Renovated 40-Unit Apartment
For Sale
Contact for pricing
Pending
1490 Elaine Road #1462, Columbus, OH 43227
Renovated stabilized 40-unit multifamily property with average rents currently reported at $1,128.
Property SizeContact for details
Days on Market321
Property Features for 1490 Elaine Road #1462
General Information
Standard status
Pending
Property subtype
Multifamily, Land
Occupancy
95%
Net Operating Income
$254,176
Additional Details
Multifamily Units
40
Building Details
Year Built
1965
Year Renovated
2024
Units
40
Listing Agency:
Verti Commercial Real Estate
Listed By:
Brett Ludwig · License #OH 2016004572
(614) 600-7273
Source:
Crexi
Added: Oct 20, 2025
Changed: Aug 8
Last Checked: Jul 24 at 8:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Verti Commercial Real Estate
Investment Insights
Based on property information with market context.
This recently renovated, stabilized multifamily asset totals 40 apartment units. The property reports average rent of $1,128, and includes $700,000 in capital improvements completed to modernize the buildings. The current business plan focuses on further renovating and repositioning 13 units that are leased below $1,000, with an objective of increasing rents toward market levels upon turnover.
Located in Columbus, OH, the offering is positioned around an already-in-place tenant base and a value-add renovation strategy centered on bringing under-market units up to market.
As described, the remaining rent growth concept is tied to mark-to-market adjustments through renovation of select in-place units, supplementing the improvements already completed.
Located in Columbus, OH, the offering is positioned around an already-in-place tenant base and a value-add renovation strategy centered on bringing under-market units up to market.
As described, the remaining rent growth concept is tied to mark-to-market adjustments through renovation of select in-place units, supplementing the improvements already completed.
Key Highlights
- Recently renovated stabilized 40‑unit multifamily property
- Reported average rent is $1,128 (with plans to push monthly rents toward $1,350)
- 13 units are currently leased below $1,000 and targeted for renovation and mark‑to‑market to near $1,350 upon turnover
Property Analytics
Current Use
Lease Details
40
Residential units
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 43227, OH
25,041
Population
10,874
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
6,108
Density / Sq Mi
$45,314
Median Household Income
$32,338
Median Earnings
$1,105
Median Rent
$134,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated stabilized 40-unit multifamily property with average rents currently reported at $1,128.
Where is this apartment building located?
The property is located at 1490 Elaine Road #1462 Columbus, OH.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Recently renovated stabilized 40‑unit multifamily property; Reported average rent is $1,128 (with plans to push monthly rents toward $1,350); 13 units are currently leased below $1,000 and targeted for renovation and mark‑to‑market to near $1,350 upon turnover
