2820 Eldora Dr. - Hidden Village Apartments
Multifamily | 72 Units- Toledo, Ohio
Marketing description
The seller purchased this property in 2021. Prior ownership had neglected the asset and made no reinvestments. Since acquisition, the current owner has invested approximately $515,000 in higher-than-normal maintenance costs and has required substantial capital improvements, including unit renovations, new appliances, updated flooring and carpeting, HVAC replacements, common hallway updates and other enhancements.
On the expense side, we have provided a proforma for maintenance. Many units required more than the typical $400-$1,000 turnover, with significant work completed across the property. To date, approximately 52 of the 72 units have been renovated since 2021.
This creates an opportunity for a new buyer to complete the remaining improvements and realize the property's full potential.
Investment highlights
- The seller purchased this property in 2021. Prior ownership had neglected the asset and made no reinvestments. Since acquisition, the current owner has invested approximately $515,000 in higher-than-normal maintenance costs and has required substantial capital improvements, including unit renovations, new appliances, updated flooring and carpeting, HVAC replacements, common hallway updates and other enhancements.
- On the expense side, we have provided a proforma for maintenance. Many units required more than the typical $400-$1,000 turnover, with significant work completed across the property. To date, approximately 52 of the 72 units have been renovated since 2021.
- This creates an opportunity for a new buyer to complete the remaining improvements and realize the property's full potential.
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