Description
Marcus and Millichap is pleased to present Mt. Carmel Manor. A 17-unit apartment complex located in East Cincinnati. This asset is in the Batavia submarket and is a few minutes away from a major retail corridor, the Eastgate Mall.
RENOVATION VALUE ADD OPPORTUNITY
The competitive set in the local market boasts rents 300+ above the average effective rent at Mt. Carmel Manor. This gives an incoming investor an opportunity to renovate all 17 units and push rents to capture more value.
LEADING SUBMARKET FUNDAMENTALS
Batavia boasts an average HHI of $67,217 in 2022 with the median HHI being $53,821. As of March 2023, the median sale price of homes in Batavia was up 67.5% year-over-year, selling for a median price of $340,00. These strong market fundamentals are reflected in rental growth and occupancy as well. The average rent in Batavia has increased 11.1% over the last year and 6% over the 5-year average while maintaining an average occupancy of 97.6%
MINUTES FROM ONE OF CINCINNATI’S RETAIL DEMAND DRIVERS
Within 8 minutes (3 miles) of the Eastgate mall, a mixed-use asset featuring restaurants, a movie theatre, and retail destinations such as H&M, Victoria’s Secret, Kohl’s, and JCPenney. Within 6 minutes (2.8) miles to Jungle Jim’s.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 526 Old State Route 74 |
| City: | Cincinnati |
| State: | Ohio |
| Year Built: | 1967 |