Description
HIGH DEMAND AREA
The Avondale submarket has an average occupancy rate of 96%. The renter demand can be seen in how quickly units leased up at Harvey, where 27 units were leased in roughly 50 days. The common area and unit renovations were completed at the end of March and the property was brought to 95% occupancy by mid-May.
FULLY RENOVATED COMMUNITY
Currently ownership has spent nearly $300k in the property over the last 5 months focused on fully renovating 27 of the 33 units, the common area hallways and replacing the roof. There were 6 units that were not upgraded because the existing resident was at a higher rate and consistently paying, owner did not want to displace a good resident.
LEADER IN RENTAL GROWTH
In the 3rd quarter of 2022, effective asking rents for new leases were up 11.8% YOY in Cincinnati with one of the top performing submarkets being Central Cincinnati. Over the past five years, annual absorption in Cincinnati has average 2,286 units with Central Cincinnati ranking amongst the top three submarkets in Cincinnati for absorption. In the past year ending Q3 2022, Central Cincinnati had the greatest demand equal with Campbell/Kenton Counties of all submarkets in Cincinnati.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 3547-3549 Harvey Ave |
| City: | Cincinnati |
| State: | OH |
| Year Built: | 1919/2023 |