1839 Beacon Street Cincinnati, Ohio
Beacon Towers has implemented a renovation plan that has increased rents by over $200/month from January 2022 to November 2022. The renovations have costed around $10,000/unit and included new flooring, plumbing fixtures, lighting fixtures and countertops. Twenty of the fifty-eight units have been updated, leaving an incoming investor with a value-add opportunity to continue the renovation plan and further increase revenue.
Multiple competitive properties in the immediate area have completed more intensive interior renovations than Beacon Tower. These renovations have included a combination of some or all of the following: stainless steel appliances, bathroom vanities with granite countertops, granite kitchen countertops, new or painted cabinets, refinished shower surrounds and upgraded common areas. These properties are achieving rents that are $150 – $200 per month higher than the most recent leases at Beacon Tower’s upgraded units. This provides a secondary avenue for an incoming investor to further increase revenue and duplicate the successful renovation plan of other owners in the area.
Beacon Tower is located in the Mount Washington submarket on the east side of Cincinnati. The average income for its zip code is $78,000, which is about 50% higher than the average household income for city. It is within a ten-minute drive of multiple Cincinnati attractions: Coney Island, Otto Armleder Park, Lunken Field Municipal Airport, Riverbend Music Center and Belterra Park and Casino. Additionally, it is only a fifteen-minute drive to downtown Cincinnati, which allows it to attract a wide-range of tenants.