2721-2725 Baker Ave

Terrace Woods Apartments is a 54-unit community just off of Harrison Avenue, which is a main thoroughfare on Cincinnati's west side. All apartments are garden style with a favorable unit mix of 18 one bedrooms and 36 two bedrooms. The buildings feature newer roofs (less than 5 years old) and four of the five boilers are less than 4 years old. Due to years of mismanagement by a prior owner, the property fell into disrepair and eventual receivership. Current ownership recognized the tremendous need in the City of Cincinnati for affordable housing and made the necessary repairs to qualify for the Cincinnati Metropolitan Housing Authority's rental assistance voucher program to provide housing for low to moderate income individuals and families. Notable at present, 51 of the tenants are on the program and the property should be at 100% occupancy by the end of August or early September with a wait list. The 54th apartment is currently used as an manager's office, but could become an income producing unit. Additionally, CMHA typically increases rents each January to incentivize owners to participate.
This asset will provide strong cash flow starting day one with none of the heavy lifting required.