1719 Lonsdale Road, Columbus, OH 43232

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