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460 S Michigan Ave
Wellston, OH 45692
Wells Manor Apartments · Multifamily Property For Sale
·
50 Units
PROPERTY FACTS
| No. Units | 50 | Lot Size | 4.41 AC |
| Property Type | Multifamily | Building Size | 42,360 SF |
| Property Subtype | Apartment | Average Occupancy | 92% |
| Apartment Style | Garden | No. Stories | 2 |
| Building Class | C | Year Built | 1972 |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.41 AC |
| Building Size | 42,360 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1972 |
AMENITIES
UNIT AMENITIES
- Disposal
- Refrigerator
- Oven
- Carpet
SITE AMENITIES
- Laundry Facilities
- Playground
- Multi Use Room
ABOUT 460 S MICHIGAN AVE , WELLSTON, OH 45692
Capstone Apartment Partners is pleased to present Wells Manor in Wellston, OH. Constructed in 1972, this 50-unit community (rent-subsidized and under a HAP contract) presents an opportunity to acquire a stable, cash-flowing asset with long-term tenants. Wells Manor has seen a 57%+ compounded annual growth rate in NOI since 2015, utilizing proven rental rate increases under the current Restrictive Covenant. New ownership can extend the compliance period, continue running Wells Manor to the specifications of the Restrictive Covenant, and receive the Low-Income Housing Tax Credit.
PROPERTY TAXES
| Parcel Number | M24-021-00-050-00 | Improvements Assessment | $321,700 |
| Land Assessment | $45,390 | Total Assessment | $367,090 |
PROPERTY TAXES
