91 Beds
33 Baths
91 Beds
33 Baths
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 309829
Style See Remarks
Bedrooms 91
Full Baths 33
HOA Y/N No
Property Sub-Type Multi Family
Source West Central Association of REALTORS® (OH)
Property Description
Exclusive investment opportunity to acquire a robust portfolio of thirty single-family homes. This turn-key acquisition is offered at a purchase price of $2,650,000, representing an efficient entry into the Northwest Ohio market at a price per door of approximately $88,333. The valuation of $2,650,000 aligns with the analyzed market value of $2,556,715.48 at an 8% cap rate. The underlying assets consist of diverse residential configurations. These properties feature a mix of two, three, and four-bedroom layouts, with square footage ranging from 795 to over 1,800 square feet.
The portfolio is meticulously positioned for immediate performance, currently generating an annual gross rent of $314,760. However, a significant value-add component exists as current rental rates have not been fully optimized to market levels. Many of the existing rents are due for scheduled increases, providing the next owner with immediate upside potential to enhance the current yield.
After accounting for comprehensive annual operating expenses of $110,222.76--which include professional management, accounting, lawn care, and a 3% vacancy reserve--the assets currently produce a steady Net Operating Income (NOI) of $204,537.24. The financial health of this offering is further evidenced by a healthy expense ratio of 35.02% and a strong Debt Service Coverage Ratio (DSCR) of 1.33. Based on a 25-year amortization at a 6.5% interest rate, the portfolio supports annual debt service of $153,947.28, leaving an investor with a net annual cash flow of $50,589.96, or approximately $4,215.83 per month.
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A member of the ownership is an Ohio licensed real estate agent
Location
State OH
County Allen
Direction https://www.google.com/maps/d/u/0/edit?mid=1cKgxeqHrKSWtC8-YTtqTv8Lcrc-q6so&usp=sharing
Body of Water Public
Interior
Heating See Remarks
Cooling See Remarks
Exterior
Parking Features See Remarks
Building
Faces https://www.google.com/maps/d/u/0/edit?mid=1cKgxeqHrKSWtC8-YTtqTv8Lcrc-q6so&usp=sharing
Foundation Other
Sewer Public Sewer
Water Public
Architectural Style See Remarks
Schools
School District Lima
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Nearby Locations
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REALTOR® Lic# 2016001186 | Lic# 2024004146