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$ 1,935,000
Est. payment /mo
New
3685 Cleveland Avenue Columbus, OH 43224
10,018 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Midrise
Listing Status Active
Purchase Type For Sale
MLS Listing ID 226042125
Year Built 1962
Annual Tax Amount $25,739
Lot Size 10,018 Sqft
Lot Dimensions 0.23
Property Sub-Type Midrise
Source Columbus and Central Ohio Regional MLS
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.
Available as a package with Pine Hill Townhomes and Village on Courtright.
Location
State OH
County Franklin
Area 0.23
Rooms
Other Rooms None
Dining Room No
Interior
Heating Forced 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 130-003416
Listed by Joey Allen Miller Forge Real Estate Advisors
NEARBY SCHOOL & BUSINESS
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