Description
Marcus & Millichap is pleased to present Embassy Flats, a 20-unit apartment complex located in the West Price Hill submarket of Cincinnati, Ohio. The community consists of all 1-bedroom, 1-bathroom apartments. The asset is currently 60% occupied with 10,500 rentable sqft. on a total of 0.51 acres. Embassy Flats offers incoming investors an opportunity to acquire an asset poised for strong cash flow through the continued value-add opportunity that is currently being implemented.
SUBMARKET GROWTH
Price Hill has been receiving both publicly and privately funded projects that have been delivered or broken ground in the past 24 months. These projects include:
Delhi Town Square mixed-use development totaling $60 million
Community ARCO totaling $15 million
Historical building revitalization project totaling $10 million
MARKET LEADING RENTS
Embassy Flats has become a market leader on their updated one-bedroom rental rates in the West Price Hill submarket. The property has been able to achieve this through both exterior/interior renovations at the property. These renovations combined with current management’s ability to push the market with Embassy Flats new finishes has propelled the property to the top of the rental market.
VALUE-ADD OPPORTUNITY
Ownership’s updated rental units are achieving $900 on market rate tenants at Embassy Flats. The remaining units have an average effective rent of $658 leaving an opportunity for an incoming investor to complete the renovation plan. Embassy Flats offers the ability to take advantage of the renovation plan immediately as there are currently 8 vacant units. New apartment features include brand new kitchen appliances, new cabinets, new flooring, updated bathroom vanities, updated bathroom tub-surround, and countertops.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 4127-4129 West 8th Street |
| City: | Cincinnati |
| State: | Ohio |
| Zip Code: | 45205 |
| Year Built: | 1960/2020 |