533 Elberon Ave, Cincinnati, OH 45205

Jennifer M. Donathan of KW Commercial and Kyle Woodland of Reinvest Consultants are pleased to present an excellent value add opportunity. The offering consists of 66 units, 21 two bedrooms, 39 one bedrooms and 6 studios. There are 10 quad buildings, 2 eight unit buildings and 1 ten unit building.
Improvements include new flat roof on 537 Elberon the 8 unit building and new GACO sealed roof on 531 Elberon the 8 unit building and 2 new pitched shingle roofs on 539 and 543 Elberon quads. As units are being turned the faucets, shower diverters and toilets are being upgraded with high efficiency fixtures. Some bathrooms and kitchens have been upgraded with new vanities, cabinetry, appliances, counter tops. The current owner has implemented professional management, refinished hardwood floors, installed new luxury vinyl planking in some kitchens and baths and entire units and replaced some windows.
The value add opportunity is in maintaining the current momentum of leasing newly turned units at market rents which range from $100 - $200 under market. Rents can be raised on the vacant units with or without any rehab or updating. Additionally, increasing rents on current tenants, converting all water fixtures to high efficiency and maintaining a high quality property management team will assist in increasing the NOI and market value of the property.
Details Per Building:
Buildings 527, 529, 549, 551, 553 each consist of 4 units, 2 two beds, 2 one beds, 4 car garage, gas boiler, separated electric. Each building is approximately 3290 square feet is on its own separate parcel ID.
Buildings 539, 541, 543, 545, 547 each consists of 4 units, 1 two bed, 3 one beds, NO garage, gas boiler, separated electric. Each building is approximately 3330 square feet is on its own separate parcel ID.
Building 531 is an 8 unit building consisting of 3 two beds, 3 one beds and 2 studios. The building has a new GACO sealed roof, gas boiler, separated electric. The building is approximately 4212 square feet.
Building 533-535 is a 10 unit building consisting of 8 one beds and 2 studios. The building has a gas boiler, separated electric. The building is approximately 7134 square feet.
Building 537 is an 8 unit building consisting of 3 two beds, 3 one beds and 2 studios. The property features a gas boiler, separated electric. The building is approximately 4212 square feet. The building has a new flat roof.
Buildings 531, 533-535, and 537 are on one parcel and one water meter.