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2240 Norwood Ave 25 Unit Apartment Building $1,525,000 ($61,000/Unit) 10.30% Cap Rate Cincinnati, OH 45212
INVESTMENT HIGHLIGHTS
- Excellent central location
- Refinished hardwood floors and tile bathrooms.
- Instant hot water system.
- Solid masonry construction.
- Seperate utilities. Tenants pay all utilities including heat, water, sewage, garbage, house gas, and electric.
EXECUTIVE SUMMARY
!!!!PRICE REDUCED!!! SELLER FINANCING AVAILABLE 20% down, 5% interest for up to 5 years, 30 year amortization. No pre payment penalty.
25 units located within walking distance to downtown Norwood shopping, restaurants and the Norwood lateral connecting Interstate 71 to Interstate 75. TENANTS PAY HEAT!! and all utilities used in the premises including water, sewage, garbage, house/common gas and electricity!!!! Some updated kitchens and bathrooms. Four coin operated washers and four coin operated dryers included. Storage lockers in the basements. Great tenant base with on-time payment histories. Month to month leases! Solid masonry construction. Very little yard maintenance. Original refinished hardwood floors and tile bathrooms accommodating very easy turnover between previous and new tenant move-in. Original built in dresser systems. Instant hot water system.
25 units located within walking distance to downtown Norwood shopping, restaurants and the Norwood lateral connecting Interstate 71 to Interstate 75. TENANTS PAY HEAT!! and all utilities used in the premises including water, sewage, garbage, house/common gas and electricity!!!! Some updated kitchens and bathrooms. Four coin operated washers and four coin operated dryers included. Storage lockers in the basements. Great tenant base with on-time payment histories. Month to month leases! Solid masonry construction. Very little yard maintenance. Original refinished hardwood floors and tile bathrooms accommodating very easy turnover between previous and new tenant move-in. Original built in dresser systems. Instant hot water system.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$205,500
|
$16.52
|
| Other Income |
$4,800
|
$0.39
|
| Vacancy Loss |
$10,275
|
$0.83
|
| Effective Gross Income |
$200,025
|
$16.08
|
| Taxes |
$16,061
|
$1.29
|
| Operating Expenses |
$26,928
|
$2.16
|
| Total Expenses |
$42,989
|
$3.46
|
| Net Operating Income |
$157,036
|
$12.63
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $205,500 |
| Annual Per SF | $16.52 |
| Other Income | |
|---|---|
| Annual | $4,800 |
| Annual Per SF | $0.39 |
| Vacancy Loss | |
|---|---|
| Annual | $10,275 |
| Annual Per SF | $0.83 |
| Effective Gross Income | |
|---|---|
| Annual | $200,025 |
| Annual Per SF | $16.08 |
| Taxes | |
|---|---|
| Annual | $16,061 |
| Annual Per SF | $1.29 |
| Operating Expenses | |
|---|---|
| Annual | $26,928 |
| Annual Per SF | $2.16 |
| Total Expenses | |
|---|---|
| Annual | $42,989 |
| Annual Per SF | $3.46 |
| Net Operating Income | |
|---|---|
| Annual | $157,036 |
| Annual Per SF | $12.63 |
PROPERTY FACTS
| Price | $1,525,000 | Apartment Style | Low-Rise |
| Price Per Unit | $61,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 10.30% | Building Size | 12,438 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 25 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1926/2005 |
| Property Subtype | Apartment | ||
| Zoning | GBD - Designed to accommodate a wide range of commercial activities and services. | ||
| Price | $1,525,000 |
| Price Per Unit | $61,000 |
| Sale Type | Investment |
| Cap Rate | 10.30% |
| Sale Condition | 1031 Exchange |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 12,438 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1926/2005 |
| Zoning | GBD - Designed to accommodate a wide range of commercial activities and services. |
AMENITIES
UNIT AMENITIES
- Storage Space
- Heating
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Basement
- Double Pane Windows
- Instant Hot Water
- Smoke Free
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 25 | $685.00 | 500 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $231,691 (2024) | |
| Land Assessment | $25,677 (2024) | Annual Taxes | $16,061 ($1.29/SF) |
| Improvements Assessment | $206,014 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$25,677 (2024)
Improvements Assessment
$206,014 (2024)
Total Assessment
$231,691 (2024)
Annual Taxes
$16,061 ($1.29/SF)
Tax Year
2025
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Tallarigo Properties
2240 Norwood Ave
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