Lebanon + Hamilton 7-Unit Scattered-Site Portfolio
7-Unit Lebanon/Hamilton Portfolio With Stabilization Upside
Marketing description
The Lebanon + Hamilton Portfolio is a 7-unit scattered-site multifamily offering across three Southwest Ohio assets: 27 & 29 N Sycamore St in Downtown Lebanon, 490 Yale Dr in Lebanon, and 659 Ross Ave in Hamilton. The portfolio totals 8,600 SF and is offered at $900,000, or $128,571 per unit.
The investment case is built around a simple stabilization plan. Current T12 NOI is $30,971, while stabilized Year 1 NOI is projected at $70,077 through leasing the Ross vacancy, moving under-market rents closer to proven levels, and tightening operations.
The rent roll already supports the upside. Current average rent is $1,094/month, while units inside the portfolio already achieve $1,600/month at Yale, $1,333/month at Sycamore, and $1,150/month at Ross. Several rents remain below those proven levels, giving a new owner a clear path to grow revenue without needing a heavy reposition.
The physical profile also helps the story. All 7 units are two-bedroom layouts averaging 1,229 SF/unit, which gives the portfolio a larger residential-style rental profile than typical small multifamily product. 490 Yale offers large 1,600 SF units with garage/driveway appeal, basement/storage potential, and yard space. 27 & 29 N Sycamore provides walkable Downtown Lebanon exposure. 659 Ross adds Hamilton income upside and the immediate lease-up opportunity.
Location is a major part of the long-term hold thesis. The Lebanon assets benefit from proximity to Historic Downtown Lebanon, Lebanon Brewing Company, the Golden Lamb, local restaurants, shops, and Warren County demand drivers. Ross adds Hamilton exposure near Downtown Hamilton, the Rossville corridor, Spooky Nook Champion Mill, and the broader Butler County rental market.
The business plan is straightforward: lease the vacant Ross unit, tighten the rent roll, complete selective turns, reduce expense leakage, and operate the portfolio more efficiently. The result is a stronger stabilized income profile, with a projected 16.2% deal-level IRR, 14.3% investor net IRR, and 3.07x investor equity multiple.
The core thesis is simple: acquire in-place income, stabilize the remaining vacancy, move rents toward levels already proven within the portfolio, grow NOI, and create optionality through cash flow, refinance, or a future sale after stabilization.
Investment highlights
Stabilization-Driven NOI Growth:
- T12 NOI is $30,971. Stabilized Year 1 NOI increases to $70,077 through lease-up, rent alignment, and tighter operations.
Immediate Lease-Up Opportunity:
- The portfolio is 6 of 7 units occupied, with the vacant Ross unit ready to rent. Leasing that unit creates immediate income growth.
Proven Rent Upside Inside the Portfolio:
- Current average rent is $1,094/month, while existing units already achieve $1,600 at Yale, $1,333 at Sycamore, and $1,150 at Ross.
All Two-Bedroom Units:
- The portfolio consists of 7 two-bedroom units averaging 1,229 SF/unit, creating a larger residential-style rental profile.
Strong Return Profile:
- The business plan produces a 16.2% deal-level IRR, 14.3% investor net IRR, and 3.07x investor equity multiple.
Downtown Lebanon + Hamilton Exposure:
- The portfolio gives buyers exposure to Historic Downtown Lebanon, larger residential-style Lebanon units at Yale, and Hamilton/Rossville income upside at Ross.
Simple Value-Add Plan:
- Lease the vacancy, move below-market rents closer to proven in-place levels, reduce expense leakage, complete selective turns, and operate more efficiently.
Multiple Exit Options:
- A buyer can hold for cash flow, refinance after NOI growth, or exit once the income profile is stabilized and seasoned.
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