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Garfield Tower

111 Garfield Place 
Cincinnati, Ohio 45202
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Product Type Multi-Housing
Mixed-Use Multi-Housing
Region Midwest
Market Cincinnati
Units 160 units
Description
GARFIELD TOWER is located in the heart of the vibrant and rapidly-growing Central Business District of Cincinnati, Ohio. The location is preeminent and within walking distance to Great American Ballpark, Paul Brown Stadium, and a remarkable roster of corporate headquarters, including Procter & Gamble, Macy’s, and The Kroger Co.

Constructed in 1969, Garfield Tower contains a sixteen-story high-rise residential tower with an attached two-story commercial building. The property faces Piatt Park, a public greenspace in the northwest quadrant of Downtown Cincinnati and is within easy walking distance of the Gateway Quarter in the historic Over-the-Rhine neighborhood.
 
Garfield Tower residential units were converted to individual electric heating and cooling Island Aire systems between 2011 and 2013.  Hot water is provided via three tankless, gas heaters.

With barriers to new competition in this location extremely high, Garfield Tower offers the opportunity to enhance revenue and operations through:

  • An interior upgrade and modernization of existing units
  • Improvement of existing resident amenities
  • Addition of new resident amenities
  • Conversion of vacant commercial space into additional residential units
  • Further lease-up of ground-level, street-facing retail

GARFIELD TOWER
 
has seen significant rent increases: The eight (8) new leases in 2014 have achieved an average rent increase of $105 (15%) over previous leased rents (see "New Leases 2014" in CBRE Document Center).

OFFERING SUMMARY

PRICE...................................    UNPRICED
TERMS.................................    All Cash
PROPERTY ADDRESS..........    111 Garfield Place, Cincinnati, Ohio 45202
NUMBER OF UNITS..............    160 Apartment Units
TOTAL APT RENTAL SF.....    ± 102,600 SF
AVG. UNIT SIZE...................    ± 651 SF
NO. BUILDINGS/STORIES....    Two (2) Buildings: One 16-story High-Rise (Apartments); One 2-story Annex 
                                                  (Commercial and Theater)
COMMERCIAL SF................    Retail/Office (± 15,000 SF); Public Storage (± 10,000 SF)
YEAR BUILT.........................    1969
SITE ACREAGE....................    ± 0.370 Acres