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A nine-unit multifamily AirBNB property.
Originally built in 1890, the 7,200 sf. structure was completely renovated in 2021-22.
Sandusky is located on the shores of Lake Erie and was named the Best Coastal Small Town in America.
Sandusky is also home to Cedar Point, a world-famous amusement park.
Historic Manor and Modern AirBNB
About The Washington
The Washington is a nine (9) unit multifamily building located at 333 East Washington Street, Sandusky, Ohio. Originally built in 1890, the sponsor acquired 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 professionally managed by Airriva.
Boutique hotel experience,
professionally managed for results
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.
Centrally located in a robust tourist destination, situated on Lake Erie
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).
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Neither Rhove Real Estate 1, LLC nor Roost Enterprises., Inc. make investment recommendations and no communication, through this site, mobile app or in any other medium should be construed as a recommendation for any security offered on or off this investment application. Investment opportunities posted are private placements of securities that are not publicly traded, involve a high degree of risk, may lose value, and are intended for investors who do not need a liquid investment. Past performance is not indicative of future results. Investors must be able to afford the loss of their entire investment. Neither Rhove Real Estate 1, LLC nor Roost Enterprises., Inc., nor any of their officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information on this Site or the use of information on this Site. Offers to sell securities can only be made through official offering documents that contain important information about the investment and the issuers, including risks. Investors should carefully read the offering documents. Investors should conduct their own due diligence and are encouraged to consult with their tax, legal and financial advisors before investing . You may also obtain a copy of the Offering Circular here.