Fairfield Square
Multifamily | 24 Units | Value-Add
Marketing description
Colliers is pleased to present Fairfield Square, a 24-unit multifamily community comprised of 12 townhome-style residences and 12 flat units, ideally located in Fairfield, Ohio. The offering also includes an additional 0.639-acre adjacent parcel zoned R-O PUD, providing a valuable opportunity for future expansion, whether through additional townhome units, a supplementary multifamily building, or the creation of enhanced on-site amenities.
Fairfield Square represents a compelling value-add investment opportunity with proven upside through continued interior renovations. Recently upgraded units are achieving notable rent premiums over classic and partially renovated units, offering a clear pathway for a new owner to implement a targeted renovation strategy and drive meaningful rental growth.
Beyond the asset-level upside, the property benefits from its location in Fairfield, a highly desirable submarket within Greater Cincinnati, known for its economic stability and strong demand fundamentals. Notably, the investment is further supported by exceptionally favorable real estate tax exposure, with an effective tax rate of approximately 1.96% on the multifamily component and just 1.33% on the townhome units, providing a distinct advantage relative to competing assets in the region.
Additional revenue growth opportunities exist through operational enhancements, including the installation of in-unit washers and dryers and the implementation of a bulk cable and internet program, both of which can generate incremental income while enhancing the overall resident experience.
To access the OM & Financials, please complete the Confidentiality Agreement on the Deal Site:
Investment highlights
Land Development or Add Amenities: The offering includes an adjacent 0.639-acre parcel zoned R-O PUD, presenting a strategic opportunity to create additional value through a future townhome development, increased unit density via another multifamily building, or the introduction of on-site amenities. This flexibility allows ownership to either drive higher rental income and overall profitability through added units or improve tenant retention and justify rent premiums by enhancing the resident experience with new amenities, ultimately strengthening long-term asset performance.
Strategic Unit Renovation Strategy: At Fairfield Square, 14 units have been renovated and are achieving higher rents compared to the 6 partially renovated units and the 4 non-renovated units.
2 Bed / 1 Bath
• Full renovations averaging $110/month more than the non-renovated units
2 Bed / 2 Bath
• Full renovations averaging $154/month more than the non-renovated 2 Bed / 1 Bath unrenovated unit.
2 Bed / 1.5 THs Bath:
•Full renovations averaging $162/month more than the non-renovated units
•Full renovations averaging $93/month more than the partially renovated units.
•Partially renovated units averaging $69/month more than non-renovated units.
Low Real Estate Tax Rate: This investment benefits from below-market real estate tax exposure, with effective rates of approximately 1.96% on the multifamily component and 1.33% on the townhome units, offering a clear cost advantage relative to comparable assets in the region.
Limited Townhome Supply: Fairfield Square benefits from a limited supply of comparable rental townhomes in the Fairfield submarket, with only one directly competitive property offering similar two-bedroom, 1.5-bath layouts. This supply constraint positions the asset to capture continued rent growth and push rates as demand outpaces available inventory.
Washer/Dryer Income: Installing in-unit washers and dryers presents a clear value-add opportunity to increase rental rates and enhance resident appeal, as renters consistently pay a premium for this convenience. This relatively low-cost upgrade can drive higher monthly income and improved retention, boosting overall NOI and asset value.
Cable/Internet Package: Fairfield Square does not currently have an exclusive cable/internet provider agreement in place. By implementing an exclusive contract, new ownership could generate additional revenue by charging residents a premium above the contract cost, thereby increasing annual income.
Free & Clear Offering: The property is being offered free and clear of existing debt, providing investors with maximum flexibility to structure financing based on their own strategic objectives.
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