2048 Pine Needle Court, Columbus, OH 43232
$5,380,000
Property Type:
Multi-Family
Lot Size (sq. ft.):
223,027
Status:
Closed
Current Price:
$5,380,000
List Date:
12/21/2021
Last Modified:
2/21/2025
Overview
Description
The Pine Grove Apartments is an 80-unit cardinal style apartment community in Columbus, Ohio, that sits on 5.12 acres. The complex is a short drive to Downtown
Columbus making it an ideal location for anyone in the metropolitan area. With easy access to major Interstates like I-270 and I-70, the apartment community provides
residents easy access to employment hubs, entertainment, and necessities all around the MSA.
The property has been exceptionally well-maintained, which has resulted in high occupancy rates and low turnover with many long-term tenants. New ownership
can benefit from limited deferred maintenance and ability to increase current rental rates to be in line with the submarket resulting in increased cash flow growth and
overall yield on the asset.
Listing Details MLS# 221048201
Location Property Info
- Original List Price
- 5360000
- Property Sub Type
- Flat
- Street #
- 2048
- Street Name
- Pine Needle
- Street Suffix
- Court
- County
- Franklin
- State
- OH
- Zip Code
- 43232
- School District
- COLUMBUS CSD 2503 FRA CO.
- Township
- None
OfficeContract Info
- MLS Entry Date
- 2021-12-01
General Property Info
- Number of Units
- 80
- # of Buildings
- 15
- Total Parking
- 123
- Building Sqft
- 32970
- Year Built
- 1980
- Built Prior to 1978
- No
- Acreage
- 5.12
Tax Info
- Parcel #
- 010-004471
- Mult Parcels/Sch Dis
- Yes
- Tax Year
- 2020
- Tax Abatement
- No
- Taxes (Yrly)
- 53403
Status Change Info
- Under Contract Date
- 2021-12-21
- Sold Date
- 2022-02-18
- Sold Price/SqFt
- 163.18
Efficiency
- Efficiency # of Units
- 16
More Information
1 Bedroom
- 1 Bedroom # of Units
- 56
2 Bedroom
- 2 Bedroom # of Units
- 12
Auction Info
- Auction/Online Bidding Y/N
- No
Location & Property Info
- List Price/SqFt
- 162.57
- City (Mailing Addr)
- Columbus
- Corp LimitPerAuditor
- Columbus
Office/Contract Info
- For Sale
- Yes
- Exchange
- No
Remarks & Misc
- Property Description
- The Pine Grove Apartments is an 80-unit cardinal style apartment community in Columbus, Ohio, that sits on 5.12 acres. The complex is a short drive to Downtown Columbus making it an ideal location for anyone in the metropolitan area. With easy access to major Interstates like I-270 and I-70, the apartment community provides residents easy access to employment hubs, entertainment, and necessities all around the MSA. The property has been exceptionally well-maintained, which has resulted in high occupancy rates and low turnover with many long-term tenants. New ownership can benefit from limited deferred maintenance and ability to increase current rental rates to be in line with the submarket resulting in increased cash flow growth and overall yield on the asset.
Income/Expenses
- Gross Income
- 549927
- Net Operating Income
- 358129
- Total Expenses
- 191798
Addl Acceptance Cond
- None Known
- Yes
Heat Fuel
- Electric
- Yes
Parking Features
- Common
- Yes
Tenant Pays
- Sewer
- Yes
- Water
- Yes
- Electricity
- Yes
Owner Pays
- Trash
- Yes
MLS Primary PhotoSrc
- Realtor Provided
- Yes
Property Features
Addl Acceptance Cond:
None Known
Parking Features:
Common
Owner Pays:
Trash
Tenant Pays:
Electricity; Sewer; Water
Heat Fuel:
Electric
MLS Primary PhotoSrc:
Realtor Provided
Listing Office:
NAI Ohio Equities, Realtors
Listing Agent:
Carter R Stephens
Last Updated: February - 21 - 2025
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