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$ 4,700,000
Est. payment /mo
Active
1490 Elaine Road #1462 Columbus, OH 43227
2.26 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Townhouse
Listing Status Active
Purchase Type For Sale
MLS Listing ID 225039892
Year Built 1965
Annual Tax Amount $36,816
Lot Size 2.260 Acres
Lot Dimensions 2.26
Property Sub-Type Townhouse
Source Columbus and Central Ohio Regional MLS
Property Description
This recently renovated, stabilized 40-unit asset boasts an average rent of $1,128, yet current market comparables suggest upside potential pushing monthly rents toward $1,350. The business plan centers on renovating and leasing 13 under-market units, currently leased below $1,000, to market rates approaching $1,350 upon turnover.
Compelling Renovation & Upside Potential — $700K of capital improvements modernized the buildings, and with average rents already at $1,128, there's room to renovate further and realize $250+/unit per month rent increases.
Immediate Value-Add — 13 existing units are leased below $1,000; renovation and mark to market strategy unlocks near-term revenue growth
Strong Market Fundamentals — Columbus exhibits robust net absorption, balancing supply concerns, with vacancy rates stabilizing and rent growth outpacing national averages.
Compelling Renovation & Upside Potential — $700K of capital improvements modernized the buildings, and with average rents already at $1,128, there's room to renovate further and realize $250+/unit per month rent increases.
Immediate Value-Add — 13 existing units are leased below $1,000; renovation and mark to market strategy unlocks near-term revenue growth
Strong Market Fundamentals — Columbus exhibits robust net absorption, balancing supply concerns, with vacancy rates stabilizing and rent growth outpacing national averages.
Location
State OH
County Franklin
Area 2.26
Zoning Residential, R4
Rooms
Other Rooms None
Dining Room No
Interior
Heating Forced Air
Cooling Central Air
Equipment No
Laundry No Laundry Rooms
Exterior
Parking Features Common
Schools
High Schools Columbus Csd 2503 Fra Co.
School District Columbus Csd 2503 Fra Co.
Others
Tax ID 010-105314
Listed by Brett A Ludwig Verti Commercial Real Estate L