3685 Cleveland Avenue, Columbus, OH 43224

Columbus
Local realty services provided by:ERA Real Solutions Realty
3685 Cleveland Avenue,Columbus, OH 43224
$1,935,000
  • - Beds
  • - Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by: joey allen miller, zeke liston
Office: forge real estate advisors614-665-5793
MLS#:226042125
Source:OH_CBR

Price summary

  • Price:$1,935,000

About this home

Melrose Manor is a 33-unit community of 21 studios and 12 one-bedroom/one-bath units on Cleveland Avenue in northeast Columbus, offered at $1,935,000 ($58,636 per unit). The property is 75.8% occupied (25 of 33 units), and T-12 NOI is $151,552, a 7.83% cap rate. The 8 vacant units represent $7,370/month at market rents. On the occupied units, in-place rents average $847 against $895 market for studios and $1,000 for one-bedrooms, an 11% upside through turnover and renewals, and eleven leases are past their stated end date, giving flexibility to renew or reprice. RUBS is in place. The efficient studio and one-bedroom mix suits workforce and entry-level renters along the Cleveland Avenue corridor, with dining, retail, and daily services nearby. An opportunity to acquire a value-add asset with in-place cash flow and a clear path to higher occupancy and rents. Available as a package with Pine Hill Townhomes and Village on Courtright.

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Home facts

  • Year built:1962
  • Listing ID #:226042125
  • Added:2 day(s) ago
  • Updated:November 08, 2026 at 04:20 PM

Heating and cooling

  • Heating:Forced Air

Structure and exterior

  • Year built:1962
  • Lot area:0.23 Acres

Finances and disclosures

  • Price:$1,935,000
  • Tax amount:$25,739

Parking

  • Total parking spaces:48
All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor ERA Real Solutions Realty shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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