Winton Woods

4880 Winton Road, Cincinnati, OH 45232

Sale Price

$7,300,000

Investment Overview

Units

146

Year Built

1967

Price Per SF

$87

Price Per Unit

$49,324

Current Cap Rate

6.50%

Market Cap Rate

7.90%

Current GRM

6.36

Market GRM

5.82

The Offering

Stepp Commercial is pleased to present for sale, Winton Woods Apartments, a 148-unit multifamily asset located at 4880 Winton Road, in the Winton Hills submarket north of Downtown Cincinnati.  The property features (138) one bedroom/one bath units and (10) two bedroom/one bath units with central air conditioning and balconies or patios.  Thirty percent of the units have been renovated in the last three years with hardwood floors and modern kitchens and baths.  All roofs, decks, electric breaker boxes and the parking lot were all replaced in the past five years.

LARGE, SPRAWLING PROPERTY WITH STRONG POTENTIAL

Set on 7 acres of land, Winton Woods provides the potential to create popular community amenities to attract tenants, such as a children’s play area, dog park or entertainment space. Existing storage areas on the property can be converted to additional units, pending City approval.

NEARBY TO EDUCATION & EMPLOYMENT HUBS

The property is well-located near the I-75, I-275 and Ronald Reagan Highway, and walkable to public transportation, offering easy access to nearby education centers and employment hubs. Three major universities – The University of Cincinnati, Cincinnati State University and Northern Kentucky University – with a combined enrollment of nearly 70,000 students – are all within 9 miles of Winton Woods. Proctor & Gamble, Duke Energy and General Electric are all located within 15 minutes of the property.

STRONG RENTAL DEMAND

During the pandemic, Cincinnati fared better than many of the nation’s top apartment markets, with demand and rents accelerating. Over the past 12 months, rent growth has seen an increase of 3.5% with a vacancy rate of 5.5%.  The area has a strong rental market, with 79% renters and 21% home owners.

ATTRACTIVE MARKET FUNDAMENTALS

Winton Woods provides a rare opportunity for investors as sales volume is typically low in the Cincinnati market, averaging less than $300 million annually over the past 10 years. Cincinnati is very affordable for investors, with market sales prices approximately 60% below the national average and cap rates almost 200 basis points higher. Pricing for apartment assets is expected to maintain its current steady pace of appreciation.

Investment Highlights

  • $49,324 per unit
  • $87 per square foot
  • 30% units renovated within the past 3 years
  • New roofs, decks, electrical boxes in the past 5 years
  • 15 minutes from Downtown Cincinnati