Built in 2001, Patterson Townhomes is a unique investment opportunity. The property currently consists of Nine 3 bedroom / 1.5 bathroom townhouses and offers an owner predictable cash-flow generated by rental income.
But what makes this property more valuable than other apartment investments on the market is the opportunity to build an additional nine units. The original architectural drawings show two phases of construction totaling 18 unit giving a buyer the opportunity to add value by completing Phase II. The majority of the site work is already completed.
It is also important to note Patterson Townhomes are legally deeded as individual condominiums; which has little impact on the day to day operations but offers the opportunity to sell each unit individually. The investment strategy of converting apartments into condominiums assumes that a condo unit is worth more to an individual home buyer than an apartment unit is worth to an investor. The current seller has already completed the legal process to deed all nine existing units and cost to create the governing HOA Association.
Please recognize the value includes the additional land and building plans.
The Village of Bethel, Ohio was founded in 1798 and is best known as the birth Place of Ulysses S. Grant, the 18th President of the United States. Bethel still offers residents the tranquility of rural life combined with opportunities commonly offered by a major city like Cincinnati.
Located in Clermont County, Bethel is part of Cincinnati's M.S.A. of 2,200,000 people and is a 30 miles commute to downtown Cincinnati / Northern Kentucky. Cincinnati is home to Ten of the Fortune 500 companies. (Kroger, P&G, Macy's, Ashland, Omnicare, General Cable, American Financial Group, AK Steel, Fifth Third, Bancorp, Western & Southern Financial Group, Cintas, and Vantiv.)
