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$ 1,700,000
Est. payment /mo
Active Under Contract
357 E 14th Avenue Columbus, OH 43201
0.39 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 226013166
Year Built 1970
Annual Tax Amount $47,346
Lot Size 0.390 Acres
Lot Dimensions 0.39
Property Sub-Type Apartment
Source Columbus and Central Ohio Regional MLS
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.
Location
State OH
County Franklin
Area 0.39
Rooms
Other Rooms None
Dining Room No
Interior
Heating Forced Air
Cooling Central Air
Equipment No
Laundry No Laundry Rooms
Schools
High Schools Columbus Csd 2503 Fra Co.
School District Columbus Csd 2503 Fra Co.
Others
Tax ID 010-016328
Listed by Zeke Liston Red 1 Realty