600 South Plainfield Road

West Lafayette OH 43845

274428 sq. ft.

Townhouse

Currently for sale - view listing

Overview

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.

Features

93 carspaces

274428 sq. ft. lot size

Townhouse

Happy sellers in West Lafayette

We have insufficient information to provide an overview of customer satisfaction for West Lafayette. Viewing the agent profiles, reviews and sales for West Lafayette can provide insights for this location.