515 Riverview Drive, Columbus, OH 43202
$2,107,000
Property Type:
Multi-Family
Lot Size (sq. ft.):
7,405
Status:
Closed
Current Price:
$2,107,000
List Date:
6/05/2025
Last Modified:
10/06/2025
Overview
Description
Located in an Opportunity Zone, 515 Riverview Drive offers investors the opportunity to acquire a well-maintained, cash-flowing 24-unit multifamily property in one of Columbus' most desirable rental corridors. Spanning 16,656 square feet, this garden-style community consists entirely of one-bedroom, one-bath units, most of which have been cosmetically updated with modern, durable finishes. The property has benefited from significant recent capital improvements including structural steel repairs, concrete and epoxy work, new electrical service upgrades with dusk-to-dawn lighting, exterior painting, and a freshly sealed and striped parking lot—positioning it for long-term stability with minimal near-term maintenance needs.
Currently 96% occupied (23 of 24 units), the property generates an average rent of approximately $830 per unit, with natural upside as rents continue to grow. Additionally, four units are occupied by legacy tenants, presenting an opportunity to further align rents with market rates and reduce loss-to-lease. There is also potential to implement utility sub-metering, allowing a new owner to pass-through water and other utility costs to tenants and further improve operational efficiency.
Listing Details MLS# 225014068
Location Property Info
- Original List Price
- 2150000
- Property Sub Type
- Flat
- Street #
- 515
- Street Name
- Riverview
- Street Suffix
- Drive
- County
- Franklin
- State
- OH
- Zip Code
- 43202
- School District
- COLUMBUS CSD 2503 FRA CO.
- Township
- None
OfficeContract Info
- MLS Entry Date
- 2025-04-28
General Property Info
- Number of Units
- 24
- Building Sqft
- 16656
- Year Built
- 1965
- Built Prior to 1978
- Yes
- Acreage
- 0.17
Tax Info
- Parcel #
- 010-117401
- Tax Year
- 2024
- Tax Abatement
- No
- Taxes (Yrly)
- 38328
Status Change Info
- Under Contract Date
- 2025-07-23
- Sold Date
- 2025-10-03
- Sold Price/SqFt
- 126.5
1 Bedroom
- 1 Bedroom # of Units
- 24
- 1 Bedroom Month Rent Per Unit
- 924
More Information
Auction Info
- Auction/Online Bidding Y/N
- No
Location & Property Info
- List Price/SqFt
- 129.08
- City (Mailing Addr)
- Columbus
- Corp LimitPerAuditor
- Columbus
Office/Contract Info
- For Sale
- Yes
- Exchange
- No
Remarks & Misc
- Property Description
- Located in an Opportunity Zone, 515 Riverview Drive offers investors the opportunity to acquire a well-maintained, cash-flowing 24-unit multifamily property in one of Columbus' most desirable rental corridors. Spanning 16,656 square feet, this garden-style community consists entirely of one-bedroom, one-bath units, most of which have been cosmetically updated with modern, durable finishes. The property has benefited from significant recent capital improvements including structural steel repairs, concrete and epoxy work, new electrical service upgrades with dusk-to-dawn lighting, exterior painting, and a freshly sealed and striped parking lot—positioning it for long-term stability with minimal near-term maintenance needs. Currently 96% occupied (23 of 24 units), the property generates an average rent of approximately $830 per unit, with natural upside as rents continue to grow. Additionally, four units are occupied by legacy tenants, presenting an opportunity to further align rents with market rates and reduce loss-to-lease. There is also potential to implement utility sub-metering, allowing a new owner to pass-through water and other utility costs to tenants and further improve operational efficiency.
Income/Expenses
- Gross Income
- 282354
- Net Operating Income
- 154498
- Total Expenses
- 127856
Addl Acceptance Cond
- None Known
- Yes
Heat Fuel
- Gas
- Yes
Parking Features
- Assigned
- Yes
Tenant Pays
- Electricity
- Yes
Heating
- Hot Water
- Yes
Air Conditioning
- Other
- Yes
Owner Pays
- Gas
- Yes
- Water
- Yes
MLS Primary PhotoSrc
- Realtor Provided
- Yes
Property Features
Addl Acceptance Cond:
None Known
Parking Features:
Assigned
Owner Pays:
Gas; Water
Tenant Pays:
Electricity
Heat Fuel:
Gas
Heating:
Hot Water
Air Conditioning:
Other
MLS Primary PhotoSrc:
Realtor Provided
Listing Office:
Verti Commercial Real Estate L
Listing Agent:
Zeke Liston
Last Updated: October - 06 - 2025
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