Average cost of owner paid utilities in Cincinnati?

Question

Looking at a couple 4 and 8 unit properties and was wondering what might some of the utility bills look like and what is standard to be in tenants name or charged back to them. Curious about monthly water bill per unit, electric, heat, trash, sewer, landscaping, and any others I might be missing. Also is it as easy as calling the city/utility provider to get this historical info for a particular property?

Michelle Fenn · Answer

I can not with Cinci but I can give you numbers from Cleveland. I manage a 6 unit apartment. Tenants have there own furnaces and HWT so no gas. Electricity for common areas and laundry $125-150.00. You can find service providers to provide a coin operated laundry service but you will pay for water & electricity. Small commission in return. Water/Sewer $300.00/month, dumpster 88.00/month, landscaping 75.00 per cut. Do not forget to budget 10% monthly for Property Manager Fees and another 10% for maintenance budget. Hope this helps.

Lee Yoder · Answer

Wow, we're neighbors, @Pradeep Shrestha! Haha

I would recommend you talk with Slocomn Reed about your condos.

Lee Yoder · Answer

@Pradeep Shrestha, you live in Lebanon as well?!

Are you looking for PM in Cincy or Dayton?

Pradeep Shrestha · Answer

Got it! thanks!

Marco Fiore · Answer

A lot of those numbers are based upon how efficient you or your PM is. You can always change the lease to charge back some of these expenses. Best of luck!

Pradeep Shrestha · Answer

I live in Maineville. I thought you were from out of state. Desperately looking for a PM in west chester to manage some condos.

Bret Halsey · Answer

@Michelle Fenn Ok thank you! So there's about $600/mo or so in owners expenses, 10% PM, 10% maintenance reserves, and some allocation for vacancy that you subtract from your gross rents to get the NOI?

Michelle Fenn · Answer

4 of the 6 units are 1 BR Large units though almost 1,000 sq ft. The basement units are a 1BR and a 550sq ft efficiency. Furnaces in closet in unit and HWT in basement common area.

Bret Halsey · Answer

@Michelle Fenn Are those 6 units all 1 bedroom? Are separate furnaces and HWTs common?

Pradeep Shrestha · Answer

@Lee Yoder LOL Cincy is too small. I didn't know you lived in Lebanon. BTW, do you have any references for a good management company?

Average cost of owner paid utilities in Cincinnati?

Average cost of owner paid utilities in Cincinnati?

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