2749 Queen City Ave
Cincinnati, OH 45238
Queen Siena Apartments · Multifamily Property For Sale · 24 Units

Jennifer M. Donathan of KW Commercial is pleased to present for sale a 24 unit complex in the heart of Cincinnati’s westside community. The complex consists of two solid brick buildings made up of 12 one bed/ one bath units in each building for a total of 24 units. The current owner has spent the last 2 years rehabbing each building and unit and leasing the units with tenants that are screened through a 3rd party professional management company. The owners decided not to accept section 8 or other forms of subsidies. Some of the improvements include new windows, appliances, some new kitchen cabinets or painted kitchen cabinets, new bathroom vanities, tub surrounds, tile flooring, all new flooring throughout each unit with waterproof luxury vinyl planks, repaved blacktop lot, painted exterior brick, repaired and replaced wooden balconies, new sliding glass doors, new electrical panels, new hot water tanks and much more. Heat is provided by gas boilers and individual brand new a/c – heat wall units. Owner pays for the gas boilers and tenants pay for the individual heating/air wall units which are electric and separately metered. The seller replaced all 24 electric panels in each unit. Owner pays water, trash and common area electric. The current owners are in the final stages of the complete renovation of 2749 & 2761 Queen City with an estimated finish date in August 2019. The property was purchased in late 2016 as a bank foreclosure. The buildings were in complete distress with few paying tenants. Renovation began in 2017 and after going through multiple property managers and contractors the rehab and lease-up has stabilized. With only a small punch list left and 2 units to lease up the property is ready for the next owner. The owner anticipates the last remaining units to be leased in the next 30 days. This is a value add opportunity! There are identical buildings next door to this property that are leasing the identical 1 bed / 1 bath units for $685/month and are not rehabbed! Additionally there are savings expected in the heat expense. The seller just installed brand new wall a/c – heating units to supplement the gas boiler and to reduce the seller’s heating costs. The brand new high efficiency hot water tanks, high efficiency plumbing fixtures should also save on the water and gas & electric expense as well. The property is being sold and valued based on the current rent roll annualized less 6% vacancy and the trailing 12 actual expenses for water, trash, gas, electric, property insurance, real estate taxes and 8% management fee.