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139 Clifton Ave Cincinnati, OH 45202

26 Units, Prime Cincinnati Location

Overview

Added:
Dec 11, 2024
Days on market:
135
This exceptional investment opportunity presents a portfolio of three renovated apartment buildings totaling 26 units in Cincinnati's vibrant Over-the-Rhine neighborhood. The property boasts 16,325 square feet across three stories, currently operating at 89% occupancy. Each of the 26 units received individual tax identification numbers, allowing for potential future condo conversion. Extensive renovations completed in 2023, exceeding $2.4 million, encompass flooring, electrical, plumbing, HVAC, kitchens, appliances, and bathrooms. Located near Findlay Market, the University of Cincinnati, and major hospital systems, this portfolio benefits from a 94 Walk Score and a prime location within a trendy, walkable area. Each unit received a 10-year tax abatement (up to $275,000 market improvement value). Significant upside potential exists through concession burn-off and the ability to increase rents, given that market rents at comparable properties average $155-$700 per month higher than current asking rents. The property is offered free and clear of existing debt, with financing options available. The permitted zoning is RM. This core+ investment is an excellent opportunity for discerning investors seeking a high-performing asset in a rapidly appreciating market.

Highlights

  • Over-the-Rhine (OTR) location in Downtown Cincinnati, near Findlay Market, UC, and major hospitals.
  • 26 parcels with 10-year tax abatement up to $275,000 market improvement value per parcel.
  • Significant rental upside potential due to below-market rents and expiring concessions; comparable rents are $155-$700/month higher.
  • Potential to increase revenue by securing a master cable/internet contract.
  • Individual unit tax IDs allow for future condo conversion and individual sales.
  • Completely renovated in 2023 with over $2.4M invested in upgrades (flooring, electrical, plumbing, HVAC, kitchens, bathrooms, appliances).

Property Details for 139 Clifton Ave

Property type
Apartment buildings
Square Feet
16,325 SF
Buildings
3
Stories
3
Units
26

Location Insight

City
Cincinnati
County
Hamilton
State
Ohio
Latitude
39.1155139
Longitude
-84.5142174

FAQs

What type of property is this?
Apartment building - 26 Units, Prime Cincinnati Location
Where is the apartment building located?
The property is located at 139 Clifton Ave Cincinnati, OH.
What are key features of this property?
This property features: Over-the-Rhine (OTR) location in Downtown Cincinnati, near Findlay Market, UC, and major hospitals.; 26 parcels with 10-year tax abatement up to $275,000 market improvement value per parcel.; Significant rental upside potential due to below-market rents and expiring concessions; comparable rents are $155-$700/month higher.
How can I contact the broker?
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139 Clifton Ave
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