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- LoopNet Team
600 Commerce Ave NW
Warren, OH 44485
Hidden Village Townhomes · Multifamily Property For Sale
·
118 Units
PROPERTY FACTS
| No. Units | 118 | Building Size | 94,640 SF |
| Property Type | Multifamily | Average Occupancy | 49% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1973 |
| Building Class | C | Parking Ratio | 1.12/1,000 SF |
| Lot Size | 6.75 AC | ||
| Zoning | Commercial | ||
| No. Units | 118 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.75 AC |
| Building Size | 94,640 SF |
| Average Occupancy | 49% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 1.12/1,000 SF |
| Zoning | Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Washer/Dryer Hookup
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Carpet
- Deck
- Lawn
- Patio
SITE AMENITIES
- Laundry Facilities
- Playground
- Property Manager on Site
- Maintenance on site
ABOUT 600 COMMERCE AVE NW , WARREN, OH 44485
At the $2,990,000 asking price, this offering represents a 11.25% cap rate and potential 26.00% cash-on-cash return upon stabilization, based upon current rents. IPO has projected a year-one NOI of $336,461 after stabilization. As a result of a detailed rental study, it has come to our attention that current street rents at Hidden Village are below market on a street rent basis. Specifically, IPO has found that the two and three-bedroom townhome rents are below market by approximately $106 and $180, on a street rent basis. If a savvy investor were to successfully implement a modest rent increase of $75 for both units, they would add approximately $100K in value and substantial additional cash flow with no financial investment. If this adjustment were to be made, the NOI would increase to over $400,000, with a potential leveraged return of over 26.90%. There is tremendous cash flow to be earned through this investment.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 62 | - | 948 - 949 |
| 3+2 | 56 | - | 983 - 1,097 |
PROPERTY TAXES
| Parcel Number | 39-529665 | Improvements Assessment | $852,500 |
| Land Assessment | $82,600 | Total Assessment | $935,100 |
PROPERTY TAXES
