Multi-Family Value Add - 22 Units

Highlights

• Value Add Opportunity - Below Market Rents
• Very Desirable Suburban Rental Market
• Well Maintained All Brick Construction
• Rents Under Market - Without Improvements Needed

Description

Kyle Woodland of Reinvest Consultants and Jennifer Donathan of KW Commercial has been retained as the exclusive agent to offer for sale 3066 Shadycrest Drive in Colerain Township a suburb Northwest of Cincinnati. This is an excellent opportunity to purchase a well maintained asset with value add opportunity. 3066 Shadycrest Drive is a twenty-two unit garden style complex constructed of all brick. The roof is pitched shingle and was replaced within the last 5 years. . The property has a total of 10,298 square feet or approximately 450 square feet per unit. The project is comprised of twenty-two 1 bedroom / 1 bath units. Recent capital improvements include roof, new boiler, new hot water tank, new parking lot.


Utilities:
Each unit is heated by the gas boiler and air is provided by wall a/c units. Tenants have separate electric panel. Tenants pay for electric and owner pays heat, water, and trash.

Parking:
Private parking lot with enough space for 22 cars. The lot is blacktopped and was recently repaved and striped.

Amenities:
The property has a common area laundry room, washer and dryer is seller owned. The most appealing quality about this property is that it is located on a quiet cul-de-sac street lined with well trimmed homes. The property is also in the Northwest school district which is very desirable to many residents. It is also within a short distance to the busline and shopping and retail.

The property is located in Colerain Township, Ohio. Colerain Township has its own local school district, police and fire department and is located in Hamilton county. Most tenants are lifelong residents of the area. This is a desirable rental market for many local investors. Colerain Township, Ohio is located to the northwest of Cincinnati in Hamilton County. The Township covers an area of 44 square miles.
The Township features a regional retail business corridor along Colerain Avenue. This corridor is anchored by several large retail developments such as Northgate Mall and Stone Creek Center. Colerain Township is a primarily suburban community which saw its most rapid development beginning in the late 1940’s through the 1970’s. Growth began in the southeast half of the Township. While the pace of housing development has slowed, new housing continues to be added primarily in the western portions of the Township, outside of the I-275 loop. There were 22,319 occupied housing units in Colerain Township according to the 2016 American Community Survey conducted by the United States Census Bureau. The majority of residential housing units are located to the east of the Colerain Avenue corridor and in the area between Interstate 275 and Colerain Avenue. Most of the Township’s housing is single family (80.3%), and the amount of housing that is multi-family (2 or more unit structures) has held steady at roughly 20% of structures between 2009 and 2016. However, the percentage of renter occupied housing in the Township has shown marked increase from 18.6% in 2009 to 26.1% in 2016. It is anticipated that this trend will continue with some major investment companies purchasing large numbers of properties for out-of- town owners.