293 S Maple St

04-12-2022
06-30-2022

293 S Maple St, Orwell, OH 44076

  • 32-Units
  • 7.04% Cap
  • $1,800,000
  • $56,250 Price Per Unit
  • Ashtabula County
  • Orwell, OH

Property Description

The Waller Group is proud to present the 100.0% occupied, 32-unit stabilized property in Orwell, OH. The property consists of 5 buildings (four MF buildings - A, B, C, D - each with 8 units; 1 storage building). Buildings A, B, C are all 1 BD units, and building D is all 2 BD units. There is a 10-unit storage building on-site with one of the units currently being used as a 10'x20' office (all are currently rented). New roofs were added to buildings B & C in 2021, while half of D is being replaced in the next week. Roofs on building A & storage building were put on 8 years ago. Additionally, new windows are being installed on more than half of all units in May. The property is available because current ownership is looking to reinvest proceeds. Additionally, there is a 2.37 acre subdivided parcel that the owner is willing to sell for $150,000. This vacant land has 350' of frontage and is zoned commercial. New ownership could easily add additional apartments to grow the complex. Current ownership is achieving $126,792 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $100 / unit, which is a $0.16 / sqft bump. With this bump, new ownership can achieve an annual NOI of $174,977. Additionally, there is the opportunity to implement additional income fees through adding a laundry facility on-site in one of the larger storage units and charging for W/D use, implementing a ratio utility billing system, pet fees on existing tenants (only new tenants being billed currently), pest control billbacks, bilbacks on select maintenance requests, fines for lease violations, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. The property is currently self-managed. Current and proforma financials were underwritten with a 5.0% management fee.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Price
$ 1,800,000
No. of Units
32
Average Occupancy
100%
Year Built
1975
Year Renovated
1985
Building Size
20,400 Sq ft
Opportunity Zone
Off
Price per unit
$ 56,250
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