1431 REPUBLIC STREET

Photo credit: citybeat.com

Rare OTR Development Opportunity for Sale ___________________________________________

1431 REPUBLIC STREET, CINCINNATI, OH

1431 REPUBLIC STREET

Investment Highlights

• A 4,200 sf, 3-floor fully gutted residential building for

development.

• Premium OTR location in the

central block of Republic street!

• Highest OTR concentration of

luxury developments and

single-family mansions in the

immediate area.

• High ceilings (+10’ high) and

large windows let tons of light

and air in the property.

• Spacious, rare-to-find private

yard of +1,200 sf.

• Property accessible through the

back property-line (Goose

Alley), for Onsite Parking.

• Various configurations for

different investment strategies.

• Rare purchase opportunity for

the desirable Republic block.

• Great Floorplan Allowing High Usability Ratio and Efficiency.

• Gutted and Clean - Immediately Ready for Construction.

1431 Republic - view from Republic street.

1431 REPUBLIC STREET

The Property

• A highly efficient “L”-shaped historical Italianate building of 4,200

sf in the heart of Over-The-Rhine, 1,400 sf per floor.

• Situated on a Large 2,625 sf lot in a vibrant urban area, offering a

fantastic outdoor space for a quiet oasis in the middle of the city.

• The 3-story building is fully cleaned and gutted, with many

original unique characteristics remaining untouched.

• Soaring ceiling heights (+10 feet), wide structure and huge

unobstructed windows create amazing open spaces on each floor

with lots of light and air for any desired configuration.

• Huge basement in very good shape with great ceiling height.

• Access from Goose alley (at the back) for onsite parking.

• Building was occupied and fully maintained until recent years.

• Interior gutted and cleaned – Ready for construction work to

commence with No structural surprises.

1431 Republic - 2nd Floor current Condition

1431 REPUBLIC STREET

The Location

• Arguably the best location in booming OTR, in the center of all

Cincinnati’s best urban attractions.

• Property is on one of the most quiet, peaceful residential blocks.

• Just steps away from the recently

renewed Washington Park and

Cincy historical Music Hall (one

block to the West) and Vine street

fabulous boutique shopping and

restaurants (one block to the

East).

• Surrounded by newly developed

million-dollars single-family

mansions as well as recently

renovated condo developments.

• The property sits one block East

of some of the world’s best

quality commercial tenants,

including Google and Amazon,

which moved in last year to 15th street and Vine office suites.

• One of the most developed micro-locations in OTR. No need to

wait for future revival – a matured, mostly-developed

surrounding already exists.

1431 Republic - 3rd floor stairs

1431 REPUBLIC STREET

The Opportunity

• This investment fits a variety of investors / developers

o From long time city-lovers looking to create their dream,

built-to-suit ultra-luxury mansion in the heart OTR, around

people like them

o Through the young

ambitious family looking

to renovate and live in

one unit while renting /

Airbnb the other (or the

other 2)

o To the straight-forward

boutique residential

dwelling developer of a 2

or 3-unit, luxurious yet

intimate property, either

for rent or sale.

• Spacious ~1,400 sf per floor

enables a great usable ratio area

on each floor.

• Great design flexibility and versatility!

• 3 two-bedroom/two-bath design is available and already

approved by the city Historical Conservation Board.

1431 Republic - Yard Area

1431 REPUBLIC STREET

Notable Recent Sales

• Single Families

1418 Elm – 3,200 sf – 9/2019 - $1.3mm ($390 psf)

18 Fourteen – 1,800 sf – 8/2019 - $645k ($350 psf)

1417 Pleasant – 2,290 sf – 5/2019 - $728k ($320 psf)

Notable Mansions Around

1506 Republic – 6,000 sf jaw dropping highest development.

• 2-Bedroom 2-Bath

- Newly developed / renovated 2bd/2ba condo units are sold at

$350 psf, with a severe market shortage to the specific

product.

- Newly developed / renovated 2bd/2ba units rented on average

of $2,600 – allowing more than $90k gross potential income

and NOI north of $75k for the complex as an income-producing

multifamily product.

1431 REPUBLIC STREET

OTR in a Glance

• The Over-The-Rhine neighborhood in Cincinnati is one of the largest historical

preserved neighborhoods in the nation.

• In 2003 a non-for-profit corporation, Cincinnati Center City Development Corp

(3CDC), was formed to invest in core properties of downtown and revitalizing OTR.

• Since then hundreds of millions of dollars were invested in different properties and

in public use facilities creating a highly desirable urban destination.

• OTR coverage in recent articles:

o Over-The-Rhine: Cincinnati's Historic Neighborhood Hums Again (Forbes

6/2019)i

“(OTR is) one of the nation's premier historic districts”

“OTR is now a grand tale of urban revival, booming as it is with some 150

new restaurants, bars, and shops and businesses that have opened in the

last few years”.

o Over-the-Rhine, Cincinnati’s oldest neighborhood, filled with beer, food,

fun and whimsy (News Herald 5/2019) ii

“Cincinnati’s hip Over-the-Rhine neighborhood has become a hotbed of

foodie and creative fun… Breweries, galleries, a chocolate-maker, winery,

bakeries, bookshops, ethnic markets and the historic 1852 Findlay Market

draw visitors, as well as locals.”

“Today, OTR it is one of Ohio’s best places to shop, browse and play

against a backdrop of Italianate architecture”

o 'Heart Of The City' Profiles The Evolution Of Downtown Cincinnati (WVXU

audio cast 12/2019)iii

OTR as a success story for revival of American downtowns – an interview

prominent urban planner Alexander Garvin based on his recent book.

1431 REPUBLIC STREET

• Some OTR attractions points (see full list www.otrchamber.com) -

o Cincinnati most desired foodies’ destination with concentrations of top

restaurants and eateriesiv, v.

o Home to Art centers and Galleries.

o A hub for Cincinnati Music events and Theatres.

o Regularly hosting annual festivals and events such as

• Over-The-Rhine International Film festival

• Cincinnati Blink

• Oktoberfest-Zinzinnati, and many more.

o Cincinnati Street car

o Vibrant Shopping Area - The OTR hosts the top boutique shops in the

Cincinnati areavi

• Remarkable Historical Buildings Revival

o Taft’s Ale Housevii

o Music Hallviii

o Union Terminal Restorationix

• Class A Commercial tenants at the OTR

o From world most reputable tenants such as Googlex who moved their

offices in early 2019 to the OTR…

o To boutique high-profile tenants such as brand designersxi, real estate

developersxii and talent agenciesxiii

• Prominent Current and Recent Developments

o 1010 On the Rhine - a mix-used project with 139 luxurious new

apartments, opened late 2019 – with 2BR rents range from $2,500 to

$3,200 rent per month! xiv

o 1118 Sycamore by Al Neyer – a $40mm mixed use luxury project with 155

new apartments. xv

o Willkommen by 3CDC – a $50mm mixed use developmentxvi

1431 REPUBLIC STREET

Map with Points of Interest Around 1431 Republicxvii

1431 Republic

1431 REPUBLIC STREET

Property Photos

1431 REPUBLIC STREET

i https://www.forbes.com/sites/johnoseid/2019/06/10/over-the-rhine-cincinnatis-historic-neighborhood-hums-again/#5102efe46b76 ii https://www.news-herald.com/lifestyle/travel/over-the-rhine-cincinnati-s-oldest-neighborhood-filled-with-beer/article_21741060-6914-11e9-98fa-b3c7ea3e240f.html iii https://www.wvxu.org/post/heart-city-profiles-evolution-downtown-cincinnati#stream/0 iv https://www.10best.com/interests/food-travel/10-best-restaurants-bars-in-over-the-rhine-cincinnati/?fbclid=IwAR1HxfjTKfIhDITfXk1msIDvPkGm1umJr-Jbg2vt6gx4jSEotcCxH0N7dYM v https://www.chicagotribune.com/travel/ct-trav-cincinnati-food-scene-0520-story.html vi https://photos.citybeat.com/41-cincinnati-boutiques-for-shopping-local-this-holiday-season/?slide=19&the-chocolate-bee-fb vii https://www.3cdc.org/project/st-pauls-church/ viii https://www.cincinnati.com/story/news/2017/10/07/look-inside-cincinnatis-music-hall-see-changes-after-143-million-16-month-renovation/714675001/ ix https://www.enr.com/articles/48156-endangered-union-terminal-in-cincinnati-restored-upgraded x https://www.cincinnati.com/story/money/2019/02/15/google-exec-moving-new-co-working-space-otr/2859088002/ xi https://www.bizjournals.com/cincinnati/news/2019/05/02/exclusive-brand-design-firm-moving-to-new-3cdc.html xii https://www.bizjournals.com/cincinnati/news/2019/06/19/exclusive-commercial-real-estate-developer-moves.html xiii https://www.bizjournals.com/cincinnati/news/2019/03/19/talent-agency-expands-to-ohio-with-cincinnati.html xiv https://rookwoodproperties.com/news_article/1010-on-the-rhine-new-apartments-re-shaping-downtown-cincinnati/ xv https://www.bizjournals.com/cincinnati/news/2019/11/07/exclusive-al-neyer-to-build-40m-pendleton-project.html xvi https://www.cincinnati.com/story/money/2019/06/26/50-m-mixed-use-project-coming-over-rhine/1569014001/ xvii https://www.otrchamber.com/map