3547-3549 Harvey Ave Cincinnati, Ohio
The Harvey Apartment is located in the busiest submarket of Cincinnati in terms of public and private investment. Avondale sits directly north of the University of Cincinnati and Innovation Corridor. A 2023 study reported that the University of Cincinnati has a $10.3 billion economic impact on the tri-state. In just a two-mile radius from the property there is a total of 34 new developments proposed or currently under way. The new developments are comprised of:
– UNIVERSITY EXPANSION: Eleven total projects proposed or in progress = $695 Million
– HEALTH CARE: Two total projects in progress, one recently completed = $1.05 Billion
– OFFICE/RETAIL MIXED USE: Four total project proposed and in progress = $814 Million
– HOSPITALITY: Two total projects proposed and in progress = $87 Million
– PUBLIC: Three total projects proposed and in progress = $205 Million
– HOUSING: Eleven total projects proposed and in progress = $661 Million
o $3.5 Billion developments in progress or proposed
The Avondale submarket has an average occupancy rate of 96%. The renter demand can be seen in how quickly units leased up at Harvey, where 27 units were leased in roughly 50 days. The common area and unit renovations were completed at the end of March and the property was brought to 95% occupancy by mid-May.
Currently ownership has spent nearly $300k in the property over the last 5 months focused on fully renovating 27 of the 33 units, the common area hallways and replacing the roof. There were 6 units that were not upgraded because the existing resident was at a higher rate and consistently paying, owner did not want to displace a good resident.
In the 3rd quarter of 2022, effective asking rents for new leases were up 11.8% YOY in Cincinnati with one of the top performing submarkets being Central Cincinnati. Over the past five years, annual absorption in Cincinnati has average 2,286 units with Central Cincinnati ranking amongst the top three submarkets in Cincinnati for absorption. In the past year ending Q3 2022, Central Cincinnati had the greatest demand equal with Campbell/Kenton Counties of all submarkets in Cincinnati.