801 Madison Ave, Youngstown OH 44510 Photo 1 801 Madison Ave, Youngstown OH 44510 Photo 2 801 Madison Ave, Youngstown OH 44510 Photo 3 801 Madison Ave, Youngstown OH 44510 Photo 4 801 Madison Ave, Youngstown OH 44510 Photo 5 801 Madison Ave, Youngstown OH 44510 Photo 6 801 Madison Ave, Youngstown OH 44510 Photo 7 801 Madison Ave, Youngstown OH 44510 Photo 8 801 Madison Ave, Youngstown OH 44510 Photo 9 801 Madison Ave, Youngstown OH 44510 Photo 10 801 Madison Ave, Youngstown OH 44510 Photo 11 801 Madison Ave, Youngstown OH 44510 Photo 12

No driving directions were found. Please adjust your search.

801 Madison Ave - This is a unique student-housing opportunity. 15.51% CAP RATE! The properties offered are 3 separate apartment buildings in close proximity to one another & Youngstown State University. (801 Madison Ave., 833 Ohio Ave., & 838 Ohio Ave., Youngstown, OH) A total of 37 units ranging from 1 - 3 bedrooms within a short walking distance of the university's new WATTS athletic field house, & the majority of campus buildings. The university continues to expand both the number of students attending each year as well as the buildings & campus grounds. The latest published statistics complied in Fall '13, list 13,381 enrolled students. Surprisingly, the university is vastly underserved with on-campus residences. YSU states that just over 1,000 students live on-campus. This means that 92.53% of the students live elsewhere. The availability to acquire any of the limited existing student housing properties in close proximity to campus is rare. Current ownership has done a terrific job of transitioning the assets from traditional multi-family into student-housing specific tenancy. Occupancy rates are consistently near 100%. Substantial updates on the facilities have also occurred, but there is still room for value added improvements.

Listing information

  • MLS® ID: 3653762
  • Status: Sold on 4/15/2015
  • New Construction: No
  • County: Mahoning
  • Style: Commercial
  • Stories: 2
  • Foreclosure: No
  • Year Built: 1972
  • Parking Type Description: Covered / Indoors 0 cars
  • Estimated Annual Taxes: $18,819

Features

Apartments Type Apartments Only
Available Financing Cash, Conventional
Basement Detail None
Cooling Type Wall Unit(s)
Fences Chain Link
Location Downtown
Miscellaneous Features Barn/Out-Building, Carpeting, Furniture/Fixtr Inv., Security Lighting
Other Assessments YN - 1, Current Use - Multi Family Apartments 37 Units, Electric - 3480, Elevator YN - 0, Heat - 5808, Homestead Exemption YN - 0, Num Of Apartments Total - 37, Num Of Units - 37, Residential SF - 10301, Sewer Water - 12600, Trash Rubbish - 2460, Units 1 Bedroom - 13, Units 2 Bedroom - 22, Units 3 Bedroom - 2
Owner Pays Gas, Heating, Sewer, Trash Collection, Water
Possession Negotiable
Property Subtype Apartment
Roof Asphalt/Fiberglass, Pitched, Shake
Tenant Pays Cable/Electric Link, Electric
Water Sewer Public Sewer, Public Water
Listing Courtesy of Keller Williams Chervenic Rlty