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Arlington Heights/Lockland 717-719 Elliott Ave 17 Unit Apartment Building $1,275,000 ($75,000/Unit) 7.61% Cap Rate Cincinnati, OH 45215
Investment Highlights
- All brick/block inside and outside 17 unit building with low maintenance, management requirement
- Good unit mix with 11 one bedroom units and 6 two bedroom units
- Many interior and exterior updates throughout
- Stable, solid return in a high demand rental area
- Currently 100% rented
Executive Summary
717-719 Elliot Avenue is comprised of 17 total units (1 unit conversion into laundry room) with 11 one bedroom units and 6 two bedroom units, the owner supplies the heat, water and trash while the tenants pay their own electric and cable. The building has had many updates inside and out the past 10 years including boiler, water heater, roof, soffits, gutters, windows, and many interior updates including flooring, kitchens and appliances. The heat is supplied by a hot water boiler with air conditioning supplied by wall sleeves. Every unit pays a gas/water RUBS charge of $45-$70 per month. Off street parking is available. The building is an all brick/block inside and out providing a low maintenance, low management investment in strong rental market location right on the border of 4 submarkets of Arlington Heights, Reading, Wyoming and Lockland. The property currently boasts a 100% occupancy. The property doesn't allow pets, Section 8 or reduced security deposits.
The owner has a three property portfolio that he'd consider selling them together or individually.
The owner has a three property portfolio that he'd consider selling them together or individually.
Property Facts
| Price | $1,275,000 | Building Class | C |
| Price Per Unit | $75,000 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 12,570 SF |
| Cap Rate | 7.61% | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.34/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | RM-2.0 | ||
| Price | $1,275,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 7.61% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 12,570 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1963 |
| Parking Ratio | 1.34/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-2.0 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $725.00 | 675 |
| 2+1 | 6 | $925.00 | 800 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 601-0002-0148 | Improvements Assessment | $190,425 |
| Land Assessment | $43,470 | Total Assessment | $233,895 |
Property Taxes
Parcel Number
601-0002-0148
Land Assessment
$43,470
Improvements Assessment
$190,425
Total Assessment
$233,895
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Contact the Sale Advisor
Arlington Heights/Lockland | 717-719 Elliott Ave