OHIO’s MOST TRUSTED COMMERCIAL REAL ESTATE INVESTMENT ADVISOR
Cincinnati: 91 Buildings/99 units.
1752 Patrick Dr, Cincinnati, OH 45204 Asking Price: $10,685,000 This is an excellent opportunity to acquire a well-performing, hyper-localized rental portfolio. The portfolio consists of 91 buildings and a total of 99 units.
It is primarily subsidized by the Cincinnati Metropolitan Housing Authority (Section 8), with 30% of the units rented to market-rate tenants.
Investment Highlights Major highlights of the portfolio:
Value add portfolio on most market-rate rents for future increase or subsidized conversion to S8, as 30% of the portfolio is market rent non-section 8. Due to the pandemic, rents have not increased in this section of the portfolio and there is a massive value add opportunity for future rent increases. The portfolio has had zero evictions from 2019-2020.
As most of the portfolio is comprised of SFR’s, tenants are responsible for their own utilities, landscaping, and other expenses of the properties.
Cashless no-contact interaction
No physical rent collections With social distancing being the new normal, tenants’ payment options are as follows: DEPOSIT INTO A RENT COLLECTION BANK ACCOUNT PAYMENT THROUGH PAY-LEASE PAY THROUGH STANDARD MAIL No abatements with housing authority
The portfolio has maintained proper physical standards and subsidized units have been regularly inspected by the housing authority over the years.
The portfolio has maintained good standing with the City of Cincinnati regarding city work orders.