Ohio Mentor Square, cash flowing and stabilized
Ohio Mentor Square, cash flowing and stabilizedBasics
- Date added: Added 2 months ago
- Category: LP
- Type: Multi-family
- Status: Stabilized
- IRR: 27.33%
- Equity Multiple: 1.27
- Hold Period: Held 2 of 3-5 year plan
- Stabilized Cash on Cash: 12.81
- Year 1 Cash on Cash: 11.22
- Distribution Frequency: Quarterly
- Asset Strategy: Hold for cash flow on stabilized property
- Preferred Return: 8%
- Loan-to-Value: 60%
Description
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Description:
Stabilized 64 unit apartment with additional income potential. Occupancy is at 100% and has been for almost all of 2023. Most of the time we have a waiting list with 2-3 pre-approved applicants.
Updates since purchase include:
- Parking lot replaced
- New HVAC in ~60% of units
- Dog park added (currently 16 paid pets on site)
- Laundry room updates (all new machines with cashless pay option)
Planned updates include:
- Constructing storage lockers to rent
- LED lights and low flow fixtures (~50% complete currently)