Berkshire Apartments 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 Cincinnati. 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 helps it to attract a wide-range of tenants.
Multiple neighboring apartment communities have completed interior renovations that have enabled them to push rents significantly higher than the average effective rents at Berkshire. The top three neighboring rent comps have an average market rent that is $465 and $562 for a one-bed and two-bed unit respectively, above the average effective rent at Berkshire. By implementing similar interior upgrades costing on average $10k/unit, the incoming investor can expect a roughly 31% ROI while still offering rents comfortablly under the neighboring competitors.
The property currently has Federal Pacific Stab Loc Breaker panels that will need to be replaced as required by insurance providers. With updated breakers the insurance premium is expected to decrease by roughly 50% adding over $20k to the NOI immediately.
|Address:||6601-6605 Beechmont Ave|