Qualified Opportunity Zone Investment. 39 one bedroom units. 100% occupied. Ample parking. Walk to shops, restaurants and new craft brewery. Lots of area development. Property borders school, police and fire stations. Professionally managed, stable property.
Tremendous opportunity to acquire 39 turn-key units in the heart of the College Hill neighborhood urban revitalized business district in greater Cincinnati. The subject property is surrounded by new development including several quaint shops and restaurants, a local brewery, an elementary school, high end senior living center, US Post Office and borders the local police and fire stations.
The property offers 4 secured entrances servicing 3 stories. 22 units offer balconies and demand higher rent. There are 2 interior laundry facilities, lower level storage for each unit and ample off-street parking.
Current ownership has stabilized the property since taking ownership including proper tenant screening and addressing ongoing maintenance issues. Additional work was done to lower the water usage throughout the building. An incoming owner has an opportunity to immediately increase rents on 10 units which are well below current rent averages and steadily raise all rents to higher levels supported in the market.
Additional upside could be had by the new owner to take full advantage of increased rental allowance agency guidelines like Cincinnati Metropolitan Housing which increased to $643/month for one-bedroom units. Further tax advantages with the qualified opportunity zone location.
