Investment Highlights

Location: Cincinnati, OH
No. of Buildings: 4
No. of Units: 66

Date Acquired: January 15, 2018
Purchase Price: $2.425M

• Strong location demographics
• Gross income 15% below market at acquisition
• Inefficient utility consumption at acquisition
• Reclaimed additional unit being underutilized as office space

Closer Look

Prior to our acquisition, the property was adequately maintained but poorly managed, earning a sub-par reputation. We implemented a utility cost savings program upon takeover, re-branded the property, and completed the systematic re-tenanting of the property with rental rates increased to market. We added an additional rental unit after converting a less desirable 3-bedroom unit into two 1-bedroom units. Under previous ownership, a rental unit was used as the office, despite an unused storage space on premises. We converted that storage space to the office and reclaimed the down unit, adding a 2nd additional unit to the rent roll. We brought the laundry operations in-house, installing internet-based card reader technology, simultaneously doubling the current laundry income, eliminating cash fidelity concerns, and providing improved convenience to tenants.