|Price/Rent PSF||$ 6,990,000.00|
|SQ. FT. Available||367,936|
Ohio is known as the Buckeye State and is located in the Great Lakes region. Ohio is the 7th most populous and the 10th most densely populated state in the United States. Ohio’s geographic location has proven over the years to be an asset for economic growth and expansion.
The Small Business & Entrepreneurship Council ranked the state No. 10 for best business-friendly tax systems in their Business Tax Index including a top corporate tax and capital gains rate that were both ranked No. 6 at 1.9%.
Lima, Ohio is a stable midwestern city with 3 universities and over 12,000 College Students. Major employers include Proctor and Gamble, Abrams Tanks, Ford Motor Co., Lima Oil and Gas, and an 8 surrounding county pull for Medical and Retail. Although there was some population decline for Lima in the 1980’s and 90’s with the national decline in manufacturing, the population has been fully stabilized for the last 10 years and anticipates growth in jobs and population over the next 10. In 2005 the Population of Lima, was 37,280, and in 2016 the population of Lima was 37,414.... with some normal ups and downs along the way, including some people moving in more recent years from Lima City to the growing Lima Suburbs, Lima is a very stable city. Many Midwestern Cities are starting to see urban revitalization, which is also true in Lima. One of the Lima universities, Rhodes College, is opening a new downtown campus, and the Lima Development Group, called Greater Lima Region, Inc., is having success in attracting new retail and young renters to the downtown Lima area.
The city was also the focus of other documentaries, comedic routines, and films, only to name a few. Not only is this town popularly known in the media, but it’s also rich in the history of oil and railroads make it a unique town to live. Lima is a city of service providers, sales, and office workers, and transportation and shipping workers.
This 294 Unit SFR investment portfolio opportunity located in Lima Ohio offers an investor immediate cash flow in the growing Lima market. With 37,414 people, 14,051 houses or apartments, and a median cost of homes of $69,943, house prices in Lima are some of the most affordable in Ohio as well as the nation. Even though Lima is just below the national average over the past 10 years, they have seen a 5.45% home value growth over the past year and are predicting a 9.98% increase over the next year. The average vintage of homes in this portfolio is 1919 but offers spacious square footage of 1413/sf per home. There are large variety of homes consisting of 2 to 5 bedrooms and 1 to 3 baths. These spacious floor plans range from 676-2,230/sf livable square feet. Rental rates throughout the portfolio are roughly 21% below market rates, which are continuing to climb in this submarket and will continue bringing increased cash flow to investors bottom line over the next few years.
Residents of the city have the good fortune of having one of the shortest daily commutes compared to the rest of the country. On average, they spend only 18.86 minutes getting to work every day. Many people in Lima take advantage of public transportation to get around. In fact, for the size of the city, the number of people who use the bus to commute to work is quite high. This helps to fill a need among Lima citizens for affordable transportation.
Single-family detached homes are the single most common housing type in Lima, accounting for 66.21% of the city’s housing units. Other types of housing that are prevalent in Lima include duplexes, homes converted to apartments or other small apartment buildings (15.38%), large apartment complexes or high rise apartments (14.66%), and a few mobile homes or trailers ( 2.12%).
This portfolio consists of 236 single family homes, 20 duplexes, 2 fourplexes, and one 10 unit multiplex.