Austin
austin.hall@marcusmillichap.com
“OUR COMMITMENT IS TO HELP OUR CLIENTS CREATE AND PRESERVE WEALTH BY PROVIDING THEM WITH THE BEST REAL ESTATE INVESTMENT SALES, FINANCING, RESEARCH AND ADVISORY SERVICES AVAILABLE.”
300 WEST 4TH STREET, CINCINNATI, OH
$86.3B
VALUE OF RECENTLY CLOSED TRANSACTIONS
12,272
CLOSED SALES IN MOST RECENT YEAR
$12.8B
TOTAL VALUE OF RECENT LISTINGS
2,143
CLOSED FINANCINGS IN MOST RECENT YEARS
JORDAN DICKMAN
FIRST VICE PRESIDENTS DIRECTOR, NMHG
NICK ANDREWS
FIRST VICE PRESIDENTS DIRECTOR, NMHG
AUSTIN SUM
SENIOR INVESTMENT ASSOCIATE
AUSTIN Hall
INVESTMENT ASSOCIATE
ALDEN SIMMS
INVESTMENT ASSOCIATE
LIZ POPP
MIDWEST OPERATIONS MANAGER
JOSH CARUANA
VICE PRESIDENT
REGIONAL MANAGER
INDIANAPOLIS | CINCINNATI | LOUISVILLE | ST LOUIS | KANSAS CITY
JOHN SEBREE
SENIOR VICE PRESIDENT
NATIONAL DIRECTOR
NATIONAL MULTI HOUSING GROUP
MICHAEL GLASS
SENIOR VICE PRESIDENT
MIDWEST DIVISION MANAGER
NATIONAL DIRECTOR, MANUFACTURED HOME COMMUNITIES GROUP
SAM PETROSino
VALUATION & RESEARCH
BRETT MARTIN
INTERNAL ACCOUNTANT
BRITTANY CAMPBELL-KOCH DIRECTOR OF OPERATIONS
ALEX PAPA
MARKETING
COORDINATOR
Property Address: 2298 Harrison Ave
City, State, Zip: Cincinnati, OH, 45211
County: Hamilton
Year Built/Reno: 1960
Number Of Units: 18
Avg Unit Size: 925
Rentable Sqft: 16650
Number of Parcels: 1
Lot Size (Acres): 0.499
Density: 36.1
# of Buildings: 1
# of Stories: 4
Current Occupancy: 100%
Parking Type: Surface
Parking Surface: Asphalt & gravel
Exterior of Building: Brick
Roof Type: Flat Replaced two Years Ago
HVAC: Through Wall AC/central boiler heat
TENANT PAYS: Electric, Cable/Internet
SECTION - THE INVESTMENT
Property Address: 2604 Harrison AVE
City, State, Zip: Cincinnati, OH, 45211
Submarket: Westwood County: Hamilton
Year Built/Reno: 1959
Number Of Units: 11
Avg Unit Size: 661
Rentable Sqft: 7271
Number of Parcels: 1
Lot Size (Acres): 0.776
Density: 14.2
# of Buildings: 1
# of Stories: 3
Current Occupancy: 100%
Parking Type: Surface
Parking Surface: Asphalt
Roof Type: Flat
Exterior of Building: Brick
HVAC Type: Through wall AC
Hot Water Heater: Central - gas
Baseboard Heat (Electric or Boiler): Boiler
PAYS: Electric, Cable/Internet
# NOTE
1 Replacement & Reserves: added based on market norm of $255 per unit per year
2 Added based on the market norms
# NOTE
UNDERWRITING NOTES
1 Replacement & Reserves: added based on market norm of $255 per unit per year
2 Added based on the market norms
1| Prior to the pandemic, Cincinnati’s real gross metropolitan product grew at an average annual rate of 2.1% from 2015 to 2019. During that same five-year period, job growth averaged 1.4% annually, with roughly 15,500 jobs added on average each year. In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 8.4% year-over-year in 2nd quarter. 2| In 2023, the metro’s inflation-adjusted economic output expanded 2.3%. 3| The metro recorded a net gain of 21,100 jobs, expanding the employment base 1.8%. 4| Cincinnati’s unemployment rate in November 2023 was unchanged year-over-year at 3.0%, below the national average of 3.5%. 5| Despite job losses stemming from the pandemic, Cincinnati’s current employment base now sits roughly 63,700 jobs or about 6% above the pre-pandemic level in February 2020.
3,263 units completed in past 12 months 5,184 units currently in progress
1| Over the past five years, annual change in effective asking rents in Cincinnati ranged from 2.0% to 11.9%. 2| In 4th quarter 2023, effective asking rents for new leases were up 3.6% year-over- year. That annual rent performance was below the market’s five-year average of 5.7%. 3| Cincinnati’s recent annual rent change performance ranked #10 in the Midwest region and #27 nationally. 4| Looking at product classes in Cincinnati, Class B led for rent performance over the past five years. In 4th quarter 2023, annual effective rent change registered at 2.5% in Class A units, 3.4% in Class B units and 5.8% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in West Cincinnati and Southeast Cincinnati. 6| The weakest performances were in Central Cincinnati, Butler County and North Central Cincinnati. Over the past five years, rent growth was strongest in Southeast Cincinnati.
