3272 Gobel Ave - Apartments FOR SALE


Cincinnati, OH 45211- Westwood
$1,900,000 USD
513-739-0058
3272 Gobel Ave, Cincinnati, OH for Sale
$1,900,000 USD
Apartments - FOR SALE
1/11
null | 8.97% Cap Rate

3272 Gobel Ave
Cincinnati, OH 45211
Westwood


HIGHLIGHTS

  • Three solid brick apartment buildings constructed with poured concrete foundations and durable flat rubber membrane roofing
  • Well-balanced unit mix of one- and two-bedroom residences appealing to a wide renter base
  • Situated on 2.23 acres with mature trees, green space, and a quiet residential setting
  • Convenient on-site parking with 40 spaces, providing a strong parking ratio for residents
  • Located in the established Westwood neighborhood within the Cincinnati school district
  • Value-enhancement opportunity through interior upgrades and operational improvements

OVERVIEW

SABRE Group | Multifamily Advisors is pleased to present the opportunity to acquire Westwood Manor at 3272 Gobel Ave. In this offering memorandum, you will find all available information to help you can make an informed investment decision. Our intent is to provide you with a clear picture of the property's current condition, immediate repair and capital expenditure needs, as well as opportunities we believe could increase value. Westwood Manor is a 3-building, 33-unit multifamily property on a 2.23-acre (97,095-square-foot) lot, in Westwood. Westwood is a submarket of the Cincinnati MSA, located within the Cincinnati school district in Hamilton County. The property is zoned RM-2.0-T; Residential multifamily, transportation corridor. Westwood Manor was built in 1964 with flat rubber membrane roofs (two replaced in 2020), poured concrete foundation and brick exterior walls, totaling 26,244 square feet. The windows are mix of vinyl & aluminum and HVAC is electric baseboard heat/through wall ac. The property includes a parking lot that can accommodate 40 cars; 1.21 cars per unit. The unit mix includes 15 one-bed units; 18 two-bed units with an average unit size of 832 square feet. As of the rent roll date, 10/15/2025, the property was 75.8% occupied with an average length of tenancy of 34.4 months, the longest tenure being 36 months. The average effective rental rate is $1.05 per square foot. Based on our market research, the average effective market rent is $1.21 per square foot. Therefore, we estimate that current rents are 14% below market rents. The current occupancy of Westwood Manor sits at approximately 82%.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$63 USD /SF

# OF UNITS

33

PRICE/UNIT

$57,576

CAP RATE

8.97%

% LEASED

82%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Westwood Manor

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

40

LAND DETAILS

LAND ACRES

2.22 AC

LAND SF

96,703 SF

ZONING

RM-2.0

APN/PARCEL ID

209-0004-0141,209-0004-0177

ASK ABOUT THIS PROPERTY

JD SchmergeSABRE Group | Multifamily AdvisorsMore Info
513-739-0058

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JD SchmergeSABRE Group | Multifamily AdvisorsMore Info
513-739-0058

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.