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$ 2,525,000
Est. payment | /mo
7,405 Sqft Lot
$ 2,525,000
Est. payment | /mo
7,405 Sqft Lot
Key Details
Property Type Multi-Family, Townhouse
Sub Type Townhouse
Listing Status Active
Purchase Type For Sale
MLS Listing ID 226042122
Year Built 1963
Annual Tax Amount $75,076
Lot Size 7,405 Sqft
Lot Dimensions 0.17
Property Sub-Type Townhouse
Source Columbus and Central Ohio Regional MLS
Property Description
Pine Hill Townhomes is a 32-unit, brick, two-story townhome-style community in Pine Hills, southeast Columbus, offered at $2,525,000 ($78,906 per unit, $76.65 per SF). The property totals ±32,940 SF and is 87.5% occupied (28 of 32 units), with 30 two-bedroom/one-bath townhomes (±1,038 SF each) and 2 one-bedroom/one-bath units. T-12 NOI is $201,220 (7.97% cap), and pro forma NOI at market rents is $267,764 (10.60% cap). In-place rents average $902 against $1,100 market for the 2BRs and $950 for the 1BRs, a 21% upside on occupied units, plus 4 vacant units worth $4,400/month at market. RUBS is in place. The property is adjacent to Woodcrest Elementary and close to I-270, with grocery, pharmacy, and retail nearby along the US-40 / E Main St corridor. An opportunity to acquire scale in a single transaction with in-place cash flow and a clear path to higher rents.
Available as a package with Village on Courtright and Melrose Manor
Available as a package with Village on Courtright and Melrose Manor
Location
State OH
County Franklin
Area 0.17
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 010-129503
Listed by Joey Allen Miller Forge Real Estate Advisors
NEARBY SCHOOLS & PROPERTIES
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