Jennings Apartments 349-374 Jennings Ave Immeuble residentiel 113 lots À vendre Mansfield, OH 44907

For more information please visit https://www.chmultifamily.com/listings-overview/jennings or contact one of the listing agents directly.
Charles Hart Multifamily Group is pleased to present Jennings Avenue, a 113-unit apartment community located in Mansfield, OH. The
property was built between 1971-1992 and is comprised of 20 residential buildings nestled on 7.8 acres. Jennings provides an excellent
opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.
Jennings consists one- and two-bedroom units which range in size from 604 to 892 square feet of living space. The property consists of
both townhome and garden style units with a number of spacious floor plans for tenants to choose from. Many of the units feature updated
cabinetry, countertops, fixtures, as well as luxury vinyl plank flooring. The community features include a leasing office, carport parking, and
laundry facilities. The units are all electric which the tenant pays. Currently the owner pays for water/sewer and trash removal but has recently
implemented a RUBS program (Guardian) for water.
A new owner will immediately benefit from the capital infusion over the past three years since current ownership purchased the property.
In total, more than $850,000 has been spent at the property since 2021 including replacement of rear stairwells, parking lot repair/re-pour,
select window replacement, as well as unit renovations. Previous ownership replaced the roofs in varying stages over the past 5-10 years.
Additionally, the recent roll-out of a RUBS program through Guardian will drastically off-set a new owner’s water/sewer expense thus driving
net income. Currently more than 40% of the units are enrolled in the RUBS program and will grow to nearly 70% by year end.
The property is conveniently located in Mansfield just off of Davidson Road and is minutes from OH-13, providing tenants with easy access
to the area’s employment, shopping, and dining. Additionally, Interstate-71 is 5 miles from the property providing access to the rest of the
greater Ohio area. Mansfield is situated 65 miles northeast of Columbus and 81 miles southwest of Cleveland.