32
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$2,700,000
Est. payment /mo
6.3 Acres Lot
New
600 Plainfield Road West Lafayette, OH 43845
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Key Details
Property Type Multi-Family, Townhouse
Sub Type Townhouse
Listing Status Active
Purchase Type For Sale
MLS Listing ID 226033800
Year Built 2000
Annual Tax Amount $29,972
Lot Size 6.300 Acres
Lot Dimensions 6.3
Property Sub-Type Townhouse
Source Columbus and Central Ohio Regional MLS
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.
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.
Location
State OH
County Coshocton
Area 6.3
Rooms
Other Rooms None
Dining Room No
Interior
Heating Hot Water
Cooling Central Air
Equipment No
Laundry No Laundry Rooms
Exterior
Parking Features Common
Schools
High Schools Ridgewood Lsd 1602 Cos Co.
School District Ridgewood Lsd 1602 Cos Co.
Others
Tax ID 02000-001-079-00
Listed by Daryl Allen Miller Forge Real Estate Advisors
NEARBY SCHOOL & BUSINESS
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