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811 S Fred Shuttlesworth Cir 8 Unit Apartment Building $575,000 ($71,875/Unit) 8.26% Cap Rate Cincinnati, OH 45229
Investment Highlights
- Large units with attractive unit mix
- Room to increase rents and make additional unit upgrades
- Lots of operational upside
Executive Summary
809-811 S. Fred Shuttlesworth consists of two buildings next to each other totaling 8 units. 809 is a triplex and 811 is a 5 unit building. These are being sold as a packaged deal. The property offers an attractive unit mix with two 3-beds, 2 two-beds, and 4 one-bed units. Owners have completed various upgrades over their ~5 years of ownership including new LVP flooring, kitchen updates, and fresh paint in all units. All units have individual furnaces and owner is just responsible for water, trash, and some common area electric. While rents are roughly 12% below market, the biggest NOI increase will come from controlling operational expenses.
Offering memorandum can be accessed through the link below.
https://issuu.com/gilreath/docs/809-811_s_fred_shuttlesworth_om?fr=sNTI5YzgzNTQ4MDc
Offering memorandum can be accessed through the link below.
https://issuu.com/gilreath/docs/809-811_s_fred_shuttlesworth_om?fr=sNTI5YzgzNTQ4MDc
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$104,760
|
$15.35
|
| Other Income |
$3,462
|
$0.51
|
| Vacancy Loss |
$6,493
|
$0.95
|
| Effective Gross Income |
$101,729
|
$14.91
|
| Taxes |
$6,404
|
$0.94
|
| Operating Expenses |
$36,449
|
$5.34
|
| Total Expenses |
$42,853
|
$6.28
|
| Net Operating Income |
$58,876
|
$8.63
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $104,760 |
| Annual Per SF | $15.35 |
| Other Income | |
|---|---|
| Annual | $3,462 |
| Annual Per SF | $0.51 |
| Vacancy Loss | |
|---|---|
| Annual | $6,493 |
| Annual Per SF | $0.95 |
| Effective Gross Income | |
|---|---|
| Annual | $101,729 |
| Annual Per SF | $14.91 |
| Taxes | |
|---|---|
| Annual | $6,404 |
| Annual Per SF | $0.94 |
| Operating Expenses | |
|---|---|
| Annual | $36,449 |
| Annual Per SF | $5.34 |
| Total Expenses | |
|---|---|
| Annual | $42,853 |
| Annual Per SF | $6.28 |
| Net Operating Income | |
|---|---|
| Annual | $58,876 |
| Annual Per SF | $8.63 |
Property Facts
| Price | $575,000 | Property Subtype | Apartment |
| Price Per Unit | $71,875 | Apartment Style | Garden |
| Sale Type | Investment | Building Size | 6,824 SF |
| Cap Rate | 8.26% | Average Occupancy | 88% |
| Gross Rent Multiplier | 6.12 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1918 |
| Property Type | Multifamily |
| Price | $575,000 |
| Price Per Unit | $71,875 |
| Sale Type | Investment |
| Cap Rate | 8.26% |
| Gross Rent Multiplier | 6.12 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Size | 6,824 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1918 |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Ceiling Fans
- Dining Room
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $815.00 | 725 - 800 |
| 2+1 | 2 | $1,023 | 900 - 955 |
| 3+1 | 2 | $1,200 | 1,332 |
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811 S Fred Shuttlesworth Cir
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