Description
HIGH BARRIER TO ENTRY
One Lytle Place is one of only 6 high-rise assets in Cincinnati’s CBD. Due to the rare style of construction used to build the asset, an incoming investor is afforded the scarce opportunity to enter the exclusive group of Cincinnati High-Rise owners, as well as providing an immediate scale in the market with an asset that is comprised of over 250 units. One Lytle delivers the very best that riverfront living has to offer, being the only truly waterfront apartment living on the Ohio side of the river, the asset provides some of the best unobstructed river views Cincinnati has to offer. The sheer size, style and location of the asset, has made it a trophy asset for the city. One Lytle Place is an unmatched pride of ownership opportunity with endless potential.
THE MARKET
Like many Midwest markets, Cincinnati evaded the worst effects of the pandemic relative to other areas of the country. Spurred by healthy job gains and moderate population growth, the Cincinnati apartment market continues to attract new residents, investors, and developers. Apartment demand reached 3,785 units in 2021, one of Cincinnati’s better performances in the last 30 years. This strong apartment demand boosted occupancy to its highest recorded level at 98.1% in the 4th quarter of 2021. Such strong demand allowed operators to push rental rates with an all-time high annual rental growth rate of 8.4% in 2021.
HARD TO REPLACE
High-rise urban basis are approaching the $375k per unit range, and the opportunities to develop wood-frame product in comparable locations are rapidly diminishing. One Lytle Place is a blank slate for an incoming investor with the opportunity to renovate units, amenities, hallways, and common areas. Considering the minimal amount of new deliveries in the market, it will be considered new supply into the market driving rents into the top tier of downtown apartments. Rapidly rising construction costs are driving investor interest to existing product with opportunity. One Lytle Place offers both a management and a physical value add component.
LONG TERM OWNERSHIP
Cincinnati is becoming a more transactional market; assets are generally being traded within 3-5 years of ownership. A historic ownership of over 10 years will add highlight to the true value potential that is left in One Lytle Place and will be more highly sought after compared to some of the competitors that may be on the market.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 621 E Mehring Way |
| City: | Cincinnati |
| State: | Ohio |
| Year Built: | 1981 |