505 single-family rental home portfolio hits market
Marcus & Millichap announced the exclusive listing for sale of a portfolio of 505 single-family rental homes in Cincinnati; Kansas City, Mo.; St. Louis; and Kansas City, Kan.
“This is an opportunistic sale with significant upside and an owner who would like to close before year end,” said Scott Harris, senior managing director, investments, in Marcus & Millichap’s Chicago Oak Brook office. “The average price per home is well under market value and current occupancy is 84 percent and increasing as the rents are below market levels.”
Harris and Samuel McCarthy are representing the seller, one of the nation’s largest providers of affordable single-family rental homes.
Primarily composed of two- and three-bedroom homes, the properties range in size from 500 square feet to 2,750 square feet. The average size is 1,025 square feet and the average price per home is approximately $35,000. There are 112 homes in Cincinnati; 118 in Kansas City, Mo.;