Jennifer Donathan of KW Commercial has been retained as the exclusive agent to offer for sale 209 S. Main Student Housing in Oxford Ohio, home to the prestigious Miami University. This is an excellent opportunity to purchase a well maintained asset with value add opportunity. The student housing market has a strong demand for affordable & suitable student housing apartments. Oxford is an extremely supply-constrained city & 209 S. Main offers the rare opportunity to acquire student housing with upside opportunities. 209 S. Main Student Housing is a townhome style property constructed of brick & vinyl siding. The roof is pitched with shingles and was replaced approximately 10 years ago. The community is a 3-unit complex composed of 3 two story townhomes with separate entrances and private rear patios. The property has a total of 2900 square feet or 966 square feet per unit. The projects is comprised of three 2 bedroom / 1.5 bath units. Recent improvements (last 5 years) include renovated kitchens, bathrooms, refinished hardwood floors, new windows, patio sliding doors, appliances, washer and dryers, new concrete parking spaces, new hot water tanks, new wall and portable a/c units.

Utilities:

Each unit is heated by electric baseboard and air is provided by wall a/c units or portable a/c units. Tenants have separate hot water heaters, separate electric panels and no gas is on site. Tenants pay for all utilities which is separately metered. Owner only pays exterior lights.

Parking:

Private parking lot with enough space for 6 cars. The lot is concrete and was recently replaced.

Amenities:

Each unit features washer and dryer and private patio. The most attractive quality about this property is the close proximity to campus.

Value Add Opportunity:

The property is permitted for 12 students. That is broken down to two students per bedroom. The seller has strong historical occupancy of 100% over the last 5 years. Current rent is $3400 per student per semester for a period of 9 months for a total of $27,200/annually per unit or $81,600 for all 3 units. Leases are August 20 – May 20. The seller has not leased the units during the summer months. Market rents can be pushed to approximately $3600 per student per semester and summer rentals are typically in high demand. The lot is large enough for another duplex or single family home to be built. The neighbor directly behind the subject property has the same lot and built a duplex on the extra land within the last few years.

Seller Motivation:

Seller purchased the property so children could occupy while attending Miami University. The seller’s last child moved out during the middle of this school year and seller is ready to move on to other investments.