1500 Summit StPortsmouth, OH 45662

Property Details for 1500 Summit St

Lot size

0.22 AC

Property type

Apartment buildings

APN

33-1872.000

APU

331872000

Description

This exceptional multifamily investment opportunity in Portsmouth, Ohio, presents a portfolio of 17 units spread across four buildings and five parcels. The property, built in 1970 and classified as Class B, boasts a total of 14,459 square feet. The portfolio includes a quadplex, duplex, single-family home, and ten townhouse units, along with a vacant lot. Currently, some units are occupied, contributing to low operating expenses. Individual electric meters are installed for each unit, simplifying utility management. City water and sewer services are in place, and the property features central heating and air conditioning throughout. The property offers a compelling pro-forma net operating income (NOI) of $123,000, resulting in an attractive pro-forma cap rate of 20.67%. The asking price for this high-yield investment is $595,000. This presents a rare chance to acquire a well-positioned multifamily portfolio in a stable market with significant upside potential. The property's diverse unit mix and existing occupancy provide immediate cash flow, while the vacant lot offers potential for future development or expansion. This is an ideal investment for those seeking strong returns and long-term growth. The property is located at 1500 Summit St, Portsmouth, OH 45662.

• CAP approach

  CAP return

  Valuation

  6%

  $1,993,916

  6.5%

  $1,840,538

  7%

  $1,709,071

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,383,176

  Geo Method

  $1,383,176

• Alternative Use

  Use

  Valuation

  Residential

  $1,840,538

  Hospitality

  $1,685,923

  Educational

  $1,402,668

  Medical

  $1,450,908

  Retail

  $2,181,928

Location Insight

City

Portsmouth

County

Scioto

State

Ohio

Latitude

38.7426

Longitude

-82.9742

CBSA code

39020

CBSA name

PORTSMOUTH, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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