255 Warner StCincinnati, OH 45219

Property Details for 255 Warner St

Year built

1890

Property type

Apartment buildings

Description

Exceptional investment opportunity: The Strafford, a Class A, 29-unit apartment building in Cincinnati, OH. This value-add property, built in 1890 and renovated in 2013, boasts 38,701 net rentable square feet across three stories. Currently operating at 89% occupancy, the property generates a NOI of $355,080, with a current cap rate of 3.23%. A pro-forma analysis projects a NOI of $600,000 and a 5.45% cap rate, reflecting significant upside potential. The asking price is $11,000,000, or $379,310 per unit. The building features a mix of unit sizes, including 4 one-bedroom/one-bathroom units averaging $1,100/month rent, 23 two-bedroom/two-bathroom units averaging $1,595/month rent, and 2 larger units (one 4-bedroom/4-bathroom and one 5-bedroom/5-bathroom) renting for $4,000 and $6,000 per month respectively. Unit sizes range from 525 to 5,227 square feet. All units feature upscale finishes including stainless steel appliances, granite countertops, and original hardwood floors. The building also offers 29 gated parking spaces. Located just blocks from the University of Cincinnati, this property benefits from a strong rental market and the potential for increased rental income. The permitted zoning is Residential/Condos. This is an entity ownership opportunity.

Location Insight

City

Cincinnati

County

Hamilton

State

Ohio

Latitude

39.1246

Longitude

-84.5228

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