Historical Multifamily Sale Listing - Cornerstone Apartments

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Cornerstone Apartments

1441 West Rich Street, Columbus, OH 43223

N/A

196 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
196
Building Size:
90,486 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Distressed:
Yes
Cap Rate:
8.50%
Occupancy:
75%
Listing ID
16336618
Last Updated
over 1 year ago

Description

04/09/10 UPDATE!!! Cornerstone Apartments is currently modifying it's loan to an actual value, this means a lower debt service and higher cash flows for any potential buyer. In addition two new roofs are currently being installed and all the common area flooring replaced! A very cohesive management team is in place and occupancy has been ramping up steadily since the start of 2010




As you can see by the links above, there are also efforts in place in Columbus to build a Casino at the Westland Mall, and a race track at Cooper Stadium both which are only two short miles from Cornerstone. This will bring many jobs to the west side of the city through the casino and racetrack themselves and also all of the various support jobs. This means a larger tenant base for any buyer!

Cornerstone Apartments is about a 10 minute ride from The Ohio State University which is home to over 50,000 undergraduate students. In addition to that the property is located right along interstate 70 and on a Central Ohio Transit Authority busline. Columbus is the Capital of Ohio and the 15th largest city in the country. Additonally the western side of Columbus has been flagged for redevelopment which puts Cornerstone Apartments right in the path of progress.

Map of 1441 West Rich Street, Columbus, OH 43223 (Franklin County)

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Created 7/29/2009