Ravenna Village
Location: 161 & 171 Cedar Street, Ravenna, Ohio 44266
Units: 26 total units:
- 7 two-bedroom units
- 17 one-bedroom units
- 2 studios
- 4 garages
Financing: 7-year fixed-rate bridge loan
- Loan-to-Value (LTV): 64%
- Interest only period for 7-years
- Interest Rate of 7.4%
Purchase Price: $1.45 million
Property Details:
- 70% Tenant-Based Vouchers
- Two blocks from a revitalizing Main Street
- Convenient location with easy commutes to Akron and Kent
Projected Returns: 13-15% IRR
Business Plan:
- Focus on cost reduction and maintaining high occupancy (98-100%) through our own property management company- Affordable Housing Redefined
- Significant upside potential with rents averaging $300 below market rates.
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