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Lafayette Mills Apartments 600 Plainfield Rd 40 Unit Apartment Building $2,700,000 ($67,500/Unit) West Lafayette, OH 43845
Investment Highlights
- 100% occupied, turnkey 40-unit garden community
- 29% rent upside as LIHTC/HOME restrictions phase out by 2028–2029
- Limited Competing Supply
Executive Summary
Rare LIHTC-to-market-rate value-add opportunity in West Lafayette, OH (Coshocton County). Lafayette Mills Apartments is a 40-unit garden-style community built in 2000, comprising 28 two-bedroom/one-bath and 12 three-bedroom/one-bath units across 5 walk-up buildings with 93 on-site surface parking spaces. The property is 100% occupied and has been well-maintained under active compliance monitoring, with no material deferred maintenance identified. In-place rents average $758/unit against a $980/unit market rate -- roughly 29% upside as the property's LIHTC and HOME rent restrictions phase out. The extended-use LIHTC compliance period is scheduled to expire 12/31/2028, with HOME-assisted units restricted through 12/31/2029 (buyers should independently verify both dates with OHFA and the recorded Land Use Restriction Agreement). Offered at $2,700,000 ($67,500/unit, $41.03/SF), with a 9.81% cap rate once converted to market rents. Turnkey operations -- lease-up is complete, and the opportunity is to capture the rent upside as restrictions lift.
Property Facts
| Price | $2,700,000 | Building Class | B |
| Price Per Unit | $67,500 | Lot Size | 6.30 AC |
| Sale Type | Investment | Building Size | 65,804 SF |
| No. Units | 40 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2000 |
| Apartment Style | Garden | Parking Ratio | 1.41/1,000 SF |
| Price | $2,700,000 |
| Price Per Unit | $67,500 |
| Sale Type | Investment |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 6.30 AC |
| Building Size | 65,804 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2000 |
| Parking Ratio | 1.41/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Washer/Dryer Hookup
- Carpet
- Yard
- Lawn
- Patio
- Wheelchair Accessible (Rooms)
- Window Coverings
Site Amenities
- Clubhouse
- Laundry Facilities
- Playground
- Property Manager on Site
- Trash Pickup - Curbside
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 28 | $795.00 | 477 - 557 |
| 3+1 | 12 | $954.00 | 606 |
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Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 02000-001-079-00 | Improvements Assessment | $491,940 |
| Land Assessment | $72,770 | Total Assessment | $564,710 |
Property Taxes
Parcel Number
02000-001-079-00
Land Assessment
$72,770
Improvements Assessment
$491,940
Total Assessment
$564,710
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