Jennifer Donathan of KW Commercial and Kyle Woodland of Reinvest Consultants is pleased to present a 12 unit complex in Cincinnati Ohio. The property consists of two brick buildings which are contiguous. The buildings each contain six units with four 2 bedroom / 1 bath units and two 1 bedroom / 1 bath units. Each building is heated by a gas boiler and heat is paid by the owner. Tenants in all eight 2 bedroom units pay for electric and gas for the stoves. The four 1 bedroom units are located on the lower level of the building and electric and gas is not separately metered, owner pays all utilities for these four units. The hot water tanks are gas, water and trash and common electric is paid by the owner. The property features pitched shingle roofs, vinyl replacement windows, all of the bathrooms have updated vanities and toilets and half of the baths been updated with new tubs, ceramic tile floors and ceramic tile around the baths. Most of the kitchen cabinets have been replaced with oak. The boiler in 697 has been replaced with a high efficiency system and has a new pump. The gutters and soffits have recently been replaced. The parking lot and driveway was recently repaved with new blacktop. The property is professionally managed by a third party.
Value Add Opportunity-
There is upside to the next owner by immediately converting the four 1 bedroom units to tenant paid electric and gas. An exit strategy and future opportunity at Greenwood could be to offer higher end units for lease and separating the utilities to 100% tenant paid.
