699 Wetmore RdColumbus, OH 43214

Property Details for 699 Wetmore Rd

Property size (Sq ft)

12,390 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 16-unit apartment building in Columbus, Ohio's desirable Clintonville neighborhood presents a compelling value-add investment opportunity. Located at 699 Wetmore Road, this Class B property boasts 12,390 square feet and offers a strong 6.40% cap rate based on a current Net Operating Income (NOI) of $96,000. The building comprises 15 one-bedroom units and one studio, with 14 units currently leased (as of November 15, 2024) at an average monthly rent of $982.85. Two units command higher rents of $1,095 and $1,145, indicating potential for further revenue growth through market-rate adjustments. Ample parking is provided with 14 carports and additional off-street spaces for approximately 12 vehicles. The property benefits from a 94% occupancy rate, projecting to 100% by November 18, 2024. Utilities are handled efficiently with the owner covering gas, water, and sewer, while tenants are responsible for electricity. Situated conveniently on a bus line, this property enjoys excellent accessibility. The building is zoned AR-1 and offers buyer concessions as a possibility. This is a stable, long-term investment ideally suited for a 1031 exchange buyer. Financial details, including the rent roll, are readily available upon request. The asking price is $1,500,000, translating to a price per square foot of $121.07.

Location Insight

City

Columbus

County

Franklin

State

Ohio

Latitude

40.0576

Longitude

-83.001

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