Riverview Apartments

A Purvis Commercial Group/Coldwell Banker Commercial exclusive.

Riverview Apartments may be the ULTIMATE VALUE-ADD of the last three years in Ohio! Consisting of (28) 2 bed/1 bath units and (28) 1 bed/1 bath units, this property is well positioned for families as well as individual tenants. Recent Riverview Apartment sales comparable from 11/1/21-11/26/22 range from $55,555-$70,000 per unit.

Riverview Apartments are currently priced at 9.08% proforma cap rate. Current ownership has not significantly increased rents in the last five years. Tenants have been notified of $100/month increases beginning next lease cycle. That's over $67,000 in additional NOI! Five of seven roofs replaced in recent years. All new electrical service in each apartment with each unit separately metered. Two retaining walls installed. Onsite laundry present. 43% of tenants in place more than two years. Rents have not been adjusted to market rates by current ownership. Significant upside in potential gross rents at market rate plus ability to decrease operating costs.

Full offering package available with fully executed confidentiality agreement. https://buildout.com/website/1128440-sale

• 9.08% Proforma capitalization rate

• 43% tenancy greater than four years

• Minimal ownership utility costs

• 4.7% assumable Freddie Mac financing