Knollwood Estates | 1632 Lexington Ave
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Knollwood Estates 1632 Lexington Ave
28 Unit Apartment Building $3,200,000 ($114,286/Unit) Mansfield, OH 44907
Investment Highlights
- Great visibility; SR 42 just South of Major retail presence
- Private entries
- Ten units have attached one-car garages
- Large and spacious units averaging 1,432 SF
Executive Summary
OVERVIEW
Knollwood benefits from it's location on SR42, just North of a major retail center. It is situated approx. 3 miles from the SR13 / I71 Interchange and about 6 miles from SR30, which is the major East-West roadway across Ohio.
Knollwood consists of a mix of two-bedroom townhomes with full basements. Many of which are finished.
There is One (1) Building that has 10-Units and Three (3) Buildings that have 6-Units.
The Townhome design is particularly popular with renters as they have private entrances.
The units are larger than industry averages at 1,432 SF!
Ten (10) of the Units feature a one-car garage located in part of the basement of the units. Eighteen (18) units have private, one-car garage accessed off the first level patio.
The property is well maintained with regularly staged capital improvements:
*In 2014, all roofs were replaced
*Twenty five (25) of the units have some form of flooring upgrades; fifteen (15) of which have new laminate flooring.
*All windows have been replaced in two (2) of the units.
The exterior of the Townhomes is a a mix of vinyl siding and brick, which minimize maintenance costs.
All units have private patios and secluded courtyards.
VALUE-ADD OPPORTUNITY
New Tenants are paying $1,000/month. Two of the Units are fully-furnished and are on the Airbnb network. They rent at $2500+-/month. The average rents on all other units is $850/MO. This is way below market rents for this area. Rents should be more in line with $0.95-$1.10/SF as is and , with capital upgrades, $1.10-$1.25/SF
Residents pay all utilities. Owner pays for trash pick up only.
Knollwood benefits from it's location on SR42, just North of a major retail center. It is situated approx. 3 miles from the SR13 / I71 Interchange and about 6 miles from SR30, which is the major East-West roadway across Ohio.
Knollwood consists of a mix of two-bedroom townhomes with full basements. Many of which are finished.
There is One (1) Building that has 10-Units and Three (3) Buildings that have 6-Units.
The Townhome design is particularly popular with renters as they have private entrances.
The units are larger than industry averages at 1,432 SF!
Ten (10) of the Units feature a one-car garage located in part of the basement of the units. Eighteen (18) units have private, one-car garage accessed off the first level patio.
The property is well maintained with regularly staged capital improvements:
*In 2014, all roofs were replaced
*Twenty five (25) of the units have some form of flooring upgrades; fifteen (15) of which have new laminate flooring.
*All windows have been replaced in two (2) of the units.
The exterior of the Townhomes is a a mix of vinyl siding and brick, which minimize maintenance costs.
All units have private patios and secluded courtyards.
VALUE-ADD OPPORTUNITY
New Tenants are paying $1,000/month. Two of the Units are fully-furnished and are on the Airbnb network. They rent at $2500+-/month. The average rents on all other units is $850/MO. This is way below market rents for this area. Rents should be more in line with $0.95-$1.10/SF as is and , with capital upgrades, $1.10-$1.25/SF
Residents pay all utilities. Owner pays for trash pick up only.
Property Facts Under Contract
| Price | $3,200,000 | Building Class | C |
| Price Per Unit | $114,286 | Lot Size | 2.37 AC |
| Sale Type | Investment | Building Size | 44,124 SF |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1990/2014 |
| Property Subtype | Apartment | Parking Ratio | 1.84/1,000 SF |
| Apartment Style | Garden |
| Price | $3,200,000 |
| Price Per Unit | $114,286 |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.37 AC |
| Building Size | 44,124 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1990/2014 |
| Parking Ratio | 1.84/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
Site Amenities
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 28 | - | 1,200 - 1,250 |
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PROPERTY TAXES
| Parcel Number | 056-92-164-01-000 | Improvements Assessment | $366,650 |
| Land Assessment | $63,700 | Total Assessment | $430,350 |
PROPERTY TAXES
Parcel Number
056-92-164-01-000
Land Assessment
$63,700
Improvements Assessment
$366,650
Total Assessment
$430,350
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Knollwood Estates | 1632 Lexington Ave
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