Norse Landing

  • Price: $Market Bid
  • Address:

    1062 Davjo Drive
    Cold Springs, KY

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Marcus & Millichap is pleased to present Norse Landing, an asset totaling 130 units(31 buildings), consisting of one-bedroom to four-bedroom layouts. Built in 1995, Norse Landing encompasses approximately 131,500 square feet, totaling 23.5 acres. The asset is located less than 10 miles south of downtown Cincinnati, and less than 5 miles from the I-275 and I-471 interstate crossing.

Due to recent renovations and upward trending market rents, Norse Landing has a high economic vacancy coming from both loss-to-lease as well as physical vacancy. Current vacancy and loss to lease are at 10.12% & 7.86%, respectively. Recapturing half of the loss to lease would increase the value of the asset by roughly $1.2m at a 6% cap. Leasing up the current vacancies to bring the average occupancy inline with the market average of 95% would increase the asset’s value by roughly $1.4m at a 6% cap. The loss to lease recapture and stabilizing occupancy activities require a limited capital infusion and can quickly add value to the asset for the incoming operator.

Northern Kentucky has had an influx of public and private infrastructure across many different facets. Just north of the property, near I-275, a sixty-five-million-dollar mixed residential community is currently under construction. The single-family home prices start in the $300s and apartments will be starting at $1,100 per unit. Local developers are working to redevelop the former Beverly Hills Supper Club. Ashley Builders Group will be jointly developing the project with Vision Realty Group, while Vision Realty will be partnering with North American Properties on the 200 apartments at Memorial Pointe. The project will also include an assisted living center and single-family homes.

Controlling the whole street of Davjo Lane, Norse Landing offers an incoming investor the opportunity to add common amenities often only found at A class new builds. Investing in the attractiveness of the community rather than specific unit upgrades results in a rental increase across the asset rather than only the updated units.

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. Over the past fiver years, annual absorption in Cincinnati has averaged 2,286 units with a recorded demand of 1,013 for the year ending Q3 2022. Campbell/Kenton Counties rank among the top three submarkets with the strongest absorption for the metro over the past five years. The top three submarkets for absorptions account for 56% of the total demand over the past five years with Kenton/Campbell Counties registering the greatest demand over the past year.

Listing Details

Price:$Market Bid
Address:1062 Davjo Drive
City:Cold Springs

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