Rental Property Investor · Teaneck, NJ · Member since 2016 · 567 posts · 291 votes
Wanted to share ... just signed contract for 46 units in Cincinnati this week.
Some information on the property ... It is a 46 units Class C+ apartment building located in Cincinnati Ohio, the property is 87% occupied and stabilized asset with several value add opportunities. The building was build in 1915, but fully renovated in 2010. The building consists of:
10 studios
26 one bedroom units
10 two bedroom units
The property is very conveniently located a short walk away from University of Cincinnati, couple of Hospitals in the area, shopping mall (Amazon, Target, Chase, Starbucks, Chipotle, Panera Bread, CVS, Walgreen, Kroger Supermarket) and 10 minutes drive away from Downtown. It is also minutes away from I-75 which is providing easy commute within Cincinnati and for traveling outside of the city.
Very exited to start Due Diligence process on it ...
Rental Property Investor · Columbus, OH · Member since 2015 · 344 posts · 258 votes
7y
@Oleg Shalumov, ah ok awesome! That's good there won't be any major repairs that need addressed. Has the property just been mismanaged somewhat with the prior owner?
@Oleg Shalumov. Congrats! I’m from Cincy and went to tOSU and now live in Northern NJ, small world. I was in Cincy last week and saw bandit signs everywhere. The UC market should be good to you and you could potentially Air B&B units that are only occupied for the school year that is if you allow non full year lease terms.
Thank you David, we are going to keep it full year lease, but will keep the idea in mind.
@Oleg Shalumov, ah ok awesome! That's good there won't be any major repairs that need addressed. Has the property just been mismanaged somewhat with the prior owner?
The owner is managing himself the property, and that is the reason it has more vacancies that the area. Also the rents could be increased with some improvement.
Investor · Portland, OR · Member since 2015 · 73 posts · 14 votes
7y
@Oleg Shalumov, congrats on getting this property under contract! I'm looking at a few MFs in Cincy as well; we should talk! I'm close to offering on one but just need a partner / OPM to finalize the offer.