Location & Property Info

List Price/SqFt

253.54

City (Mailing Addr)

Columbus

Corp LimitPerAuditor

Columbus

Office/Contract Info

For Sale

Yes

Exchange

No

Remarks & Misc

Property Description

Located near The Ohio State University, this 16-unit property--offered by the original development family--presents a rare opportunity in one of the strongest student rental corridors in the Midwest. The building features 16 spacious 2-bedroom, 1-bathroom apartments, well-suited for student and young professional occupancy with consistent year-round demand. The property is currently stabilized at an average in-place rent of $937 per unit, well below market, with comparable rents at $1,150+. One unit is currently vacant and in need of a turn. The owner has obtained a $19,795 renovation quote for this unit. All units are individually submetered for water; however, the current owner is not utilizing the submetering system and is currently paying the water expense. This presents an immediate opportunity for a new owner to activate the submetering system and meaningfully improve NOI. Tenants currently pay for gas and electric. The roof is less than 10 years old, and a full list of mechanical ages is available for review. The property also includes a partial basement with washer/dryer facilities, with additional NOI upside available through the implementation of rentable storage closets. Off-street parking consists of 22 total spaces, which are currently not monetized, offering a straightforward opportunity to introduce parking fees and further increase income. The property's brick construction, efficient layout, and low-maintenance profile make it a strong operational asset with limited ongoing capital requirements. While already well-positioned physically, the primary upside is driven by lease-up, rent growth, and the monetization of currently underutilized income streams. This is an ideal opportunity for an investor seeking a strategically located OSU asset with immediate value-add potential and multiple clear paths to increased NOI through both operational and leasing improvements.

Income/Expenses

Gross Income

0

Net Operating Income

0

Total Expenses

0

Addl Acceptance Cond

None Known

Yes

Construction

Brick

Yes

Heat Fuel

Gas

Yes

Tenant Pays

Gas

Yes

Electricity

Yes

Heating

Forced Air

Yes

Air Conditioning

Central Air

Yes

Owner Pays

Water

Yes

MLS Primary PhotoSrc

Realtor Provided

Yes

Property Features