About 1490 Elaine Road 1462
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.
Features of 1490 Elaine Road 1462
| MLS® # | 225039892 |
|---|---|
| Price | $4,700,000 |
| Acres | 2.26 |
| Year Built | 1965 |
| Type | Multi-Family |
| Sub-Type | Townhouse |
| Status | Active |
Community Information
| Address | 1490 Elaine Road 1462 |
|---|---|
| Area | None |
| City | Columbus |
| County | Franklin |
| State | OH |
| Zip Code | 43227 |
Amenities
| Parking | Common |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Forced Air |
|---|---|
| Cooling | Central Air |
| Has Basement | No |
| Fireplace | No |
School Information
| District | COLUMBUS CSD 2503 FRA CO. |
|---|
Listing Details
| Office | Brett A Ludwig of Verti Commercial Real Estate L |
|---|