BEDS0
BATHS
SQUARE FEET65,804
MLS#226033800
STATUSContingent
PROPERTY TYPEMulti Unit - Multiple
SCHOOLRIDGEWOOD LOCAL
Property Description
Rare LIHTC-to-market-rate value-add opportunity in West Lafayette, OH (Coshocton County). Lafayette Mills Apartments is a 40-unit garden-style community built in 2000, comprising 28 two-bedroom/one-bath and 12 three-bedroom/one-bath units across 5 walk-up buildings with 93 on-site surface parking spaces. The property is 100% occupied and has been well-maintained under active compliance monitoring, with no material deferred maintenance identified.In-place rents average $758/unit against a $980/unit market rate -- roughly 29% upside as the property's LIHTC and HOME rent restrictions phase out. The extended-use LIHTC compliance period is scheduled to expire 12/31/2028, with HOME-assisted units restricted through 12/31/2029 (buyers should independently verify both dates with OHFA and the recorded Land Use Restriction Agreement). Offered at $2,700,000 ($67,500/unit, $41.03/SF), with a 9.81% cap rate once converted to market rents. Turnkey operations -- lease-up is complete, and the opportunity is to capture the rent upside as restrictions lift.
Property Features
Property Type: Multi Unit - Multiple
Cooling: Central Air
Heating: Hot Water
Lot Size: 6.30 Acres
Taxes: $29,972
Year Built: 2000
Feature Descriptions
Days on Site: 55
Parcel #: 02000-001-079-00
Parking: Common
Utilities: Water Available, Sewer Available, Natural Gas Available, Electricity Available
Local Schools
School District: RIDGEWOOD LOCAL
Listed By / Shown By
Listed By
Agency Name: Forge Real Estate Advisors
Agent Name: Joey Allen Miller
Agency Phone: 614-665-5793
Shown By
Agent Name: Darrell Blausey
Agent Phone: (419) 351-1525
Agency Title: Key Realty
Estimate Your Payment
Estimated Payment
$ 18,388.20 per month $15,103.03 Principal & Interest $2,497.67 Property Tax $787.50 Homeowner's Insurance
600 Plainfield Road | MLS# 226033800
This multi-family property located at 600 Plainfield Road, West Lafayette, OH 43845 is currently listed for sale with an asking price of $2,700,000. Plainfield Road is located within the RIDGEWOOD LOCAL school district. Search West Lafayette real estate on www.darrellrealestate.com today.