Similar assets in the Dayton area have undergone renovations and are achieving $1,000 per month for two-bedroom units. Slate Run is a very similar property that has pushed rents well above Larkspur’s average effective and market rent ($760 for studios, $910 for ones, and $1,010 for twos). This provides an incoming investor a business plan to replicate and add value to the property.
Larkspur’s average effective rents are $100 lower than it’s current market rents, proving an avenue to renew leases at a higher rate and increase the NOI for the property.
DESIRABLE PROPERTY CHARACTERISTICS
Larkspur has the unit configuration and features that are highly sought after in the rental market, including individual entrances/exits, single story apartments and washer/dryer hookups. These attract and retain tenants and help create an opportunity to push to top-of-market rents. Additionally, since 75% of the inventory in the Cincinnati and Dayton markets was built before 1980, the age of the asset will stand out against other properties on the market and attract incoming investors.
The tenants cover both air conditioning and their heat through their electricity bill. This helps keep operating cost lower compared to properties that have a gas boiler for heat.
|Address:||3480 Main Street|