Fantastic Turn-Key investment opportunity in Up-and-Coming neighborhood in super growing Columbus, Ohio. Completely rehabilitated structure with all new everything, such as all PEX piping, all new and updated wiring, new roofs, new drywall, new flooring, new appliances - literally everything but the structure. The apartments are luxury-level, A quality with features such as granite counter-tops, stone back-splashes, modern lighting fixtures, all new, stainless appliances, wood and tile floors, new high-efficiency windows, high efficiency AC and furnaces. The structures sit on a corner lot with opportunity for future expansion and building. Each unit has two off-street parking spaces between the two structures.
All year leases renewed for the next 12 months for 100% occupancy rate for 1 year or more. Tenants are all professionals who have passed background, credit, and criminal checks. All tenants have also paid a one-month security deposit.
7.16% Cap rate based on $379,000 purchase price. Tax abatement, rising rents, little to no expenses will likely improve that cap rate.
We would not sell this property if we could get financed on this for under 7% on a 30 year fixed. Our loss is your gain.
