1490 Elaine Road, Columbus, OH 43227

Local realty services provided by:ERA Martin & Associates
1490 Elaine Road,Columbus, OH 43227
$4,500,000
  • - Beds
  • - Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by: brett a ludwig
Office: verti commercial real estate l
MLS#:225039892
Source:OH_CBR

Price summary

  • Price:$4,500,000

About this home

CALL FOR OFFERS BY 12/12/25 This recently renovated, stabilized 40-unit asset boasts an average rent of $1,128, yet current market comparables suggest upside potential pushing monthly rents toward $1,350. The business plan centers on renovating and leasing 13 under-market units, currently leased below $1,000, to market rates approaching $1,350 upon turnover. Compelling Renovation & Upside Potential — $700K of capital improvements modernized the buildings, and with average rents already at $1,128, there's room to renovate further and realize $250+/unit per month rent increases. Immediate Value-Add — 13 existing units are leased below $1,000; renovation and mark to market strategy unlocks near-term revenue growth Strong Market Fundamentals — Columbus exhibits robust net absorption, balancing supply concerns, with vacancy rates stabilizing and rent growth outpacing national averages.

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Home facts

  • Year built:1965
  • Listing ID #:225039892
  • Added:65 day(s) ago
  • Updated:December 26, 2025 at 03:56 PM

Heating and cooling

  • Heating:Forced Air

Structure and exterior

  • Year built:1965
  • Lot area:2.26 Acres

Finances and disclosures

  • Price:$4,500,000
  • Tax amount:$36,816
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