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Dina Towers 3840 Applegate Ave 30 Unit Apartment Building For Sale Cincinnati, OH 45211
Investment Highlights
- Strategic Unit Renovation Strategy: 20 units have been renovated and are achieving higher rents compared to the remaining 10 unrenovated units.
- Large Units with Rental Upside: within the competitive set, Dina Towers offers the largest units, averaging 37% more square footage than the comps.
- Free & Clear Offering: The property is being offered free and clear of existing debt, providing investors with maximum flexibility.
- Condoized Real Estate Tax Rate: benefits from a favorable real estate tax treatment, with an effective tax rate of 2.24%.
- Diverse Unit Mix with Broad Tenant Appeal: Dina Towers offers a well-balanced mix of unit types, appealing to a broad spectrum of renters.
- Energy Efficiency Upside: Replacing the existing boiler system presents an opportunity to improve energy efficiency while reducing expenses.
Executive Summary
Colliers is pleased to present Dina Towers, a mid-rise multifamily property located on the West side of Cincinnati, to qualified investors. This offering includes 30 condoized units, providing the benefit of a more favorable effective real estate tax rate.
Dina Towers represents a compelling value-add opportunity, with upside potential through continued renovation efforts. Recently renovated units are achieving meaningful rent premiums compared to unrenovated units, allowing a new owner to implement a strategic renovation program and drive rental growth.
Additionally, current ownership is not recovering utility expenses from residents, presenting a clear path to increase net operating income. Further income growth can be realized by monetizing storage units and introducing a cable and internet program, creating additional revenue streams for the property.
Dina Towers represents a compelling value-add opportunity, with upside potential through continued renovation efforts. Recently renovated units are achieving meaningful rent premiums compared to unrenovated units, allowing a new owner to implement a strategic renovation program and drive rental growth.
Additionally, current ownership is not recovering utility expenses from residents, presenting a clear path to increase net operating income. Further income growth can be realized by monetizing storage units and introducing a cable and internet program, creating additional revenue streams for the property.
Property Facts
| Sale Type | Investment | Lot Size | 0.30 AC |
| No. Units | 30 | Building Size | 7,227 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 6 |
| Apartment Style | Mid-Rise | Year Built | 1962 |
| Building Class | C | Parking Ratio | 5.53/1,000 SF |
| Sale Type | Investment |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 7,227 SF |
| Average Occupancy | 97% |
| No. Stories | 6 |
| Year Built | 1962 |
| Parking Ratio | 5.53/1,000 SF |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 706 - 763 |
| 2+2 | 20 | - | 905 - 1,517 |
| 3+2 | 2 | - | 1,421 |
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Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 551-0009-0415 | Improvements Assessment | $117,852 |
| Land Assessment | $24,640 | Total Assessment | $142,492 |
Property Taxes
Parcel Number
551-0009-0415
Land Assessment
$24,640
Improvements Assessment
$117,852
Total Assessment
$142,492
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