19 Garfield Place

About 19 Garfield Place

1. CREDITS, INCENTIVES AND ABATEMENTS
The property’s inclusion on the National Register of Historical Places provides an opportunity for an adaptive reuse investor to seek tax credits, in addition to other available programs and abatements. The owner can apply for a variety of incentive programs,

2. ICONIC CBD PROPERTY
On the National Register of Historic Places since 1986, 19 Garfield Place was designed by Tietig and Lee and constructed in 1923. Terracotta tiles cover the eightstory façade with elements of metal and marble. The building has earned ENERGY STAR certification for the last seven years

3. URBAN OASIS
With Piatt Park, the oldest park in Cincinnati, at the front door of 19 Garfield Place and stretching two blocks from Vine Street to Elm Street, tenants and guests alike can take advantage of its shaded beauty. Immediately to the Northeast, the recently revitalized Court Street Plaza, a $5.5 million project, is not only a great public gathering space featuring wide, pedestrian-friendly sidewalks and community artwork, it’s also situated at the center of many unique small businesses.

4. DOMINANT OHIO MSA
At more than 2.2 million residents, the Greater Cincinnati MSA, comprised of 16 counties in three states, is the largest within the State of Ohio and the 30th largest in the United States. Five Fortune 500 companies are headquartered in the Greater Cincinnati MSA including 4 located in the CBD.

5. WALKABLE AND TRANSIT-ORIENTED LOCATION 19 Garfield Place is located within a block and a half of the Seventh & Walnut stop for The Connector, a 3.6-mile streetcar line operating throughout the city’s urban core and connecting The Banks with Over-the-Rhine. Cincinnati is also one of the most walkable downtown areas in the country with a walkability index of 18.6 out of 20 and a walk-score of 95%. Whether it’s the gentrified old-world charm of the Over-the-Rhine neighborhood a few blocks to the north or the more modern amenities located within the CBD and at The Banks to the south, 19 Garfield Place is a short walk or streetcar ride to both of Downtown’s vibrant social scenes.

6. STRONG MARKET FUNDAMENTALS FOR NEW MULTI-FAMILY CONSTRUCTION
New Class-A multi-family product in the downtown Cincinnati market has recently outperformed the rest of the Cincinnati MSA. Pairing an average of 95% occupancy with an impressive $2.26/SF, these fundamentals present an exciting opportunity to redevelop 19 Garfield Place into apartments.

7. OUTSTANDING RENT GROWTH IN DOWNTOWN MARKET In the Cincinnati downtown market, rent growth for Class-A properties in the last 5 years has been over 13%. The remaining downtown properties experienced rent growth around 8% in that same time period. The average asking rent for Class A properties downtown is $2,102/month.