Investment Overview

Marcus & Millichap is pleased to present Forest Avenue Flats, a 35-unit multifamily investment opportunity located at 603 to 613 Forest Avenue in the Avondale neighborhood of Cincinnati, Ohio, within Hamilton County. Constructed in 1929, the property consists of two adjacent masonry buildings positioned one block off Reading Road and under a mile from the main campus of Cincinnati Children's Hospital. The asset features a unit mix of 14 one-bedroom, nine two-bedroom, nine three-bedroom, and three four-bedroom apartments averaging approximately 826 square feet, along with laundry rooms in both buildings and street parking. The buildings are master metered, with ownership covering all utilities, including electric, inside a gross rent. Forest Avenue Flats is fully leased, with 35 of 35 units leased on the September 2nd, 2026 rent roll and trailing-twelve vacancy of 5.41 percent against 8.3 percent across the Cincinnati metro. Twenty-eight of the 35 apartments are backed by CMHA and partner agency programs, which pay $374,365 a year in rent before any tenant share. Ownership has invested more than $400,000 since acquisition, including boiler and water heater replacement, window replacement, masonry repair, paving, exterior lighting, and laundry rooms, along with plank flooring, granite counters, and tiled baths installed as units turned. The twelve three- and four-bedroom apartments face very little competition, with only 14 three-bedroom and three four-bedroom rentals listed across all of zip 45229. Market rents provide approximately $27,888 in annual gain to market captured on natural turn, with no subsidized rent increase assumed. With Cincinnati Children's, the University of Cincinnati, UC Medical Center, and Xavier University all within two miles, and the $250 million Uptown Gateway under construction nearby, Forest Avenue Flats is positioned for continued occupancy and income growth.