This Multifamily Property is Off-Market.

316 North College Street
Piqua, OH 45356 ·

78 Units · Multifamily For Sale

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Piqua Senior Housing

Price N/A Property Sub-type Mid/High-Rise
No. Units 78 Property Use Type Investment
Building Size 82,074 SF Year Built 1913
Property Type Multifamily Lot Size 2.26 AC
Listing ID: 15587090 Date Created: 02/27/2008 Last Updated: 12/02/2008

Description

The subject property was once Piqua High School which was converted to apartments in 1995. The property now serves as independent senior housing. Currently the subject property has 78 units and 1 commercial space. The 78 units are comprised of 12 efficiencies, 37 one bedrooms, 25 two bedrooms, and 4 two bedroom townhouse units. The property currently has a TAX ABATEMENT which expires in tax year 2008. Real estate taxes will not be due in the calendar year 2009. In 2010 if the property is reassessed for $2,615,000 using today's tax rate the estimated annual real estate taxes will be approximately $42,126. The units are being rented under the Low Income Housing Tax Credit Program. The commercial space which is 3,600 sq ft is rented to Sunrise Center for Adults on a lease which they currently exercised their option to renew for another 10 years with annual increases. Total leasable square footage is approximately 54,843 sq. ft.

The subject property is located in Piqua, Ohio.

Highlights

  • Stabilized Investment Opportunity
  • Independent Living Senior Housing Apartments
  • 78 Units @ $33,500/Unit
  • 8.02% CAP Rate, 97% Occupied
  • No Debt To Assume, Possible 12.85% Cash on Cash

Research

316 North College Street, Piqua, OH 45356 (Miami County)

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