Northern KY - Greater Cincinnati Multifamily
94 Unit Apartment Building | $7,999,999 ($85,106/Unit) | 8.35% Cap Rate | Covington, KY 41011
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,999,999
- Property Type
-
Multifamily
- Square Feet
- 905 SF
Listing Contacts
Justin Ryder
Verified Profile
Harrison Lane
Verified Profile
Rachel Ridd
Verified Profile
- Property Info
Property Overview
We are pleased to present an exceptional investment opportunity comprising a diverse portfolio of 55 residential properties located in the thriving communities of Covington, Newport, and Dayton, Kentucky. This portfolio includes 33 single-family homes, 11 duplexes, 7 triplexes, 2 four-plexes, and 2 five-plexes. These properties are situated in prime locations with excellent connectivity to Cincinnati, OH, via major highways such as I-471, I-275, and I-71/75, offering robust potential for immediate income and long-term appreciation. Covington boasts a vibrant downtown, diverse dining options, and a burgeoning arts scene, while Newport is known for its entertainment and historic charm. Dayton offers a quiet, suburban feel with strong community spirit and proximity to urban conveniences.
The Northern Kentucky area is experiencing strong rent growth due to increasing demand for quality rental properties and a competitive housing market. The portfolio benefits from its proximity to significant job growth areas in both Northern Kentucky and Cincinnati. Major employers in logistics, manufacturing, healthcare, and technology are driving economic expansion and increasing demand for housing. The region is home to burgeoning business districts, industrial parks, and the Cincinnati/Northern Kentucky International Airport, a major logistics hub, with Cincinnati providing ample employment opportunities in finance, education, and professional services.
This 55-property portfolio offers a stable rental income with reduced vacancy risk, value-add opportunities through renovations and strategic property management, and significant upside potential. Detailed financial information, including current rental incomes, occupancy rates, and expenses, is available upon request. Whether you are an experienced investor looking to expand your holdings or seeking a solid entry into the market, this portfolio represents a rare opportunity to acquire a substantial, diversified real estate investment in some of Northern Kentucky’s most desirable communities.
The Northern Kentucky area is experiencing strong rent growth due to increasing demand for quality rental properties and a competitive housing market. The portfolio benefits from its proximity to significant job growth areas in both Northern Kentucky and Cincinnati. Major employers in logistics, manufacturing, healthcare, and technology are driving economic expansion and increasing demand for housing. The region is home to burgeoning business districts, industrial parks, and the Cincinnati/Northern Kentucky International Airport, a major logistics hub, with Cincinnati providing ample employment opportunities in finance, education, and professional services.
This 55-property portfolio offers a stable rental income with reduced vacancy risk, value-add opportunities through renovations and strategic property management, and significant upside potential. Detailed financial information, including current rental incomes, occupancy rates, and expenses, is available upon request. Whether you are an experienced investor looking to expand your holdings or seeking a solid entry into the market, this portfolio represents a rare opportunity to acquire a substantial, diversified real estate investment in some of Northern Kentucky’s most desirable communities.
Property Details
- Class
- C
- Year Built
- 1920
- Stories
- 2
- Lot Size (sq. ft)
- 1,307 SF
- Units
- 94
Highlights
- 55 properties (within +/- 11 miles of each other)
- The entire portfolio is currently managed by a third party property management service.
- The portfolio offers a variety of single-family, duplex, triplexes, and multifamily properties
- The listing provides the opportunity to purchase the 33 single family properties at a discount to retail.
- Stabilized Year one pro forma cap rate projected at 8.49%
- Economic Hub: With Amazon's presence and a growing DSL industry, both cities boast a thriving job market, offering diverse employment opportunities.
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