Price Range: From to

Compare Listings

Development Opportunity – Apartment Building conversion.

3250 Gilbert Avenue, Cincinnati, OH, USA
$350,000

Description

Substantial 8,000 sq ft apartment building which is to be converted to a total of 12 apartments. There has been new construction residential projects that have been completed directly opposite the building. The building is currently consisting of 4 x 3 bed apartments and 2 x two bed apartment. This property is close to downtown Cincinnati in the neighbourhood of Evanston which is seeing a substantial amount of re-gentrification.

This will be a development opportunity to convert the existing building into 12 apartments of approximately 550 – 600 sq ft. This investment represents an excellent opportunity to add further units an apartment building and receive tremendous cashflow.

Financial Analysis:

Purchase Price: Included
Full Renovation Costs:  Included

Rental Analysis

Unit Mix:

No, Units Type Sq. Ft Rental
12 1 bed / 1 bath 550 $500

Annual Income / Expenditure:

 Projected Income: 

Rental Income: $72,000
Gross Operating Income: $72,000

 Expenses:

 

Real Estate Tax

Property Management

Insurance

Repairs & Maintenance 5%

Water

Electricity

Trash

Advertising

Lawn & Snow

Miscs

$1,800

$7,200

$2,100

$3,600

$1,500

$1,200

$900

NIL

NIL

$200

Total Operation Expenses $18,500

 Net Operating Income:      $53,500

Cap Rate (Post conversion): 15.3%

  • Address: 3250 Gilbert Avenue, Cincinnati, OH, USA
  • City: Cincinnati
  • State/county: Ohio
  • Zip/Postal Code: 45207
  • Neighborhood: Evanston
  • Country: United States

Detail

Updated on September 28, 2018 at 10:07 am

  • Price: $350,000
  • Property Size: 8000 sqft
  • Property Type: Rehab Homes for Sale
  • Property Status: Sold

Contact info

SovInvest
SovInvest
(313) 915 4673(313) 915 4673

Enquire about this property