Description
THE MARKET
Like many Midwest markets, Cincinnati evaded the worst effects of the pandemic relative to other areas of the country. Spurred by healthy job gains and moderate population growth, the Cincinnati apartment market continues to attract new residents, investors, and developers. Apartment demand reached 3,785 units in 2021 one of Cincinnati’s better performances in the last 30 years. This strong apartment demand boosted occupancies to its highest recorded level at 98.1% in the fourth quarter of 2021. Such strong demands allow operators to push rental rates with an all-time high annual rental growth rate of 8.4% in 2021. Along with a tightening Multifamily market the housing market inventory in Cincinnati is at an all-time low. With the low housing inventory, rising home rates, coupled with increasing household formation, many are being forced to sit on the sidelines and continue to rent.
LOCATION
Burgundy Court Apartments are located in Colerain Township. Colerain Township is one of the largest townships in the state of Ohio encompassing 42.9 square miles while serving 58,499 residents. The Township is located north of Downtown Cincinnati and is conveniently located off of two major interstates thus providing easy access for all Cincinnati has to offer. Burgundy Court is less than 2-miles from one of Cincinnati’s premier public high schools, Colerain high School. The Apartment complex is also surrounded by numerous Restaurants (Starbucks, Outback Steakhouse, Skyline, Chipotle), top tier shopping (Northgate Mall, Stone Creek Towne
Center, Target, Best Buy, Home Depot, Dick’s Sporting Goods), as well as various Grocery options (Three Kroger’s, Meijer, Walmart). Tenants of Burgundy Court are only 10 miles from downtown Cincinnati and multiple interstates, providing residents with effortless commutes in and around the city.
VALUE- ADD OPPORTUNITY
Burgundy Court Apartments is a true Value add property that was built in 1967. The current owner purchased the property in 2010. This is a very well-maintained property inside and out. Major Cap-X items like windows, roofs, parking lot, and landscaping are in good condition. The true opportunity lies on the inside of the units. With a strategic renovation on this property an incoming investor will be able to increase rents by an average of $250 bringing the ROI to just over 18%.
LONG TERM OWNERSHIP:
Cincinnati has continued to push forward into a more transactional market; assets are generally being traded within 3-5 years of ownership. A historic ownership of over 10 years will add highlights to the true value potential that is left in Burgundy Court Apartments and will be highly sought after, compared to some of the competitors that may be on the market.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 3295 Roker Drive |
| City: | Cincinnati |
| State: | Ohio |
| Year Built: | 1967 |