Lofty 1415 Race St

Occupied Duplex in an "A" Rated Neighborhood of Downtown Cincinnati, Ohio

Offering Details

Michael Sherrill is transferring his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
Tokens represent direct ownership in the LLC that owns the property. Michael will maintain at least 10% ownership in the LLC indefinitely.
View proof of Michael's ownership prior to the title transfer here. View the LLC documents here.

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Occupied Duplex (front streetside building in compound) in an "A" Rated Neighborhood of Downtown Cincinnati, Ohio
View a list of improvements for this property and the building behind it (1413 Race St) here. Michael is also the owner of 1413 Race St.
This remarkable property is the epitome of urban living at its finest. Nestled in the vibrant heart of Cincinnati, it offers a captivating blend of modern luxury and historic charm.
It features a modern kitchen with stainless steel appliances, a washer and dryer in the unit, and hardwood floors and carpet throughout.
Located in one of Cincinnati’s most exciting, up-and-coming neighborhoods, Over-the-Rhine has a rich heritage and diverse community. In fact, this neighborhood was one of the most densely populated areas in the country during the turn of the 20th century and is lined with well-preserved 19th-century buildings. Professionals, families, and more flock to Over-the-Rhine for its central location, big-city amenities, and abundant entertainment.
This neighborhood is just a few short blocks from Downtown Cincinnati, making it easy for commuters to walk or bike to work. Unique restaurants, hip gastropubs, craft breweries, and boutiques line the streets of Over-the-Rhine’s Gateway District. This lively community has plenty to offer, and is home to Findlay Market, Washington Park, and Cincinnati Music Hall.

Michael Sherrill began his real estate career working on GIS parcel-mapping projects in Detroit, later moving on to invest in real estate projects in historic, walkable neighborhoods in New Orleans, Washington, D.C., and Cincinnati, while exploring the leverage of digital technologies like GIS, IoT sensors, automation, and blockchain for transparent and streamlined operations from acquisition to day-to-day operations.
He believes there is room within the real estate development process to explore and expand upon new ownership and equity models which can help to alleviate some of the worst impacts of community displacement and provide broader pathways to equity and ownership. His dream project is to develop LEED-certified garden courtyard style live/work loft compounds in walkable up-and-coming neighborhoods.

This property has a loan balance of $399,050. View the loan documents here
As the seller, Michael Sherrill pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

Unit 1
- 1 year lease (01/22/2024 - 03/31/2025)
- $1,248/month
- $1,195 Security Deposit
- Lease Agreement
- The co-owner, Michael, is providing an additional rent credit of $161/month indefinitely.
Unit 2
- 1 year lease (08/01/2024 - 07/31/2025)
- $2,603/month
- $2,550 Security Deposit
- The same tenants have occupied the unit since May, 2023
- Lease Agreement