Marcus & Millichap is pleased to present the Carlton Place Apartments, a 41-unit portfolio located in Cincinnati, OH. The portfolio is located in the Bond Hill market of Cincinnati. The asset totals 30,493 rentable square feet on a 1.69-acre lot. The portfolio features five buildings consisting of studio, one-, two-, and four-bedroom apartments with current occupancy at 100% averaging 425 square feet, 594 square feet, 977 square feet, and 1,527 square feet, respectively. The portfolio provides a slight value-add opportunity through unit turns which has been proven and implemented by property owners in its submarket.
The property presents an opportunity to upgrade units. Current occupied units will consist of unit turns with renovations consisting of new flooring, new bathroom vanities, and kitchen upgrades. It is project that the implementation of $205,000 of CAPEX will provide a 24.02% return.
MARKET PROVEN RENTS
The competitive set in the local markets boasts rents over $193-$264 higher than the Carlton Place Apartments, leaving room to push rents. The competitive set shows an investor an opportunity to acquire an asset with already proven rental upside in the market.
Current ownership of the Carlton Place Apartments has kept the property well-maintained as the owners invest time, energy, and effort into preserving the common areas. Current ownership is continuing to invest in the preservation of this asset by investing in the property as needed.
A CITY BUILT ON STRONG FUNDAMENTALS
There are seven Fortune 500 companies in 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%.
|Address:||4821 Reading Rd., 4823 Reading Rd., 4856 Yarmouth PL, 4846 Yarmouth PL., 4852 Yarmouth PL|