Description
Marcus & Millichap is pleased to present Dwell and Renaissance, two properties totaling 100 units and consisting of everything from studios to five-bedroom floorplans, with some renovated and some unrenovated. Built in 1968 and 1925, Dwell and Renaissance total approximately 67,525 square feet on two lots totaling 2.81 acres. These two properties are located north of downtown Cincinnati near the I-74 and I-75 interstate crossing.
A CITY BUILT ON STRONG FUNDAMENTALS:
The headquarters for seven Fortune 500 companies are currently located in Cincinnati. Out of all Fortune 500 companies, 400 of them have a presence in the city as well. Cincinnati has three Fortune Global 500 companies. With a total of five Fortune Global 500 companies located 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%.
ECONOMIC VACANCY RECAPTURE:
Due to recent renovations and upward trending market rents, Dwell and Renaissance have a high economic vacancy coming from both loss-to-lease as well as physical vacancy. This provides and investor with the opportunity to recapture the economic vacancy, increase rents and greatly increase the overall value of the asset.
LIMITED SUPPLY ASSET:
The University of Cincinnati has seen an 9.71% increase in student enrollment in the last 8 years as enrollment jumped from 42,656 students in 2013 to 46,798 students in 2020. This equates to an average of increase of 1.21% per year. Enrollment records were set for each year between 2013-2020. This constantly growing student population has required more housing units. However, since 2015, there have been only 4 new properties and 621 new units added to the market.
HIGH DEMAND ASSET:
As student enrollment at the University of Cincinnati continues to increase, it will increase demand for student housing and bring more renters to the area surrounding the university. This increased demand for housing will allow assets like Dwell & Renaissance to maintain strong occupancy numbers as well as rent increases.
UNIT POTENTIAL:
Dwell & Renaissance provide an incoming investor with two options to increase value. The first option would be to push rents for both renovated and unrenovated units, organically growing the value from time of purchase. The second option would be to complete renos on the unrenovated units, allowing for a larger rental increase and greater value across both properties as a whole.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 1905 Elmore Street & 3583 Alaska Avenue |
| City: | Cincinnati |
| State: | Ohio |
| Year Built: | 1925/1968 |