Description
UNITS: 37 | YEAR BUILT: 1966 | SQFT: 34,680
Marcus & Millichap is pleased to present Riverbanks Apartments, a 37-unit apartment complex in the hyper growth Ludlow submarket of Northern Kentucky. Built in 1966, the asset totals about 34,680 square feet on a .74-acre lot. The building features recently renovated one and two-bedroom apartments with an occupancy rate of 89%. Average unit sizes are 590 square feet for one-bedrooms and 1,005 square feet for two-bedrooms. The asset consists of one building overlooking the Ohio River and Downtown Cincinnati and boasts some of the only direct views into Downtown Cincinnati and towers over any nearby competition with its irreplaceable views.
Hard to Find Views and Unbeatable Location
Riverbanks Apartments is one of the only properties located directly on the Ohio River. Because of this, it is a hard-to-find asset with views of Downtown Cincinnati unlike any other.
Luxury Units Bigger than the Competition
Riverbanks Apartments provides luxury apartments in a location unlike any of the nearby competition. With an average unit size of 590 square feet for one-bedrooms and 1,005 square feet for two-bedrooms, this property towers over the competition in terms of unit size.
Located in One of the Highest and Hottest Growth Corridors in All of Cincinnati with Over $500,000,000 of Private and Public Investment Over the Next 3 Years
New developments in this area include Ovation Phase I and II, Newport on the Levy redevelopment, AEG PromoWest music venue, Corporex office conversion to 187 high-end apartments, Newport SkyWheel, World Peace Bell mixed-use project, and Covington Yard development.
Northern Kentucky Explosive Apartment Growth
Northern Kentucky’s apartment rental income growth has been explosive over the last 5 years. Between 2015 and 2020, apartment rents have increased at an average of 4.1% with an average occupancy of 95.29%. There are several developments in progress in the surrounding area featuring a variety of development types such as multifamily, retail, office, entertainment, etc.
Recently Renovated One and Two-Bedroom Units
Most of the units at Riverbanks Apartments are recently renovated with granite countertops, LVP flooring, new cabinetry, and new paint throughout.
Strong Market Provides Ability to Organically Push Rents
Due to the strength of the market that Riverbanks Apartments is in, there is a great ability to organically push rents. We are projecting pro forma rents to be pushed nearly 10% from current average effective rents.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 22 Swain Court |
| City: | Covington |
| State: | Kentucky |
| Year Built: | 1966 |
| Acres: | .74 |
| Exterior: | Brick |
|---|---|
| Parking: | Surface |