Marcus and Millichap is pleased to present Cedar Ridge Apartments. The community was built in two phases, the first in 1953 and the second in 1975, together the entire community consists of 176 units between 13 buildings. The property is gas baseboard boiler heat with electric through wall A/C units. Located in Park Hills just south of Covington, the area is a mature submarket with limited development and consisting of primarily owner occupied residential properties. There is an 18-hole golf course and two top ranked private Catholic High Schools that offer a reduced tuition to students living in the district. The submarkets surrounding Park Hills have seen tremendous growth with a great deal concentrated around the Cincinnati International Airport’s $1.5 billion Amazon logistics center as well as in downtown Covington, and Florence. In addition to the strong neighboring submarkets, downtown Cincinnati is less than a 5 minute drive away.
MARKET PROVEN RENTS
The current ownership group has been aggressively increasing rents over the last 8 months, with increases of $120-200 in rent and the implementation of a $40 utility RUB. There is roughly 13% loss to lease between the January rent roll and all units at market rate. The recent rental push has increased the T3 vacancy rate to roughly 9.5%, up from the market average of 2-3%. Units that became newly vacant will undergo interior renovations in the kitchen and bathroom to secure the $200 rental increase
The immediate submarket offers residence a quiet and seclude community feel but with multiple employment and amenity hubs within only a few minutes drive away. Down town Cincinnati is 3 miles from Cedar Ridge, the Cincinnati International Airport is a 15 minutes drive. Large retail and leisure hubs such as downtown Covington and downtown Newport are 2 and 4 miles away respectively.
|Address:||1198 South Arlington Road|