$3,050,400
1025 Fair Ave
Columbus
OH
43205
Living Area
896
Bedrooms
2
Bathrooms
1
Category
Buy
Status
Active
Description
Colliers is pleased to present Park Place, 82 affordable units positioned near the Nationwide Children’s Hospital (17,000 jobs) and Ohio State University (67,250 students and 41,000+ jobs). In good physical condition, Park Place is a stable affordable asset that offers multiple paths to add value. Currently 81% occupied, there is immediate upside by stabilizing occupancy and realizing increased cash-flow. Park Place’s affordability component expires in 2034, allowing new ownership to convert the property to market-rate. All 82 units currently feature tile floors, oak cabinets, laminate countertops, and white appliances. Upon conversion to market-rate, a comprehensive renovation program including higher end laminate countertops, hardwood-style floors, modern cabinets, and either black or stainless steel appliances unlocks the substantial revenue upside. New ownership will leverage excellent multifamily fundamentals in Columbus including strong demand (96% average occupancy), positive net migration, accelerating rent growth, and close proximity to Ohio State University and the Ohio State Government to stabilize Park Place and significantly push top-line rents upon conversion to market-rate. 42 Apartment Units in Olde Town East and 40 Townhome Duplexes in South Linden.
Additional Details
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- MLS ID
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- Listing Agent
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- Listing Date
- 2023-11-15
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- Days on Site
- 2 years ago
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- Built In
- 1958
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- Architecture
- -
