Description
Marcus & Millichap is pleased to present 5661 Glenway, a 19-unit apartment complex located in the Westwood submarket of Cincinnati, OH. The community consists of all 1-bedroom, 1-bathroom apartments with one office unit. The asset is currently 58% occupied with 9,975 rentable sqft. on a total of 0.28 acres. 5661 Glenway offers incoming investors an opportunity to acquire an asset poised for repositioning through leasing up the vacant units that have been rehabbed and renovating the remaining units to push rents.
LEASE UP REHABBED UNITS:
There was a fire in the 5665 Glenway building late 2022. The entire building (ten units) was vacated, and ownership has rehabbed the units. Four units have been leased at $775/month through an agency program (Lighthouse). Three more units have applications approved. Renting the remaining six units at $775/month will provide an additional $55,800 income per year. Additionally, there are two vacant units at the 5661 building that can be rehabbed and leased at higher rental rates than the average effective ($725).
RENOVATION VALUE ADD-OPPORTUNITY:
Multiple competitive communities around 5661 Glenway have completed interior renovations and are achieving rents that are over $125 higher than the average effective rent of $725. This leaves an opportunity for an incoming investor to complete the renovation value add plan and increase revenue.
STRONG SUBMARKET:
As of June 2023, the Westwood submarket has seen a 7.2% year-over-year increase in rental rates with the occupancy rate remaining strong at 96.1%. Additionally, this submarket has seen large publicly funded projects, highlighted by the recently completed $193 million Lick Run Greenway.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 5661-5665 Glenway Avenue |
| City: | Westwood |
| State: | Ohio |