0 beds
Bathrooms
18,660 sqft
Listed By
Agency Name: Forge Real Estate Advisors
Agent Name: Joey Allen Miller
Agency Phone: 614-665-5793
Shown By
Agent Name: Jennifer Williams
Agent Phone: (614) 271-0407
Agency Title: Cutler Real Estate
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Property Description
Melrose Manor is a 33-unit community of 21 studios and 12 one-bedroom/one-bath units on Cleveland Avenue in northeast Columbus, offered at $1,935,000 ($58,636 per unit). The property is 75.8% occupied (25 of 33 units), and T-12 NOI is $151,552, a 7.83% cap rate. The 8 vacant units represent $7,370/month at market rents. On the occupied units, in-place rents average $847 against $895 market for studios and $1,000 for one-bedrooms, an 11% upside through turnover and renewals, and eleven leases are past their stated end date, giving flexibility to renew or reprice. RUBS is in place. The efficient studio and one-bedroom mix suits workforce and entry-level renters along the Cleveland Avenue corridor, with dining, retail, and daily services nearby. An opportunity to acquire a value-add asset with in-place cash flow and a clear path to higher occupancy and rents.Available as a package with Pine Hill Townhomes and Village on Courtright.
Property Features
Property Type: Multi Unit - Multiple
Days on Market: 3
Heating: Forced Air
Lot Size: 0.23 Acres
Taxes: $25,739
Year Built: 1962
Feature Descriptions
Parcel #: 130-003416
Utilities: Water Available, Sewer Available, Natural Gas Available, Electricity Available, Storm Sewer
Local Schools
School District: COLUMBUS CITY
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Estimated Payment
$ 13,607.43 per month $10,898.14 Principal & Interest $2,144.92 Property Tax $564.38 Homeowner's InsuranceChange Payment Information
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3685 Cleveland Avenue | MLS# 226042125
This multi-family property located at 3685 Cleveland Avenue, Columbus, OH 43224 is currently listed for sale with an asking price of $1,935,000. Cleveland Avenue is located within the COLUMBUS CITY school district. Search Columbus real estate on www.jenniferwilliams.homes today.