Residences on Lake
Location: 1128 Lake Street, Kent, Ohio 44240
Units: 45 total units:
- 7 two-bedroom units
- 38 one-bedroom units
- 1 garage
Financing: 5-year fixed-rate agency loan
- Loan-to-Value (LTV): 60%
- Interest only period for 5-years
- Interest Rate of 6.4%
Purchase Price: $3 million
Property Details:
- 70% Tenant-Based Vouchers
- Two blocks from a revitalizing Downtown
- Convenient location with easy commutes to Kent State University
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 $100 below market rates.
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