505 Single Family Rental Home Portfolio Hits the Market in the Midwest
CHICAGO, Oct. 14, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing for sale of a portfolio of 505 single-family rental homes in Cincinnati, Ohio, Kansas City, Missouri, St. Louis, Missouri, and Kansas City, Kansas.
“This is an opportunistic sale with significant upside and an owner who would like to close before year end,” said Scott D. Harris, senior managing director investments in Marcus & Millichap’s Chicago Oak Brook office. “The average price per home is well under market value and current occupancy is 84% and increasing as the rents are below market levels.” Harris and Samuel McCarthy are representing the seller, one of the nation’s largest providers of affordable single-family rental homes.
Primarily composed of two- and three-bedroom homes, the properties range in size from 500 square feet to 2,750 square feet. The average size is 1,025 square feet and the average price per home is approximately $35,000. There are 112 homes in Cincinnati, 118 in Kansas City, Missouri, 267 in St. Louis and 8 in Kansas City, Kansas.
In the last year, Harris and McCarthy have brokered the sales of 181 single-family rental homes in Fort Wayne, Indiana for $22.75 million and 196 single-family rental homes in Chicago for $16.9 million. Marcus & Millichap’s brokers of record in Ohio, Missouri and Kansas are, respectively, Michael Glass, Bradley Barham and Colby Haugness.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.