Harper Station 1000 N West St

40 Unit Apartment Building $4,800,000 ($120,000/Unit) 7.75% Cap Rate Hillsboro, OH 45133

Executive Summary

Welcome to Harper Station!
This immaculate 40-unit apartment complex is a standout investment opportunity in Hillsboro, Ohio—a rapidly growing area with new construction surrounding the property. With the Highland County Hospital, the largest employer in the region, situated directly behind, this location offers excellent potential for steady rental demand.
Unit Breakdown:
22 two-bedroom, one-bathroom units, each with an attached garage.
18 three-bedroom, one and a half-bathroom units, also featuring attached garages.
Future Developments:
An additional lot on the property is ready for a duplex build, allowing for expansion and increased revenue potential.
Utilities:
The seller is in the process of having the community tap into the city sewer system which will mean owner paid utilities are only for turns. Tenants pay heat and water.
Current Market Trends:
Rents are at an eall-time high, ensuring robust cash flow for the new owner.
Value add opportunity in getting all units to market rent.
Upgrades & Condition:
5 new roofs have been installed.
33 of the 40 units boast new HVAC systems.
Many units have new decks, along with fresh LVP, carpet, and paint following recent turnovers.
Prime Location:
It is ideally situated for your next investment venture, with growing demand and a solid tenant base in a thriving community. Don’t miss out on this unique opportunity!
Seller is conducting a 1031 exchange on this property.
Can purchase Harper Station, LLC (drop n swap)

Attachments

Harper Station Offering Memorandum on word
Agency_Disclosure_Statement_-_ERA (14) 10.22.24
HS rent roll 10.9.24

Financial Summary (Pro forma - 2024) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Property Facts

Price $4,800,000
Price Per Unit $120,000
Sale Type Investment
Cap Rate 7.75%
Sale Conditions 1031 Exchange
No. Units 40
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class B
Building Size 1,150 SF
Average Occupancy 100%
No. Stories 1
Year Built 2002
Parking Ratio 10/1,000 SF
Opportunity Zone Yes

Unit Amenities

  • Cable Ready
  • Dishwasher
  • Washer/Dryer Hookup
  • Ceiling Fans
  • Eat-in Kitchen
  • Kitchen
  • High Speed Internet Access
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower
  • Walk-In Closets
  • Carpet
  • Deck
  • Double Pane Windows
  • Island Kitchen
  • Patio

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+1 22 $1,020 -
3+2 18 $1,200 -

zoning

Zoning Code 550
  • Listing ID: 33757234

  • Date on Market: 11/5/2024

  • Last Updated:

  • Address: 1000 N West St, Hillsboro, OH 45133