UNITS: 32 | AVERAGE YEAR BUILT: 1956 | RENTABLE SQFT: 26,100
Marcus & Millichap is pleased to present the Stevens Portfolio, a 4-building, 32-unit portfolio located in Cincinnati, OH. The property is a scattered site portfolio located in the Westwood and Cheviot submarkets of Cincinnati. Three of the four buildings are located in Westwood while the remaining building is located in Cheviot. The Westwood properties consist of studios, 1-, and 2-bedroom apartments while the Cheviot property consist of 1-bedroom apartments. The asset is currently 94% occupied with 26,100 rentable square feet on a total of 0.864 acres. The portfolio sits minutes away from Downtown Cincinnati’s amenities allowing residence quick access the amenities offered Downtown. The portfolio provides a value-add opportunity through turns of the units which has been proven and implemented by property owners in its submarket.
The property presents an opportunity to renovate units as they come available. With the remaining units left to turn, it is project that the implementation of $4,500 per unit of CAPEX will provide a 34.76% return per unit. The project total cost to implement these upgrades is $40,500.
Market Proven Rents
The competitive set in the local markets boasts rents over $100-$290 higher than the Stevens 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 market.
The current ownership of the Stevens Portfolio has kept the property well maintained as the owners invests time, energy, and effort into preserving the common areas. Current ownership has invested significantly in CAPEX items such as new gutter screens, new boilers, and new windows.
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%.
|Address:||3337 Stathem, 3341 Stathem, 3345 Stathem, 3307 Camvic Terrace|