Hollybrook Apartments is a Cardinal style community located in Marion, Ohio. The property consists of 70 units comprised of 40 one bedrooms and 30 two bedrooms. There are 14 total buildings spread over 9.5 acres of professionally landscaped grounds.
The proeprty is located on a main traffic route in Marion and receives most of its rental activity from drive by traffic.
Amenities include: washers/dryers in some units plus onsite laundry, spacious units, off street parking, many acres of green space.
This property was purchased as a distressed asset and had many financial and physical issues at the time of purchase.
After eleven months of ownership, we have made many improvements which have allowed us to raise rents by as much as 50% in some cases.
Improvements include: new heating and cooling units in every unit, new parking lot, new locks on every unit, new siding on every building, over 75% of the units turned over and replaced with quality tenants.
Even with all of these improvements, this property is expected to boast a cashflow of over 30% in its first year with an enormous amount of upside in year two.