NOT LISTED FOR SALE

6505 Palmetto St Cincinnati, OH 45227

Madisonville Neighborhood
4 Beds
4 Baths
4,400 Sq Ft
9,670 Sq Ft Lot

Last Sold December 23, 2021

Last sale price $750,000 $170 Per Sq Ft

4 Days on Market

About This Home

As of December 2021

Palmetto Apartment Portfolio, located on a quiet residential street on the East side of town in desirable Madisonville. This property is consists of Eight (8) 1 Bedroom Apartments, and has a Cap Rate on actuals of 6.74%. One unit operates as a successful short term rental bringing in over $1600 per month. Value Add by raising rents over $100+ per unit with little improvement. OPEN HOUSE FRIDAY 12-2PM AND ALL OFFERS DUE SATURDAY BY 5PM.

Last Agent to Sell the Property

Brian Coyle

3CRE Advisors, LLC License #2018002440 Listed on: 11/01/2021

Last Buyer's Agent

Brian Coyle

3CRE Advisors, LLC License #2018002440 Listed on: 11/01/2021

Property Details

Home Type

  • Condominium

Year Built

  • Built in 1961

Lot Details

  • 9,670

Parking

  • 8 Open Parking Spaces
  • 8 Car Garage
  • Off-Street Parking

Home Design

  • Brick Exterior Construction
  • Shingle Roof
  • Metal Roof

Interior Spaces

  • 4,400 Sq Ft Home
  • 2-Story Property
  • Vinyl Clad Windows
  • Insulated Windows

Utilities

  • Heating System Uses Gas
  • Separate Meters

Community Details

Amenities

  • Coin Laundry

Building Details

  • Insurance Expense $2,400
  • Maintenance Expense $3,200
  • Other Expense $500
  • Water Sewer Expense $2,040
  • Gross Income $70,500
  • Net Operating Income $50,557

Property Details

Home Type

Condominium

Year Built

Built in 1961

Lot Details

0

Parking

8

Listing Details

  • Suburb: Madisonville
  • Degree Complete: Existing Structure
  • Broker Approved: Yes
  • Miscellaneous: Coin Laundry
  • Cooling: Window Unit
  • Heating: Gas
  • Sub Lease Expiration Date: 1800-01-01T00:00:00.000-05:00
  • Suburb S I C: Madisonville
  • Annual Assessment Amount: Of Record
  • Price Per Acre: 3378378.38
  • Year Built: 1961
  • Appliance Include: Stove, Refrigerator, Coin Laundry
  • Separate Air Condi: No
  • Separate Gas Elect: Yes
  • School 1 Type: District Phone
  • Directions: Take I-71 S in Columbia township from Roe St. Madison Rd & Red Bank Expy. Follow I-71 S to Gilbert Ave. Take exit 2 A-2 B from I-71 S.
  • Lot Measurement: Acres
  • Status: Sold
  • Total Units: 8
  • Property Subtype 1: Apartment
  • StructureType: Apartment 5+
  • Occupancy: At Closing
  • Special Features: None
  • Property Sub Type: Condos

Interior Features

  • Net Operating Income: 50557.00
  • Property Type: Residential Income
  • Separate Furnace: Yes
  • Vacancy: 3465
  • Gasand Electric: 2232
  • Heat Paid: Tenant
  • Lease Information: Yearly & MTM
  • Reciprocal Listing: No
  • School Name1: Call SD 513-363-0000
  • Semi Annual Taxes: Of Record
  • Water Paid: Owner
  • Basement: None
  • Levels: Two
  • Zero Selling Price: No
  • Fireplace: None
  • Bldg Sq Ft (Realist): 4400.00
  • Street Number Modifier: 6505
  • Windows: Insulated, Vinyl
  • One Bedroom Rent: 600.00
  • One Bedroom Sq Ft: 500
  • One Bedroom Number of Units: 8

Exterior Features

  • Roof: Shingle, Metal
  • Construction: Brick
  • Foundation: Poured
  • Listing Price: 750000.00
  • Acres: 0.2220
  • New Construction: No

Garage/Parking

  • Garage: None
  • Garage Spaces: 8.00
  • Parking Spaces: 8
  • Parking: Lot, Off Street

Utilities

  • Gas: Natural
  • Sewer: Public Sewer
  • Water Source: Public
  • Water and Sewer: 2040

Condo/Co-op/Association

  • Association: Cincinnati Area Multiple Listing Service
  • Maintenance: 3200.00

Fee Information

  • Taxes: 6106

Schools

  • District: Cincinnati City SD

Lot Info

  • Lot Dimensions: Of Record
  • Lot Size Sq Ft: 9670.00

Multi Family

  • Gross Income: 70500.00
  • Other Expense: 500
  • Total Buildings: 2
  • Insurance: 2400.00

Range of Values:

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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
03/29/2022 03/29/22 Off Market $750,000 -- --
12/23/2021 12/23/21 Sold $750,000 0.0% $170 / Sq Ft
11/06/2021 11/06/21 Pending -- -- --
11/01/2021 11/01/21 For Sale $750,000 +532.9% $170 / Sq Ft
05/19/2015 05/19/15 Off Market $118,500 -- --
02/10/2015 02/10/15 Sold $118,500 -11.9% --
01/11/2015 01/11/15 Pending -- -- --
01/06/2015 01/06/15 For Sale $134,500 -- --
Source: MLS of Greater Cincinnati (CincyMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2021

    Brian Coyle

    3CRE Advisors, LLC

  • J

    Buyer Co-Listing Agent in 2021

    Jackson Forbes

    Logistix Property Group

    Section Image

  • J

    Seller's Agent in 2015

    Joseph Bauer

    Comey & Shepherd

    Section Image

  • N

    Buyer's Agent in 2015

    Not Member

    NOTCINCYMEM

See All Agents

Map

Source: MLS of Greater Cincinnati (CincyMLS)

MLS Number: 1721010

MLS of Greater Cincinnati (CincyMLS)

Ohio Hamilton County Cincinnati 45227 Madisonville

6505 Palmetto St, Cincinnati, OH

This home is located at 6505 Palmetto St, Cincinnati, OH 45227 since 01 November 2021. This property was built in 1961. 6505 Palmetto St is a home located in Hamilton County with nearby schools including John P. Parker School, Shroder High School, and Clark Montessori High School.

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