46 units under contract in Cincinnati

[Oleg Shalumov]

Wanted to share ... just signed contract for 46 units in Cincinnati this week. 

Some information on the property ... It is a 46 units Class C+ apartment building located in Cincinnati Ohio, the property is 87% occupied and stabilized asset with several value add opportunities. The building was build in 1915, but fully renovated in 2010. The building consists of:

10 studios

26 one bedroom units

10 two bedroom units

The property is very conveniently located a short walk away from University of Cincinnati, couple of Hospitals in the area, shopping mall (Amazon, Target, Chase, Starbucks, Chipotle, Panera Bread, CVS, Walgreen, Kroger Supermarket) and 10 minutes drive away from Downtown. It is also minutes away from I-75 which is providing easy commute within Cincinnati and for traveling outside of the city.

Very exited to start Due Diligence process on it ... 

[Oleg Shalumov]

@Heshel Mangel I been working with few brokers for some time in each of the cities in Ohio (Cincinnati, Columbus, Cleveland, Akron). Once you are working with the brokers directly and they see good feedback from you, you get off market properties from them.

We are planning to take Agency loan in the property, and the remaining 20-25% will be partially funded by me, and remaining  raised from the investors in my network.

Not a lot of renovation, but some improvements to the units can help us increase the rent and add value to the property. Also, would need to put a good property manager as property currently occupied by 85%.

There are several DD list out there you can use (for example Old Capital have one on their website), but message me if you want me to send you what I am using.