Description
Marcus & Millichap is pleased to present 217 East St Apartments, a 12-unit apartment complex located in Springfield, OH. The community consists of six two-bedroom, one-bathroom and six three-bedroom, one-bathroom apartments. The asset is currently 100% occupied and has 12,600 rentable sqft. on a total of 0.3 acres. 217 East St Apartments offers incoming investors the opportunity capitalize on the desirable characteristics of the property, cash flow by being 100% occupied, and benefit from the recent capital expenditures.
Positive Property Characteristics – 217 East St Apartments benefits from having individual HVAC systems for each tenant. This allows the owner to put the utilities in the tenants’ name. Also, units with these HVAC setups are more desirable to tenants because of added control and comfort. Additionally, the larger unit count – all two- and three-bedroom units – have a wider tenant base in Springfield and tend to attract longer-term tenants.
Currently 100% Occupied – 217 East St Apartments underwent a large-scale renovation that was completed in late 2023. It leased up quickly to 100% occupancy. These new leases and 100% occupancy level will allow the incoming investor to capitalize on a stabilized, cash-flowing asset.
Recent Capital Improvements – 217 East St Apartments has had over $350,000 invested in capital improvements over the past 12 months. These include:
- New parking lot
- New air conditioner units for all twelve units
- Renovated six units
- TPO roof repaired with warranty
- Replaced about 50% of the windows
- Replaced basement windows with glass block
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 217 East Street |
| City: | Springfield |
| State: | Ohio |
| Year Built: | 1917/2023 |