Buying $500K-$3MM apartment building in South west Ohio

[Jered Sturm]

Our Cincinnati Ohio based investment Company is looking for a mid sized apartment building in the southwest region of Ohio. We are not syndicators, we use our own capital, which allows a smoother purchasing process for everyone. All our financing is in place. All we are missing is the property. Below are some of our ideal purchasing criteria. Not all have to be meet but most are preferred.  

Ideal Financial Metrics

• Price range 500K-3MM
• 25% Down payment
• Cap rate 8% or greater
• IRR >10% (highly conservative forecasting)
• Per unit cost $25k-55k
• Median household income >$35,000. Preferably $50,000 range

Ideal Property Type

• Distressed properties welcomed
• Value add Strongly welcomed
• Built 1970 or later
• PVC drain lines
• Separate utilities
• Pitched roof preferred
• Brick Exterior preferred

Location

• In the map below we are looking for apartment buildings in the largest highlighted area. In mid sized highlighted area we know the area well (street by street). In the smallest highlighted area we know extremely well (property by Property).
• The majority of our rentals are in the mid sized highlighted area. The closer we are to that area the more attractive the purchase will be to us.
• The type of area we envision owning an apartment in will have many similarities to Reading, Colerain, blue ash, and like type areas.

Other

• No section 8 housing