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5-Unit Apartment Building - Cincinnati, OH 7508 Elizabeth St 5 Unit Apartment Building $355,000 ($71,000/Unit) 8.25% Cap Rate Cincinnati, OH 45231
INVESTMENT HIGHLIGHTS
- Cap rate - 8.25%
- Tenants responsible for electric, gas, and heat
- Major upgrades: 5 high-efficiency furnaces and insulated vinyl windows (2020), 3 new water heaters (2019 & 2020), and a new roof (~10 years)
- Total units - 5 units | (1) 2 bed, 1 bath | (4) 1 bed, 1 bath
- Fully renovated with updated flooring, kitchens, countertops, bathrooms, and decks
EXECUTIVE SUMMARY
3CRE is pleased to present the Elizabeth Street Apartments for sale, a well-maintained 5-unit multifamily property consisting of one 2-bedroom, 1-bath unit and four 1-bedroom, 1-bath units. Each unit has separately metered electric, with tenants responsible for electric, gas, and heat, while the landlord covers water and trash. Recently the landlord has implemented a water fee and recoup the water expense. Major upgrades include the installation of five high-efficiency furnaces and insulated vinyl windows in 2020, three new water heaters in 2019 and 2020, and a new roof within the last ten years. The property also features a full basement with individual storage bays for each unit, and new coin-operated washer and dryer machines in the basement. All units have been fully renovated with updated flooring, kitchens, countertops, bathrooms, and decks. This offering presents a strong in-place cash flow with the opportunity to increase value through continued rent growth.
PROPERTY FACTS
| Price | $355,000 | Apartment Style | Low-Rise |
| Price Per Unit | $71,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 8.25% | Building Size | 3,370 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2022 |
| Zoning | Commercial | ||
| Price | $355,000 |
| Price Per Unit | $71,000 |
| Sale Type | Investment |
| Cap Rate | 8.25% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,370 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1900/2022 |
| Zoning | Commercial |
AMENITIES
UNIT AMENITIES
- Heating
- Eat-in Kitchen
- Refrigerator
- Oven
- Vinyl Flooring
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 1 | - | - |
1 1
Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 593-0008-0332 | Improvements Assessment | $62,794 |
| Land Assessment | $12,600 | Total Assessment | $75,394 |
PROPERTY TAXES
Parcel Number
593-0008-0332
Land Assessment
$12,600
Improvements Assessment
$62,794
Total Assessment
$75,394
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5-Unit Apartment Building - Cincinnati, OH | 7508 Elizabeth St
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