JENNINGS AVENUE
349-421 Jennings Ave. & 710 S. Diamond St.
Mansfield, OH 44907
Price: TBD By Market
113 Units | 1971-1992 Years Built
Investment Highlights:
Charles Hart Multifamily Group is pleased to present Jennings Apartments, a 113-unit apartment community located in Mansfield, OH. The property was built between 1971-1992 and is comprised of 20 residential buildings nestled on 7.8 acres. The majority of the property’s buildings sit on Jennings Avenue but there is one 9-unit building located on Diamond Street just a half mile from the remaining buildings. Jennings provides an excellent opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.
Jennings consists one- and two-bedroom units which range in size from 604 to 892 square feet of living space. The property consists of both townhome and garden style units with a number of spacious floor plans for tenants to choose from. Many of the units feature updated cabinetry, countertops, fixtures, as well as luxury vinyl plank flooring. The community features include a leasing office, carport parking, and laundry facilities. The units are all electric which the tenant pays. Currently the owner pays for water/sewer and trash removal but has recently implemented a RUBS program (Guardian) for water.
A new owner will immediately benefit from the capital infusion over the past three years since current ownership purchased the property. In total, more than $850,000 has been spent at the property since 2021 including replacement of rear stairwells, parking lot repair/re-pour, select window replacement, as well as unit renovations. Previous ownership replaced the roofs in varying stages over the past 5-10 years. Additionally, the recent roll-out of a RUBS program through Guardian will drastically off-set a new owner’s water/sewer expense thus driving net income. Currently more than 40% of the units are enrolled in the RUBS program and will grow to nearly 70% by year end.
Jennings Avenue is being offered free and clear of existing debt.
Location Highlights:
The property is conveniently located in Mansfield just off of Davidson Road and is minutes from OH-13, providing tenants with easy access to the area’s employment, shopping, and dining. Additionally, Interstate-71 is 5 miles from the property providing access to the rest of the greater Ohio area. Mansfield is situated 65 miles northeast of Columbus and 81 miles southwest of Cleveland.
Jennings Avenue Offering Documents
Please read the confidentiality agreement and buyer registration before filling out the form to view additional offering materials.
CHARLES HART REAL ESTATE MULTIFAMILY GROUP
HOME OPPORTUNITIES CLOSED TRANSACTIONS ABOUT ADVANTAGE CONTACT
Confidentiality and disclaimer agreement: The information contained in the following is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Charles Hart Real Estate LLC and should not be made available to any other person or entity without written consent of Charles Hart Real Estate LLC. Marketing Brochures have been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in a given subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Charles Hart Real Estate LLC has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the Presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in a Marketing Brochure has been obtained from sources we believe to be reliable, however, Charles Hart Real Estate LLC has not verified, and will not verify, any of the information contained herein, nor has Charles Hart Real Estate LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Listing disclaimer: Charles Hart Real Estate LLC is not affiliated with, sponsored by, or endorsed by any commercial tenant or lease identified in this marketing brochure. The presence of any corporation logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by said corporation and Charles Hart Real Estate LLC or any of its agents and is solely included for the purpose of providing information about a listing to prospective customers.
