3685 Cleveland Avenue, Columbus, OH 43224

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.