Listed by Lou Park Realty
$2,950,000
The Mannino Building
Details
Property Type Mixed Use, Multifamily
Sub Type Apartment Building
Square Footage 16,025
Units 7
Cap Rate 7.00%
NOI $206,500
Occupancy 100%
Tenancy Multi
Lease Type NNN
Rent Bumps Yes
Pro-Forma NOI $216,410
Broker Co-Op True
Class A
Year Renovated 2024
Stories 3
Zoning As used
Parking Spaces 12 spaces
Parking per 1,000 SqFt 0.75
Investment Type Stabilized
Lease Commencement 12/29/2023
Ground Lease No
Mixed Use | 7.00% CAP | 16,025 SqFt
Marketing description
Fully stabilized mixed-use asset in the heart of Madisonville's revitalizing Madison Road corridor -- fully leased, brand new construction, institutional-quality tenancy, and three powerful investor incentives: LEED Silver CRA 15-Year Tax Abatement, Qualified Opportunity Zone, and NNN Anchor Tenant -- Dance Factory Fitness.
Investment highlights
- 5-year NNN lease (12/29/2023) with two 5-year renewal options
- $19.51/SF effective rent + CAM = $6,167/month; 2% annual escalators
- Tenant invested $500,000+ in their own buildout
- Personal guarantee on the lease
- Thriving operator -- planning 2nd location
- LEED Silver CRA Tax Abatement (15 years): Taxes reduced 50% for 15 years. Annual benefit ~$17,866. Cumulative estimated value $250,000+.
- Qualified Opportunity Zone: Investors deploying capital gains may defer/reduce tax liability. 10+ year holdings may qualify for full gain exclusion. Consult qualified tax counsel.
- 1031 Exchange Candidate: 100% leased, stabilized asset. Ideal passive income replacement property.
- Medpace HQ -- 5,000+ employees, 1 mile away
- Allez Restaurant & Bakery opening directly across the street
- Concorde restaurant announced at Madamore complex
- New public parking lot on adjacent east parcel
- Minutes to Oakley, Hyde Park, Mariemont, Indian Hill
Listing Contacts
Listed by Lou Park Realty
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$206,500.00
$17,208.33/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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Property History
Tax History
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