The Bloks - 7743 Reading Rd, Cincinnati, OH 45237
86 Units | $44,186 per door | Cincinnati, OH | Value-Add Deal
Marketing description
Ellsbury Group is pleased to present The Bloks – an exceptional 86-unit investment opportunity located in the Roselawn neighborhood of Cincinnati. Priced aggressively at $3,799,999 ($44,186 per unit), this asset represents a strong addition to any multifamily portfolio.
This turnkey opportunity consists of 86 fully remodeled studio apartments, totaling over 30,000 rentable square feet across four buildings situated on a spacious 3.6-acre site.
Originally built in 1947, the property underwent a comprehensive interior and exterior renovation in 2023, delivering modern, efficient living spaces while maintaining a quiet residential character throughout the community. Its location offers strong tenant appeal with convenient access to major highways, including I-75.
Overall, The Bloks presents a rare opportunity to acquire a stabilized, turnkey asset with immediate operational efficiency, while also offering upside potential through proactive management and future rent optimization.
Investment highlights
- 86-unit multifamily asset in Cincinnati, OH with strong scale and operational upside
- Offered at $3,799,999 (~$44K/unit) – well below replacement cost
- All 86 units have been completely remodeled
- Current ownership has completed significant CAPEX upgrades including:
- New roofs, gutters, and downspouts on every building
- Completely new electrical system with wiring, panels, and service
- Full plumbing overhaul
- Replacement of all windows and doors
- Attractive going-in cap rate ~9.0% with immediate cash flow
- Pro forma cap rate ~12%+ through rent growth and expense optimization
- $100/unit/month rent upside
- Significant value-add opportunity via operational efficiencies
- Under-market rents provide clear path to increased NOI
- Efficient unit mix and layout supporting tenant demand
- Located on Reading Rd corridor with strong access to employment and transit
- Large asset relative to price point – ideal for scaling portfolio quickly
- Opportunity to implement RUBS / additional income streams
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