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Melrose Manor Apartments 3685 Cleveland Ave 33 Unit Apartment Building $2,475,000 ($75,000/Unit) 7% Cap Rate Columbus, OH 43224
Executive Summary
________________________________________
?? Investment Opportunity – Melrose Apartments
Turnkey 33-Unit Multifamily | Columbus, Ohio
________________________________________
?? PROPERTY SNAPSHOT
• 33 Units Total
o 12 One-Bedroom Units (~600 sq ft)
o 21 Studio/Efficiency Units (~500 sq ft)
• On-Site Laundry & Utility Room
• Ample Off-Street Parking
• Well-Lit Common Areas
• Garden-Style Layout with Interior Entrances
________________________________________
?? CONSTRUCTION & BUILDING DETAILS
• Built in 1962 | Solid Brick-over-Block Construction
• Concrete Foundation
• 3-Tab Dimensional Shingle Roof (Replaced in 2009)
• Aluminum-Framed Glass Entry Doors
• Double-Insulated Steel Rear & Interior Doors
________________________________________
?? MECHANICALS & UPGRADES
• Gas Lines & Meters Replaced in 2009
• Gas Forced-Air Heating in Each Unit
• Through-the-Wall A/C Units w/ Sleeves
• Individual 30-Gallon Gas Water Heaters
• Updated Plumbing Supply Lines & Lighting Fixtures (2009)
________________________________________
?? WHY MELROSE?
? Stable Cash Flow Potential
? Strong Rental Demand in Columbus
? Value-Add Opportunity
? Updated Major Systems
? Great Unit Mix for Urban Renters
________________________________________
?? FINANCIALS AVAILABLE UPON REQUEST
?? Schedule a Private Tour or Request a Full Offering Memorandum Today!
?? Investment Opportunity – Melrose Apartments
Turnkey 33-Unit Multifamily | Columbus, Ohio
________________________________________
?? PROPERTY SNAPSHOT
• 33 Units Total
o 12 One-Bedroom Units (~600 sq ft)
o 21 Studio/Efficiency Units (~500 sq ft)
• On-Site Laundry & Utility Room
• Ample Off-Street Parking
• Well-Lit Common Areas
• Garden-Style Layout with Interior Entrances
________________________________________
?? CONSTRUCTION & BUILDING DETAILS
• Built in 1962 | Solid Brick-over-Block Construction
• Concrete Foundation
• 3-Tab Dimensional Shingle Roof (Replaced in 2009)
• Aluminum-Framed Glass Entry Doors
• Double-Insulated Steel Rear & Interior Doors
________________________________________
?? MECHANICALS & UPGRADES
• Gas Lines & Meters Replaced in 2009
• Gas Forced-Air Heating in Each Unit
• Through-the-Wall A/C Units w/ Sleeves
• Individual 30-Gallon Gas Water Heaters
• Updated Plumbing Supply Lines & Lighting Fixtures (2009)
________________________________________
?? WHY MELROSE?
? Stable Cash Flow Potential
? Strong Rental Demand in Columbus
? Value-Add Opportunity
? Updated Major Systems
? Great Unit Mix for Urban Renters
________________________________________
?? FINANCIALS AVAILABLE UPON REQUEST
?? Schedule a Private Tour or Request a Full Offering Memorandum Today!
Property Facts
| Price | $2,475,000 | Building Class | C |
| Price Per Unit | $75,000 | Lot Size | 0.48 AC |
| Sale Type | Investment | Building Size | 18,660 SF |
| Cap Rate | 7% | Average Occupancy | 100% |
| No. Units | 33 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1962/2009 |
| Property Subtype | Apartment | Parking Ratio | 1.82/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C | ||
| Price | $2,475,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 18,660 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1962/2009 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | C |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 33 | - | 712 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $206,050 | |
| Land Assessment | $57,970 | Total Assessment | $264,020 |
Property Taxes
Parcel Numbers
Land Assessment
$57,970
Improvements Assessment
$206,050
Total Assessment
$264,020
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Melrose Manor Apartments | 3685 Cleveland Ave
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