Marcus & Millichap is pleased to present the Scott Properties Portfolio, a 6-building, 25-unit portfolio located in Cincinnati, OH. The property is a scattered site portfolio located in the Westwood and Mt. Airy markets of Cincinnati. Four of the six buildings are located in Westwood while the remaining two are located in Mt. Airy. The Westwood properties consist of 1, 2, and 3-bedroom apartments while the Mt. Airy properties consist of 1 and 2-bedroom apartments. The portfolio provides a value-add opportunity through renovations and turns of the units which has been proven and implemented by property owners in its submarket.
The property presents an opportunity to renovate units. Current occupied units will consist of unit turns with renovations consisting of new flooring and new bathroom vanities. Current unoccupied units will be updated with renovations consisting of new cabinets, new countertops, new appliances, new flooring, and new bathroom vanities. It is project that the implementation of $219,000 of CAPEX will provide a 52% return.
MARKET PROVEN RENTS
The competitive set in the local markets boasts rents over $175-$295 higher than the Scott Properties Portfolio, leaving room to push rents. The competitive set shows an investor an opportunity to acquire an asset with already proven rental upside in the
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%.