1870 Dunbar Ave
Columbus, OH 43224 ·
41 Units · Multifamily For Sale
Dunbar Plaza Apartments
|No. Units||41||Gross Rent Multiplier||3.74|
|Building Size||25,168 SF||Occupancy||95%|
|Property Type||Multifamily||No. Stories||2|
|Property Sub-type||Garden/Low-Rise||Year Built||1965|
|Property Use Type||Investment||Lot Size||0.72 SF|
|Listing ID: 17001720||Date Created: 01/31/2011||Last Updated: 08/01/2011|
REDUCED $50,000! Now a 13.65% Cap rate based on past 12 month trailing (after taking a 16.38% Vacancy Factor and after Capital Reserves);
Dunbar Plaza Apartments is a 41 unit offering of two contiguous buildings (1870 Dunbar has 17 units and 1880 Dunbar has 24 units); there are (40) 1 Bedroom units leased at $399/mo; and (1) 2 Bedroom unit leased at $450/mo; All new leases have reimibursment for water & sewer. Tenants contact directly for electric/gas; There are no Section 8 tenants; Recent improvements include: roof, windows, furnaces (60%), all hot water heaters, kitchens, baths, appliances, fencing, security cameras & lighting, gas, plumbing supply & waste lines, all AC units and sleeves and doors.
The Property is located at 1870 through 1880 Dunbar Drive, in a mixed-use area of north central Columbus, within Clinton Township. It is located on the north side of Dunbar Drive, just east of Cleveland Avenue. Dunbar Drive is located between Innis Road and Oakland Park, just south of Northern Lights Shopping Center. The area consists of residential, commercial, recreational and industrial properties. Residential uses include single family, two to four family and larger apartment complexes exist near the Property. The Property has easy access to public transportation, retail and employment centers. The 0.72 acre site is rectangular in shape, consists of three parcels (130-005354; 130-003505 and 130-005356), is flat and has 230' frontage along Dunbar Drive.
- Completely Renovated Units include granite counters in new kitchens
- Ceramic Tile flooring on 1st floor hallways, laundry rm, landings & in kitchens and bathrooms
- Furnaces replaced (60%) and all AC Units with new sleeves; and all hot water heaters
- New Electric Service, new Gas lines; new plumbing supply and waste lines; new video surveillance & security lighting
- Refinished hardwood floors and all ceramic tile in bathooms and kitchen
- kitchens with new oak cabinets and granite counters; all new fixtures in kitchens and baths
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