The agents of Charles Hart Real Estate have closed over $800,000,000 in residential and commercial transactions
Terrace Creek Offering
Charles Hart Real Estate is pleased to present Terrace Creek, a 72-unit apartment community located in Piqua, Ohio. The property was originally built in 1974 but underwent a property-wide renovation in 2007 upon new ownership. The property is comprised of 3 residential buildings, 1 leasing office, and is nestled on 3.94 acres. Terrace Creek provides an excellent opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.
Terrace Creek consists of an all-electric one- and two-bedroom townhome floor plans ranging in size from 401-651 square feet of living space. Unit features include an individual entrance, a private patio/balcony, a fully equipped kitchen with updated cabinetry, garbage disposal, dishwasher, a walk-in closet, and upgraded flooring in select units. Residents are responsible for paying the electric as well as the water/sewer and trash removal for a flat fee of $37-47 dependent of unit size. The community, which is situated in a park-like setting, offers plentiful surface parking as well as carport parking.
Terrace Creek is conveniently located in Piqua off U.S Route 36 and is just minutes to Interstate 75. With easy access to numerous major thoroughfares, residents are only minutes from the area’s employment, shopping and dining options. Additionally, the property sits just minutes from a Kroger anchored retail center.
A new owner will immediately benefit from the recent repositioning of the asset. The property will provide strong, immediate cash-flow, but also offers additional upside through continued unit renovations and increased rental rates. Since 2007 over $700,000 of capital improvements that have taken place at the property. This includes renovations of the units, new roofs, siding, and numerous other capital improvements. 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.
The information provided herein has been secured from various sources and is subject to change without notice. Although we believe it to be reliable, we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer is responsible for verifying the information and bears all risk for any inaccuracies.