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Eden Park Overlook by Mike Savad                                                            

Accepting Cash Offers

 

Eden Park ... Walnut Hills ... 2328 St James Ave,  Cincinnati,  45206

 

4,120 sqft solid masonry brick house built in 1909.  Precious Three car garage.   2 blocks to Eden Park in Walnut Hills.

MultiFamily ... 1 two bdrm, 1 four bdrm apt.  Basement may add bdrms or studio apts.

House has been gutted and is ready for renovation.   New copper water line.  

New 6" sewer. .. 3 meter - 300 Amp electric service being installed.  Two gas meters.  9,000 sqft lot.

 

Its location is crucial ... two blocks from Eden Park, the nicest walking park in Cincinnati, the Aboretum, and Art Museum.  Two blocks from the McMillan/Kemper $ 100 million development area.  Convenient Interstate and city center.

 

The house has been stripped to its bones, and is ready for installation of upgraded materials and concept.  Insulation, wiring, plumbing, drywall, HVAC, and finish work will be simple as all studding is exposed.  Cash Only. Buyer pays closing costs.

 

Clean Title ... Owned in Fee Simple ... No Mortgage ... No Liens ... Insured ... Taxes paid ... No Liabilities !!!

 

Great location for a long term owner.  The house will support itself and generate cash income.

 

Firm Purchase Price at $ 160,000 ... $ 39 sqft ...

 

Professional Reconstruction Cost Estimate ... $ 175,000   

        If you can lead the work yourself ... SAVE $ 50,000

 

Apt 1        1,125 sqft, 2 bd                                   1,100

Apt 2        1,655 sqft, 4 bd, 1 +1/2 bath            1,500

Studio 1 & 2   800 sqft  1 bath                            1,100

Expected monthly rental income                   $ 3,700/mo

 

 

 

10 year Return on Investment (DCF-ROI)   16%       Net Cash Flow    $   742,000

 

Excess Profit @ Cost of Capital               5% =    $  263,000

                                                                      7% =    $  190,000

                                                                    10% =    $  105,000 

 

ARV  $ 400,000  ...  First year return - $ 65,000 ... 19% Profit  ...   Cap Rate = 13 %

 

Comps:

1303 Cypress St Cincinnati Ohio 45206          Sold 12/30/2021  $ 380,000      0.3 Mi

1617 E . McMillan St, Cincinnati, Oh 45206   Sold 8/30/2021    $ 365,000      0.9 Mi

2511 Moorman Ave, Cincinnati, Oh 45206    Sold 8/25/2021    $ 524,600      1.0 Mi 

2561 Ingleside Ave, Cincinnati, Oh 45206      Sold 7/16/2021    $ 369,409      0.9 Mi

 


 

$ 100 Million is being spent in Walnut Hills Redevelopment >> RIGHT NOW !!!

https://www.mkskstudios.com/projects/walnut-hills-reinvestment-plan

 

  

 

VIDEO WALK THROUGH >    https://www.youtube.com/watch?v=RxfqGulkJ6k

 

GOOGLE MAP > Street View   https://www.google.com/maps/place/2328+St+James+Ave,+Cincinnati,+OH+45206/@39.1232531,-84.4897807,3a,73.6y,62.83h,90.53t/data=!3m6!1e1!3m4!1sdZeP1o1PSP4b7t9ZlkNXqA!2e0!7i16384!8i8192!4m5!3m4!1s0x8841b3c8ca7aed9d:0xa3fb467ab9bde150!8m2!3d39.1233339!4d-84.48938

 

Cincinnati Rents Skyrocket ... 30% in 2021-2 ... Highest in the Nation

 https://www.wcpo.com/news/local-news/hamilton-county/cincinnati/rent-in-cincinnati-skyrockets-nearly-30-over-the-last-year-among-highest-in-the-nation?fbclid=IwAR1eWD5-Ardtfledl95d3NESiLgsS7Y0jvnhwjc9pAIrLaUZrFBfARMs6cM

 

 

NEW FLOOR PLANS

                    

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The Garage !!  Walnut hills is dominatly a street parking community.  A three car, offstreet garage is a huge bonus.  The garage is a solid concrete block and cement structure, built to shelter large 'Detroit Iron' cars of 1910.  Horses were still used extensively until the 1920's.  Walnut Hills was a wealthy neighborhood.

 

 

 

 VIDEO WALK THROUGH >    https://www.youtube.com/watch?v=RxfqGulkJ6k

GOOGLE MAP >  STREET VIEW   https://www.google.com/maps/place/2328+St+James+Ave,+Cincinnati,+OH+45206/@39.1232531,-84.4897807,3a,73.6y,62.83h,90.53t/data=!3m6!1e1!3m4!1sdZeP1o1PSP4b7t9ZlkNXqA!2e0!7i16384!8i8192!4m5!3m4!1s0x8841b3c8ca7aed9d:0xa3fb467ab9bde150!8m2!3d39.1233339!4d-84.48938

 

 


 

This house can be a fine addition to a long term portfolio if reconstruction is done well as an owner occupied or quality rental.  The three car garage is an important plus in Walnut Hills.  The back yard is a large and level recreation site.  A strategic property in an outstanding location.  A property worth owning.

 

Flippers Not Invited !!!       If you don't want to keep it for yourself, don't bother.

 

Available for inspection with a Key Box ... Call for combination code.

 

Lee McClymonds

Telephone       (800) 392-2421
Office                (513) 376-6235
Cell                    (513) 212-8496
     Office Hours -- 3pm - 8pm
 
We would enjoy hearing from you by phone or email.   Please leave messages if we miss you.   Email is best.
Emailnlm@ResErections.com
 

 

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