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Greenfield Meadows 200 N 11th St 40 Unit Apartment Building $3,000,000 ($75,000/Unit) 7.23% Cap Rate Greenfield, OH 45123
INVESTMENT HIGHLIGHTS
- 100% Section 8 Project Based Voucher apartment complex
- All-electric units with a mix of garden and townhouse layouts
- Most recent REAC score of 82c; HAP contract through 6/1/34
- 95% occupied with a waitlist
EXECUTIVE SUMMARY
Greenfield Meadows is a 40-unit affordable multifamily property located in the southwest Ohio community of Greenfield. Approximately 20 miles west of Chillicothe, Greenfield is a small village on the border of Highland and Ross Counties. The property is well-located just west of downtown and an easy walk to restaurants, a grocery and other essential services.
Constructed in 1978 as a 100% Section 8 Project Based Voucher apartment complex, the property contains 20 one-bedroom flats built in single-story structures around a central courtyard along with a mix of two-, three- and four-bedroom units located in two-story townhouse style buildings. The property has a dedicated leasing office, keycode-accessed laundry room and ample parking. The all-electric units each have full-sized hot water heaters, central air, replacement vinyl windows and most have luxury vinyl tile (LVT) flooring in the entryways, kitchens and bathrooms. Most tenants pay electric. The property is currently 95% occupied with a waiting list.
This is a great opportunity to acquire a very desirable and well-performing affordable multifamily property.
Constructed in 1978 as a 100% Section 8 Project Based Voucher apartment complex, the property contains 20 one-bedroom flats built in single-story structures around a central courtyard along with a mix of two-, three- and four-bedroom units located in two-story townhouse style buildings. The property has a dedicated leasing office, keycode-accessed laundry room and ample parking. The all-electric units each have full-sized hot water heaters, central air, replacement vinyl windows and most have luxury vinyl tile (LVT) flooring in the entryways, kitchens and bathrooms. Most tenants pay electric. The property is currently 95% occupied with a waiting list.
This is a great opportunity to acquire a very desirable and well-performing affordable multifamily property.
PROPERTY FACTS Under Contract
| Price | $3,000,000 | Building Class | C |
| Price Per Unit | $75,000 | Lot Size | 1.14 AC |
| Sale Type | Investment | Building Size | 32,838 SF |
| Cap Rate | 7.23% | Average Occupancy | 5% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Townhome |
| Price | $3,000,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 7.23% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.14 AC |
| Building Size | 32,838 SF |
| Average Occupancy | 5% |
| No. Stories | 2 |
| Year Built | 1978 |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Ceiling Fans
- Carpet
- Vinyl Flooring
SITE AMENITIES
- Laundry Facilities
- Property Manager on Site
- Maintenance on site
- Multi Use Room
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | - |
| 2+1.5 | 15 | - | - |
| 3+1.5 | 3 | - | - |
| 4+2 | 2 | - | - |
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PROPERTY TAXES
| Parcel Number | 27-10-001-186.00 | Improvements Assessment | $190,890 |
| Land Assessment | $43,750 | Total Assessment | $234,640 |
PROPERTY TAXES
Parcel Number
27-10-001-186.00
Land Assessment
$43,750
Improvements Assessment
$190,890
Total Assessment
$234,640
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Greenfield Meadows | 200 N 11th St
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