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Norwich Court Apartments 464-482 E Norwich Ave 20 Unit Apartment Building $2,100,000 ($105,000/Unit) 5.33% Cap Rate Columbus, OH 43201
INVESTMENT HIGHLIGHTS
- Desirable Unit Mix – 12 one-bedroom and 8 two-bedroom townhome-style units serving diverse renter profiles
- Value-Add Opportunity – Immediate upside potential through lease-up of currently vacant units
- Strong Location – Situated close to The Ohio State University in Columbus’s University District, a high-demand rental market
- Includes off-street parking and on-site laundry facilities for resident convenience
EXECUTIVE SUMMARY
Norwich Court Apartments is a 20-unit multifamily property located in Columbus’s highly desirable University District, just minutes from The Ohio State University. The unit mix consists of 12 one-bedroom/one-bath apartments and 8 two-bedroom/one-bath townhome-style units, catering to steady demand in this well-established rental market. The property currently generates $16,945 per month in rental income, with four vacant units offering immediate lease-up upside and the potential to further increase cash flow. Originally built in 1956 and well maintained, recent improvements include a newly paved front parking lot completed in 2023, enhancing both curb appeal and tenant convenience. Additional amenities such as on-site laundry facilities add to the property’s renter appeal. With a prime location, consistent income, and operational upside, Norwich Court presents a compelling investment opportunity in one of Columbus’s most proven and stable submarkets.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,100,000 | Building Class | C |
| Price Per Unit | $105,000 | Lot Size | 0.56 AC |
| Sale Type | Investment | Building Size | 12,096 SF |
| Cap Rate | 5.33% | Average Occupancy | 95% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1956/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.82/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | AR4 - Land is primarily intended for agricultural use, but also allows for residential development. | ||
| Price | $2,100,000 |
| Price Per Unit | $105,000 |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 12,096 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1956/2023 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | AR4 - Land is primarily intended for agricultural use, but also allows for residential development. |
AMENITIES
UNIT AMENITIES
- Disposal
- Heating
- Security System
- Kitchen
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 600 |
| 2+1 | 8 | - | 925 |
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PROPERTY TAXES
| Parcel Number | 010-036824 | Total Assessment | $576,000 (2024) |
| Land Assessment | $104,060 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $471,940 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
010-036824
Land Assessment
$104,060 (2024)
Improvements Assessment
$471,940 (2024)
Total Assessment
$576,000 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Norwich Court Apartments | 464-482 E Norwich Ave
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