Historical Multifamily Sale Listing - Piqua Senior Housing

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Piqua Senior Housing

316 North College Street, Piqua, OH 45356

N/A

78 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
78
Building Size:
82,074 SF
Property Type:
Multifamily
Property Sub-type:
Mid/High-Rise
Property Use Type:
Investment
Year Built:
1913
Lot Size:
2.26 AC
Listing ID
15587090
Last Updated
over 1 year ago

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

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.

Map of 316 North College Street, Piqua, OH 45356

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