~~ ~~ ~ ~ ~1~1 L: ~,!, Y ~ ~ _~ ~ ~, V? -a a a °~ ~ ~ O' i = U ~ ~' .= d~ c; _ y r ~, L F- ~ ~ d \ ~~\ f O M _ v ~ `~ Q % ~ i. E aNi~' ~ } ~ ~~ N ~ ~~ ~f ~ j., 1 ...:: ~ ~ ~, 1. !~ a i -~ ' ~ f ~ --% ~~T---~. m v l ' 1° ~ ~ i V t_ .0 O i ~ .°~ _ ~ ~_ ~ d ` i ~~ I i ~ i i ~ . ~- i i i i ~, i ~, - ~ ~ i - ~` N _ i ~ ~ L ? ~ ~ __ !- - _ !~ r_ _- ~ ~ - I. -- ~ ~ 1. °~ ~ _ ~ ~ ,~ ~ - - - - - ~ ~~ I r - The average annual wage in 2008 for Dubuque County was $35,656, $1,308 or 3.5 percent below the $36,964 average in the state. The state's average wage is $8,588 or 18.9 percent below the national average (Table 6). Dubuque County's average annual wage in 2008 represents an increase of $7,254 or 25.5 percent since 2001. The average wage in Dubuque County is lower than the national average for all economic sectors (Figure 6). In some cases, the average annual wage for Dubuque County is less than three quarters of the national average. The highest paying sectors in Dubuque County are manufacturing and information. Table 6 Average Annual Wage, 2001-2008 2001 2002 2003 2004 2005'' 2006 2007 2008 Dubuque Counly $28,402 $29,208 $30,154 $31,596 $32,414 $33,044 $34,240 $35,656 Iowa $28,837 $29,668 $30,708 $32,097 $33,070 $34,320 $35,738 $36,964 Uniled Slates $36,219 $36,764 $37,765 $39,354 $40,677 $42,535 $44,458 $45,559 Figure 6 Average Annual Wage by Employment Sector, Dubugue County Other Leisure-Hospitality Average Annual Pay by Sec - ~ I i tor 2008 ~ _ Education-Health Professional-Business - -. Financial Activities -- -- _- i Information Trade-Trans-Utilities _ - - - - [- - - _ ~ Manufacturing ~ i Construction a _ Natural Resources-Mining - - , Government $ 0 $10,000 $20,000 $30,000 $40,0 ^ Dubuque County ^ Unite 00 $50,0 d States 00 $60,0 00 $70,0 00 $80,000 www.rprg.net 37 REALPROPERTYRESEARCHGROUP B. Commuting Patterns According to 2000 Census data, over half (63.0 percent) of workers residing in the Dubuque market area spent less than 15 minutes commuting to work (Table 7). Another 28.3 percent commute between 15-29 minutes. Only 6.5 percent of Dubuque market area workers commute 30 minutes or more to work. Over 94 percent of workers residing in the Dubuque market area work in Dubuque County. Only 1.6 percent of residents work in another Iowa county and 4.2 percent work outside the state (Table 8). Table 7 Time Spend Commuting, PMA Workers Travel Time to Work Workers 16 years and over # Did not work at home: 28,698 97.8% Less than 5 minutes 1,619 5.5% 5 to 9 minutes 7,149 24.4% 10 to 14 minutes 9,722 33.1% 15 to 19 minutes 5,490 18.7% 20 to 24 minutes 2,339 8.0% 25 to 29 minutes 483 1.6% 30 to 34 minutes 677 2.3% 35 to 39 minutes 138 0.5% 40 to 44 minutes 102 0.3% 45 to 59 minutes 313 1.1% 60 to 89 minutes 295 1.0% 90 or more minutes 371 1.3% Worked at home 633 2.2% Total 29,331 Source: 2000 U.S. Census Table 8 Place of Work, PMA Workers Place of Work Workers 16 years and over # % Worked in state of residence: 28,104 95.8% Worked in county of residence 27,647 94.3% Worked outside county of residence 457 1.6% Worked outside state of residence 1,227 4.2% Total 29,331 100.0% Source: 2000 U.S. Census www.rprg.net 38 REALPROPERTYRESEARCHGROUP C. Population and Household Trends The population and household statistics for the Dubuque market area and Dubuque County are based on the 1990 and 2000 Census counts. Estimates and projections were derived by Nielson Claritas, Inc., a national data vendor. In order to account for the expected influx of households moving to work for IBM's technology services delivery center, projected household growth in the Dubuque market area was adjusted upward to a total of 1,000 households from 2009 to 2014. This adjustment is slightly more than double the original Nielsen-Claritas projection of 462. While this adjustment is conservative based on the anticipated number of jobs to be added by the end of 2010 (1,300), this figure accounts for households which may leave the Dubuque market area due to unemployment in other sectors such as manufacturing. Dubuque County's 2000 population of 89,143 represents an increase of 2,740 or 3.2 percent since 1990. By comparison, the Dubuque market area added 439 persons or 0.7 percent during the same time period (Table 9). From 2000 to 2009, Claritas estimates the population of Dubuque County increased by 4.6 percent, while the Dubuque market area population remained virtually unchanged with a net decrease of six people. Over the next five years, the populations of Dubuque County and the Dubuque market area are anticipated to grow at rates of 0.6 percent and 0.1 per year, respectively. Based on 1990 and 2000 Census data, Dubuque County added 2,891 households, an increase of 9.4 percent. The Dubuque market area gained a total of 1,259 households (5.8 percent), accounting for over 43 percent of household growth within the county. Nielson Claritas estimates that Dubuque County's household base grew by 2,715 households between 2000 and 2009, compared to an increase of 787 households in the Dubuque market area. Over the next five years, the household bases of Dubuque County and the Dubuque market area are expected to grow at a steady annual rate of 0.8 percent. The average household size has decreased since 1990 in both Dubuque County and the Dubuque market area. The average household~size in Dubuque County is larger than that of the Dubuque market area. www.rprg.net 39 REALPROPERTYRESEARCHGROUP D. Senior Household Trends Over the next five years, senior household growth is expected to outpace total household growth on a percentage basis. Between 2000 and 2009, the Dubuque market area added 141 households with householder age 55+ and 51 households with householders age 62+, equating to annual increases of 1.5 percent and 0.8 percent, respectively (Table 10). Household growth was highest among the youngest and oldest age cohorts with householders age 55-64 and 85+ growing by 23.8 percent to 37.0 percent, respectively. Three of the four senior age cohorts contributed to the overall increase in senior households. The increase in the number of householders between the ages of 55 and 64 -which accounted for over 84 percent of the increase in senior households - is indicative of the aging of the `baby boom' generation. Over the next five years, the Dubuque market area's household base is projected to increase by 1.9 percent annually among householders age 55+ and age 62+. Senior household growth is projected to be more evenly distributed among age brackets with the largest increase in senior households expected to occur between the ages of 62 and 74 years. E. Building PermitActivity An analysis of building permit data for new construction residential units in Dubuque County corroborates the household trends discussed above. County permitting activity was more substantial over the period from 2000 to 2008 than it had been during the 1990s. Between 2000 and 2008, an average of 472 units were authorized per year, an increase of 26.0 percent over the 1990s average of 374 units (Table 11). Overall, building permit activity generally outpaced annual household growth from 1990 to 2000 (289 versus 374) and from 2000 to 2008 (291 versus 472). The excess number of units permitted versus household growth is likely due to the replacement of poor quality housing in some neighborhoods. Nearly three quarters (73 percent) of all building permits issued since 1990 have been for single-family development. www.rprg.net 40 REALPROPERTYRESEARCHGROUP a, o d m e 0 4 N ~. #. ~ Od0 ~ a° 0~\0 b U N V m H ~n m ~°o v N .ti m I m 0 0 c Q '. 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C ~ 7 ~ O W 2 01 m O ~ n N 1D N N m Q O I N m N m N ~ i O N T N N V N M O ~ f 0 N N n N Y M M m M M a V N 7 V t0 N pl ° ° ° ° ° ° ° ° 0 0 ° o O o f l o 0 1 o ~ 1 o o D N o Q 0 M N N d ,~ V 2 a W H W W d d' W d 32Q 9 F. Demographic Characteristics The 2009 Claritas population by age indicates that the Dubuque market area is slightly older than Dubuque County with median ages of 38 and 37, respectively (Table 12). Given the number of smaller colleges and Universities located in Dubuque, the Dubuque market area has a slightly higher percentage of its population between the ages of 18 to 24 years (11.4 percent versus 10.6 percent). Additionally, the Dubuque market area contains a higher percentage of its population in each of the three age cohorts age 65 and older. Dubuque County has a higher percentage in each of the remaining age cohorts. Renters are generally most common between the ages of 25 and 44. Persons within this age segment account for 23.4 percent of the Dubuque market area's population and 23.8 percent of Dubuque County's population. Seniors age 62 and older account for 20.1 percent of the Dubuque market area's population compared to 18.4 percent in Dubuque County. Both the Dubuque market area and Dubuque County have a large percentage of family households. Marriage rates are 51.4 percent in the Dubuque market area and 57.3 percent in Dubuque County (Table 13). Children are present in 30.1 percent of the Dubuque market area's households and 33.2 percent of the Dubuque County's households. Twenty-five percent of the PMA's households with children present are single-parent households while 20.7 percent of Dubuque County households with children present contain one parent. The Dubuque market area has a larger percentage of single person households and non-married households without children. www.rprg.net 44 REALPROPERTYRESEARCHGROUP Table 12 2009 Population by Age Dubuque County Dubuque Market Area Number Percent Number Percent Under 5 years 6,134 6.6% 3,600 6.1% 5-9 years 6,048 6.5% 3,568 6.0% 10-14 years 6,204 6.7% 3,689 6.2% 15-17 years 4,143 4.4% 2,421 4.1% 18-20 years 4,745 5.1% 3,383 5.7% 21-24 years 5,084 5.5% 3,393 5.7% 25-34 years 10,507 11.3% 6,621 11.2% 35-44 years 11,655 12.5% 7,202 12.2% 45-49 years 6,747 7.2% 4,108 6.9% 50-54 years 6,688 7.2% 4,218 7.1% 55-59 years 6,170 6.6% 3,895 6.6% 60-61 years 1,924 2.1% 1,193 2.0% TOTAL Non-Senior 76,049 81.6% 47,291 79.9% 62-64 years 2,885 3.1% 1,790 3.0% 65-74 years 6,896 7.4% 4,455 7.5% 75-84 years 4,895 5.3% 3,602 6.1% 85 and older 2,487 2.7% 2,015 3.4% TOTAL Senior 17,163 18.4% 11,862 20.1% TOTAL''_ 93,212 100.0% 59,153 100.0% Median_ Age 37 38 Source: Nielsen-Claritas, Inc, Estimate, Real Property Research Group, Inc. www.rprg.net 45 REALPROPERTYRESEARCHGROUP Table 13 2009 Households by Household Type Dubuque County Dubuque Market Area # % ~ ~o'' Married w/ Child 9,594 26.4% 5,381 22.6% Married w/o Child 11,266 30.9% 6,853 28.8% Male hhldr w/ Child 582 1.6% 360 1.5% Female hhldr w/ Child 1,927 5.3% 1,432 6.0% Non Married Households w/o 2,630 7.2% 1,970 8.3% Children Living Alone 10,406 28.6% 7,821 32.8% Total 36,405 100.0% _ 23,817 104,0% Source: Nielsen-Claritas, Inc.,U.S. Census of Population and Housing, 2000, Estimates, RPRG www.rprg.net ~ REALPROPERTYRESEARCHGROUP The Dubuque market area's renter percentage is higher the Dubuque County's, overall. The estimated 2009 renter percentages are 31.4 percent in the Dubuque market area and 25.4 percent in Dubuque County (Table 14). The renter percentages in both geographies are projected to decrease slightly through 2014; however, given the recent increase in foreclosures and tightening lending requirements, the increase in homeownership is unlikely in the near term. Among householders age 62 and older, the renter percentages in both areas are lower than among all households. The senior renter percentage is 24.2 percent in the Dubuque market area and 19.3 percent in Dubuque County (Table 15). Dubuque Count 2000 2009 2014 Housing Units Number Percent Number' Percent Number Percent Owner Occupied Renter Occupied 24,747 8,943 73.5% 26.5% 27,150 9,255 74.6% 25.4% 28,441 9,417 75.1% 24.9% Total Occupied: Total Vacant 33,690 1,815 100.0% 36,405 2,508 100.0% 37,858 2,608 100.0% TOTAL UNITS 35,505 38,913 40,466 Dubuque Market Area 2000 2009 2014 Housing Units .Number Percent Number Percent Number Percent Owner Occupied Renter Occupied 15,632 7,398 67.9% 32.1% 16,339 7,478 68.6% 31.4% 17,108 7,709 68.9% 31.1% Total Occupied Total Vacant 23,030 1,281 100.0% 23,817:_ 1,675 100.0% 24,817 1,734 100.0% TOTAL UNITS 24,311 25,492 26,551 Table 14 Dwelling Units by Occupancy Status 75% 2009 Tenure Breakdown Dubuque County Renter _ ~~~..~: J Source: U.S. Census of Population and Housing, 2000, Nielsen-Claritas, Inc. www.rprg.ne{ 47 REALPROPERTYRESEARCHGROUP 2009 Tenure Breakdown Dubuque Market Area Table 15 Occupancy Status, Householders 62+, PMA and Dubuque County Senior Households 62 and over Dubuque County,,, Dubuque Market Area. 2009_Households Number .Percent Number Percent Owner Occupied 8,380 80.7% 5,348 75.8% Renter Occupied 2,002 19.3% 1,705 24.2% ~7otal_Occupied 10,383 100.0% 7,053 100.0% Source: Nielsen-Claritas, Inc, Estima tes, Real Property Research Grou p, Inc. Approximately seventy-five percent of all renter households in the Dubuque market area and Dubuque County contain one or two persons (Table 16). An additional 11.3 percent and 11.5 percent of renter households contain three persons in the Dubuque market area and Dubuque County, respectively. Households with four or more persons account for just 12.0 percent of renter households in the Dubuque market area and 14.5 percent of renter households in Dubuque County, respectively. Table 16 2009 Renter Households by Household Size Source: Nielsen-Claritas, Inc.,U.S. Census of Population and Housing, 2000, Estimates, RPRG Dubuque County Dubuque Market Area Renter Occu ied __ _ Number Percent Number Percent 1-person household 4,802 48.8% 3,984 51.1% 2-person household 2,484 25.2% 2,003 25.7% 3-person household 1,133 11.5% 882 11.3% 4-person household 784 8.0% 567 7.3% 5-person household 421 4.3% 240 3.1% 6-person household 158 1.6% 92 1.2% 7+- erson household 56 0.6% 33 0.4% TOTAL 9,837 100.0% 7,800 1Q0.0°l° www.rprg.net 48 REALPROPERTYRESEARCHGROUP Among owner households, the Dubuque market area is slightly older than Dubuque County with a higher percentage in four of the five age cohorts 45 years and older (Table 17). Similarly, renter households in the Dubuque market area are also older compared to the county with a higher percentage in each age cohort 45 years and older. In the Dubuque market area, 27.9 percent of owner households and 38.5 percent of renter households have a householder between the ages of 25 and 44. Among seniors, 27.1 .percent and 20.7 percent of owner and renter households, respectively, have a household age 65 or older. Table 17 2009 Households by Tenure & Age of Householder Owner Households I Dubu ue Count Dubu ue Market Area A e of HHldr Number Percent Number Percent 15-24 years 447 1.6% 224 1.4% 25-34 years 3,181 11.6% 1,751 10.6% 35-44 years 4,883 17.8% 2,861 17.3% 45-54 years 6,388 23.3% 3,860 23.4% 55-64 years 5,575 20.4% 3,339 20.2% 65-74 years 3,721 13.6% 2,311 14.0% 75 to 84 years 2,484 9.1% 1,690 10.2% 85+ ears 702 2.6% 468 2.8% Total 27,3$2 100% '16,504 100% Renter Households _ Dubu ue Count .Dubu ue Market Area A e of HHldr Number Percent Number Percent 15-24 years 1,563 17.3% 1,237 16.9% 25-34 years 2,139 23.7% 1,681 23.0% 35-44 years 1,468 16.3% 1,132 15.5% 45-54 years 1,243 13.8% 1,019 13.9% 55-64 years 826 9.2% 732 10.0% 65-74 years 651 .7.2% 538 7.4% 75 to 84 years 727 8.1% 623 8.5% 85+ ears 407 4.5% 351 4.8% Total 9,023 100% 7,333 100% Source: Nielsen-Claritas, Inc, Estimate, Real Property Research Group, Inc. www.rprg.net 49 REALPROPERTYRESEARCHGROUP G. Income Characteristics Based on Claritas projections, the 2009 median income for all households living in the Dubuque market area was $42,933, $4,061 or 8.6 percent lower than the Dubuque County median of $46,993 (Table 18). The Dubuque market area has a higher percentage of its householders in each income classification below $45,000. Among senior householders age 62 and older, the 2009 estimated median income in the market area is $33,317, which is 77.6 percent of the overall median (Table 20). Within the Dubuque market area, over one-quarter (26.4 percent) of all senior households (62+) earn less than $25,000. Based on Claritas income projections, the relationship between owner and renter incomes as recorded in the 2000 Census, the breakdown of tenure, and household estimates, RPRG estimates that the median income of renters in the Dubuque market area as of 2009 is $26,536, less than one half (49.8 percent) of the owner household median of $53,297 (Table 19). Over forty-six percent of renter households earn less than $25,000, compared to 15.3 percent of owner households. RPRG estimates that the median income of senior renters (62+) in the Dubuque market area of $23,297 is $14,152 lower than or 62.2 percent of the owner household median of $37,449 (Table 19). Over half (53.6 percent) of senior renter households in the Dubuque market area earn less than $25,000 compared to 30.1 percent of owner households. www.rprg.net 50 REALPROPERTYRESEARCHGROUP Table 78 2009 Income Distribution, Dubuque Market Area and Dubuque County. Dubuque County Dubuque Market Area Number Percent Number Percent less than $25,000 7,986 21.9% 6,002 25.2% $25,000 $29,999 2,427 6.7% 1,726 7.2% $30,000 $34,999 2,367 6.5% 1,654 6.9% $35,000 $39,999 2,247 6.2% 1,574 6.6% $40,000 $44,999 2,314 6.4% 1,624 6.8% $45,000 $49,999 2,161 5.9% 1,399 5.9% $50,000 $59,999 3,695 10.1% 2,365 9.9% $60,000 $74,999 4,446 12.2% 2,627 11.0% $75,000 $99,999 4,297 11.8% 2,334 9.8% $100,000 $124,999 2,129 5.8% 1,180 5.0% $125,000 $149,999 1,002 2.8% 540 2.3% $150,000 $199,999 477 1.3% 255 1.1% $200,000 over 857 2.4% 537 2.3% Total 36,405 : 100.0% 23,817 100.0% Median income $46,993 $42,933 Source: Nielsen-Claritas, Inc, Estimates, Real Property Research Group, Inc. 2009 Household Income by Area 30% 25% ---- ---------------------------------------------------------------------------------------------------------------------- 20% - ---------------------------------------------------------------------------------------------------------------------- 0 0 L v 0 15% - ------------°-------------------------------------------------------------------------------------------------------- x 0 10 % - ---------------------------------------------------- ---- --- ------------------------------------------- 5 % - --- --- --- ---- --- --- ---- --- --- ------------------------------- 0% <$25K $25- $30- $35- $40- $45- $50- $60- $75- $100- $125- $150- $200+K $29.9K $34.9K $39.9K $44.9K $49.9K $59.9K $74.9K $99.9K $124.9K $149.9K $199.9K ^ Dubuque County ^ Dubuque Market Area www.rprg.net 51 REALPROPERTYRESEARCHGROUP Table 79 Income by Tenure, Dubuque Market Area Renter Households Owner Households Number Percent Number Percent less than $25,000 3,497 46.8% 2,505 15.3% $25,000 $29,999 769 10.3% 957 5.9% $30,000 $34,999 736 9.8% 918 5.6% $35,000 $39,999 701 9.4% 873 5.3% $40,000 $44,999 433 5.8% 1,191 7.3% $45,000 $49,999 373 5.0% 1,026 6.3% $50,000 $59,999 243 3.3% 2,122 13.0% $60,000 $74,999 270 3.6% 2,357 14.4% $75,000 $99,999 215 2.9% 2,119 13.0% $100,000 $124,999 113 1.5% 1,067 6.5% $125,000 $149,999 52 0.7% 488 3.0% $150,000 $199,999 24 0.3% 231 1.4% $200,000 over 51 0.7% 486 3.0% Total - `-7;478 100.0% 16,339 100.0% Median Income $26,536 $53,297 Source: Nielsen-Claritas, Inc, Estimates, Real Property Research Group, Inc. 2009 Household Income by Tenure 4,000 3,500 - ---------------------------------------------------------------------------------------------------------------------------------- 3,000 - ---------------------------------------------------------------------------------------------------------------------------- ~ 2,500 - ------------------------------------------------------------------------ 0 r ~ 2,000 - ----------------------------------------------------------- ------ x ~° 1,500 - - ----------------------------------------------------------- ------ ------- 1,000 - ~ -------------------------------------- ------ ------- ------ ~ s 500 - --- .:? ---- --- '< ------- ------ ------- ------ ------- ------ ------- ---------------- -- .~ 0 <$25K $25- $30- $35- $40- $45- $50- $60- $75- $100- $125- $150- $200+K $29.9K $34.9K $39.9K $44.9K $49.9K $59.9K $74.9K $99.9K $124.9K $149.9K $199.9K o Renter Households ^ Owner Households www.rprg.net 52 REALPROPERTYRESEARCNGROUP Table 20 2009 HH Income by Age of Householder, Dubuque Market Area Total 15-24 25-34 35-44 45-54 SS-64 65-74 75+ TotaLHoiiseholds 23 817: 1,461 3,432 3,993 4,879 A 071 .2;849.. 3,132 less than $25,000 6,002 717 703 754 734 787 848 1,459 $25,000-$34,999 3,380 213 636 543 435 480 553 520 $35,000-$49,999 4,597 304 723 829 763 791 650 537 $50,000-$74,999 4,992 124 930 936 1,204 1,029 414 355 $75,000-$99,999 2,334 46 251 456 857 487 140 97 $100,000-$124,999 1,180 19 110 205 464 200 121 61 $125,000-$149,999 540 8 52 115 189 100 36 40 $150,000-$199,999 255 15 13 45 64 64 30 24 $200,000-$250,000 178 9 3 22 55 47 25 17 $250,000 or more 359 6 11 88 114 86 32 22 Median Income $42,933.. .....$25,668 $42,868 $47 400 $61,181 $44,630 $35,457 $26 864 Source: Nielsen-Garitas, Inc, Real Property Research Group, Inc. . Median Household Income byAge ofHouseholder 565,000 $61,181 5eoaoo --------------------•---------------------------------------°------------------°------------- ------------------------------------------------------------------------- $49,630 $so,ooo ------------°----------------------------------------°----------------- $47,400 ----------- ------------------------------------------------------------------------- u 545,000 -----$42,933 ----•-----------------------------$42,868----------- ----------- ----------- -------------------------------------------------- E o Saoooo ---- ------°-------°----------------- -°------- ----------- ----------- ~ $3s,as7 v Sas,ooo ---- •---•----------°°--------------- ---------- ----------- ----------- ------•--- ---------•------------------ 0 ~, Sao,ooo ---- - $25,668'----------- - ----------- - - -----------•$26,864•°--- 0 _ ~ Szs,ooo ---- ----------- ----------- ---------- ----------- ----------- -°------- ----------- x c _ ~ 3zo,oao ---- ----------- ----------- ---------- ----------- ----------- ---------- --------°- 'v w ----------- ----- g Sis,oao ---- ----------- -----•----- ---------- ----------- ----------- ---------- 5to,ooa ---- ----------- ----------- ---------- ----------- ----------- ---------- ----------- SsAOO ---- ----------- ------°--- ---------- ----------- ----------- ---------- 90 Total 15-24 25-34 35-04 45.54 55-64 65-74 75+ Age of Householder www.rprg.net 53 REALPROPERTYRESEARCHGROUP Table 21 Income for HHs 62+ by Tenure, Dubuque Market Area Renter Household Owner Households Number Percent - Number __ Percent less than $25,000 914 53.6% 1,612 30.1% $25,000 $29,999 167 9.8% 436 8.2% $30,000 $34,999 166 9.7% 432 8.1% $35,000 $39,999 151 8.9% 395 7.4% $40,000 $44,999 78 4.6% 393 7.3% $45,000 $49,999 62 3.6% 309 5.8% $50,000 $59,999 91 5.3% 454 8.5% $60,000 $74,999 31 1.8% 453 8.5% $75,000 $99,999 21 1.2% 346 6.5% $100,000 $124,999 10 0.6% 227 4.3% $125,000 $149,999 5 0.3% 99 1.9% $150,000 $199,999 3 0.2% 68 1.3% $200,000 over 6 0.3% 122 2.3% '.Total - 1,705 100.0% 5,348 100.0% _ Median Income .'$23,297 $37,449 Source: Nielsen-Claritas, Inc, Estimates, Real Property Research Group, Inc. 2009 Incomefor Householder 62 and Older by Tenure 1,800 1,600 ---- -------------------------------------------------------------------------------------------------------------------------------------- 1,400 ---- ------------------------------------------------------------------------------------------------------------------------------ 1,200 ---- -------------------------------------------------------------------------------------------------------------------------------------- 1,000 ---- --------------------------------------------------------------------------------------------------------------------------------- 800 - -------------------------------------------------------------------------------------------------------------------------------------- 600 - -------------------------------------------------------------------------------------------------------------------------------------- 400 - ------- ------- ------- ------- ------------------ ------- --------------------------------------------------------- 200 - ------- ------- ------- ------- ------- ------- ------- ------- ------ ---------------------------------- 0 <$25K $25- $30- $35- $40- $45- $50- $60- $75- $100- $125- $150- $200+K $29.9K $34.9K $39.9K $44.9K $49.9K $59.9K $74.9K $99.9K $124.9K $149.9K $199.9K ®Renter Household ^ Owner Households www.rprg.net `~ REALPROPERTYRESEARCHGROUP H. Crime Data We reviewed data on crimes committed within the boundaries of the city of Dubuque as reported to the Federal Bureau of Investigation (FBI) by the Dubuque Police Department. This data is publicly available on the FBI's website, in the form of the Uniform Crime Reports. We compiled annual data on incidents of both violent crime and property crime for the years 2006 and 2007 (Table 22). The Dubuque Police Department reported 354 violent crimes in the city for the 2006 calendar year. The bulk of these crimes were aggravated assaults, though 21 rapes and 16 robberies were also reported. The number of rapes, robberies, and aggravated assaults increased in Dubuque during 2007, and one murder was also reported. Overall, there were 6.1 incidents of violent crime per 1,000 city residents in 2006, and 7.1 incidents per 1,000 city residents in 2007. Property crimes also increased between 2006 and 2007, from 29.2 incidents per 1,000 persons to 33.7 incidents per 1,000 persons. A 40 percent increase in the number of burglaries fueled the overall property crime increase. Table 22 Crime Rate, Dubugue City of Dubuque '..-: TOTAL TOTAL Motor Total All Violent Forcible Aggra~eted Property Larceny- Vehicle Populatlon~ Crime Crime Murder Rape Robbery Assault crime Burglary Theft Theft Arson 2006 Total Crimes 58,105 2,048 354 0 21 16 317 1,694 436 1,179 79 43 Incidents Per 1,000 Resldents 35.2 6.1 0.0 0.4 0.3 5.5 29.2 7.5 20.3 1.4 0.7 2007 Total Crimes 57,894 2,353 407 1 23 27 356 1,948 610 1,256 80 47 Incidents Per 1,000 Residents 40.8 7.1 0.0 0.4 0.5 6.2 33.7 10.6 21.8 1.4 0.8 Average Incidents Per 1,000 Resldents 38.0 6.6 0.0 0.4 0.4 5.8 31.4 9.0 21.0 1.4 0.8 Source: Fede2l Buruea o//nvesligafion (Uniform Crime Reporting Program, 2006 and 2007) www.rprg.net ~ REALPROPERTYRESEARCHGROUP V. Supply Analysis A. Area Housing Stock The Dubuque market area's rental stock was denser than Dubuque County's at the time of the 2000 Census (Table 23). The Dubuque market area had a higher percentage of its rental units in single-family attached homes, duplexes, and structures with three or more units. Structures with ten or more units contained 25.3 percent of the Dubuque market area's rental stock and 22.6 percent of Dubuque County's rental units. Based on the City of Dubuque's licensed rental list, an updated distribution of the Dubuque market area's rental stock is detailed in Table 24. Compared to the 2000 Census, a higher proportion of rentals in 2009 are contained within duplexes, structures with three to four units, and structures with 20+ units. Overall, the rental stock in the Dubuque market area has increased in density between 2000 and 2009. Table 23 2000 Renter Households by Number of Units Dubuque County Dubuque Market Area Renter Occupied Number Percent Number Percent 1, detached 1,709 19.1% 956 12.9% 1, attached 266 3.0% 253 3.4% 2 1,646 18.4% 1,442 19.5% 3-4 1,695 19.0% 1,501 20.3% 5-9 1,439 16.1% 1,308 17.7% 10-19 874 9.8% 744 10.1% 20+units 1,141 12.8% 1,123 15.2% Mobile home 167 1.9% 59 0.8% Boat, RV, Van 0 0.0% 0 0.0% TOTAL' 8;937 " 100.0% 7,386 100Of Source: U.S. Census of Population and Housing, 2000, STF3. Table 24 2009 Renter Households by Number of Units, Dubuque Market Area Dubuque Market Area Renter Occupied .Number Percent.... 1, detached /attached 790 9.9% 2 1,892 23.8% 3-4 1,656 20.8% 5-9 1,324 16.7% 10-19 974 12.3 20+ units 1,310 16.5% DOTAL 7,946 100.0% Source: Dubuque Housing and Community Development www.rprg.net 56 REALPROPERTYRESEARCHGROUP As of the 2000 Census, the median year built among owner occupied housing units was 1956 in the Dubuque market area and 1962 in Dubuque County. Among renter occupied households, the median year built was 1951 in the Dubuque market area and 1952 in Dubuque County. From 1990 to 2000, only 6.9 percent of the Dubuque market area's rental stock was constructed compared to 8.1 percent in Dubuque County. Table 25 Year Property Built Dubuque County Dubuque Market Area Owner Occupied Number Percent Number Percent 1999 to 2000 350 1.4% 104 0.7% 1995 to 1998 1,416 5.7% 545 3.5% 1990 to 1994 1,615 6.5% 887 5.7% 1980 to 1989 1,571 6.3% 605 3.9% 1970 to 1979 4,276 17.3% 2,153 13.8% 1960 to 1969 3,951 16.0% 2,722 17.4% 1950 to 1959 3,133 12.7% 2,468 15.8% 1940 to 1949 1,476 6.0% 995 6.4% 1939 or earlier 6,965 28.1% 5,165 33.0% TOTAL 24,753 100.0% 15,644 100.0% MEDIAN YEAR 13lIILT 1962 1956 Source: U.S. Census of Population and Housing, 2000, STF3. Dubuque County bubuque Market Area. Renter Occu ied Number 'Percent Number Percent 1999 to 2000 16 0.2% 11 0.1% 1995 to 1998 400 4.5% 284 3.8% 1990 to 1994 308 3.4% 224 3.0% 1980 to 1989 526 5.9% 455 6.2% 1970 to 1979 1,655 18.5% 1,370 18.5% 1960 to 1969 1,011 11.3% 825 11.2% 1950 to 1959 702 7.9% 601 8.1% 1940 to 1949 698 7.8% 581 7.9% 1939 or earlier 3,621 40.5% 3,035 41.1% TOTAL 8,537 100.0% 7,386 100.0% MEDIAN YEAR BUILT 1952 1951 Source: U.S. Census of Population and Housing, 2000, STF3. www.rprg.net 57 REALPROPERTYRESEARCHGROUP B. For-Sale Data / Homeownership Although for-sale statistics are not available on a Census tract level, data was available for the Dubuque area which includes the city of Dubuque, Dubuque County, and small portions of Illinois and Wisconsin. Over the past six years, an average of 1,189 homes were sold each year in the Dubuque area (Table 26). For-sale activity in the area peaked in 2006 at 1,373 homes sold before slowing steadily in 2007 and 2008. Despite the decrease in overall activity, a total of 996 homes were sold in 2008. Through September of 2009, 695 homes have been sold in the Dubuque area and 704 were actively listed. According to MLS data provided by the Dubuque Board of Realtors, 425 of 688 active listings were in the city of Dubuque. The average sales price through September 2009 in the Dubuque area was $153,500, up 5.6 percent from the previous year. The average sales price of new homes increased between 2005 and 2007 by an average of 2.3 percent per year before declining by 1.4 percent in 2008. Overall, the average sales price has increased 3.2 percent since 2005. Overall, the for-sale housing market in Dubuque has been relatively stable, particularly when compared to other parts of the nation. According the Realtytrac, which monitors foreclosure filings for cities and counties throughout the United States, both the city of Dubuque and Dubuque County are ranked among the lowest in terms of foreclosures. Additionally, when comparing current rental listings with 2000 Census data, the percentage of the rental stock consisting of single-family attached and detached homes has decreased from 16.3 percent to 9.9 percent. This illustrates that unsold single-family homes have not flooded the rental market as a result of foreclosures and falling home prices. Table 26 For-Sale Data, Dubuque Area Home Sales Data --Dubuque Area 2005 2006 2007 2008 2009* Average'05-'08 Total Units Sold 1,221 1,373 1,164 996 695 1,189 Average Sales Price $140,800 $143,900 $147,400 $145,300 $153,500 $144,350 Change in Average Sale Price N/A $3,100 $3,500 -$2,100 $8,200 $4,500 Percentage Change in Sales Price N/A 2.20% 2.43% -1.42% 5.64% 3.20% Sales Volume $171,964,600 $197,732,000 $171,606,000 $144,746,000 $106,682,100 $171,512,150 Active Listin s 704 *Data is current through September of 2009 Source: Realtor Associations, Multiple Listing Services, Ruhl & Ruhl Realtors www.rprg.net 58 REALPROPERTYRESEARCHGROUP C. General Occupancy Rental Market As part of this analysis, Real Property Research Group, Inc. surveyed fifteen general occupancy rental communities including eight market rate communities and seven tax credit communities. Eleven of the fifteen properties offer garden-style units, while the remaining four properties offer a mixture of styles which include adaptive reuse apartments and townhomes. A profile sheet of each community is attached as Appendix 4 Community Photos and Profiles. These surveyed communities are representative of the Dubuque market area's multi-family rental stock. The location of each surveyed community is shown on Map 4. The fifteen surveyed rental communities combine to offer 800 rental units. Only 14 units were reported vacant at the time of our survey resulting in an overall vacancy rate of 1.8 percent (Table 29). Among the seven LIHTC communities, two of 226 units (0.9 percent) were reported available. Additionally, nine of the fifteen properties currently maintain waiting lists. Details on each property's waiting list are shown in Table 27 below. Given that the Dubuque rental stock contains a large proportion of lower-density scattered site rentals, many of which are independently owned, RPRG attempted to contact companies or individuals who managed the largest number of units in order to get an accurate picture of the current rental market. In total, the six management companies surveyed manage 976 total rental units. All six companies reported vacancy rates of less than five percent while three of the six companies reported 100 percent occupancy (Table 28). Table 27 Waiting List Summary, Surveyed Rental Communities Property Type Waiting List Arbor Glen LIHTC /Market Unspecified waiting list for market rate units Asbury Meadows LIHTC 350 applicants on waiting list Bishop Block LIHTC Waiting list of 50 applicants Kennedy Point LIHTC Waiting list of 5 applicants Key Downtown Market Long waiting list Key West Market Long waiting list The 1000 Block LIHTC Waiting list of 15 applicants Washington Court LIHTC Waiting ilst of 30 applicants Lawlor/Gan~ey Place LIHTC Waiting list of 20 to 30 applicants Table 28 Rental Summary, Property Management Companies Company/Owner Total Units Managed Vacancy Rate Average Rent/ Rent Range Executive Management 600 Less than 5% N/A Queck Capital Management 110 0% $800 Fisher Companies 85 4.60% N/A Genesis Two Management 80 0% N/A Mid America Property Management 63 0% $375 to $675 American Realty 38 3% $275 to $675 Tota I 976 www.rprg.net 59 REALPROPERTYRESEARCHGROUP ~, (V • C T 7 w O -~ O a~ U_ m Y `a _ Y U ~~ 'O ~ ~ z~ti ~ x C ~ .~ 3 ~ H V O N v a ,,, _, ~ _ a~ t a. /,r' ~ C ~\ V ~~ y~ Sao ~`k ~" .. ~ , ~ _ 3 V ~ 1~=~ ! wJ~~~~ U ~ o l ~ / o . ~ ~ e` OC ~ I - N o `- gmelia,Cir p~~ Qcc o ,,~` \ ~ t ~ .- - ~ ~~ -tGacct` 1 l - ~ fQ L'U~ I~'~~ ~ Y ~ m ~;~~ el~--=~puelul ~ s a ~ ,. 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L U ` 3 ti _ ~ ~ ~~.. J ~ O ~ U v r ~ c u o°/c ~"' v Ol O O N v -a 0 e 0 U L W O a` °v v Z ~n a v U H a O 2 V Q W H r~ r W d O o. J a W d C ~1 a Few recreational amenities are offered among the Dubuque market area's surveyed rental stock (Table 30). Among the fifteen surveyed communities, nine offer no common area amenities at all. Of the six properties that do, the most common amenities are a playground (four properties), a community room (three properties), computer center (two communities), and fitness room (one community). Seven of the fifteen surveyed communities include the cost of water/sewer and trash removal in the price of rent. Another five communities include just the cost of trash removal. Only three of the surveyed communities include more than these basis utilities with the inclusion of heat, hot water, and cooking (natural gas) (Table 35). . Two bedroom units are the most common floor plan among the surveyed communities as they are offered at twelve of fifteen communities. One and three bedroom units are present in ten and five communities, respectively. Among the communities providing a unit mix distribution, 60 percent of units were two bedroom units. One bedroom units represent 28 percent of the surveyed stock compared with 12 percent for three bedroom units. Table 30 Common Area Amenities of Surveyed Communities 13uisness/ Tennis iomputer Community Clubhouse Fitness ftaom Pool Playground Court Centel Gated Entry , Arbor Glen ^ ^ ^ ® ^ © ^ Asbury Meadows ® ^ ^ ® ^ ^ ^ Bishop Block/Riverview ^ ^ ^ ^ ^ ^ ^ Kennedy Point ® ® ^ ^ ^ ® ^ Key Downtown ^ ^ ^ ^ ^ ^ ^ Key West ^ ^ ^ ® ^ ^ ^ Kluck Apts (Raven Oaks) ^ ^ ^ ^ ^ ^ ^ Kluck Apts (Sundown Court) ^ ^ ^ ^ ^ ^ ^ Lawlor/Garvey Place ^ ^ ^ ® ^ ^ ^ Penn Place ^ ^ ^ ^ ^ ^ ^ Pine Terrace ^ ^ ^ ^ ^ ^ ^ The 1000B1ock ^ ^ ^ ^ ^ ^ ^ Washington Court ® ^ ^ ^ ^ ^ ^ Westgate Manor ^ ^ ^ ^ ^ ^ ^ Westgate Villa ^ ^ ^ ^ ^ ^ ^ Source: Field Survey, Real Property Research Group, Inc. October 2009. The street rents at existing communities have been adjusted to account for rental incentives and the inclusion of utilities to compute net rent. The average net effective rent among the surveyed communities is $464 for a one bedroom unit, $614 for a two bedroom unit, and $662 for a three bedroom unit. Among one bedroom floor plans, rents range from a low of www.rprg.net 62 REALPROPERTYRESEARCHGROUP $360 at Key Downtown Apartments to a high of $610 at Westgate Manor with an average unit size of 627 square feet and an average rent per square foot of $0.74. Two bedroom floor plans rent from $450 at Asbury Meadows to $970 at Westgate Villa with an average unit size of 927 square feet and an average rent per square foot of $0.66. Net rents for three bedroom floor plans fall between $565 at Asbury Meadows and $775 at Arbor Glen with an average unit size of 1,203 square feet and a rent per square foot of $0.55. In order to determine what rents would be reasonable for a typical newly-constructed garden style apartment community in the Dubuque market, the rents of the most attractive communities are adjusted for a variety of factors including curb appeal, square footage, utilities, and amenities. As this is an estimate of market rent, market rate communities are the most desirable comparables. We have made a series of adjustments for amenities, utilities, condition, age, and unit size. These calculations are shown in Table 31 and the assumptions used are shown in Table 34. These estimated market rents are based on the market rate rents at Westgate Manor, Penn Place, Sundown Court, Raven Oaks, Westgate Villa, and Arbor Glen. The estimated market rents are $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit. Adjustments for unit size were based on proposed square footages of 700 for a one bedroom unit, 950 for a two bedroom unit, and 1,300 for a three bedroom unit. Given the age of the existing rental stock and tight rental market, a newly constructed rental community with average features and amenities could expect to achieve rents at or near these amounts. www.rprg.net 63 REALPROPERTYRESEARCHGROUP Table 31 Estimated Market Rent, One Bedroom Units One'Bedroom Units Subject Property. Comparable Propeity #1 Comparable Property #2 Comparable Pmpeity #3 Westgate Manor Penn Place Sundown Court 3680 Pennslyvania Avenue 3702 Pennslyvania Avenue 3064 Sundown Court Dubuque Dubuque Dubuque Dubuque Dubuque Dubuque A. Rents'Chatgcd Subject Data $ Adj. Data $ Adj. .Data S Adj. Street Rent $595 $0 $565 $0 $550 $0 Utilities Included W,S,T T $10 W,S,T $0 T $10 Rent Concessions None $0 None $0 None $0 Effective Rent $0 $605 $565 $560 In parrs B thr:r D, adjustments were made onlyfar differences B. Design, Location, Condition Data $ Adj.. Data $ Adj. Data $ Adj. Structure /Stories Gazden Garden $0 Garden $0 Garden $0 YearBuitt/Year Renovated 2011 1998 $10 1972 $29 1986 $19 Condition/Street Appeal Excellent Average $50 Below Average $75 Average $50 Locatan Above Average Average $25 Average $25 Average $25 C. Unit EquipmentlAmcnitics Data $ Adj. Data $ Adj. Data $ Adj. Number ofBedrooms 1 1 $0 1 $0 1 $0 Number ofBatluooms 1 1 $0 1 $0 1 $0 Unit Interior Square Feet 750 655 $24 620 $33 800 ($13 ) Balcorry /Patio /Porch Yes Yes $0 Yes $0 No $5 AC Type: Central Central $0 Central $0 Central $0 Range /Refrigerator Yes /Yes Yes /Yes $0 Yes /Yes $0 Yes /Yes $0 Microwave /Dishwasher Yes /Yes No /Yes $5 No /Yes $5 No /Yes $5 Washer/Dryer. In Unit No No $0 No $0 No $0 Washer/Dryer: Hook-ups Yes No $5 No $5 No $5 D. Site Equipment/Amenities Data $ Adj. Data $ Adj. Dafa `$ Adj. Parking ($ Fee) Su&ce Surface $0 Surface $0 Surface $0 Fence/Gate No No $0 No $0 No $0 Club House / MeetmgRooms Yes No $5 No $5 No $5 Pool No No $0 No $0 No $0 Recreation Areas Yes No $5 No $5 No $5 Computer Room/Bus. Center Yes No $5 No $5 No $5 E, Adjustments Recap Positive Negative Positive Negative Positive Negative TotalNumberofAdjustments 9 0 9 0 9 1 Sum of AdjustmentsBtoD $134 $0 $187 $0 $124 ($13) F. Total Summary Gross Tota(Adjusrnrenr $134 $187 $137 Net TotatAdjustment $134 $187 $111 G. Adjusted And Achievable'Reuts Adj. Rent Adj. Rent Adj. Rent Adjusted Rent $739 $752 $671 ofEffective Rent 122.1% 133.1% 119.8% ~EStimated Maikef Reut $721 ~ www.rprg.net 64 REALPROPERTYRESEARCHGROUP Table 32 Estimated Market Rent, Two Bedroom Units Trro Bedroom iJnits Subject Property Comparable Properly #1 Comparable Property #2 Comparable Property #3 Westgate Manor Raven Oaks Arbor Glen 3680 Penns ania Avenue 2685 Raven Oaks Drive 2660 Raven Oaks Drive Dubuque Dubuque Dubuque Dubuque Dubuque Dubuque A. Rents Charged Subject :Data S Adj. Data $Adj. Data S Adj. Street Rent $715 $0 $750 $0 $795 $0 Utilities Included W,S,T T $15 T $15 H, HW, C, W,S,T ($60) Rent Concessions None $0 None $0 None $0 Effective Rent $0 $730 5765 _ $735 n parts B thru D, adjustments were made only for differences B. Design; Location, Condition Data $Adj. Data 5 Adj. Data $Adj. Structure /Stories Garden Garden $0 Garden $0 Garden $0 Year Built /Year Renovated 2011 1998 $10 2009 $2 2003 $6 Condition/Street Appeal Excellent Average $50 Above Average $25 Average $50 Location Above Average Average $25 Average $25 Average $25 C. Unit Equipment /Amenities Data $Adj: Data S Adj. Data $Adj. Number ofBedrooms 2 2 $0 2 $0 2 $0 Number ofBathrooms 2 1 $20 1 $20 1 $20 Unit Interior Square Feet 950 822 $32 850 $25 900 $13 Balcony /Patio /Porch Yes Yes $0 Yes $0 Yes $0 AC: (C)enhal/ (V/)all/ (N)one Central Central $0 Central $0 Central $0 Range /Refrigerator Yes /Yes Yes 1 Yes $0 Yes /Yes $0 Yes /Yes $0 Microwave /Dishwasher Yes /Yes No /Yes $5 Yes /Yes $0 Yes /Yes $0 Washer / Dryer: In Unit No No $0 No $0 No $0 Washer/Dryer: Hook-ups Yes No $5 No $5 No $5 D. Site Equipment /Amenities Data $Adj. llata 5 Adj. Data $Adj. Parking ($ Fee) Surface Surface $0 Surface $0 Surface $0 Fence/Gate No No $0 No $0 No $0 Club House /Meeting Rcorrrs Yes No $5 No $5 No $5 Pool No No $0 No $0 No $0 Recreation Areas Yes No $5 No $5 No $5 Computer Room/Bus. Center Yes No $5 No $5 No $5 E. Adjustments Recap Positive Negative Positive Negativc Positive Negative Total NumberofAdjustments 10 0 9 0 9 0 Sum of AdjustmentsBtoD $162 $0 $117 $0 $134 $0 F. Total Summar}~ _ Gross Total Adjustment $162 $117 $134 Net Total Adjustment $162 $ 117 $134 G. Adjusted And Achievable Rents Adj. Rent Adj. Rent Adj. lt.ent Adjusted Rent $892 $882 $869 ofEflective Rent 122.2% 115.3% 118.2% Estimated Market Rent ` $881 www.rprg.net 65 REALPROPERTYRESEARCHGROUP Table 33 Estimated Market Rent, Three Bedroom Units Three Bedroom Units... Sub'ect Properly Com arable Pro erty #1 Com atable Pro a °:#2 Cam arable Prb erty #3 Westgate Villa Penn Place Arbor Glen 1607 Wingate Drive 3702 Pennslyvania Avenue 2660 Raven Oaks Drive Dubuque Dubuque Dubuque Dubuque Dubuque Dubuque A. Rents' Charged. Subject Data $Adj. Data S Adj. Data $Adj..... Street Rent $950 $0 $700 $0 $880 $0 Utilities Included W,S,T T $20 W,S,T $0 H, HW, C, W, S, T ($75) Rent Concessions None $0 None $0 None $0 Effective Rent $0 $970 $700 $805 In parts B thru D, adjustments tivere made only for differences B, Design, Location, Condition Data $ Ad'. Data $Adj, Data S Adj. Stmcture /Stories Garden Garden $0 Garden $0 Garden $0 YearBwR/Year Renovated 2011 2000 $8 1972 $29 2003 $6 Condition/Street Appeal Excellent Average $50 Below Average $75 Average $50 Location Above Average Average $25 Average $25 Average $25 C. Unit Equipment /Amenities Data $Adj.. ..Data $Adj. Datit $Adj. Number ofBedrooms 3 2 $50 3 $0 3 $0 Number ofBathrooms 2 2 $0 2 $0 1.5 $10 Unit Interar Square Feet 1,300 1,200 $25 1,210 $23 1,200 $25 Balcony /Patio /Porch Yes Yes $0 Yes $0 Yes $0 AC: (C)entral/(W)all/(N)one Central Central $0 Central $0 Central $0 Range /Refrigerator Yes /Yes Yes /Yes $0 Yes /Yes $0 Yes /Yes $0 Microwave /Dishwasher Yes /Yes No /Yes $5 No /Yes $5 Yes /Yes $0 Washer/DryeeIn Unit No No $0 No $0 No $0 Washer /Dryer: Hook-ups Yes No $5 No $5 No $5 D. Site EquipmentlAmenities Data S Ailj. Data $Adj. Data $Adj. Parking($Fee) Surface Covered ($10) Surface $0 Surface $0 Fence/Gate No No $0 No $0 No $0 Club House /Meeting Rooms Yes No $5 No $5 No $5 Pool No No $0 No $0 No $0 Recreation Areas Yes No $5 No $5 No $5 Computer Room/Bus. Center Yes No $5 No $5 No $5 E. Adjustments Recap Positive Negative Positive Negative Positive Negative TotalNumberofAdjustments 10 1 9 0 9 0 Sum ofAdjustmentsBtoD $183 ($10) $177 $0 $136 $0 F. Total Summary Gross Total Adjustment $193 $177 $136 Net TotalAdjusrnrent $173 $177 $136 G. Adjusted And Achievable Rents Adj.'Rent .Adj. Rent .Adj. Rent Adjusted Rent $1,143 $877 $941 ofEffective Rent 117.8% 125.3% 116.9% Estimated Market Rent $987 I:~ www.rprg.net 66 REALPROPERTYRESEARCHGROUP Table 34 Market Rent Adjustment Key Rent Adjustments Summary B. Design, Location, Condition Structure /Stories Year Built /Year Renovated $0.75 Condition /Street Appeal $25.00 Location $25.00 C. Unit Equipment /Amenities Number of Bedrooms $50.00 Number of Bathrooms $20.00 Unit Interior Square Feet $0.25 Balcony /Patio /Porch $5.00 AC Type: $5.00 Range /Refrigerator $25.00 Microwave /Dishwasher $5.00 Washer / Dryer: In Unit $25.00 Washer /Dryer: Hook-ups $5.00 D. Site Equipment / Amenities_ Parking ($ Fee) Fence/Gate $ 5.00 Club House /Meeting Rooms $5.00 Pool $7.00 Recreation Areas $5.00 Computer Room/ Bus. Center $5.00 www.rprg.net 67 REALPROPERTYRESEARCHGROUP M a m ~ •~ ~ m •< < c7 m ° ~ a x ~ ~« v a ~o ~ u v ~ ~ A Q ~ N W y W a ~ ~ .1 ~ y = = ° ° ° d ~L c v o o o c x x x i v i d _ J a. W m m m m m m m m m m m m m m C L C C C C C C C C L C C C . . . . ~ A a a i a a a i a a a i a o. a a a a a a a a a a a a a a a a a N ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ > > > > > > > > > > > > > > a in in .n in ~n ~n ~n ~n in in in v~ ~n ~n > a a a a a a a a a a a a a a ~ a a a a a a a a a a a` v a v -Q A rv a a v a Q c c c A ~ ~ ~ ~ m t '.~ a v a v a a a a a v -o -o v -o -o -o -o v -o -o N N N N L N N N N N t CI N N V1 N IA V1 VI VI N VI ppppppppppppppp ~ 3 pppopp^opppppoo a W M C ° V N 3 s p^^o^^^opo^o^oo d p^p^oo^^p^^^o^o 0 0 C7 (7 l7 l7 C7 w l7 C7 l7 l7 U` p L }y' ~ ~ ~ ~ W a v W ~ ~O ~ .~i. > > > r ~ ~' ~ W W W w ~' ~' ~' A N N O C = 2. Z Z Z Z ~^ Z Z Z Z Z !7 c n e 0 3 ~ z` a .e o ~ 3 c ~ ~' ~, a c 3 °' a a o ° m= y v~ ~o o ° ~ u ~~ a 2 c a v 'o U a a m w m Y Q°° a a a t y w Z ~ N= Y Y ? u~ F ~ 3 ~ a Q Y m Y = ~. ~ "e h d /~ V I.ai d a ~, ~y .y V C1 h M 1 n ~; ~ ~ a M c o 0 o z z o ~ ~ ~ ~ ~ i I ` I M pp pp a I E '~ N N N ~ N I 0 .-i '-i '-i Z Z '-i 0 ` I v m ~ y y .~. ~ v+ oo uO1i ° ~ ~' ~c c ~ ~ ~ ~ ~ ~ ~ 1 .~ o rn m m N m rn m Q ~o io v Q Q ~- c 0o o rn 0 m 0 n 0 ~ 0 n 0 in 0 ~ 0 v o Z o o Z z c v z v* .n v~ +n ~n ~n v~. vt .n .n +n. .n ,_ I -c O O N O O O O O p O Q O O Q Q n - ~1. 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Ssi ~, v v ~ > v ~ v v~ ~~ c c c c c c c ~ ~ c c ~ > > c c ~ c Q~ ;. m m w w v d m v a s o o d v o w ~ 'C o ~ m ~ m v ~o v m v m a `m v m v ~ v ~ v m v m w ~ t c s c a m v m s c v m _, ~ O I l7 C7 l7 C7 V' C7 C7 p_ a V' C7 a 3 3 O C7 l7 3 l7 ~ c (o m ~o ~ F , F i Q Q Q - , j Iii a ~ a a ~ ~ ~ ~ ~ ~ ~ o Q Q a u a $ Q Q O S o o ~ ~I m 0 c c 3 0 0 , p ~^ ~ ° ° ~ g + v v n ~ 3 c ~ ~ w m ~ , ~3 Z + * m ~ ~ ~ 3 c ~ ~ l7 a c + v 1 u ~ 3 3 - ~ ° %~ ~ ~ ~ ~ - U a + .n Q N d .n l7 ~ o p > ~ m a i Y c i a ~ O p d Y _ V ~ Q a--I C ~ C ~' Z' Z' ¢ ~ C ~ ~ 9 ~ ~ Y 7 d ~ ~ Y 3 C " , Y N ~ SVI Q Q Q Cil ar ~. 'c E 0 u v L U X f' e v v E a v v h a_ S d 2 V a W N W }~ F W d J W d L 2CZa D. Senior Rental Market For purposes of this analysis, RPRG surveyed eleven senior rental communities located in the Dubuque market area. Of these eleven communities, four are service-enriched while the remaining seven properties are independent senior apartments. "Service enriched" is defined as those properties that offer additional services including meals and housekeeping. Three of the communities contain L_IHTC units. A profile sheet of each community is attached as Appendix 4 Community Photos and Profiles. The location of each community is shown on Map 4. Combined, the eleven senior LIHTC communities offer 436 total units of which 26 or 6.0 percent were reported vacant. It is important to note that 19 of the 26 total vacancies are at one service-enriched community, Oak at Park Place. By excluding this property, the overall senior vacancy rate drops to 1.8 percent (Table 37). Overall, more than half of the senior communities surveyed (six properties) were at 100 percent occupancy at the time of survey. These six properties reported waiting lists of varying length. The average rent among the surveyed senior communities is adjusted net of utilities and incentives. Among the seven senior apartment communities, the average net rents are $554 for a one bedroom unit and $674 for a two bedroom unit. The market rate averages are $631 and $799 for one and two bedroom units, respectively. As service-enriched communities offer additional services such as meals and housekeeping, rents are understandably higher. The average net rents among service-enriched senior communities are $762 for an efficiency unit, $1,070 for a one bedroom unit, and $1,573 for a two bedroom unit. Among all senior units, average unit sizes range from 654 to 675 for one bedroom floor plans and 861 to 1,124 for two bedroom floor plans. The surveyed senior communities offer few community amenities with a multipurpose room being the most common (eleven properties) (Table 38). Oak Park Place contains the most amenities with a multipurpose room, arts and crafts room, convenience store, barbershop, and bank. Five senior communities include the cost of all utilities in the price of rent while the remaining seven properties include the cost of heat, water /sewer, and trash collection (Table 39). Dishwashers are present at seven senior communities and in select units at two properties. All of the senior communities offer community laundry facilities and elevators. www.rprg.net ~~ REALPROPERTYRESEARCHGROUP `~I~i, V L .~ y V ++ .y d V s U m y M .Q LL c ~~ 7 C N O W~ mO C F ~ C 7 ' 00 ao w h 01 T f` w N O) ao i» (~ W ~ n » N n ~ w M 000 r w n ~ in a M _ W n f» 'Q m d w ONO N 0 N. Th 00 V m d r» aND N 0 N in 0 N o w r _ OM1 N w N N e d w ~ ~ y (N9 N m d » ~p V p~ ~_ (~pp fA M l0 ~o Pn ~ 0 N W ~ W ~'on d o fn vj N O O~ ~ 0 O W O ~ N09 N V 10 to 0 w N 10 O aa 19 N V) o o » N O O_ [~ fn N N m c w ~{ Q O1~ M f` H ~. N rn o f» ~ M n ~ N ul o Tn YOj 00 N pWp V! ~ In o in N OO ut Ol ~ M Q Z Q Z O. N W ~ Q Z Q Z O ( N~pp En N ao N nw o 0 win t0 M aO W N W n 01 N W ~ t~0 LL ~ ~ p (O N OE ~ M n 01 n W du nn ~ °~ M01 vvu~ m ' rn `~, m v, Q Q r m ' n m N M eom ' C On ~ ~ G 19 O fn G W OO fA b9 G N C]00 V3 fn f9 O ' W O fA W b9 ~ Z 0 W O fA O G W H ~ C E (/1 ~ ~ aa N 0 0 ONOpp 1 (NO N t00 0 (m(pp (00 (m0 O O N OI N W X00 R N V a Z a Z O Yi O In N n t0 V7 ~ l 0 ( O t 0 t 0 ( D 0 O W t (O O N v m ~ ~ ~ ~ 1 ~ OD O n O ~ N {(0~0 ~. ~ ~ ~ YM1n~ M pQOp pNy~ ~{ N f`1 C H ~ W ( ~ ~ N W ~~ w ~~~ . K E9 W f9 V! ~ M f 9 N K Q C ~ V N O M t'f Or r n °° ~ c(VO M M ~ O °°r LL ~ a s ~ z ~z Ys '= a a aN V z z d r, 07 .r... ~ N b w N O n» N b ~ ~ e n n r C~ ~ e n p e H ° °pe1 0 ° ~` o e O o o O ° e a 0 n o o o M ~ u~ O e o o ~ o 10 O a3 07 r M M G o rj. ~ Yf co O' 0 O. 0 o CI o ~ ti YI O O 1C 7 C ~/ 8 C ~ m O O N 0 0 0 00 x-00 O O ~ V O O O O N N 7 F j YI. N N in O DD C. n n N ~p O ~p 7 ~ a0 M n OO..~~ M ~~ O N V N '7 10 f• O n n N n N p V o V C M v m m~~ ~ v c d ; d ~ a d > $ •c ~ 'c d m ~ ~ ~ ~ 'c ~~ ~~ -& a~ u ~ v a at d ~ v m m~ > > - a, a+ p m ~ . • ~ -o `° ~ m ~ '" ~ ° c m ~ :m ~. m ~ o v ~ e o v ~ e `° o ~ ~ n ~o a o 0 0 b ~ m ~ > .a m ~ m. ~ A ~ v ~ m ~ a i o o O m ~o A vu~m ~ F ~ y ~° Q 'a Q > > V7 N N W N :0 . 'Di C 7 ~ y w , G 7 o E PI v E ~ U c E ~ °~' m E o c E U ~ o, , A Y ~ m Z d p ~ o m OOf a. t0 ~ C'. O1 ~ Q x : ~ 01 . ~O ~ N C . O1 }DLO " OI ~ M -O . N 0 N d N ~ ~ ~ .. ~ . C . 9 r . ~ ~ 7 N . ~ N ~ G N ~ ~ r m H. N N :. ~ r+ a m m ~ m ~ m d m di m Z, m .o m 9 m o m 3 m N Yg A ~ py7 A 'G A A 6 10 -C 10 -C. N G: A C q C 10 A : O ld Q Y N } S > Q T Q !~ 2 !~ ~ Y ~ Y N ~ Y > c C C A N p F `o m e 9 tii 7 07 N c z" a 2 Q W N W 0. d J W ~. d! ~'. `1 a L m ^ ^ ^ ^ ^ ^ ^ ^X ^ ^ ^ ^ d a ~_ ^ ^ o ^ ^ ^ ^ a ^ ^ a o mN L 0 ~F+ G O U E L t p~{ ~ ^ ^ ^ ^ ^ ^ ^ ~ ^ ^ ^ ^ Q ^ ^ ^ ^ ^ ^ ^ ^ ^ o ^ ^ J C N a ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 0 o N ~; a ^ ^ ^X ^ ^ ^ ^ ^ ^ ^ ^ ^ .~ 0 C9 ~ c ~ ~ 0 ~o o o o o o ^ o o a o o o ~~ 7 ~ h ~ N ~ ~ y O ~+ _ - ~, p Cn 7 ~ C O_ C ~ N fU0 "'' ~ U ~ C ~ V1 a N ~ p ~ (C ~ ~ ~ ~ = n' 'C N Y ~ C ~ N _~ ~ ~ ~ ~ rn ~ Z N a~ ~ N >a~ N ca ~ .!`G m a ¢ ~ a d ~ 0 p 3 ~ O V a Q a Q ~ ~ 2 = > T Y ~ ~ ~ ~ ~ '~ ~ N 1LC N > > ~ .y uJ (~ ~ ~ Q ~ C U _ > ~ d j V 0 r^ ,,~w vI w Q i Q G 0 E O v F~ o. 0 x v ~e a W N W ~~ ~ W a O d J Q W d1 Z 01 N d yr V w d d h O d ~L M LL ~ LL O ~ 'a ~ o m o m o ~ Y U O O ~ W N ii E ti m m v m H o o ~ ~ ~ U O O `` a o O ~ O ~ ~ J O a W ~' v cEo m m m m cEa ~ C ~ OI C C C C C C C ~ v w r ~ ~ v N ~ ~ ~ ~ ~ ~ ~ E w `m E E E E E E E E E E E m m m m m m m w m m ~ m a c c c c c c c c c G C (~ fn (n lA fn !n fn !q (7 to fn (n r E E c E E E E c E m v v~ v v v v~ v r ~° a~i v '~ ' ~° cf0 ' ~10 G10 c~0 N . ~ . . ~ . . .. « . , . (n fn U/ (n fn fn !n d fn Q ~ ~ t H C ~ ~ ~ ® C 'Q V ~O ~ ^ ^ ©^ Q ^ ^X ®^ ~ ® ^ ~ w c w •y d Gl p C C ^ ^ ® ^ ~ ^ ~ © ^ ^ U ^x ®®0 0 ^ ©® ^x ^ c ~ a; m m m m m m m~ U C7 C7 ~ C7 (7 C7 ~ U' U` ~ o ~ w U U ~ ~ O A > > > ~ 7 7 7 01 ~ ~ N _ _ = Z Z Z w Z Z 2 w Z Z a 0 z z z z z z z O z z .~ v z v v° v v v v v 9~ w~ w w w w w w w w - a w w~ w y y~ y w w w m U FU- ~ UF ~ ~ ~ K K ~ ~ ~ ~ J 2 ~ ~' v~ a ~ ~ ~ i~ -L` ~ m m m d m m m m m ~ ~ E ~ ~ ~ a a ~' " " U C r0 O ~ N U ~ N d .o .~ cn ~ ~ ~ 'm m E p. E v y ~ ~ ~ ~ ~ fn ~ ~ H Y N ~ ~ l0 ~ N d ~ a 'i ~ m Z. m w m `m Q d~ o ~ _ 'p d d ~ N C ~ ~ 1C C N O m ~ !Q ~ U . Q Q = Y~ O w ~ d a a~ b ~ •N !A N C ~L ti ~ Q Sc ^; ~S ~ S C CV T C ~ O ~ •~ U ;~' , E ~ rn E E c c ~ • ~ ~ ~ U ~ U _ 'O ~ z • Y a v ao ~ ~ ~ ~ U a ° ~ N ~ X ~ U H C N •, ~-~ I V ~~ 16~rsr m ,~ E ` ~' ~ V ` E, E `~ o ~ ../ m arc~e I ~ - o i m y' o ~ ( ~. ~ E ~C~ ~i ~ _ I~o~- Amelia Cir ~ ~ ~ ~ : ~' N 'C > ,•- ~ aar\y R \ o ~'U~-~~~Wessels Ln ~ ~ Q. J ~• ~ ~ ~' ~o Ma -~o ~ c ~L (~ c O Q- ~S-a I_TN~ ~ ' il~~ r row - ~ p ~~ \~J ~ -a ~~-,,__ ~ 52 x I ulalb ~ Pe o Gt,. ~ ap~sa a o ~ f 'ter t ~- ~ Q ~~`1" ~ ~ y f daAe , ~ 9 m -. 1 ~ e , ~/ -0 1 ~ ~a'~e ~ - o° - ~ P 1a~1 .~~ E•dwardS Rd `~ O Ii _ _~~ ~~~L~`m ~~~ed5 _~~ R ~ p,Ata?~ ` im in ~~a~~,> ~ /7~ ~ e ~ sy N -J ~ I ~o ~~ g-, '~~ ,~~ ,_~ ~ 1-1~unters R~d9 V = ~~ pay _ -~ ,~~ ~ ~ o ~o o p ~ ~io~ N .~ ~ ~ - ~ i ~ 1 / `tti ~ r ~ o ~ o. ~ -a w d ~ '~ ~ U C `~'~ Deere +, ,-'_ ._ - 40 - ~ J ~ ~ ~ Cherrywood Hills Dr U U p~y,~a-~, N rz a I .E~ o ' 'v `~ /9ay !yoc~~ lj~~y~1 ~-_ p Dr ~ °, o~z ~ 4ey3;~ - , ~~J~y •~ ~ rnC` ' J ~ ~e~~~,' ~ _ ;~ ,% i o~ ;~,,\ ~ ~~ , .._ t Ede a~ -, i `-~ __ ~ ~ ' Aspen Meadow Ct ~,o ~ ~ Y ro i ~ ~+ s: t v . ` 44 S, n ~~ cn ~o ~~ Q Q t Z o rl i Irene L G1 %~ o ~ en - ~ 1 - y Il- i i d Ct- - ~ ~ ~' ~ , - ~ "~1 pr _ ~ ' b_PuZ ~ ~ ~ `~ '~ ~ F~e~ a ~s ~ _ -camp I~ -= o- v~ a r' ° per' ,~ ' ~ ~ Wester _ ~ r\t\9N\\\SDa ~ ~ L- -u~°iL a `, ~ ~ I \ m C J ~ lC h\sPe 6pi~ ~ m ~ w ~~; ~ °- ~ ~ ~ ' I app'N ~ ` ~ ~ ~ o R ~ _ ~.o ~ -~~ ' N~\\ a ~ d \~a~ a cA ~ I IS eiollbZ 0 ~ ;_ (~ ~ IFM 3Q ~ ~ d .` _ N ~_, Baal^~Dr ` _ j~ )(~~~ •~ P2i Pao3Pe2i ~ I = ~c - ,•' ~ ~ o n b - , ~ ~ySa ~`_ Gad l ~~ J~ .,-- J _ _ _ .,r r v ~ 4isno~ AaJi~ - - ~. 1 ~ l `j p~O6 envy I ~~p~/(~~ysa/ - -T._ --- ,-- I F ~r L I y -~r-~ ,~ ~ i I '1 ~~~~ ,, ~ - - ~ - om i ~ ~ ~ l U ~ ~ ~~ "Doreen Ln Q ; j I u~ ~anolD i '~~ ~ '~/~ moo' ~~~ hrein Rd ~ S ~ ~ c ~ ' J ~ o•_ %, f a VI. Affordability Analysis HUD has computed a 2009 median household income of $62,500 for the Dubuque MSA. Based on that median income adjusted for household size, the maximum income limits are computed in Table 40 below. Given that over 88 percent of all renter households in the Dubuque market area contain one, two, or three persons, three person maximum income limits are the cut off points between income bands when calculating total income qualified households. As senior households rarely contain more than two persons, two person maximum income limits are the cut off points when calculating maximum income limits for senior oriented rental units. It is important to note that minimum income limits were adjusted to prevent overlap between bands. Table 40 Affordability Income Limits, Dubuque MSA HUD 2009 Median Household Income Dubuque, IA MSA $62,500 Very Low Income for 4 Person Household $31,250 2009 Computed Area Median Gross Income $62,500 LIHTC Household Income limits by Household Size: 30% 40% 50% 60% 80% 100% 1 Person $13,140 $17,520 $21,900 $26,280 $35,040 $43,800 2 Persons $15,000 $20,000 $25,000 $30,000 $40,000 $50,000 3 Persons $16,890 $22,520 $28,150 $33,780 $45,040 $56,300 4 Persons $18,750 $25,000 $31,250 $37,500 $50,000 $62,500 5 Persons $20,250 $27,000 $33,750 $40,500 $54,000 $67,500 6 Persons $21,750 $29,000 $36,250 $43,500 $58,000 $72,500 www.rprg.net 75 REALPROPERTYRESEARCHGROUP A. Income Qualified Households To understand the depth of the rental market in the Dubuque market area, we have conducted an affordability analysis detailing the number of income qualified households within specific income bands. Affordability calculations are shown in Table 41 on the following page. • To calculate the income distribution for 2011, we projected incomes based on Nielson Claritas' income distributions for 2009 and 2014, and the relationship of owner/renter incomes by income cohort from the 2000 Census. • By AMI level, income bands are grouped into three tiers. Tier one households earn at or below 40 percent of the AMI. This tier includes households with incomes as little as zero in order to account for households utilizing rental assistance vouchers. Tier two consists of renter households earning between 50 percent and 60 percent of the AMI, including households who would qualify for LIHTC units. Tier three contains households earning up to 100 percent of the AMI. • Within tier one, 4,176 households and 2,610 renter households earn between $0 and $20,000 annually. On a percentage basis, tier one households account for 17.2 percent of total households and 34.5 percent of renter households. The breakdown of renter households by income cohort indicates nearly half (1,204) of tier one renters earn less than $10,000 annually. • Tier two contains 4,502 households and 1,969 renter households earning between $20,000 and $33,780 per year. Proportionately, 18.6 percent of all households and 26.0 percent of renter households are classified as tier two. The distribution of tier two renter households is more evenly distributed among income cohorts compared to tier one renters with a slightly higher percentage of renters earning between $25,000 and $33,780. • Tier three includes 6,498 total households and 2,046 renter households with an annual income between $33,780 and $56,300. Tier three households constitute 26.8 percent of all households and 27.1 percent of renter households. A much higher percentage of tier three renter households earn between $33,780 and $40,000 than from $40,000 to $56, 300. • Overall, tier one and two households outnumber tier three households with a ratio of over two to one among renters; however, this figure is skewed somewhat by the large proportion of renter households with an annual income below $10,000. www.rprg.net 76 REALPROPERTYRESEARCHGROUP • Using the same methodology, we determined tier one, tier two, and tier three bands for senior households age 62 and older. • Of the 7,395 senior households (62+), 1,861 (25.1 percent) are classified as tier one, 1,293 (17.5 percent) are tier two, and 2,085 (28.2 percent) are tier three. Tier one and two senior households (62+) combined, total 3,154 or 42.6 percent of all senior households. • Among the 1,788 senior renters (62+), 748 (41.8 percent) are classified as tier one, 367 (20.5 percent) are tier two, and 487 (27.2 percent) are tier three. Tier one and two senior renter households account for 62.3 percent (1,115) of all senior renter households (62+) B. Projected IBM Household Incomes According to information provided by the City of Dubuque, the Greater Dubuque Development Corporation, and a review of job postings offered by IBM, most of the jobs created at the IBM technology services delivery center will require a somewhat specialized skill set including previous knowledge of and/or experience with specific computer software, hardware, and database systems. While several positions are expected to be "entry-level," many of the job listings note a preference for atwo-year associate or four-year bachelor's degree. As salary information is kept confidential by IBM, exact data on the expected annual wages of these IT positions is not available; however, based on the education and skill requirements as well as general information provided by city officials, the starting salaries for entry-level positions are estimated to range from the mid to high $20,000's to the low $30,000's. Mid-level positions including some management may range from the high $30,000's to the low $40,000's. A small percentage of upper-level /senior management positions are likely to exceed $50,000. As a result, few if any of the households moving to Dubuque to work for IBM are likely to qualify for LIHTC units. This is particularly true of households with two or more working persons. www.rprg.net ~~ REALPROPERTYRESEARCHGROUP Based on these estimated salary ranges, the majority of .new households are expected to fall within the tier three income band, though most on the lower end of the spectrum. While homeownership is a possibility for some households within this income group, it is less likely for those in entry-level positions. Given typical barriers to entry into the for-sale market, including taxes, insurance, and tightening credit restrictions, it is RPRG's belief that the majority of these new households will seek affordable market rate rental housing as their primary living option. Table 41 Total Income Qualified Households, Dubuque Market Area Gross Capture Rate bylncome Group Total households 24,212 Renter households 7,562 Band of Qua lified HHs #Qualified HHs Band of Qualified HHs #Qualified HHs Tier One Income $0 $20,000 $0 $20,000 PBRA/40% LIHTC HHs 24,212 20,036 4,176 7,562 4,952 2,610 Tier Two Income $20,000 $33,780 $20,000 $33,780 50% / 60% LIHTC HHs 20,036 15,534 4,502 4,952 2,983 1,969 Tier Three Income $33,781 $56,300 $33,781 $56,300 80% 100% Market HHs 15 534 9 036 6 498 2 983 937 2 046 Tier One /Tier Two Total Income $0 $33,780 $0 $33,780 PBRA 40 % 50% 60% LIHTC HHs 24 212 15 534 8 678 7 562 2 983 4 579 Income $0 $56,300 $0 $56,300 Overall Total HHs 24,212 9,036 15,176 7,562 937 6,625 Source: 2000 U.S. Census, Estimates, Real Property Research Group, Inc. Renter Households by Income $100,000+ $75,000to $99,999 $60,000to $74,999 $50,000to $59,999 $45,000 to $49,999 $40,000to $44,999 $35,000to $39,999 $30,000to $34,999 $25,000to $29,999 $20,000to $24,999 $15,000to $19,999 $10,000to $14,999 $S,000to $9,999 ^ Renter Households www.rprg.net 78 REALPROPERTYRESEARCHGROUP 0 200 400 600 800 1000 1200 1400 Table 42 Senior Income Qualified Households, Dubuque Market Area Gross Capture Rate by Income Group Total Households 7,395 Total' fienter Households 1;788 Number of Units Band of Qualified HHs #Qualified HHs Band of Qualified HHs #Qualified HHs Tier One Income $0 $20,000 $0 $20,000 PBRA/40%LIHTC HHs 7,395 5,534 1,861 1,788 1,040 748 Tier Two Income $20,001 $30,000 $20,001 $30,000 50%/60%LIHTC HHs 5,534 4,241 1,293 1,040 673 367 Tier Three Income $30,001 $50,000 $30,001 $50,000 80% 100% Market HHs 4 241 2 156 2 085 673 186 487 Tier One /Tier Two Total Income $0 $30,000 $0 $30,000 PBRA/40 %, 50%, 60% LIHTC HHs 7 395 4 241 3 154 1 788 673 1 115 Income $0 $50,000 $0 $50,000 Overall Total HHs 7,395 2,156 5,239 1,788 186 1,602 Source: 2000 U.S. Census, Estimates, Real Property Research Group, Inc. Senior Renter Households by Income $100,000+ $75,000 to $99,999 $60,000 to $74,999 $50,000 to $59,999 $45,000 to $49,999 $40,000 to $44,999 $35,000 to $39,999 $30,000 to $34,999 $25,000 to $29,999 $20,000 to $24,999 $15,000 to $19,999 $10,000 to $14,999 $5,000 to $9,999 ^ Renter Households www.rprg.net 79 REALPROPERTYRESEARCHGROUP 0 50 100 150 200 250 300 350 C. Demand Estimates The balance of rental supply and rental demand is computed based on assumptions about household growth, changes in the existing inventory housing, owner/renter breakdown, and rental pipeline (Table 43, Table 44). This demand model is consistent with demand models used by HUD for market rate rental communities. General Occupancy Net Demand • Based on household growth projections developed by Nielsen-Claritas, we have computed an increase of 600 households in the Dubuque market area between 2010 and 2013. • A number of factors contribute to the removal of housing units.' Disasters, such as fires and tornados, occur somewhat randomly. However, the decision whether to repair or demolish a unit is based on the economic value of the property. Thus, a unit being permanently lost in a disaster should be correlated with factors such as its age, structure type, and physical condition. Demolitions can also be instigated through the loss of economic value or in response to a situation where vacant land has become more valuable than the land plus its existing structure. Based on American Housing Survey data, researchers have analyzed Components of Inventory Change (CINCH). CINCH data indicated that renter-occupied or vacant units were far more likely to be demolished than owner-occupied units; among renter-occupied and vacant units, single-family detached units were more likely to be demolished than multi- family units. Based on four recent years of statistical observations (1997-2001), a period which the author states reflects improvements in the data collection starting at that time, the average housing stock loss was computed at 0.48 percent per year. RPRG assumes a removal rate of 0.48 percent of the housing stock annually. We determined the size of the housing stock in 2010, 2011, and 2012 via interpolation of housing stock estimates for 2009 and 2014. Applying the removal rate over the three years in question, we estimate the total number of units removed from the housing stock for the period from 2010 to 2013 at 370 units • Total housing demand between 2010 and 2013 is estimated at 970 units. • Claritas estimates the 2012 renter percentage in the Dubuque market area at 31.4 percent. ` Data and analysis for this section is derived from "The Destruction of Housing Capital: A Preliminary Exploration into Demolitions and Disasters". ICF Consulting and Econometrica Inc. performed under the AHS Analytical Support Contract. November 30, 2003. www.rprg.net 80 REALPROPERTYRESEARCHGROUP Claritas projects this renter percentage to decrease slightly to 31.0 percent by 2014. We have applied an average renter percentage of 31.1 percent among the three years. Thus, we compute demand for 302 rental units. • Typically, it is assumed that a five percent vacancy rate is required to keep a rental market relatively fluid. There must be some number of units vacant and available at any given time so that households seeking rental units can be accommodated and have some choice among units. Accounting for stabilized communities in the market area and those in lease- up, 254 additional units are required for the Dubuque market area to achieve a five percent vacancy rate. • Thus, total rental demand between 2010 and 2013 from household growth, replacement, and vacancy will be 556 units. • Two new rental communities were identified in the Dubuque market area and are subtracted from demand estimates. • Subtracting 95 percent of the proposed units at the two multi-family communities (251) results in net demand of 306 units in the Dubuque market area. If the 216-unit multi-family community does not come to fruition, the Dubuque market would have an excess demand for rental housing of 511 units. Senior Net Demand Using the same net demand methodology detailed above, senior net demand is based on households with householders age 62 and older. • Based on senior household growth projections (62+) developed by Nielsen-Claritas, we have computed an increase of 531 households in the Dubuque area between 2010 and 2013. • Applying the removal rate of 0.48 over the three years in question, we estimate the total number of units removed from the housing stock for the period from 2010 to 2013 at 107 units • Total housing demand between 2010 and 2013 is estimated at 637 units. • We have applied the 2009 senior renter percentage (62+) of 24.2 percent. Thus, we compute demand for 154 rental units. • Accounting for stabilized communities in the market area and those in lease-up, four existing www.rprg.net $~ REALPROPERTYRESEARCHGROUP units must be leased for the Dubuque market area to achieve a five percent vacancy rate. • Thus, total senior rental demand between 2010 and 2013 from household growth, replacement, and vacancy will be 150 units. • One new rental community was identified in the Dubuque market area and subtracted from demand estimates. • Subtracting 95 percent of the proposed units at Applewood Senior III (40) results in net demand of 110 units in the Dubuque market area. www.rprg.net 82 REALPROPERTYRESEARCHGROUP Table 43 Net Housing Demand, Dubuque Market Area Demand I 2010 Households 24,014 2013 Households 24,614 Net Change in Households 600 Add: Units Removed from Market Hsg Stock Removal Lost Units 2010 Housing Stock 25,588 0.480% 123 2011 Housing Stock 25,684 0.480% 123 2012 Housing Stock 25,781 0.480% 124 Net New Demand for Housing Units Percent Renter Households in 2012 370 970 31.1% Net New Demand for Renter Units 302 Add: MF Competitive Vacancy Inventory Vacant Stabilized Multifamily Communities 7,946 143 0 Subtotal Stabilized Communities 7,946 143 currently Vacant as of vacant Jan 1, 2010 Communities under lease up Total Competitive Inventory 7,946 143 Market Vacancy at 5% 397 Less: Current Vacant Units -143 Vacant units required to reach 5% Market Vacancy 254 Total Rental Demand 556 Planned Additions to the Supply Total Units 95% Occupancy Unamed Multi-family Community 216 205 Kluck Apartments 48 46 Total New Rental Sup I 264 251 Excess Demand or Rental Housin 306 Source: Real Property Research Group, Inc. www.rprg.net 83 REALPROPERTYRESEARCHGROUP Table 44 Net Senior Housing Demand, Dubuque Market Area pemand - Household Growth Units 2010 Households 7,222 2013 Households 7,753 Net Change in Households 531 Add: Units Removed from Market Hsg Stock Removal Lost Units 2010 Housing Stock 7,222 0.480% 35 2011 Housing Stock 7,395 0.480% 35 2012 Housing Stock 7,572 0.480% 36 Net New Demand for Housing Units Percent Renter Households in 2012 107 637 24.2% Net New Demand for Renter Units 154 Add: MF Competitive Vacancy Inventory Vacant Stabilized Multifamily Communities 436 Subtotal Stabilized Communities Communities under lease up 436 26 Total Competitive Inventory Market Vacancy at 5% Less: Current Vacant Units 436 26 0 currently Vacant as of vacant Jan i, 2010 26 22 -26 Vacant units required to reach 5% Market Vacancy -4 Total Rental Demand 150 Planned Additions to the Su - __ _ Total Units 95% Occupancy Applewood Senior III 42 40 Total New Rental Su pl 42 40 Excess Demand or Rental liousin 110 Source: Real Property Research Group, Inc. vuww.rprg.net 84 REALPROPERTYRESEARCHGROUP D. Proposed Developments According to planning and zoning officials with Dubuque County and the City of Dubuque, the following developments are either planned or under construction: General Occupancy Communities: • Kluck Construction has received approval for the construction of 48 market rate apartments on University Avenue. The 48 units will be contained within two buildings, the first of which is currently under construction. • An unnamed market rate apartment community is proposed at the southeast corner of Westmark Drive and Radford Road. The development recently received rezoning approval from the city council and is expected to contain 216 total units if/when it's constructed. • An 81-unit single-family rental community was proposed in northwest Dubuque; however, the project remains preliminary as the developer may no longer pursue the project. Senior Communities: • Applewood Senior III is the third phase of the LIHTC community Applewood Senior, the planned development will contain 42 total units targeting households earning at or below 40 percent and 60 percent of the AMI. Applewood III is currently under construction adjacent to phase I and II on Pennsylvania Avenue just east of John F. Kennedy Road. For-sale Communities: Three single-family detached/attached neighborhoods are currently in various stages of build out. Details of each community are listed below: • Pebble Cove started selling this summer and upon completion will contain 32 single-family detached homes and 28 two-unit townhomes. The neighborhood is located in northwest Dubuque near the intersection of Kane Road and NW Arterial. • English Ridge is undergoing the first phase of construction which will contain 45 single-family lots. Located just off U.S. 20 west of Maynard Road, the community will contain four phases with 135 total homes. www.rprg.net 85 REALPROPERTYRESEARCHGROUP • Timberhurst started its second phase of single-family detached home construction with an ultimate build out of 79 total homes. Timberhurst is located on the south side of Manson Road near its intersection with Creekwood Drive. E. Deep Subsidy and Section 8 Analysis A list of all subsidized communities (including LIHTC) in the Dubuque market area is shown in Table 45 and their locations are plotted on Map 5. Overall, 16 subsidized communities were identified in the Dubuque market area including seven Section 8 properties and nine properties with tax credit units. Six of the 16 subsidized communities are reserved for senior or disabled residents including two of the nine LIHTC communities. All general occupancy LIHTC communities in the Dubuque market area were surveyed for this report. The City of Dubuque manages 1,000 total housing assistance vouchers. As of the date of this report, a waiting list exists for vouchers though the amount of time or number of applicants was not available. Table 45 Subsidized Rental Communities, Dubugue Market Area F_stablishment Subsidy Type Address City Hillcrest Section 8 Family 3290 Hillcrest Rd. Dubuque Kennedy Manor Section 8 Family 2671 Owen Ct. Dubuque Sheridan Village Section 8 Family 701 Hogrefe Ave. Dubuque Alverno Section 8 Senior 3525 Windsor Ave. Dubuque Ecumenical Tower Section 8 Senior 250 W 6th St. Dubuque Martha's Haus Section 8 Senior 2217 Queen St. Dubuque St. Mary's Section 8 Senior 2955 Kaufmann St. Dubuque Arbor Glen Tax Credit Family 2660 Raven Oaks Dr. Dubuque Asbury Meadows Tax Credit Family 2325 Radford Rd. Dubuque Bishop Block Tax Credit Family 90 Main St. Dubuque Kennedy Point Tax Credit Family 3395 Kennedy Cir. Dubuque Lawlor & Garvey Place Tax Credit Family 483 Loras Blvd. & 1337 Main St. Dubuque The 1000 Block Tax Credit Family 1000 Main St. Dubuque Washington Court Tax Credit Family 1798 Washington St. Dubuque Applewood Tax Credit Senior 3125 Pennsylvania Ave. Dubuque Henry Stout Tax Credit Senior 125 W.9th St. Dubuque www.rprg.net 86 REALPROPERTYRESEARCHGROUP F. Interviews Information gathered through interviews conducted both in person and via telephone following the site visit was incorporated throughout this report. Property managers of general occupancy and senior rental communities (market-rate and LIHTC) were surveyed to gather competitive information. Other interviewees included Shannon Gaherty of the Greater Dubuque Development Corporation, Aaron Dejong of the Dubuque Economic Development Department, Kyle Kritz of the Dubuque Planning and Zoning Department, and David Harris, Director of the Dubuque Housing and Community Development Department. All pertinent information obtained from the interviews was presented in the relevant sections of this report. www.rprg.net 87 REALPROPERTYRESEARCHGROUP ~' T A ~ C •C 7 T U U U T ~ O ~ LL !n ~ o ro ro a ~ C C ~ o o U m a~i m m - cn rn I- ~ ~ ~ ~ O V N (V , w '~ ~ .~ y~h O .C i ., ~ ;~ U '' /~ c r Y ~ ,a'-~ a~ ,~ v o E c ! o ~' E~ .t m I N ~ Y ~ o, f " _ .c _ Mac ~,~ "- - - y - ca• ~ y- ~~ c t i ~ U L~'C oFalcon~`°5'~a ~ ,i ~ Foye St m o aos ~~ ~-~c~~ °' ~l d o ,~f1' p l ~ ~ 52 ~o Abbott St ~. ~ Q ~, ~ -- •~'0•~~ w "u°.~~~'la ~~\9r~a`l" : J\\~A f u~Uy H ~N / ~-t ~>' ` ~ ~~) .\°~ ~ ~ - I ~ ~~ - _m • easta`e ~0 00 ~~ ~ _ ~'dre", Gt >~ _N y ~ ~` ~ ~N \a~~~3~.~ ~, \~ ' ~` --- ~-Nr\\L~ ~p~ti p ~nuaaa~ p.~ Z` ~~ ~ °' ~,\ ~ °' tens Ridge ~ ~ a~s~ ea ~ o_ o ~ w o; ~ .. yun ~- - c- > - l~c`o,Deere s Cherrywood Hills Dr ^ . ~ .Y ~~ ~ ~.,~aO _ \~a . % m _° N ~`va~~ ~~~.L.~3~~ ~'~ 'i ~~ Q~ ~ ~ ° Alpha-Ave- -~ J~~~ 1 __ a !,ec _j 4'1 - Hope Dr ! `o `~~ >~_ ~ o ~ I~ _ ,KGt - - ~ ti •;5 - ~e 1 ~ - - -1 ,'° ;' \ ~ T % ., ~ het G~ o ~ 6a~~' !~ EdS= 'y -~ ~'_~_ ~ ~o .Aspen Meadow Ct C~ ~ ~Q-ui,a ~j Ga ~ y ~, n _ ~ ~ - anb-puZ ~~~ /'I \ "~ \ L! p c ,,% ~ •~ ~ ~ a ; ec~ ItercamP ~r ~ a e _ -- ~, ~ ~ >, " i a e I PSI uosuo _ ey° We ~ J,~I IPnW ~\\\s Or --~.R EI~Y ~--8 ~ ~ G`~ ~' i '~ - N ~ ~ ~ ~• h~sPeCrnO . , a6pi~y~ /m m I ~ " ~~ ` ~QA ~ ~ ' `N '~I\. vapp~yJ'--"a a 3 'O~'c - k~'4oO I m , r rn ~ r 7 r ~~> > ~ •'} ` Q Baal Dr ~ (~, ~~ ~ Y T~ P2i Pao;Pei{ ; -~ %o, i~ -_ - ~_ ,' ~ ~ _ _ fit ~ ~ ~p ---' ~ N ~ c ~"~~T~ \ ~I `~. - , 1 l ~ e ~ ~l - :~ f ~Gr. ~0 uwn~nb • N I a - - ~ ~ , I ~y6,y a~, I -_ ` ~- .. /~ s ~ _ 6 ~ n 1 '~'0~%/.~ .-,.~ ~ , ~_ I o I~ - - -Berry Ln-~~ o~rNt ~ ~ tl ~- - -- ~-- _ ~I// I -o ate, ll ~ la I a l ~ ) - 1 ` L- LL ~~c % 1 ~~ ,' '~ I mom ; ~...,~. ,, o \~c I ~ t'}-'' ~ ~„'~~Doreen Ln . ,-, ~ a ~. rn: II r G~. _ Jc r a, U _ ~_ _ a~ ~ P2il , e ~ ° w ;= ` • ~ ul ` Oo` , a -„ B Mi RiLn a' ~ ~~ ~; wey6ul ~5 U I ,ice ~ ' o0 hJein Rd ~ ~ d I u_ ~ ~anolD ~ ~~~ // ~ ~\ 1 I e O~ - _~\ { a ~~ _ e` ~ ,~ I VIII. Conclusions and Recommendations A. Findings Dubuque County's economy has exhibited strength in recent years, in the form of diversified net job growth and low unemployment. Despite significant job losses in the first quarter of 2009, the recent opening of IBM's facility in downtown Dubuque has helped offset contractions in other industries while stabilizing the local economy. • Dubuque County's at-place employment grew in eight of nine years from 1990 to 1999 adding a total of 7,030 jobs for an increase of 16.1 percent. Following this period of growth, the county suffered a brief contraction in which at-place employment declined by over 1,300 between 1999 and 2002. Beginning in 2003, the Dubuque County economy expanded at through 2007 before losing over 220 jobs in 2008; however, this decline was relatively modest compared to many areas of the country. • Through the first quarter of 2009, Dubuque County's preliminary average at-place employment shows a loss of 2,372 total jobs. While this figure is the most recent measurement available from the U.S. Bureau of Labor Statistics, it includes natural employment fluctuations in seasonal industries such as construction, natural resources- mining, and leisure-hospitality. An analysis of the 2009 first quarter average employment by sector reveals approximately 900 jobs lost during this period are in these industries. • Over the past eighteen years, Dubuque County's unemployment rate has tracked just above the State of Iowa and consistently lower than the nation. Despite rising gradually over the past eight years, Dubuque County's annual average unemployment rate never surpassed 4.5 percent which it totaled in 2004. Due to the national recession, Dubuque County's unemployment surged to 6.3 percent through the second quarter of 2009; however, this is still over three full percentage points below national unemployment rates and just 0.5 percentage points above the State of Iowa. Total household numbers in the Dubuque market area have increased steadily since 1990. Recent growth trends are expected to be augmented by Job growth from IBM. Senior household growth is expected to remain steady, while outpacing total household growth on a percentage basis. • In order to account for the expected influx of households moving to work for IBM's technology services delivery center, projected household growth in the Dubuque market www.rprg.net 89 REALPROPERTYRESEARCHGROUP area was adjusted upward to a total of 1,000 households from 2009 to 2014. This adjustment is slightly more than double the original Nielsen-Claritas projection of 462. • Over the next five years, the household bases of Dubuque County and the Dubuque market area are expected to grow at a steady annual rate of 0.8 percent. • Over the next five years, the Dubuque market area's household base is projected to increase by 1.9 percent annually among householders age 55+ and age 62+. Senior household growth is projected to be more evenly distributed among age brackets with the largest increase in senior households expected to occur between the ages of 62 and 74 years. The Dubuque market area's households are slightly older and less affluent than in Dubuque County. • The 2009 Claritas population by age indicates that the Dubuque market area is slightly older than Dubuque County with median ages of 38 and 37, respectively. Given the number of smaller colleges and Universities located in Dubuque, the Dubuque market area has a slightly higher percentage of its population between the ages of 18 to 24 years (11.4 percent versus 10.6 percent). Additionally, the Dubuque market area contains a higher percentage of its population in each of the three age cohorts age 65 and older. • Both the Dubuque market area and Dubuque County have a large percentage of family households. Marriage rates are 51.4 percent in the Dubuque market area and 57.3 percent in Dubuque County. Children are present in 30.1 percent of the Dubuque market area's households and 33.2 percent of the Dubuque County's households. • The Dubuque market area's renter percentage is higher the Dubuque County's, overall. The estimated 2009 renter percentages are 31.4 percent in the Dubuque market area and 25.4 percent in Dubuque County. • Among householders age 62 and older, the renter percentages in both areas are lower than among all households. The senior renter percentage is 24.2 percent in the Dubuque market area and 19.3 percent in Dubuque County. • Approximately seventy-five percent of all renter households in the Dubuque market area and Dubuque County contain one or two persons. An additional 11.3 percent and 11.5 percent of renter households contain three persons in the Dubuque market area and Dubuque County, respectively. www.rprg.net 9o REALPROPERTYRESEARCHGROUP • Based on Claritas projections, the 2009 median income for all households living in the Dubuque market area was $42,933, $4,061 or 8.6 percent lower than the Dubuque County median of $46,993. The Dubuque market area has a higher percentage of its householders in each income classification below $45,000. • Among senior householders age 62 and older, the 2009 estimated median income in the market area is $33,317, which is 77.6 percent of the overall median. Within the Dubuque market area, over one-quarter (26.4 percent) of all senior households (62+) earn less than $25, 000. The rental market in the Dubuque market area is tight with few vacancies among general occupancy and senior oriented communities. • Compared to the 2000 Census, a higher proportion of rentals in 2009 are contained within duplexes, structures with three to four units, and structures with 20+ units. Overall, the rental stock in the Dubuque market area has increased in density between 2000-and 2009. • As of the 2000 Census, the median year built among owner occupied housing units was 1956 in the Dubuque market area and 1962 in Dubuque County. Among renter occupied households, the median year built was 1951 in the Dubuque market area and 1952 in Dubuque County. From 1990 to 2000, only 6.9 percent of the Dubuque market area's rental stock was constructed compared to 8.1 percent in Dubuque County. • The fifteen surveyed rental communities combine to offer 800 rental units. Only 14 units were reported vacant at the time of our survey resulting in an overall vacancy rate of 1.8 percent. Among the seven LIHTC communities, two of 226 units (0.9 percent) were reported available. Additionally, nine of the fifteen properties currently maintain waiting lists. • Given that the Dubuque rental stock contains a large proportion of lower-density scattered site rentals, many of which are independently owned, RPRG attempted to contact companies or individuals who managed the largest number of units in order to get an accurate picture of the current rental market. In total, the six management companies surveyed manage 976 total rental units. All six companies reported vacancy rates of less than five percent while three of the six companies reported 100 percent occupancy. • The street rents at existing communities have been adjusted to account for rental incentives and the inclusion of utilities to compute net rent. The average net effective rent among the www.rprg.net 91 REALPROPERTYRESEARCHGROUP surveyed communities is $464 for a one bedroom unit, $614 for a two bedroom unit, and $662 for a three bedroom unit. • The estimated market rents are $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit. Adjustments for unit size were based on proposed square footages of 700 for a one bedroom unit, 950 for a two bedroom unit, and 1,300 for a three bedroom unit. Given the age of the existing rental stock and tight rental market, a newly constructed rental community with average features and amenities could expect to achieve rents at or near these amounts. • Combined, the eleven senior LIHTC communities offer 436 total units of which 26 or 6.0 percent were reported vacant. It is important to note that 19 of the 26 total vacancies are at one service- enriched community, Oak at Park Place. By excluding this property, the overall senior vacancy rate drops to 1.8 percent. Overall, more than half of the senior communities' surveyed (six properties) were at 100 percent occupancy at the time of survey. Additionally, six properties reported waiting lists of varying length. www.rprg.net 92 REALPROPERTYRESEARCHGROUP B. Conclusions Economics • The overall economy of Dubuque County is relatively diversified with a historically stable job base and generally low unemployment. Substantial layoffs in late 2008 and early 2009 are somewhat of a concern, though employment figures from the first quarter of 2009 are likely exaggerated due to the seasonal nature of some industries. As a portion of laid off workers have been called back to work, it is possible at least a percentage of these job losses may be temporary. • The impact of IBM and to a smaller extent Hormel cannot be understated as the 1,500 new jobs projected over the next year and a half will provide a boon to the Dubuque County economy while bringing a significant number of new households to the region. The location of IBM within downtown Dubuque is also significant as it has the potential to spur additional growth in the surrounding downtown neighborhoods. • It is important to note that recent layoffs and decrease in at-place employment has not negatively impacted the rental market in the Dubuque market area as vacancy rates remain very low. Affordability • Based on the general salary estimates for jobs at IBM, it is likely that few if any of the households relocating to Dubuque will qualify for LIHTC units. As a result, most of these households will add to the moderate income renter household base which already exceeds tax credit eligible renters (50% to 60% of the AMI). Based on this analysis, affordable market rate housing is the best option to meet the needs of these incoming households. Demand • Taking into account household growth, demolitions, and existing vacancies, a net demand exists for 556 rental units in the Dubuque market area. Subtracting out 95 percent of the units currently in the pipeline, an excess demand of 306 units exists. Given the influx of new households expected over the next fourteen months and current vacancy rates, these estimates are likely conservative. www.rprg.ne4 93 REALPROPERTYRESEARCHGROUP • Among senior households 62 and older, a net demand exists for 150 rental units in the Dubuque market area. Subtracting out 95 percent of senior units currently in the pipeline, an excess demand for 110 units exists. Based on the number of senior units constructed over the past five years, the need for additional senior housing is not as paramount as in the general rental market. Given that most of the recent senior supply has focused on the market rate side of senior housing the most likely opportunity for additional senior oriented rental units lies in the affordable (income restricted) market. Existing Rental Stock • The existing rental stock consists primarily of scattered site units which include smaller-scale multi-family buildings, single-family detached homes, and duplexes. Of the larger multi-family apartment communities that exist within the city, most are in located in the western suburbs. • On average, much of Dubuque's rental housing is old (built in the 50's, 60's and 70's), though many units have been renovated since their original construction. As is the case in many renovations, some units lack modern features and amenities which either could not be retrofitted or simply cost too much to include. Typically the newest rental units available are single-family detached homes or duplexes as only a few larger multi-family apartment communities have been constructed within the past ten years. • The distribution of rental housing throughout the city of Dubuque is relatively even with a slightly higher percentage of rental units located in the more densely developed portion of the city. Despite this fact, many of the rental units in and around downtown contain government subsidies or are in poor condition. Quality market rate housing, which is also affordable, is limited in the city, particularly downtown. With the number of major employers located nearby, it is likely pent-up- demand exists for rental units in this area. Rental Market • The market for general occupancy or family oriented rental housing is noticeably tight in the Dubuque market area. Few vacancies exist among surveyed rental communities with both market rate and affordable (income restricted) housing www.rprg.net 94 REALPROPERTYRESEARCHGROUP performing equally well. On average, 1.8 percent of units were reported available with many communities maintaining 100 percent occupancy and waiting lists. • Average rents in Dubuque are generally modest and commensurate to the overall unit size, features, and amenities offered. None of the family oriented communities surveyed reported rents exceeding $1,000 per month. A newly constructed rental community with reasonable features and amenities could expect to achieve rents at or near $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit assuming unit sizes of 700, 950, and 1,300, respectively. Senior Housing • Given the sizeable senior household base, senior rental communities are common within the City of Dubuque; however, a number of these communities have been constructed within the past five years and it appears senior housing may have been developed at the expense of family oriented units. Despite the additions to supply, senior occupancy rates have remained strong; however, the overall senior rental appears to be in balance. www.rprg.net 95 REALPROPERTYRESEARCHGROUP C. Final Conclusion and Recommendation Based on current market conditions and projected employment growth in Dubuque, we believe significant demand exists for additional housing in the local area. Given the relatively low HUD Median Income and the estimated salary range of IBM jobs, market rate rental housing appears to have the most demand. Income restricted rental units, such as those with Low Income Housing Tax Credits, would not alleviate future demand from IBM related household growth. While some of these workers will prefer homeownership, affordable single family detached homes are readily available in the market area with several new communities under construction. Based on conservative household estimates, insufficient rental housing exists to support new households. The lack of significant vacancies coupled with the lack of modern multi-family rental communities indicates pent up demand for high quality market rate rental units. Based on our demand estimates, the Dubuque market area is in need to 300 to 400 additional rental units over the next two to three years. The ideal units would: • Be located near or accessible to downtown given current redevelopment efforts and IBM's location. • Modern amenities and finishes including dishwashers, disposals, and washer/dryer connections. Community amenities should include a community room, business center, fitness center, and playground. • Have rents of roughly $721 for a one bedroom unit, $881 for a two bedroom unit, and $987 for a three bedroom unit. It is important to note estimated rents were based on the existing rental stock which is generally older and without top of the line features or amenities. Depending upon the product to be constructed and the location within the community it may be possible to achieve rents as much ten percent higher than these estimates. • Have minimum unit sizes of 700 square feet for a one bedroom unit, 950 square feet for a two bedroom unit, and 1,300 square feet for a three bedroom unit. We hope this analysis is helpful in your decision making process. Sincerely, Tad Scepaniak October 26, 2009 Principal Date www.rprg.net ~ REALPROPERTYRESEARCHGROUP Appendix 1 Underlying Assumptions and Limiting Conditions In conducting the analysis, we will make the following assumptions, except as otherwise noted in our report: There are no zoning, building, safety, environmental or other federal, state or local laws, regulations or codes which would prohibit or impair the development, marketing or operation of the subject project in the manner contemplated in our report, and the subject project will be developed, marketed and operated in compliance with all applicable laws, regulations and codes. 2. No material changes will occur in (a) any federal, state or local law, regulation or code (including, without limitation, the Internal Revenue Code) affecting the subject project, or (b) any federal, state or local grant, financing or other program which is to be utilized in connection with the subject project. 3. The local, national and international economies will not deteriorate, and there will be no significant changes in interest rates or in rates of inflation or deflation. 4. The subject project will be served by adequate transportation, utilities and governmental facilities. 5. The subject project will not be subjected to any war, energy crisis, embargo, strike, earthquake, flood, fire or other casualty or act of God. 6. The subject project will be on the market at the time and with the product anticipated in our report, and at the price position specified in our report. 7. The subject project will be developed, marketed and operated in a highly professional manner. 8. No projects will be developed which will be in competition with the subject project, except as set forth in our report. 9. There are neither existing judgments nor any pending or threatened litigation which could hinder the development, marketing or operation of the subject project. www.rprg.ne4 97 REALPROPERTYRESEARCHGROUP The analysis will be subject to the following limiting conditions, except as otherwise noted in our report: The analysis contained in this report necessarily incorporates numerous estimates and assumptions with respect to property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates and the variations may be material. 2. Our absorption estimates are based on the assumption that the product recommendations set forth in our report will be followed without material deviation. 3. All estimates of future dollar amounts are based on the current value of the dollar, without any allowance for inflation or deflation. 4. We have no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal matters, environmental matters, architectural matters, geologic considerations, such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering matters. 5. Information, estimates and opinions contained in or referred to in our report, which we have obtained from sources outside of this office, are assumed to be reliable and have not been independently verified. 6. The conclusions and recommendations in our report are subject to these Underlying Assumptions and Limiting Conditions and to any additional assumptions or conditions set forth in the body of our report. www.rprg.ne4 98 REALPROPERTYRESEARCHGROUP Appendix 2 Analyst Certifications I affirm that I, or an individual employed by my company, have made a physical inspection of the market area and that information has been used in the full study of the need and demand for new rental units. To the best of my knowledge, the market can support the project as shown in the study. I understand that and misrepresentation of this statement may result in the denial of further participation in IFA's rental housing programs. I also affirm that I have no interest in the project or relationship with the developer or ownership entity and my compensation in not contingent on this project being funded. ~'`~~~ Tad Scepaniak Principal Real Property Research Group, Inc. October 26, 2009 Date Warning: Title 18 U.S.C. 1001, provides in part that whoever knowingly and willfully makes or uses a document containing any false, fictitious, or fraudulent statement or entry, in any manner in the jurisdiction of any department or agency of the United States, shall be fined not more than $10,000 or imprisoned for not more than five years or both. www.rprg.net 99 REALPROPERTYRESEARCHGROUP I affirm that I, or an individual employed by my company, have made a physical inspection of the market area and that information has been used in the full study of the need and demand for new rental units. To the best of my knowledge, the market can support the project as shown in the study. I understand that and misrepresentation of this statement may result in the denial of further participation in IFA's rental housing programs. I also affirm that I have no interest in the project or relationship with the developer or ownership entity and my compensation in not contingent on this project being funded. October 26, 2009 Michael Riley Date Analyst Real Property Research Group, Inc. Warning: Title 18 U.S.C. 1001, provides in part that whoever knowingly and willfully makes or uses a document containing any false, fictitious, or fraudulent statement or entry, in any manner in the jurisdiction of any department or agency of the United States, shall be fined not more than $10,000 or imprisoned for not more than five years or both. www.rprg.net ~~ REALPROPERTYRESEARCHGROUP Appendix 3 Resumes TAD SC~AMRIM( Mr. Scepaniak directs our Atlanta office. He has ten years of experience in the field of residential market research. Before joining the firm, Tad was president of national firm, where he was involved extensively in the Low Income Tax Credit program throughout the entire United States. Mr. Scepaniak has completed work in approximately 25 states and Puerto Rico over the past eight years. He also has experience conducting studies under the HUD 221(d)(4) program, market rate rental properties, and student housing developments. Along with work for developer clients, Tad has led our research efforts for the Iowa, South Carolina, North Carolina and Georgia Housing Finance agencies. Mr. Scepaniak is also responsible for development and implementation of many of the firm's automated analytic systems. Tad is a member of the National Council of Affordable Housing Market Analysts' (NCAHMA) Standards Committee and has been involved in the development of the organization's Standard Definitions, Recommended Market Study Content, and various white papers regarding market area definition, derivation of market rents, and selection of comparable properties. Areas of Concentration: Low Income Tax Credit Rental Housing: Mr. Scepaniak has worked extensively with the Low Income Tax Credit program throughout the United States, with special emphasis on the Southeast and Mid-Atlantic regions. Mr. Scepaniak not only works with developers in their efforts to obtain tax credit financing, but also has received large contracts with state housing agencies including North Carolina Housing Finance Agency and Georgia Department of Community Affairs. Senior Housing: Mr. Scepaniak has conducted feasibility analysis for a variety of senior oriented rental housing. The majority of this work has been under the Low Income Tax Credit program; however his experience includes assisted living facilities and market rate senior rental communities. Market Rate Rental Housing: Mr. Scepaniak has conducted various projects for developers of market rate rental housing. The studies produced for these developers are generally used to determine the rental housing needs of a specific submarket and to obtain financing. Education: Bachelor of Science -Marketing; Berry College -Rome, Georgia. www.rprg.net 101 REALPROPERTYRESEARCHGROUP ROBBtT IVL L.EFE7~FB.D Mr. Lefenfeld founded Real Property Research Group in February 2001 after more than 20 years of experience in the field of residential market research. As an officer of research subsidiaries of the accounting firm of Reznick Fedder & Silverman and Legg Mason, he has closely monitored residential markets throughout the Mid-Atlantic United States. Between 1998 and 2001, Bob was Managing Director of RF&S Realty Advisors, conducting market studies throughout the United States on rental and for-sale projects. From 1987 to 1995, Bob served as Senior Vice President of Legg Mason Realty Group, managing the firm's consulting practice and' serving as publisher of a Mid-Atlantic residential data service, Housing Market Profiles. Prior to joining Legg Mason, Bob spent ten years with the Baltimore Metropolitan Council as a housing economist. Bob also served as Research Director for Regency Homes between 1995 and 1998, where he analyzed markets throughout the Eastern United States and evaluated the company's active building operation on an ongoing basis. Bob has lectured and written extensively on the subject of residential real estate market analysis. He has served as a panel member, speaker, and lecturer at events held by the National Association of Homebuilders and the National Council on Seniors Housing. Recent articles have appeared in ULI's Multifamily Housing Trends magazine. Mid-Atlantic Builder. Bob is currently a member of the National Council of Affordable Housing Market Analysts' executive committee serving as Chair. Areas of Concentration: Strategic Assessments: Mr. Lefenfeld has conducted numerous corridor analyses throughout the United States to assist building and real estate companies in evaluating development opportunities. Such analyses document demographic, economic, competitive, and proposed development activity by submarket and discuss opportunities for development. Feasibility Analysis: Mr. Lefenfeld has conducted feasibility studies for various types of residential developments for builders and developers. Subjects of these analyses have included for-sale single family and townhouse developments, age-restricted rental and for-sale developments, large multi-product PUDs, urban renovations, and continuing care facilities for the elderly. In addition, he has conducted feasibility work in conjunction with Hope VI applications for redevelopment of public housing sites and analyses of rental developments for 221(d)4 insurance and tax credit applications. Information Products: Bob has developed a series of proprietary databases to assist clients in monitoring growth trends. Subjects of these databases have included for-sale housing, pipeline information, and rental communities. Information compiled is committed to a Geographic Information System (GIS), allowing the comprehensive integration of data. Education: Masters of Urban and Regional Planning; The George Washington University. Bachelor of Arts, Political Science; Northeastern University. www.rprg.net 102 REALPROPERTYRESEARCHGROUP Michael Riley joined the Atlanta office of Real Property Research Group upon college graduation in 2006. Beginning as a Research Associate, Michael gathered economic, demographic, and competitive data for market feasibility analyses concentrating in family and senior affordable housing. Since transitioning to an Analyst position in late 2007, he has performed market analyses for both affordable and market rate rental developments throughout the United States including work in Georgia, Iowa, Michigan, North Carolina, South Carolina, Tennessee, and Virginia. Michael has also assisted in the development of research tools for the organization, including developing a rent comparability table that is now incorporated in many RPRG analyses. Education: Bachelor of Business Administration -Finance; University of Georgia www.rprg.ne4 103 REALPROPERTYRESEARCHGROUP Appendix 4 Community Photos and Profiles www.rprg.net 104 REALPROPERTYRESEARCHGROUP RealProperty ResearchGroup Arbor Glen 2660 Raven Oaks Dr CommunityType: LIHTC -General Dubuque,lA Structure Type: 2-Story Garden 64 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 2003 Bedroom %Tota/ Av Rent Av S Ft Avg $/S Ft Clubhouse: ^ Pool-Oufdr: ^ Eff -- -- -- -- Comm Rm: ^ Basketball: ^ One -- -- -- -- Centrl Lndry: ^ Tennis: ^ One/Den -- -- -- -- Elevator.• ^ Volleyball: ^ „~ - Two Two/Den 75.0% $607 900 -- -- -- $0.67 -- Fitness: ^ CarWash: ^ Hot Tub: ^ BusinessCtr: Three 25.0% $688 1,200 $0.57 Sauna: ^ ComputerCtr: ^ Four+ -- -- -- -- Playground: ~ Standa rd.' Dishwasher; Disposal; Microwave; Ice Maker; In Unit Laundry (Full Size); Central A/C; PatiolBalcony -_ Select Units: -- ' ., . , Security: -- Parking 1: Free Surface Parking Parking 2: Detached Garage - - Fee: -- Fee: -- _~ Property Manager. -- .~. _: - _, Owner: -- , Waitlist for market units Office hours TuesdayIThursday 1:30-4:30. Description Feature BRs Bath #Units Rent SpFt Rent/SF Program Date %Vac 18R $ 28R $ 3BR $ Garden -- 2 1 13 $795 900 $.88 Market 10130109 0.0% -- $607 $688 Garden -- 2 1 35 $654 900 $.73 LIHTCI60% 4120/09 0.0% -- $604 $688 Garden -- 3 1.5 4 $880 1,200 $.73 Market Garden -- 3 1.5 12 $764 1,200 $.64 LIHTC/ 60% ~~ ~ Incentives: None Utilities in Rent: Heat Fuel.' Natural Gas Heat: © Cooking: WtrlSwr: Hot Water: © Electricity: ^ Trash: .. ~~. ~ •~ ©2009 Real Property Research Group, Inc. (7) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Asbury Meadows 2325 Radford Rd CommunityType: LIHTC -General Dubuque,lA Structure Type: Townhouse 32 Units 0.0% Vacant (0 units vacant) as of 10/3012009 Opened in 2006 Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: © Pool-Outdr: ^ Eff Comm Rm: ^ Basketball: ^ One -- -- -- -- Centrl Lnd Tennis: ^ rY~ d^ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ Two 37.5% $450 -- -- Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr. ^ Three 43.8% $581 -- -- Sauna: ^ ComputerCtr.• ^ Four+ 18.8% $650 -- -- Playground: Standard: Dishwasher; Microwave; In Unit Laund ry (Hook-ups); Central A/C; PatiolBalcony Select Units: -- Security: -- Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager.• -- Owner: -- , 350 applicants on waiting list 29 vouchers out of the 32 units ~ ~ ~ ~ -. ~ 1 1 11' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 1 BR $ 28R $ 3BR $ Townhouse -- 2 . 1 7 $450 -- -- LIHTC/ 40% 10/30/09 0.0% -- $450 $581 Townhouse -- 2 1 5 $450 -- -- LIHTC/ 60% Townhouse -- 3 2 9 $565 -- -- LIHTC/ 50% Townhouse -- 3 2 5 $610 -- -- LIHTC/ 60% Townhouse -- 4 2 6 $650 -- -- LIHTC/ 60% ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: ^ Cooking:^ WtrlSwr: Hot Water: ^ Electricity:^ Trash: .•. ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Bishop Block / Riverview 90 Main St. CommunityType: LIHTC -General Dubuque,lA Structure Type: Adaptive Reuse 32 Units 6.3% Vacant (2 units vacant) as of 10/3012009 Opened in 1994 Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Pool-Outdr.• ^ Eff -- -- Comm Rm: ~ Basketball: ^ One 28.1% $413 600 $0.69 Centrl Lndry: © Tennis: ^ One/Den -- -- -- -- Elevator.• ^ Volleyball: ^ Two 71.9% $550 800 $0.69 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr.• ^ Three -- -- -- Sauna: ^ ComputerCtr: ^ Four+ -- -- -- -- Playground: ^ Standard: -- Select Units: Ceiling Fan Security: Keyed Bldg Entry Parking 7: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager.• -- Owner.• -- Waitlist of 25 people for 1 bedroom units and 25 people for 2 bedroom units ~~ ~ . -i ~ 1 1 11' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 3BR $ -- 1 1 9 $458 600 $.76 LIHTC/ 60% 10130/09 6.3% $413 $550 -- -- 2 1 23 $605 800 $.76 LIHTC/ 60% ~~ ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:^ Wtr/Swr: Hot Water: ^ Electricity:^ Trash: .. ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Kennedy Point 3395 Kennedy Cir. CommunityType: •LIHTC -General Dubuque,lA Structure Type: Garden 16 Units 0.0% Vacant t0 units vacantl as of 10/30/2009 Opened in 2004 ,;~ Bedroom %Total Avg Rent Avg S Ft Avg $/S Ft Clubhouse: ~ Pool-Outdr ^ ~r ~ - ~ £ Eff -- -- -- -- Comm Rm: ~ Basketball: ^ "' ~ ~ One 50.0% $416 -- -- Centrl Lndry: © Tennis: ^ ~' One/Den -- -- -- , . ' -- Elevator. ^ Volleyball: ^ <:P . , ~ ~s Two 50.0% $537 -- - -- Fitness: 0 CarWash: ^ - F _ ' Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr. Three -- -- -- -- Sauna: ^ ComputerCtr. Four+ -- -- -- -- Playground: ^ ~.~~. '+ - Standard: Dishwasher; Disposal; In Unit Laundry (Hook-ups); Central A/C Select Units: -- Y:.. Security: -- Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager.• -- _ ~:•; ~ Owner.• -- 3f;, 3 5 people on waiting list • ~ ~ ~ i - ~ ~ 1 1 ~ ~ ' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 1 BR $ 28R $ 3BR $ Garden -- 1 1 8 $401 -- -- LIHTC/ 40% 10/30/09 0.0% $416 $537 -- Garden -- 2 1 8 $517 -- -- LIHTC/ 40% ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: ^ Cooking:^ WtrlSwr: ^ Hot Water: ^ Electricity:^ Trash: •. •. •~. ~ ©2009 Real Property Research Group, Inc. (7) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Key Downtown 488 Angella St. & 333 W 17th St. CommunityType: Market Rate -General Dubuque,lA Structure Type: Garden 69 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Last Major Rehab in 2005 Opened in 1973 - ~ Bedroom %Total Av Rent Av S Ft Av $/S Ft Clubhouse: ^ Pool-Outdr: ^ Eff -- $355 315 $1.13 Comm Rm: ^ Basketball: ^ One -- $360 395 $0.91 Centrl Lndry.• 0 Tennis: ^ One/Den -- -- -- -- Elevator.• ^ Volleyball: ^ "" Two -- -- -- -- Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr.• ^ _ ,~ ` , Three -- -- -- -- Sauna: ^ ComputerCtr. ^ _ ,._ Four+ -- -- -- -- Playground: ^ :' _ g -_ ,,;~ Standard: Disposal; Patio/Balcony Select Units: -- Security: -- ~, _• ~ - " _ ~ ~ _, _ - Parking 1: Free Surface Parking Parking 2: -- - Fee: -- Fee: -- Property Manager: -- Owner: -- , Long waiting list Description Feature BRs Bath #Units Rent SgFt RendSF Program Date %Vac 1BR $ 28R $ 3BR $ Garden -- Eff 1 - - $355 315 $1.13 Market 10/30/09 0.0% $360 -- -- Garden -- 1 1 - - $360 395 $.91 Market ~~ Incentives: None Utilities in Rent: Heat Fuel: Electric Heat:^ Cooking:^ Wtr/Swr:© Hot Water: ^ Electricity: ^ Trash: ~. . ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Key West 1600 Buterfield Dr. CommunityType: Market Rate -General Dubuque,lA Structure Type: Garden 116 Units 0.0% Vacant (0 units vacant) as of 1013012009 Last Major Rehab in 2005 Opened in 1973 6~ ! , ~?'~" Bedroom %Total Av Rent Av S Ff Av $/S Ft g g Clubhouse: ^ Pool-Outdr ^ °- Eff 55.2% $355 315 $1.13 Comm Rm: ^ Basketball: ^ _ - - e= - - ° One 44.8% $470 395 $1.19 Centrl Lndry: ~ Tennis: ^ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ Two -- -- -- -- Fitness: ^ CarWash: ^ Two/Den -- -- - Hot Tub: ^ BusinessCtr. ^ - Three -- -- -- -- Sauna: ^ ComputerCtr. ^ Four+ -- -- -- -- Playground: Standard: Disposal; Patio/Balcony Select Units: -- €~- a -. ~~. ~fif ~ - ~, Security: -- Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager: -- Owner. -- Long waiting list • ~ ~ . ~ -. ~ 1 1 11 ~ Description Feature BRs Bath # Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 38R $ Garden -- Eff 1 64 $355 315 $1.13 Market 10130109 0.0% $470 -- -- Garden -- 1 1 52 $470 395 $1.19 Market ~~ • Incentives: None Utilities in Rent: Heat Fuel: Electric Heat: ^ Cooking:^ WtdSwr: Hot Water: ^ Electricity: ^ Trash: ~~. ~ ~ ~ ©2009 Real Property Research Group, Inc. (7) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Kluck Apts (Raven Oaks) 2685 Raven Oaks Dr Dubuque,lA CommunityType: Market Rate -General Structure Type: 3-Story Garden 36 Units 0.0% Vacant (0 units vacant) as of 10130/2009 Last Major Rehab in 2009 Opened in 1998 ` _ Bedroom %Tota/ Avg Rent Av S Ft Avg $/S Ft Clubhouse: ^ Pool-Outdr ^ -f ~ '~ `~.f; Eff -- -- -- -- Comm Rm: ^ Basketball: ^ *;:fi_ '° - ?' One -- -- -- -- Centrl Lnd Tennis: ^ rY~ ^d - One/Den -- -- -- -- Elevator: ^ Volleyball.• ^ Two 100.0% $812 900 $0.90 Fitness: ^ CarWash: ^ ,~' Yt- Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr: ^ ~ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ ll~' - Four+ -- -- -- -- Playground: ^ . :i y Standa rd: Dishwasher; Disposal; Microwave; Pat iolBalcony Select Units: -- Security: Keyed Bldg Entry Parking 7: Free Surface Parking Parking 2: Detached Garage Fee: -- Fee: -- Property Manager: -- Owner: -- Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date % Vac 18R $ 2BR $ 38R $ Bld 3 /Garden -- 2 1 12 $875 1,000 $.88 Market 10130/09 0.0% -- $812 -- Bld 1&2 /Garden -- 2 1 24 $750 850 $.88 Market 4120/09 2.8% -- $853 -- ~~ ~ Incentives: None Utilities in Rent: Heat Fuel: Electric Heat: ^ Cooking:^ WtNSwr: ^ Hot Water: ^ Electricity:^ Trash: ~. •. ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Kluck Apts (Sundown Court) 3064 Sundown Ct Dubuque,lA CommunityType: Market Rate -General Structure Type: 2-Story Garden 6 Units 16.7% Vacant (1 units vacant) as of 1013012009 Opened in 1986 ~° Bedroom %Total Av Rent Av S Ft Av $/S Ft Clubhouse: ^ Pool-Outdr.• ^ _ _ Eff -- -- Comm Rm: ^ Basketball: ^ - One 16.7% $565 800 $0.71 Centrl Lndry: ~ Tennis: ^ __ _ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ i , d,; Two 100.0% $645 900 $0.72 Fitness: ^ CarWash: ^ - Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr: ^ Three -- -- -- -- Sauna: ^ ComputerCtr: ^ Four+ -- -- -- -- Playground: ^ _ _ _~. ~ Standard: Dishwasher; Disposal - Select Units: -- •.~ _ ~4 s~ ~.-.~ is ~~~ _ ~~: Security: -- Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager.• -- Owner: -- Description Feature BRs Bath #Units Rent SgFt RendSF Program Date %Vac 18R $ 28R $ 3BR $ Garden -- 1 1 1 $550 800 $.69 Market 10130/09 16.7% $565 $645 -- Garden -- 2 1 6 $625 900 $.69 Market 4120/09 0.0% -- $595 -- ~~ ~ Incentives: None Utilities in Rent: Heat Fuel: Electric Heat:^ Cooking:^ WtrlSwr:^ Hot Water: ^ Electricity: ^ Trash: ©2009 Real Property Research Group, lnc. (1) Effective Rent is Published Rent net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Lawlor / Garvey Place 483 Loras Blvd. & 1337 Main St. CommunityType: LIHTC -General Dubuque,lA Structure Type: Garden 16 Units 0.0% Vacant (0 units vacant) as of 11/2/2009 Opened in 1994 Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Pool-Outdr.• ^ Eff -- -- Comm Rm: ^ Basketball: ^ One -- -- -- -- Centrl Lndry: ~ Tennis: ^ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ Two 100.0% $525 800 $0.66 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr. ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ -- -- -- -- Playground:0 Standard: Central AIC Select Units: -- Security: -- Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager.• -- Owner.• -- ' Waiting list of 20-30 people ~~ . ~ -. ~ 11• ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date % Vac 18R $ 28R $ 3BR $ Garden -- 2 1 16 $605 800 $.76 LIHTC/ 60% 17/2/09 0.0% -- $525 -- ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat:© Cooking:^ WtrlSwr:© Hot Water: © Electricity:^ Trash: - ~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by mana gement. RealProperty ResearchGroup Penn Place 3702 Pennsylvania Avenue CommunityType: Market Rate -General Dubuque,lA 52002 Structure Type: 3-Story Garden 199 Units 0.5% Vacant (1 units vacant) as of 10/30/2009 Opened in 1972 Bedroom %Total Av Rent Av S Ft Av $/S Ft Clubhouse: ^ Pool-Outdr.• ^ Eff -- -- Comm Rm: ^ Basketball: ^ One 18.6% $565 620 • $0.91 Centrl Lndry: 0 Tennis: ^ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ Two 63.3% $645 930 $0.69 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr: ^ Three 18.1% $700 1,210 $0.58 Sauna: ^ ComputerCtr. ^ Four+ -- -- -- -- Playground: ^ Standard: Dishwasher; Disposal; Ceiling Fan; Central A/C Select Units: Patio/Balcony; Storage Security: -- Parking 1: Free Surface Parking Parking 2: Detached Garage Fee: -- Fee: $50 Property Manager.' -- Owner: -- Central laundry in each building. Free surface parking and rental detached garages. All but 12 units have patioslbalconies. Storage lockers in hallways serving select units. Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 2BR $ 38R $ Garden -- 1 1 37 $565 620 $.91 Market 10/30/09 0.5% $565 $645 $700 Garden -- 2 1.5 126 $645 930 $.69 Market 4/13/09 3.0% $505 $585 $645 Garden -- 3 2 36 $700 1,210 $.58 Market ~~ Incentives: None Utilities in Rent: Heat Fuel: Gas and Electr Heat: ^ Cooking:^ WtrlSwr: Hot Water: ^ Electricity:^ Trash: ~i. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Pine Terrace 2261 Chaney Rd. CommunityType: Market Rate -General Dubuque,lA Structure Type: Garden 112 Units 8.9% Vacant t10 units vacant) as of 10/30/2009 Opened in 1978 _ - ,; Bedroom %Total Avg Rent Avg S Ft Av $/S Ft Clubhouse: ^ Pool-Outdr. ^ .' ' Eff -- $355 -- -- Comm Rm: ^ Basketball: ^ _ _ One -- $455 -- -- Centrl Lndry: © Tennis: ^ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ Two -- -- -- -- Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr: ^ Three -- -- -- -- Sauna: ^ ComputerCtr: ^ ' Four+ -- -- -- -- Playground: ^ tA~ _ ~~~ ~' ~ .~-, _ ~ ~~,-~° Standa rd: Disposal; Central A/C; PatiolBalcony ' Select Units: -- Security: -- Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager. -- - _ : _. .: - Owner: -- ,, _ _~ G:~ ~ ~ ~ • r - ~ ~ 1 1 1 1 ' ~ Description Feature BRs Bath #Units Rent SgFt RendSF Program Date %Vac 1BR $ 28R $ 3BR $ -- Eff 1 Garden -- $355 -- Market -- 10130109 8.9% $455 -- -- Garden -- 1 1 -- $455 -- -- Market ~~ ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat:^ Cooking:^ Wtr/Swr:© Hot Water: ^ Electricity: ^ Trash: ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup The 1000 Block 1000 Main St. CommunityType: LIHTC -General Dubuque,lA Structure Type: Adaptive Reuse 30 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 2005 Bedroom %Total Avg Rent Avg S Ft Av $/S Ft Clubhouse: ^ Pool-Outdr: ^ Eff Comm Rm: ^ Basketball: ^ One 50.0% $440 700 $0.63 Centrl Lndry: ^ Tennis: ^ One/Den -- -- -- -- Elevator: ^ Volleyball: ^ Two 50.0% $540 1,100 $0.49 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr.~ ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ -- -- -- -- Playground: ^ Standard: Dishwasher; Disposal; Microwave; In Unit Laundry (Hook-ups); Central A/C Select Units: -- Security: Keyed Bldg Entry Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager.• -- Owner.• -- , Waitlist of 15 people ~~ . i •. ~ 1 ~ 11' ~ Description Feature BRs Bath #Units Rent SgFt RenbSF Program Date %Vac 1 BR $ 28R $ 38R $ -- 1 1 15 $440 700 $.63 LIHTCI60% 10/30109 0.0% $440 $540 -- -- 2 1 15 $540 1,100 $.49 LIHTC/ 60% ~~ ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: ^ Cooking:^ Wtr/Swr: Hot Water: ^ Electricity:^ Trash: ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Renf is rent as quoted by management. RealProperty ResearchGroup Washington Court 1798 Washington St. CommunityType: LIHTC -General Dubuque,lA Structure Type: 4-Story Adaptive Reuse 36 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Last Major Rehab in 2007 Bedroom %Total Avg Rent Avg S Ft Avg $/S Ft Clubhouse: ~ Pool-Outdr.• ^ Eff -- -- -- -- Comm Rm: ~ Basketball: ^ One 66.7% $350 850 $0.41 Cenfr! Lndry: © Tennis: ^ One/Den -- -- -- -- Elevator.• ^ Volleyball: ^ Two 33.3% $460 950 $0.48 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr: ^ Three -- -- -- -- Sauna: ^ ComputerCtr: ^ Four+ -- -- -- -- Playground: ^ Standard.' Dishwasher; Disposal; Central A/C Select Units: -- Optional($J: -- Security: Keyed Bldg Entry Parking 1: Free Surface Parking Parking 2: -- Fee: -- Fee: -- Property Manager: -- Owner.• -- , Waitlist of 30 people 9 disabled units 40%, 50% and 60% units all have the same rent Description Feature BRs Bath #Units Rent SgFt RendSF Program Date %Vac 18R $ 2BR $ 38R $ -- 1 1 24 $350 850 $.41 LIHTC 10/30/09 0.0% $350 $460 -- -- 2 1 12 $460 950 $.48 LIHTC ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: ^ Cooking :^ WtrlSwr: Hot Water: ^ Electricity : ^ Trash: .. •i. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by mana gement. RealProperty ResearchGroup Westgate Manor 3600 Pennsylvania Ave CommunityType: Market Rate -General Dubuque,lA Structure Type: 2-Story Garden 24 Units 0.0% Vacant (0 units vacant) as of 1013012009 Opened in 1998 4~ _ Bedroom %Total Av Rent Av S Ft Avg $/S Ft Clubhouse: ^ Pool-Outdr: ^ ~, ~ z Eff -- -- -- -- Comm Rm: ^ Basketball: ^ One. 33.3% $610 655 $0.93 Centrl Lndry: ~ Tennis: ^ One/Den -- -- -- -- E/evator.• ^ Volleyball: ^ Two 66.7% $735 822 $0.89 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr.• ^ - Three -- -- -- -- Sauna: ^ ComputerCtr. ^ Four+ -- -- -- -- Playground: ^ Standa rd: Dishwasher; Disposal; Central A/C; Pa tio/Balcony; Storage (In Unit) Select Units: -- Security: -- Parking 1: Free Surface Parking Parking 2: Covered Spaces Fee: -- Fee: -- Property Manager: -- Owner.• -- , Underground/Under Building Parking. Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date % Vac 18R $ 26R $ 38R $ Garden -- 1 1 8 $595 655 $.91 Market 10130109 0.0% $610 $735 -- Garden -- 2 1 16 $715 822 $.87 Market 4/20/09 4.2% $610 $715 -- ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: ^ Cooking:^ Wtr/Swr: ^ HotWater:^ Electricity:^ Trash:© .. • ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty ResearchGroup Westgate Villa 1607 Wingate Dr CommunityType: Market Rate -General Dubuque,lA Structure Type: 1-Story Garden 12 Units 0.0% Vacant (0 units vacant) as of 10130/2009 Opened in 2000 - - Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Pool-Outdr: ^ - Eff -- -- -- -- Comm Rm: ^ Basketball: ^ One -- -- _ ry.^ -- - Centr/ Lnd Tennis: ^ ' ~r One/Den -- -- -- -- Elevator. ^ Volleyball: ^ Two 100.0% $970 1,200 $0.81 Fitness: ^ CarWash: ^ Two/Den -- -- -- -- Hot Tub: ^ BusinessCtr.• ^ - Three -- -- -- -- Sauna: ^ ComputerCtr: ^ Four+ -- -- -- -- Playground: ^ Standard: Dishwasher; Disposal; Ice Maker; Central AIC; Patio/Balcony ~~ `~ _ ~; ~~`~ ~ Select Units: -- ~ ~. ~ ~ - ~~,, ~,. Security: -- Parking 1: Covered Spaces Parking 2: -- Fee: -- Fee: -- Property Manager: -- Owner. -- ' Underground garage - 2 spaces per unit Description Feature BRs Bath #Units Rent SgFt RendSF Program Date %Vac 18R $ 28R $ 38R $ Garden -- 2 2 12 $950 1,200 $.79 Market 10130/09 0.0% -- $970 -- 4120/09 0.0% -- $915 -- ~. ~ Incentives: None Utilities in Rent: Heat FueL• Natural Gas Heat: ^ Cooking:^ WtrlSwr: ^ Hot Water: ^ Electricity:^ Trash: .. ~i. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group Applewood 1 3125 Pennsylvania Avenue CommunityType: LIHTC -Elderly Dubuque,lA 52001 Structure Type: 3-Story Mid Rise 46 Units 0.0% Vacant (0 units vacant) as of 1013012009 Opened in 1994 --= ~ Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Gardening: ^ ~ Eff -- -- -- -- Comm Rm: 0 Library: ^ _ ~~ _ ~... One 30.4% $504 687 $0.73 Centrl Lndry: 0 Arts&Crafts: ^ `- - . One/Den -- -- -- -- Elevator. ~/^ Health Rms: ^ Two' 69.6% $611 946 $0.65 Fitness: ^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ ComputerCfr.~ ^ - Four+~ -- -- -- - --- - -- Walking Pth: ^ Beauty Salon: ^ Standard: Dishwasher; Disposal; Ceiling Fan; In Unit Laundry (Hook-ups); PatiolBalcony; Grabbar; Em ergency Response; Carpet /Vinyl/Linoleum Select Units: -- ~~~ " •~ Security: Intercom; Keyed Bldg Entry Parking: Underground Garage , 27 underground spaces. Shared LIHTC waiting list w/ Applewood 11: 15 HH. Joint managed w/ Applewood II, office at Applewood 1. Age 55+. Laundry hookups:larger 1 BRs&2BRs. Mana gement hosts monthly dinner/party. Sitting area ea ch floor. 10 Section 8 tenants Property Manager: Horizon Management Servi Owner: -- Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 2BR $ 38R $ E /Mid Rise -Elevator Shower 1 1 2 $553 645 $.86 LIHTC/ 60% 10/30/09 0.0% $504 $611 -- D /Mid Rise -Elevator -- 1 1 6 $553 648 $.85 LIHTCI 60% 4/15/09 0.0% $504 $611 -- J IMid Rise -Elevator -- 1 1 2 $581 696 $.83 LIHTCI 60% H /Mid Rise -Elevator -- 1 1 2 $590 704 $.84 LIHTCI 60% G /Mid Rise -Elevator -- 1 1 2 $598 819 $.73 LIHTCI 60% C /Mid Rise -Elevator -- 2 2 7 $709 1,062 $.67 LIHTCI 60% B /Mid Rise -Elevator -- 2 1 5 $685 895 $.77 LIHTC/ 60% F /Mid Rise -Elevator -- 2 1 2 $659 912 $.72 LIHTCI 60% AIA1 /Mid Rise -Elevator -- 2 1 14 $690 918 $.75 LIHTCI 60% ~ ~ ' A2 /Mid Rise -Elevator Shower 2 1 4 $690 918 $.75 LIHTCI 60% Incentives: None Utilities in Rent: Heat Fuel.• Hot Water Heat: © Cooking:^ Wtr/Swr: HotWater:© Electricity:^ Trash:© ©2009 Real Property Research Group, Inc. (7) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProper#y Research Group Applewood II 3175 Pennsylvania Avenue CommunityType: LIHTC -Elderly Dubuque,lA 52001 Structure Type: 3-Story Mid Rise 45 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 1996 ` • ~_ - Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Gardening: ^ Eff -- -- -- '- Comm Rm: ~ Library: ^ - One 46.7% $538 685 $0.79 Centrl Lndry: © Arts&Crafts: ^ One/Den -- -- -- -- Elevator. © Health Rms: ^ Two 53.3% $626 944 $0.66 Fitness: ^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ ;.< - Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ __ __ __ -- Walking Pth: ^ Beauty Salon: ^ Standard: Dishwasher; Disposal; Ceiling Fan; In Unit Laundry (Hook-ups); __ _.__. __. _ Patio/Balcony; Grabber; Emergency Response; Carpet / VinyllLinoleum r~"~ _ =`~' -~ ~~ Select Units: -- ., a ~ - -., _, _ i Security: Intercom; Keyed Bldg Entry Parking: Underground Garage 26 underground spaces. Manager's office at Applewood I. Management hosts monthly dinner/party. LIHTC wait list shared w/Applewood I: 15 HH. 6 Section 8 tenants. Laundry hookups: larger 1 BRs & 2BR. Age 55+ Community. Property Manager.• Horizon Management Servi Owner: -- Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 2BR $ 38R $ E /Mid Rise -Elevator Shower 1 1 2 $579 653 $.89 LIHTC/ 60% 10/30/09 0.0% $538 $626 -- DID1 /Mid Rise -Elevator -- 1 1 15 $585 653 $.90 LIHTC/ 60% 4115109 0.0% $538 $626 -- G /Mid Rise -Elevator -- 1 1 1 $596 816 $.73 LIHTC/ 60% G /Mid Rise -Elevator -- 1 1 1 $712 816 $.87 Market G1 /Mid Rise -Elevator -- 1 1 2 $712 830 $.86 Market C /Mid Rise -Elevator -- 2 1.5 2 $914 1,070 $.85 Market AS /Mid Rise -Elevator Shower 2 1 2 $656 925 $.71 LIHTC/ 60% A/A1 /Mid Rise -Elevator -- 2 1 16 $670 925 $.72 LIHTC/ 60% A2 /Mid Rise -Elevator -- 2 1 2 $862 964 $.89 Market ~ ~ ' F /Mid Rise -Elevator -- 2 1 2 $677 966 $.70 LIHTC/ 60% Incentives: None Utilities in Rent: Heat Fuel: Hot Water Heat: © Cooking:^ Wtr/Swr: Hot Water: ® Electricity:^ Trash: ©2009 Real Property Research Group, Inc. (7) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group Assisi Village at Stonehill 1001 Assisi Dr. CommunityType: Market Rate -Elderly Dubuque,lA Structure Type: Mix 51 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 1999 Bedroom %Total Avg Rent Avg S Ft Avg $/S Ft Clubhouse: ~ Gardening: Eff -- -- -- -- Comm Rm: 0 Library: ^ _ One -- $1,070 654 $1.64 Centrl Lndry: ~ Arts&Crafts: ^ One/Den -- -- -- -- E/evator.• ^ Health Rms: ^ ' ~ Two -- $1,780 1,134 $1.57 Fitness: 0 Guest Suite: ^ ,:; Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ _ Four+ __ __ __ -- Walking Pth: ^ Beauty Salon: ;~ Standard: Disposal; Ice Maker; In Unit Laundry (Full Size); Central A/C; Grabbar; Emergency Response; VanITransportation Select Units: Dishwasher Security: Keyed Bldg Entry _ - __ --- - a,_ Parking: Free Surface Parking , Has 8 assisted living units yet to be opened Activities director and a chapel on the property 5 villas and 46 apartments, waitlist of 15 people Property Manager: -- Owner.• -- ~ ~ . ~ -. ~ 1 1 1 1' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 38R $ Garden -- 1 1 -- $1,000 588 $1.70 Market 10/30/09 0.0% $1,070 $1,780 -- Garden -- 1 1 -- $1,350 720 $1.88 Market Garden -- 2 2 -- $1990 1,080 $1.84 Market SF Detached -- 2 2 -- $1,990 1,439 $1.38 Market Garden -- 2 2 -- $1750 882 $1.98 Market ~~ • Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:^~/ Wtr/Swr: Hot Water: © Electricity:0 Trash: ..- . ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group Henry Stout 125 W. 9th Street CommunityType: LIHTC -Elderly Dubuque,lA 52001 Structure Type: 4-Story Adaptive Reuse 33 Units 3.0% Vacant (1 units vacant) as of 1013012009 Opened in 2002 --- ° ~ - - Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Gardening: ^ _ _ Eff -- -- -- -- Comm Rm: ~ Library: ^ - One 93.9% $330 669 $0.49 Centr/ Lndry: ~ Arts&Crafts: ^ One/Den -- -- -- -- E/evator.• Q Health Rms: ^ :. Two 6.1% $410 623 $0.66 Fitness: © Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ __ __ -- -- Walking Pth: ^ Beauty Salon: ^ - - Standard: Dishwasher; Disposal; Central A/C; Grabbar; Carpet A ~ ~ / w° Select Units: -- ~ 'i ...L,~ Security: Intercom; Keyed Bldg Entry i I 3i ~ Parking: -- - 40% 1 BR unit vacant. Waiting list: 2 HHs for 60% 1 BR. Parking available in city lot across stre et for $5513 months. Fitness facility is treadmill and exerci se bike in a laundry room. 4 total laundry rooms. Age 55+ Community. Property Manager: Paramark Owner.' Heartland PropertieslMetro P ~~ ~ ~ -. ~ 1 1 1 1' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 36R $ Mid Rise -Elevator -- 1 1 6 $350 669 $.52 LIHTC/ 40% 10/30/09 3.0% $330 $410 -- Mid Rise -Elevator -- 1 1 14 $390 669 $.58 LIHTC/ 50% 4120/09 3.0% $332 $410 -- Mid Rise -Elevator -- 1 1 11 $425 669 $.64 LIHTC/ 60% Mid Rise -Elevator -- 2 1 1 $490 623 $.79 LIHTC/ 60% Mid Rise -Elevator -- 2 1 1 $490 623 $.79 LIHTC/ 60% ~~ ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:^ WtrlSwr: Hot Water: © Electricity: ^ Trash: ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group ,Heritage Manor 4889 Asbury Rd. Dubuque,lA CommunityType: Market Rate -Elderly Structure Type: 1-Story Garden 17 Units 5.9% Vacant (1 units vacant) as of 10/30/2009 Opened in 1969 Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: © Gardening: ^ Eff 100.0% $762 -- -- Comm Rm: © Library: ^ One -- -- -- -- Centrl Lndry: © Arts&Crafts: ^ One/Den -- -- -- -- E/evator.• ^ Health Rms: ^ Two -- -- -- -- Fitness: ^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ -- -- -- -- Walking Pth: ^ Beauty Salon: ^ Standard: Central AIC; Grabbar; Emergency Response; VanlTransportation Select Units: Patio/Balcony Security: Keyed Bldg Entry Parking: Free Surface Parking , Nursing home as well Activities director Property Manager.' -- Owner: -- Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 38R $ Garden -- Eff 1 17 $850 -- Market 10/30/09 5.9% -- -- -- ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:© Wtr/Swr: Hot Water: © Electricity:© Trash: ..- ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by mana gement. RealProperty Research Group Key West Senior 3510 Penn Ave. CommunityType: Market Rate -Elderly Dubuque,lA Structure Type: Garden 40 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Last Major Rehab in Opened in 1973 © 2009 Real Property Research Group, Inc. (7) Effective Rent is Published Renf, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group Martha's Haus 2217 Queen Street Dubuque,lA 52001 CommunityType: Deep Subsidy-Elderly Structure Type: 2-Story Adaptive Reuse 19 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 1990 Bedroom %Total Av Rent Av S Ft Av $/S Ft Clubhouse: ^ Gardening: ^ Eff Comm Rm: © Library: ^ One 100.0% $368 -- -- Centrl Lndry: © Arts&Crafts: ^ One/Den -- -- -- -- Elevator.' © Health Rms: ^ Two -- -- -- -- Fitness: ^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ __ __ __ -- Walking Pth: ^ Beauty Salon: ^ Standard: Disposal; Microwave; Central A/C; Grabbar Select Units: -- Security: Keyed Bldg Entry Parking: Free Surface Parking hared fenced yard. Approximately one dozen parking spaces. Adaptive reuse of a convent. eveloped using LIHTC program, which has expired. Age 55+. ~ units Mod Rehab Section 8, remaining 9 units Section 8 tenant vouchers accepeted. Property Manager.• Executive Management Owner.• -- Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 38R $ Mod Rehab -- 1 1 10 $516 -- -- Section 8 10/30109 0.0% $368 -- -- -- 1 1 9 $425 -- -- Section 8 4/15/09 21.1% $320 -- -- Incentives: None itilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:© Wtr/Swr: Hot Water: © Electricity:© Trash: ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. -~ ~ ~ ~~ ~'~, ~. RealProperty Research Group Oak Park Place 1381 Oak Park PI. Dubuque,lA CommunityType: Market Rate -Elderly Structure Type: 3-Story Mid Rise 51 Units 37.3% Vacant (19 units vacant) as of 10/3012009 Opened in 2004 Bedroom %Total Avg Rent Av S Ft Avg $/S Ft Clubhouse: ~ Gardening: ^ Eff -- -- -- -- Comm Rm: ~ Library: ^ One -- -- -- -- Centrl Lndry: ^ Arts&Crafts: One/Den -- -- -- -- Elevator.• ~ Health Rms: ^ Two -- $1,799 956 $1.88 Fitness: ~/^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: Three -- -- -- -- Sauna: ^ ComputerCtr: ^ Four+ -- -- -- -- Walking Pth: n Beauty Salon: Standard: Dishwasher; Disposal; Microwave; In Unit Laundry (Full Size); Central A/C; PatiolBalcony; Cable TV; Grabbar; Emergency Response; Van/Transportation; Meals -10 meals per week; Housekeeping Select Units: -- Security: Keyed Bldg Entry Parking: Free Surface Parking There are 42 assisted living units that include 3 meals per day, bed making, laundry service and weekly housekeeping. There are 4 vacancies in the assisted living units. There are 20 memory care units with 6 vacancies. Activites director on site Property Manager: -- Owner: -- • ~ ~ ~ - ~ ~ 1 1 1 1 • ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 1BR $ 2BR $ 38R $ Mid Rise -Elevator -- 2 2 -- $2,336 1,096 $2.13 Market 10/30109 37.3% -- $1,799 -- Mid Rise -Elevator -- 2 1 -- $2,002 867 $2.31 Market Mid Rise -Elevator -- 2 1.5 -- $1,860 868 $2.14 Market Mid Rise -Elevator -- 2 1 -- $2,219 993 $2.24 Market Incentives: 1 month free Itilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:^~/ WtrlSwr: Hot Water: © Electricity: ^~/ Trash: ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group Senior Apartments 2 Julien Dubuque Drive Dubuque,lA 52003 CommunityType: Market Rate -Elderly Structure Type: 3-Story Garden 27 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 1973 -° - - - - ~ ~ ~ - ~ . ~ ~ u ,, - ~ Bedroom %Tota/ Avg Rent Av S Ft Av $/S Ft Clubhouse: ^ Gardening: ^ a ~.. Eff _ _ - .~ -- -- -- -- Comm Rm: ~ Library: ^ One 11.1% $535 -- -- Centr/Lndry: ~ Arts&Crafts: ^ { One/Den -- -- -- -- E/evator.• ~ Health Rms: ^ Two 88.9% $620 -- -- Fitness: ^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ ComputerCtr.• ^ Four+ __ __ ._ -- Walking Pth: ^ Beauty Salon: ^ Standard: Dishwasher; PatiolBalcony Select Units: -- Security: Keyed Bldg Entry ;1 - Parking: Detached Garage ° ,~.: ~„<. ~ , - ~ - 2and 3-story. Two buildings built in 1960s. Third opened in 1973. Age 62+ Community. Older 2 buildings include Heat and Hot Water. Several 2BRs have more than 1 bathroom. Lounge available. Central laundry rooms are free. Owner is unsure as to unit square footages. Property Manager.• -- Owner.• -- ~ ~ . ~ ~ ~ 1 1 1 1 ' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 3BR $ Mid Rise -Elevator -- 1 1 3 $600 -- -- Market 10/30/09 0.0% $535 $620 -- Mid Rise -Elevator -- 2 1 24 $700 -- -- Market 4/20/09 0.0% $535 $620 -- ~. ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:^ Wtr/Swr: Hot Water: © Electricity: ^ Trash: ~.. ~~. ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProperty Research Group Sunset Park Place ~ ~ ~ ~ ~ - 3730 Pennsylvania Ave. Dubuque,lA CommunityType: Market Rate -Elderly Structure Type: Townhouse 8 Units 0.0% Vacant (0 units vacant) as of 10/30/2009 Opened in 1996 Bedroom %Tota/ Avg Rent Avg Sq Eff -- -- -- One -- -- -- One/Den -- -- -- Two 100.0% $1,200 1,282 Two/Den -- -- -- Three -- -- -- Four+ -- -- -- g $is 1=t Clubhouse: ~ Gardening: ^ -- Comm Rm: ~ Library: Centrl Lndry: ~ Arts&Crafts: ^ -- Elevator.' ^ Health Rms: ^ $0.94 Fitness: ^ Guest Suite: ^ -- Hot Tub: ^ Conv Store: ^ - Sauna: ^ ComputerCtr.• ^ -- Walking Pth: ^ Beauty Salon: ^ Standard: Dishwasher; Disposal; Microwave; Ice Maker; Ceiling Fan; In Unit Laundry (Hook-ups); Central A/C; PatiolBalcony; Storage (In Unit); Grabbar; Emergency Response Has 53 assisted living units Activities director on site Property Manager.• -- Select Units: -- Security: Gated Entry; Keyed Bldg Entry Parking: Attached Garage Owner: -- Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date % Vac 18R $ 2BR $ 38R $ Townhouse -- 2 2 8 $1.200 1.282 $.94 Market 10/30/09 0.0% -- $1.200 -- Incentives: None /tilities in Rent: Heat Fuel: Electric Heat: ^ Cooking:^ Wtr/Swr: Hot Water: ^ Electricity:^ Trash: ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. RealProper#y Research Group Windsor Park Retirement Center ~ ~ ~ 801 Davis Avenue CommunityType: Market Rate -Elderly Dubuque,lA 52001 Structure Type: 5-Story Adaptive Reuse 76 Units 5.3% Vacant (4 units vacant) as of 10/30/2009 Opened in 1989 Bedroom %Total Av Rent Av S Ft Av $/S Ft Clubhouse: ^ Gardening: ^ Eff -- -- -- -- Comm Rm: ~ Library: ^ One 81.6% $645 450 $1.43 Centrl Lndry: 0 Arts&Crafts: ^ One/Den -- -- -- -- Elevator. ~/^ Health Rms: ^ Two 17.1% $895 850 $1.05 Fitness: ~/^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three 1.3% $1,140 1,100 $1.04 Sauna: ^ ComputerCtr.• ^ Four+ __ __ .. -- Walking Pth: ^ Beauty Salon: Standard: Central A/C; Grabbar Select Units: Dishwasher; Disposal Security: Keyed Bldg Entry Parking: Detached Garage 4 vacant units are 1BRs. Chapel. Free laundry rooms. Age 55+ community. Private restaurant on ground floor of building. Dishwashers and disposals generally in 2BR or 3BR units. Adaptive reuse of former Xavier Hospital. Wide variety of specific floor plans. Reported rent/sq.ft. are estimates. Property Manager: -- Owner.• -- Description Feature BRs Bath #Units Rent SgFt RenbSF Program Date %Vac 1 BR $ 2BR $ 3BR $ Mid Rise -Elevator -- 1 1 62 $750 450 $1.67 Market 10/30/09 5.3% $645 $895 $1,140 Mid Rise -Elevator -- 2 2 13 $1,025 850 $1.21 Market 4120/09 9.2% $645 $895 $1,140 Mid Rise -Elevator -- 3 2 1 $1,300 1,100 $1.18 Market Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: ® Cooking:© Wtr/Swr: Hot Water: © Electricity:© Trash: ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management. r ~ RealProperty Research Group Woodlands 3460 Starlite Drive Dubuque,lA 52003 CommunityType: Market Rate -Elderly Structure Type: 3-Story Mid Rise 42 Units 0.0% Vacant (0 units vacant) as of 10I30I2009 Opened in 1999 Bedroom %Total Av Rent Avg S Ft Avg $/S Ft Clubhouse: ^ Gardening: ^ == Eff -- -- -- -- Comm Rm: ~ Library.• ^ ' -= One 9.5% $670 650 $1.03 Centrl Lndry: ~ Arts&Crafts: ^ .,~ One/Den 33.3% $892 1,003 $0.89 Elevator. ~ Health Rms: ^ Two 57.1% $873 944 $0.92 Fitness: ^ Guest Suite: ^ Two/Den -- -- -- -- Hot Tub: ^ Conv Store: ^ Three -- -- -- -- Sauna: ^ CompuferCtr ^ Four+ -- -- -- -- Walking Pth: ^ Beauty Salon: Standard: Dishwasher; Disposal; Ceiling Fan; In Unit Laundry (Hook-ups); _. PatiolBalcony; Grabbar; Emergency Response Select Units: -- ~. Ei Security: Intercom; Keyed Bldg Entry Parking: Underground Garage Maintain 20 household waiting list. Laundry hookups in all but the 41 BRl1 BA units. Age 55+ Community. Some surface parking and approximately 20 underground garage spaces Wall a/c units are in living rooms. Barber/beautician stops at community once per week. Property Manager.' Horizon Management Servi Owner.• -- ~~ ~ ~ -. ~ 1 1 11' ~ Description Feature BRs Bath #Units Rent SgFt Rent/SF Program Date %Vac 18R $ 28R $ 38R $ H /Mid Rise -Elevator Den 1 1 3 $969 1 032 $.94 Market 10/30/09 0.0% $843 $873 -- F7 /Mid Rise -Elevator Den 1 1 1 $979 1,052 $.93 Market 4113/09 0.0% $843 $873 -- D/DS /Mid Rise - Elevato -- 1 1 4 $735 650 $1.13 Market F/FS /Mid Rise -Elevator Den 1 1 10 $951 990 $.96 Market D1 /Mid Rise -Elevator -- 2 1 1 $969 1,003 $.97 Market C I Mid Rise -Elevator -- 2 1.5 3 $989 1,065 $.93 Market A3 I Mid Rise -Elevator -- 2 1 2 $946 918 $1.03 Market A/AL/AL1 /Mid Rise - Ele -- 2 1 17 $946 920 $1.03 Market A2 /Mid Rise -Elevator -- 2 1 1 $956 975 $.98 Market ~ ~ Incentives: None Utilities in Rent: Heat Fuel: Natural Gas Heat: © Cooking:^ Wtr/Swr: Hot Water: © Electricity: ^ Trash: .... ~ ~ . ~ ©2009 Real Property Research Group, Inc. (1) Effective Rent is Published Rent, net of utilities and concessions. (2) Published Rent is rent as quoted by management.