The Waller Group is proud to present the 100% occupied, 44- unit value-add property in Fostoria, OH. The property is available because current ownership is looking to move into different investments. Current ownership is achieving $125,919 in annual NOI. New ownership, based upon area rent comps, can raise rents by $165 / unit, which is a $0.31 / sqft bump. With this bump, new ownership can achieve an annual NOI of $217,144. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. The property is currently self-managed, and proforma financials were underwritten with a 5% management fee. Ownership would also be willing to sell the 2 acres of land platted next to Pine Village for an additional $50,000.
