This investment is a two building property located in downtown Delaware, Ohio. One building contains 48 one bedroom apartments while the other contains 1 two bedroom apartment and 1 retail space which currently houses Ace Check Cashing.
The property's location is an amenity in itself. It is within close walking distance to over 30 restaurants and shopping establishments and is located next to Ohio Wesleyan University.
Tenants enjoy a quiet property while in the heart of Delaware. Amenities include: off street parking, laundry, secured entrances with intercom and spacious units.
COLONY HOUSE APARTMENTS
These apartments were 100% occupied when we purchased them in 2012. Although it was 100% occupied, it had an enormous amount of potential in bringing expenses down to market and rents up to market which made it a very attractive investment.
On day one, we were able to cut the annual operating expenses by over $35,000 just by making modifications in the management processes and vendors.
In its first year of operations this investment had a cash on cash return of over 50% and a broker opinion of value reveals a 12 month value increase of over $700,000.