534 Apartment units - $2.1M NOI, $25.5M sales price
[to the moderators: this is a portfolio of apartment units, so not sure how I can post this under Property Listing; kindly move it there if needed]
We have under contract a portfolio of 534 apartment units, comprising of 4 different properties. Three are in great parts of Cincinnati, Ohio and the other one is in Bowling Green, Ohio close to the university.
The pro-forma NOI is $2,107,636 once the rent increases have been implemented.
We are selling our contract for $25,500,000, putting this at an 8.3% cap.
Capital needed to increase rents is about $4,000/unit or $2,136,000.
We can sell each property separately but we prefer a buyer for all 4. You also get substantial discount if you buy all 4 vs. buying 1.
You might be wondering if this is such a great deal, why am I passing it on? I just closed on $28.5M worth of hotels and apartments (this month alone) and I don't have YET all the cash to close. I intend to close this deal one way or another so I am raising capital for this also.
So whether I find a buyer or not, I will close on this.
If you are interested to find out more, please email [email protected].
Below are pictures of the 4 properties and the corresponding value add opportunities:
