I’ve been underwriting small-to-mid-size multifamily deals in secondary Midwest markets and recently came across a 24-unit asset in Cincinnati trading at roughly a 9% going-in cap with upside through lease-up and modest interior upgrades.

The property is 87% occupied, all 1BR units, separately metered, and underwritten conservatively based on trailing NOI (not pro forma). At stabilized occupancy, projected cash-on-cash is in the low teens under current debt terms.

I’m exploring a joint venture structure with a capital partner rather than a full syndication for this first acquisition. Ideal structure would include a preferred return with profit split after capital is returned.

If anyone here has experience partnering on similar 20–50 unit acquisitions and would be open to reviewing underwriting, I’d welcome the conversation.

Happy to share more details privately.