Charles Hart is pleased to present Fifth Street Apartments, a 50-unit apartment community located in Port Clinton, Ohio. Built in 1974, the property is comprised of five two-story residential buildings and is situated on 3.98 acres. The property caters to both market rate tenants as well as working with numerous local housing authorities in Ottaway County.
Fifth Street Apartments consist of 34 one-bedroom, one bath units, and 16 two-bedroom, one-bath units. The unit’s range in size from 550 to 650 square feet and feature an open floor plan, a fully furnished kitchen with dishwasher, vinyl wood-like flooring throughout select units, ceiling fans, and an alarm system. The property also has a leasing office, laundry facilities, and a barbeque/picnic area. Currently the owner is responsible for paying the electric, water/sewer, and trash removal. The property has 14 on-site storage units available for rent as well.
Fifth Street Apartments are located in Port Clinton, Ohio which sits on Lake Erie. Port Clinton is 15 miles northwest of Sandusky, 45 miles east of Toledo, and 77 miles west of Cleveland. Major tourism destinations (Put-In-Bay, Kelly’s Island, and Catawba Island) sit within 15 miles of the property as well. More than 11 Million people visited the Lake Erie shores throughout 2018. This had a direct impact on both Ottawa and Erie Counties by generating more than $1.4 Billion of direct spending in the region throughout 2018. That spending generated 13,918 tourism industry jobs and $357 Million in tourism-supported wages (via
www.rockthelake.com and www.shoresandislands.com).
The property provides an excellent opportunity to acquire a stable, well-maintained asset with strong in-place cash flow, but also offers additional upside through continued operational efficiencies, the leasing of the on-site storage units, and the ability to implement a water/sewer billback. The property’s acreage also allows for additional multifamily to be developed and should a new owner choose to do so, there is a 15-year tax abatement (up to 100% abatement) available on any new construction.
Fifth Street Apartments are being offered free and clear of existing debt, allowing a new owner to obtain new financing to take advantage of today’s historically low interest rates.
