UNITS: 40 | YEAR BUILT: 1925/1968 | SQFT: 67,525
Marcus & Millichap is pleased to present Dwell and Renaissance, two properties totaling 100 units and consisting of everything from studios to five-bedroom units, with some renovated and some unrenovated. Built in 1968 and 1925, Dwell and Renaissance total about 67,525 square feet on two lots totaling 2.81 acres. These two properties are located north of downtown Cincinnati near the I-74 and I-75 interstate crossing.
A CITY BUILT ON STRONG FUNDAMENTALS:
There are seven Fortune 500 companies in Cincinnati. Out of the Fortune 500 companies, 400 of them have a presence in the city as well. Cincinnati has three Fortune Global 500 companies. Out of the five Fortune Global 500 companies in the state of Ohio, three of them call Cincinnati home. Cincinnati’s GDP per capita grew at 1.3% higher than the national average of 1.2%. Cincinnati’s future growth over the next 10 years is expected to be 29.8%.
LIMITED SUPPLY ASSET:
The University of Cincinnati has seen an 9.71% increase in student enrollment in the last 8 years as it went from an enrollment of 42,656 in 2013 to 46,798 in 2020. This equates to an average of a 1.21% increase per year. Each of those 8 years, the university has set a record for enrollment. This constantly growing student population has required more housing units. However, since 2015, there have been only 4 new properties and 621 new units added to the market.
HIGH DEMAND ASSET:
As student enrollment at the University of Cincinnati continues to increase, it will increase demand for student housing and bring more renters to the area surrounding the university. This increased demand for housing will allow assets like Dwell & Renaissance to maintain strong occupancy numbers as well as rent increases.
Dwell and Renaissance recently underwent renovations on some units so it now has renovated and non renovated units. This provides great potential in two ways and leaves an investor with two options. First is the ability to keep the units as is and organically push the rents for both the renovated and unrenovated units. Second is the ability to renovate the non renovated units to increase value and push all of the rents to a higher level.
ECONOMIC VACANCY RECAPTURE:
Due to recent renovations and upward trending market rents, Dwell and Renaissance has a very high economic vacancy coming from both loss-to-lease as well as physical vacancy. This provides an investor the opportunity to come in and recapture some of this economic vacancy, increase income, and greatly increase value.
|Address:||1905 Elmore Street & 3583 Alaska Avenue|