A nine-unit multifamily AirBNB property in Sandusky, Ohio
Originally built in 1890, the 7,200 sf structure was completely renovated in 2021-22
Sandusky, Ohio is located on the shores of Lake Erie and it was named the Best Coastal Small Town in America
Sandusky is also home to Cedar Point, a world famous amusement park
The Washington is a nine (9) unit multifamily building located at 333 East Washington Street, Sandusky, Ohio. Originally built in 1890, the property on September 23, 2020 and subsequently spent approximately $2.4 million in renovations to preserve the Property’s historic charm while incorporating modern features and amenities for use as a short-term rental property. The building is approximately 7,200 square feet, comprised of eight one-bedroom units and one four-bedroom unit located on 0.22 acres in the downtown business district of Sandusky, Ohio. Renovations were completed in March 2022 and commenced short-term rental operations in April 2022. The property is managed by Airriva, LLC, an Ohio limited liability company.
Comparecamp.com forecasts 45.8 million Airbnb users in the US in 2022, up from 44.5 million in 2021 (a 2.9% year-over year increase). Although historically a seasonal rental market, Sandusky continues to add year-round destination attractions to the current indoor water park options, such as indoor rock climbing at Paddle and Climb, the Ghostly Manor Thrill Center, and the Sports Force Parks complex, with soccer fields, ropes courses, and trampolines. Due to the floor plans and building layout of the Property, the building offers great flexibility in rental options. Guests may rent a one-bedroom suite or combine with other suites to create a two-, three-, four-, five-, six-, seven-, eight- and thirteen-bedroom vacation location. The Property Manager (Airriva) is an Airbnb specialist that has outperformed AIRDNA and Wheelhouse revenue projections in several other markets (ex. Cleveland, Cincinnati, Columbus, and Kansas City) by deploying a proprietary revenue optimization software application. This type of technology is widely used in traditional multifamily, hotel, and car rental industries, dynamically adjusting rates based real-time supply and demand, maximizing pricing and occupancy. Airriva has a 4.6 Google review rating (from 47 ratings), which is better than the 4.4 average across all businesses reviewed on Google.
Sandusky, Ohio is located in northern Ohio on the shores of Lake Erie, roughly midway between Toledo (45 miles) and Cleveland (50 miles). It was named the Best Coastal Small Town in America and is home to Cedar Point, one of the most popular amusement parks in the world. Additional area locations include Castaway Bay, Great Wolf Lodge, Kalahari and the Jackson Street Pier. Finally, Sandusky is also considered the center of the Ohio wine industry. AIRDNA, a provider of short-term rental data and analytics covering over 10 million listings, rated the Sandusky market as a “B+,” with a score of 72 out of a possible 100. The Average Daily Rate has climbed from $247 in July 2019 to $298 (20%) in July 2021. Occupancy in the 75th percentile was 100% in July 2021, an increase over the 90% in pre-pandemic July 2019. Bookings finished at 3,854 in November, compared to 2,417 the same month of 2019 (a 59% increase). That withstanding, Sandusky is a highly seasonal market. The Average Daily Rate climbed from $216 in November 2019 to $225 (4%) in November 2021. Occupancy in the 75th percentile was 62% in November 2021, an increase over the 40% in pre-pandemic November 2021. Bookings finished at 1,114 in November 2021, compared to 514 the same month of 2019 (a 116% increase).
Deal Documents & Disclosures
No documents provided yet.
Rhove Real Estate 1, LLC is “testing the waters” for a possible offering of securities under Regulation A of the JOBS Act. No money or other consideration is being solicited by the company at this time, and if sent in response, will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is qualified, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. If you indicate interest, your indication of interest involves no obligation or commitment of any kind. If an offering statement has been filed, you may obtain a copy of the most recent version of the Preliminary Offering Circular from Rhove Real Estate 1, LLC at 629 North High Street, 6th Floor, Columbus, OH 43215 or by e-mailing email@example.com. You may also obtain a copy of the Preliminary Offering Circular linked here.