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Olentangy Terrace 4577 Olentangy River Rd 52 Unit Apartment Building For Sale Columbus, OH 43214
Investment Highlights
- 4575 Olentangy River Road • 1,450 +/- SF • Single-Family Residence • Built in 1955
- Prime opportunity to develop an additional 24 apartment units
- Asking Price Negotiable
- 4577 Olentangy River Road • 65,894 +/- SF • Three-Story Apartment Building • 52 Units • Built in 1970
- A compelling investment opportunity in the Columbus multifamily market
- Interested parties are requested to submit offers by Wednesday, September 2, 2026, at 5:00 PM EST
Executive Summary
Olentangy Terrace is a 53-unit multifamily community located in one of Columbus’ most desirable and supply-constrained rental corridors. 35 of the property’s 53 apartment
homes have been renovated, of which 19 are “Full Reno” and 16 and “Mid Reno”. Full reno have granite counter tops in the kitchen and bath as well as tile surround bath,
electrical, plumbing, fixtures, flooring, baseboards. The Mid reno has original cabinets and counters have all the updates except cabinets. o Since acquisition in 2023,
ownership has invested $965,673 in capital improvements at Olentangy Terrace. The interior renovation program touched 44 of 52 apartment units plus the single-family house; 18 full renovations, 16 mid-level renovations, and 10 classic-plus refreshes featuring granite countertops, premium LVP flooring, new cabinetry, lighting, and hardware packages. Building systems work included HVAC replacements, upgraded electrical panels throughout the property, new windows, common-area plumbing upgrades, and new appliance packages. Ownership also added a fitness center and package room, refreshed the laundry and common areas, and completed asphalt, exterior paint, and lighting improvements. The heavy capital work is complete, leaving the next owner a substantially de-risked asset with upside concentrated in lease-up and rent growth rather than construction. A significant differentiator is the opportunity to develop an additional 24 apartment units on the property’s excess land, creating a compelling avenue for future value creation and increased scale. This expansion potential, combined with the remaining renovation program, offers investors multiple opportunities to enhance returns. The property offers convenient access to State Route 315, providing seamless connectivity to Downtown Columbus and many of Central Ohio’s most sought-after neighborhoods, including Dublin, Upper Arlington, and Grandview Heights. Residents also benefit from proximity to major employment centers, The Ohio State University, premier healthcare systems, shopping, dining, and recreational amenities, supporting strong and consistent rental demand. With a combination of proven renovation success, meaningful remaining value-add potential, the opportunity to develop 24 additional units, and an exceptional location with outstanding regional connectivity, Olentangy Terrace presents a compelling investment opportunity in the Columbus multifamily market. CALL FOR OFFERS Interested parties are requested to submit offers by Wednesday, September 2, 2026, at 5:00 PM EST. The seller reserves the right to accept an offer prior to the deadline, reject any or all offers, or modify the offering process at its sole discretion.
homes have been renovated, of which 19 are “Full Reno” and 16 and “Mid Reno”. Full reno have granite counter tops in the kitchen and bath as well as tile surround bath,
electrical, plumbing, fixtures, flooring, baseboards. The Mid reno has original cabinets and counters have all the updates except cabinets. o Since acquisition in 2023,
ownership has invested $965,673 in capital improvements at Olentangy Terrace. The interior renovation program touched 44 of 52 apartment units plus the single-family house; 18 full renovations, 16 mid-level renovations, and 10 classic-plus refreshes featuring granite countertops, premium LVP flooring, new cabinetry, lighting, and hardware packages. Building systems work included HVAC replacements, upgraded electrical panels throughout the property, new windows, common-area plumbing upgrades, and new appliance packages. Ownership also added a fitness center and package room, refreshed the laundry and common areas, and completed asphalt, exterior paint, and lighting improvements. The heavy capital work is complete, leaving the next owner a substantially de-risked asset with upside concentrated in lease-up and rent growth rather than construction. A significant differentiator is the opportunity to develop an additional 24 apartment units on the property’s excess land, creating a compelling avenue for future value creation and increased scale. This expansion potential, combined with the remaining renovation program, offers investors multiple opportunities to enhance returns. The property offers convenient access to State Route 315, providing seamless connectivity to Downtown Columbus and many of Central Ohio’s most sought-after neighborhoods, including Dublin, Upper Arlington, and Grandview Heights. Residents also benefit from proximity to major employment centers, The Ohio State University, premier healthcare systems, shopping, dining, and recreational amenities, supporting strong and consistent rental demand. With a combination of proven renovation success, meaningful remaining value-add potential, the opportunity to develop 24 additional units, and an exceptional location with outstanding regional connectivity, Olentangy Terrace presents a compelling investment opportunity in the Columbus multifamily market. CALL FOR OFFERS Interested parties are requested to submit offers by Wednesday, September 2, 2026, at 5:00 PM EST. The seller reserves the right to accept an offer prior to the deadline, reject any or all offers, or modify the offering process at its sole discretion.
Property Facts
| Sale Type | Investment | Lot Size | 3.01 AC |
| No. Units | 52 | Building Size | 65,894 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1970 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | B |
| Sale Type | Investment |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 3.01 AC |
| Building Size | 65,894 SF |
| No. Stories | 3 |
| Year Built | 1970 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Carpet
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Maintenance on site
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 750 |
| 2+1 | 36 | - | 1,100 |
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 010-226176 | Improvements Assessment | $915,040 |
| Land Assessment | $227,500 | Total Assessment | $1,142,540 |
Property Taxes
Parcel Number
010-226176
Land Assessment
$227,500
Improvements Assessment
$915,040
Total Assessment
$1,142,540
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Olentangy Terrace | 4577 Olentangy River Rd