Morse Creek Commons | 4090-4096 Cleveland Ave
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Morse Creek Commons 4090-4096 Cleveland Ave
70 Unit Apartment Building $7,754,940 CAD ($110,785 CAD/Unit) 5.57% Cap Rate Columbus, OH 43224
Investment Highlights
- ALL Brick Two Bedroom Townhomes
- Great visibility, convenient location
- Great North suburban location
Executive Summary
Morse Creek Commons, Columbus, Ohio.
70 - Two Bedroom Townhomes. Super high rental demand. Long term Owner/Seller with long term tenants. All brick exterior. Plenty of off street parking. Suburban location on popular north Columbus location. High visibility. Currents rents are super low and there is plenty of upside potential.
Current rents average only $740 per month. Average in area is $975 to $1025 per month. Potential for much higher income if repairs are attended to. The property needs cosmetic upgrades and other repairs which will boost rents to area standards. This is a value-add opportunity. Please call or email for more information. Thanks!
70 - Two Bedroom Townhomes. Super high rental demand. Long term Owner/Seller with long term tenants. All brick exterior. Plenty of off street parking. Suburban location on popular north Columbus location. High visibility. Currents rents are super low and there is plenty of upside potential.
Current rents average only $740 per month. Average in area is $975 to $1025 per month. Potential for much higher income if repairs are attended to. The property needs cosmetic upgrades and other repairs which will boost rents to area standards. This is a value-add opportunity. Please call or email for more information. Thanks!
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Pro forma - 2022) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$832,364
|
$11.89
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$41,618
|
$0.59
|
| Effective Gross Income |
$790,745
|
$11.30
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$324,867
|
$4.64
|
| Net Operating Income |
$465,878
|
$6.66
|
Financial Summary (Pro forma - 2022)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $832,364 |
| Annual Per SF | $11.89 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $41,618 |
| Annual Per SF | $0.59 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $790,745 |
| Annual Per SF | $11.30 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $324,867 |
| Annual Per SF | $4.64 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $465,878 |
| Annual Per SF | $6.66 |
Property Facts
| Price | $7,754,940 CAD | Building Class | C |
| Price Per Unit | $110,785 CAD | Lot Size | 3.69 AC |
| Sale Type | Investment | Building Size | 70,000 SF |
| Cap Rate | 5.57% | Average Occupancy | 94% |
| No. Units | 70 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Townhome | Opportunity Zone |
Yes
|
| Price | $7,754,940 CAD |
| Price Per Unit | $110,785 CAD |
| Sale Type | Investment |
| Cap Rate | 5.57% |
| No. Units | 70 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 3.69 AC |
| Building Size | 70,000 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 50 | $1,142 CAD | 930 |
| 2+2 | 20 | $1,142 CAD | 940 |
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PROPERTY TAXES
| Parcel Number | 010-012830 | Improvements Assessment | $1,096,046 CAD (2023) |
| Land Assessment | $140,494 CAD (2023) | Total Assessment | $1,236,540 CAD (2023) |
PROPERTY TAXES
Parcel Number
010-012830
Land Assessment
$140,494 CAD (2023)
Improvements Assessment
$1,096,046 CAD (2023)
Total Assessment
$1,236,540 CAD (2023)
zoning
| Zoning Code | ARLD (Suitable for Multi Family) |
| ARLD (Suitable for Multi Family) |
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Thomas Fortin & Company, Inc.
Morse Creek Commons | 4090-4096 Cleveland Ave
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