2721 Baker AveCincinnati, OH 45211

Terrace Woods Apartments, located at 2721-2725 Baker Avenue in Cincinnati, Ohio, presents a compelling multifamily investment opportunity. This 54-unit garden-style apartment community boasts a desirable unit mix of 18 one-bedroom and 36 two-bedroom apartments, priced at $94,444 per unit. The property features recently updated roofs (less than five years old) and four of the five boilers are less than four years old, minimizing immediate capital expenditure needs. Currently, 51 of the 54 units are occupied by tenants participating in the Cincinnati Metropolitan Housing Authority's rental assistance voucher program, ensuring consistent cash flow. The property is projected to reach 100% occupancy by early September, with a waiting list already established. One unit currently serves as a manager's office but offers potential for additional income. Annual rent increases, implemented by CMHA in January, further enhance the property's long-term financial performance. The asking price is $5,100,000, representing an 8.45% cap rate and a net operating income (NOI) of $431,123. This well-positioned asset in a high-demand area offers immediate cash flow and strong potential for future growth, requiring minimal capital improvements. The property's location just off Harrison Avenue, a major thoroughfare on Cincinnati's west side, provides excellent accessibility and visibility. Built in 1965, this three-building complex is a turnkey investment ready to generate substantial returns.