400 N West St
Bellefontaine, OH 43311
Multifamily Property For Sale · 13 Units

Downtown Bellefontaine has had a huge renovation in the past 5-10 years and the rent prices are starting to show it. We have 9 downtown restaurants, a newly renovated court house, several specialty shops, antique malls, bars, etc. They add new downtown businesses every month. Average 1 bedroom prices are around $650 per month range and some are asking as much as $850. Some tenants have to wait 6 months to find an available 2 bedroom. Average rent prices have gone up around 200 per month the past 3 years and don't show any signs of slowing. There are 2 Honda plants in Logan county that pay 65k per year for general line associates. Not to mention all the support companies that are all over Logan county. The building is an old victorian school built around 1900. The building sits on a 1.2 acre lot. Each apartment is approx 450 square foot and currently rent from $500 to $550 per month with room to increase rent to $600+ range fairly easily. We allow pets for a monthly fee of $25 per month with 6 pets currently at this location. We also have a coin operated laundry that will go with the building as well. We have a property manager who would like to stay on with a new owner. Several of the units have had extensive work and some were in decent shape and needed minimal work. The metal roof, siding, and windows are less than 10 years old. We have keyed entry(common areas) for each tenant and have several 4K cameras set up around the building. There are a few issues to take care of but most of the deferred maintenance has been resolved. With the low price point, the upsurge in rental demand, well paying jobs in the area, and all the downtown amenities Bellefontaine has to offer, this solid investment with a new roof is a no-brainer.