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Wayne Apartments 8400-8414 Anthony Wayne Ave 28 Unit Apartment Building $2,458,606 CAD ($87,807 CAD/Unit) Cincinnati, OH 45216
Investment Highlights
- Strong upside in finishing and renting down units and lowering the in place loss to lease
- Massive development and new I-75 interchange being developed 500 yards north of this property in Lockland off Anthony Wayne Avenue
- High rental demand area with high occupancy levels across the submarket
- Lots of big cap-ex items completed delivering quality units/buildings with minimal required to stabilize the property
Executive Summary
4804-4814 Anthony Wayne Avenue is consists of 28 total units in 3 separate, adjacent buildings. Comprised of 22 one bedroom units and 6 two bedroom units, the owner supplies boiler heat with wall air conditioning paid by the tenants. The owner also supplies water/sewer. They have full RUBS in place ranging from $40-$70 per month/per unit. Recent improvements from late 2010's include new boilers, roofs, windows, glass block, parking lot (2021), 2 water heaters, and 27 of 28 units have been updated. Ceramic tile or LVP throughout each unit. All brick/block interior and exteriors. There has been a some down units at this property for some time due to several reasons-owner and management issues mainly. Currently there are 5 empty apartments with 3 that need moderate to heavier updating-two are rent ready that will be filled. The vacant units are all 1 bedroom units. The 2 bedroom units haven't had a vacant unit since this current owner purchased the property in fall of 2021. The property does not accept pets, Section 8 or reduced security deposits.
The owner has a 3 property portfolio that includes this listing. The owner would sell all of them together or individually.
The owner has a 3 property portfolio that includes this listing. The owner would sell all of them together or individually.
Property Facts
| Price | $2,458,606 CAD | Building Class | C |
| Price Per Unit | $87,807 CAD | Lot Size | 0.62 AC |
| Sale Type | Investment | Building Size | 19,593 SF |
| No. Units | 28 | Average Occupancy | 82% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1963/2018 |
| Apartment Style | Garden | Parking Ratio | 1.02/1,000 SF |
| Zoning | RM-2.0 | ||
| Price | $2,458,606 CAD |
| Price Per Unit | $87,807 CAD |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 19,593 SF |
| Average Occupancy | 82% |
| No. Stories | 3 |
| Year Built/Renovated | 1963/2018 |
| Parking Ratio | 1.02/1,000 SF |
| Zoning | RM-2.0 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Hardwood Floors
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Security System
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 22 | $1,070 CAD | 675 |
| 2+1 | 6 | $1,299 CAD | 800 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $227,841 CAD | |
| Land Assessment | $73,425 CAD | Total Assessment | $301,266 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$73,425 CAD
Improvements Assessment
$227,841 CAD
Total Assessment
$301,266 CAD
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Wayne Apartments | 8400-8414 Anthony Wayne Ave
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