349-374 Jennings Ave
Mansfield, OH 44907

BID DATE SET! OFFERS DUE FRIDAY 12/6
Charles Hart Multifamily Group is pleased to present Jennings Avenue, a 113-unit apartment community located in Mansfield, OH. The property was built between 1971-1992 and is comprised of 20 residential buildings nestled on 7.8 acres. Jennings provides an excellent opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.
Jennings consists one- and two-bedroom units which range in size from 604 to 892 square feet of living space. The property consists of both townhome and garden style units with a number of spacious floorplans for tenants to choose from. Many of the units feature updated cabinetry, countertops, fixtures, as well as luxury vinyl plank flooring. The community features include a leasing office, carport parking, and laundry facilities. The units are all electric which the tenant pays. Currently the owner pays for water/sewer and trash removal but has recently implemented a RUBS program (Guardian) for water.
A new owner will immediately benefit from the capital infusion over the past three years since current ownership purchased the property. In total, more than $850,000 has been spent at the property since 2021 including replacement of rear stairwells, parking lot repair/re-pour, select window replacement, as well as unit renovations. Previous ownership replaced the roofs in varying stages over the past 5-10 years. Additionally, the recent roll-out of a RUBS program through Guardian will drastically reduce a new owner’s water/sewer expense thus driving net income. Once implemented, all of the month-to-month tenants will be immediately enrolled into the program leaving only those in a lease remaining.
The property is conveniently located in Mansfield just off of Davidson Road and is minutes from OH-13, providing tenants with easy access to the area’s employment, shopping, and dining. Additionally, Interstate-71 is 5 miles from the property providing access to the rest of the greater Ohio area. Mansfield is situated 65 miles northeast of Columbus and 81 miles southwest of Cleveland.
Jennings Avenue is being offered free and clear of existing debt and can be purchased individually or in conjunction with the other two properties in the Mansfield 333 portfolio.