1038 Lockbourne Road, Columbus, OH 43206
$630,000
Property Type:
Multi-Family
Lot Size (sq. ft.):
7,405
Status:
Active
Current Price:
$630,000
List Date:
1/16/2026
Last Modified:
2/18/2026
Overview
Description
Income-producing 4-unit property generating $5,600/month ($67,200 annually) with tenants paying separate utilities, keeping owner expenses low and returns strong. Current cap rate approximately 8% with clear upside through cosmetic improvements and future rent increases.
All four units currently leased at $1,400/month, providing immediate and stable cash flow. Ideal opportunity for investors seeking a value-add property with forced appreciation potential and strong long-term rental demand.
Excellent fit for buy-and-hold investors, BRRRR strategy, or portfolio expansion. Opportunity to increase property value through interior updates and operational improvements.
Multi-family assets producing this level of income with upside potential are becoming increasingly rare at this price point.
Listing Details MLS# 226001615
Location Property Info
- Original List Price
- 630000
- Property Sub Type
- Midrise
- Street #
- 1038
- Street Name
- Lockbourne
- Street Suffix
- Road
- County
- Franklin
- State
- OH
- Zip Code
- 43206
- School District
- COLUMBUS CSD 2503 FRA CO.
- Township
- None
OfficeContract Info
- MLS Entry Date
- 2026-01-16
General Property Info
- Number of Units
- 4
- # of Buildings
- Yes
- Total Parking
- 4
- Building Sqft
- 7257
- Year Built
- 1923
- Built Prior to 1978
- Yes
- Acreage
- 0.17
- Use Code
- 401 - APARTMENT:4-19 UNITS
Tax Info
- Parcel #
- 010-049673
- Zoning
- Commercial
- Mult Parcels/Sch Dis
- No
- Tax Year
- 2024
- Tax Abatement
- No
- Taxes (Yrly)
- 9532
- Tax Incentive
- No
3 Bedroom
- 3 Bedroom # of Units
- 4
- 3 Bedroom Month Rent Per Unit
- 1599
Financials
- Gross Rental Income
- 6198
More Information
Expenses
- Property Insurance
- 3802
- Electricity Expense
- 30
- Water Expense
- 200
Auction Info
- Auction/Online Bidding Y/N
- No
Location & Property Info
- List Price/SqFt
- 86.81
- City (Mailing Addr)
- Columbus
- Corp LimitPerAuditor
- Columbus
Office/Contract Info
- For Sale
- Yes
- Exchange
- No
Remarks & Misc
- Property Description
- Income-producing 4-unit property generating $5,600/month ($67,200 annually) with tenants paying separate utilities, keeping owner expenses low and returns strong. Current cap rate approximately 8% with clear upside through cosmetic improvements and future rent increases. All four units currently leased at $1,400/month, providing immediate and stable cash flow. Ideal opportunity for investors seeking a value-add property with forced appreciation potential and strong long-term rental demand. Excellent fit for buy-and-hold investors, BRRRR strategy, or portfolio expansion. Opportunity to increase property value through interior updates and operational improvements. Multi-family assets producing this level of income with upside potential are becoming increasingly rare at this price point.
Income/Expenses
- Gross Income
- 76752
- Net Operating Income
- 67790
- Total Expenses
- 8962
Addl Acceptance Cond
- None Known
- Yes
Construction
- Brick
- Yes
Heat Fuel
- Gas
- Yes
Water Source
- Public
- Yes
Sewer
- Public Sewer
- Yes
Miscellaneous
- Basement
- Yes
- Fireplace
- Yes
- W/D Hookups
- Yes
Tenant Pays
- Gas
- Yes
- Electricity
- Yes
Owner Pays
- Sewer
- Yes
MLS Primary PhotoSrc
- Realtor Provided
- Yes
Property Features
Addl Acceptance Cond:
None Known
Owner Pays:
Sewer
Tenant Pays:
Electricity; Gas
Heat Fuel:
Gas
Construction:
Brick
Water Source:
Public
Sewer:
Public Sewer
Miscellaneous:
Basement; Fireplace; W/D Hookups
MLS Primary PhotoSrc:
Realtor Provided
Listing Office:
LPT Realty
Listing Agent:
Michael B Pillow
Last Updated: February - 18 - 2026
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