Status   ACTIVE  
48 Unit 1 and 2 Bedroom Apartment Income Property
7327 N Ridge Road, Madison, OH, 44057 United States
just listed
$2,300,000
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MLS#4044355
List Date10/10/2018
TypeCommercial
Units48
Bedrooms68
Bathrooms48
Square Footage33686
Lot Size12
ParkingOpen
Taxes$33,686.00
This is a great investment, income producing property. Owner acquired the property approximately 9 years ago and has implemented a strong property management approach and focusing on necessary capital improvement exceeding $120.000 all of which resulted in a NOI improvement of 54.4 % (2007 to 2017 reporting periods). Presently, there are no vacant units with an ongoing waiting list for several prospective tenants.
The property includes five buildings including a work shop sitting on 12 acres. There are 27 one-bedroom, 650 square foot, one bath units; 20 two-bedroom, 850 square foot, one bath units; and 1 single family, two-bedroom, one bath home. Apartment buildings are brick façade and vinyl sided on two of the five. Complete roof replacement with today’s current metal roofing systems was completed on all three buildings containing the 1-bedroom apartments.
The one-bedroom apartments are heated by newer boiler. Tenant rate includes heating, electrical, water and sewer. Two-bedroom tenants pay for gas, ele