4370 Le Marie Ct
Columbus, OH 43224
Summit Park Apartments · Multifamily Property For Sale · 276 Units

Summit Park is comprised of 70 townhomes and 206 California-Style apartments developed in 1969 and offers a competitive unit mix of 54 one-bedroom units (650ft), 142 two-bedroom units (825ft), 10 three-bedroom, two bathroom units (1,050ft), 54 two bed, one and one half bathroom townhouses (1,040ft), and 16 three bed, one and one half bathroom townhouses (1,200ft). Perhaps the most compelling aspect of this portfolio is that the tenants pay for all gas, electric, and water throughout all 276 units, which offers ownership considerable cost savings in a climate such as Ohio’s. Of importance, the T6 shows updated financials since the water has been completely sub-metered. This is now poised for substantially improved income projections. Over the course of the last few years, ownership has completely sub-metered all water. There are four water mains. Ownership pays those four bills. Then, a third party water company bills each tenant directly. As a result, ownership is now collecting approximately 85% of all water consumption bills in Summit Park. All roofs have been done within the last 10-15 years. The parking lots have been patched as needed. The weeping mortar was replaced with brick façade on all buildings. The complex was painted in 2012. The building does have aluminum wiring; however, every unit has been pigtailed and purple hexnuts have been added. In 2013-2015, the plumbing was replaced in about 120 units. Approximately 200 furnaces and 150 ACs have been replaced. The leasing office was renovated in 2017. $50,000 in landscaping was done. Juliet balconies were added to 54 townhouses. These 54 townhomes also received upgraded electric to the masthead in 2017 into every unit. About 1/3 of all windows in the complex are new. An architect came out and did inspections on all catwalks and stairwells. All repairs and/or replacements were done per the report. In 2012, there was a fire. 36 units were burned down to the studs. All 36 were rehabbed. The remaining 240 units have all been painted. Luxury vinyl plank has been installed in almost all units.