UNITS: 15 | YEAR BUILT: 1970 | SQFT: 11,840
300 Highway is a 15-unit apartment complex in the hyper growth Ludlow submarket of Northern Kentucky. Built in 1970, the asset totals about 11,840 square feet. The building features recently non renovated, partially renovated, and fully renovated one and two-bedroom apartments with an occupancy rate of 93%. Average unit sizes are 720 square feet for one-bedrooms and 850 square feet for two-bedrooms.
A City Built on Strong Fundamentals
There are seven Fortune 500 companies in Greater Cincinnati. Out of the Fortune 500 companies, 400 of them have a presence in the city as well. Cincinnati has three Fortune Global 500 companies. Out of the five Fortune Global 500 companies in the state of Ohio, three of them call Cincinnati home. Cincinnati’s GDP per capita grew at 1.3% higher than the national average of 1.2%. Cincinnati’s future growth over the next 10 years is expected to be 29.8%.
Located in One of the Highest and Hottest Growth Corridors in All of Cincinnati with Over $500,000,000 of Private and Public Investment Over the Next 3 Years
New developments in this area include Ovation Phase I and II, Newport on the Levy redevelopment, AEG PromoWest music venue, Corporex office conversion to 187 high-end apartments, Newport SkyWheel, World Peace Bell mixed-use project, and Covington Yard development.
Northern Kentucky Explosive Apartment Growth
Northern Kentucky’s apartment rental income growth has been explosive over the last 5 years. Between 2015 and 2020, apartment rents have increased at an average of 4.1% with an average occupancy of 95.29%. There are several developments in progress in the surrounding area featuring a variety of development types such as multifamily, retail, office, entertainment, etc.
Strong Market Provides Ability to Organically Push Rents
Due to the strength of the market that 300 Highway is in, there is a great ability to organically push rents. We are projecting pro forma rents to be pushed nearly 6% from current average effective rents without doing any work or improvements to the units.
300 Highway has some units that are non renovated, partially renovated, and fully renovated. This provides great potential in two ways and leaves an investor with two options. First is the ability to keep the units as is and organically push the rents for both the renovated and unrenovated units. Second is the ability to renovate the non renovated units to increase value and push all of the rents to a higher level.
|Address:||300 Highway Avenue|