Dickerson Street Offering

Charles Hart Real Estate is pleased to present Dickerson Street Apartments, a 12-unit apartment building located in Newark, Ohio.  The property was originally built in 1980 and is comprised of one residential building nestled on 0.75 acres.  Dickerson Street provides an excellent opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.

 

Dickerson Street consists of all-electric studio, one-, and two-bedroom floor plans ranging in size from 288-864 square feet of living space.  Unit features include an individual entrance, a private patio, a fully equipped kitchen with updated cabinetry, upgraded flooring, fixtures along with six panel doors in select units.  Residents are responsible for paying the electric and the owner is responsible for the water/sewer and trash removal.  The community, which is situated in a park-like setting, offers plentiful surface parking as well as carport parking.

 

Dickerson Street is conveniently located in Newark off of West Main Street and is just minutes to SR-16. With easy access to numerous major thoroughfares, residents are only minutes from the area’s employment, shopping and dining options. Additionally, the property sits within walking distance of Licking Memorial Hospital.

 

A new owner can take over with immediate cash flow and quickly add value by increasing rents which average $39 below market. Additional upside can be realized by turning the laundry room back into a rentable one-bedroom unit. Offered free and clear of existing debt, an investor can take advantage of the capital markets and secure new financing which will enable strong cash flow with room for continued growth.