2361-2363 Kemper Ln
Cincinnati, OH 45206
Advent III · Multifamily Property For Sale · 36 Units

RECEIVERSHIP SALE - Jennifer M. Donathan, Senior Investment Advisor for KW Commercial is pleased to present an excellent opportunity to acquire a project based section 8 complex in E. Walnut Hills part of the Cincinnati submarket. The property is under a HAP contract that was renewed in 2013 for a 20 year term. The offering consists of 18 one bedroom / one bath units and 18 studios. Owners pays all utilities per the HAP contract and there is $0 utility allowance. Tenants are required to pay a minimum of $25 per month despite their monthly income or lack of income and most tenants pay between $200 - $300/month. All tenants have a proven disability or handicap. The most recent REAC score was 27C received in February 2017. Since then, the property was placed in a court order receivership and many of the issues noted in the REAC report have been cured by the Receiver. The property is being offered for sale free and clear and contingent upon court approval. Excellent location! The offering is for 36 units located in the epicenter of the revitalization and renewal of East Walnut Hills. It’s strategic location in relation to its short distance to booming downtown Cincinnati is what makes this area so desirable to renters, investors and community leaders. The apartments are situated among diverse housing including luxury housing and class "A/B" single family housing, few multi-family complexes and commercial. The housing options offer residents urban living in modernized historic buildings. Walnut Hills is home to Walnut Hills High School a highly coveted school that draws out of towners to move into the Cincinnati school district. The property is 2 blocks from Eden Park, 2 miles to downtown Cincinnati and less than 1 mile to I-71.