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299 Unit SFR Investment Portfolio Lima OH

Listing was updated on: 08/20/2019
299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH 299 Unit SFR Investment Portfolio Lima OH

Property Overview

Price/Rent PSF $ 6,990,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 368,688
Date Available 08/20/2019
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Description

Location
Ohio is officially also 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 states 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%. Ohio has the third largest manufacturing workforce behind California and Texas. Headquartered in Ohio, Procter & Gamble, Goodyear Tire & Rubber, AK Steel, Timken, Abercrombie & Fitch, and Wendy's.

Lima is a city and the county seat of Allen County in Ohio. The town is located in northwestern Ohio along Interstate 75. In 2010, the U.S. Census reported the city having a population of 37, 771. Lima has multiple pop culture features. The musical comedy-drama television series, Glee, is set in the town of Lima. 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. Lima 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 Northeast Ohio region, over the years, has developed a rich economy unlike anywhere else. With 4 million residents and a $226 billion economy, the 18 County Cleveland region is recognized throughout the globe for its incredibly high-skilled workforce, low cost of business, and a corporate friendly tax structure. The Cleveland region is also boastful of being the fourth-heaviest concentration of headquarters employment, 38 percent higher than the nation. Not only is there a lot of employment opportunities, the region homes a variety of economic sectors such as healthcare, science, engineering, biotechnology and biomedical. Northeast Ohio is also home to major FORTUNE 500 and FORTUNE 1000 companies in addition to significant overseas companies. Northwest Ohio is home to an incredible logistics infrastructure and an incredible way of life as it is the 12th largest region in the United States.


Sale
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This 299 home 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 1920 but offers spacious square footage of 1413 per home. There is a large variety of homes consisting of 2 to 6 bedrooms and 1 to 3 baths. These spacious floor plans range from 676-2,944 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. The benefits include reduced air pollution and load on the road network.

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%).

Location

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