Stabilized Multifamily Apartment
251-253 West High Street London, OH 43140
251-253 West High Street, London, OH, 43140
$1,400,000
For Sale
$1,400,000
Fully occupied stabilized apartment building sold as part of a Central Ohio investment portfolio.
Property Size12,424 SF
Price / SF$112.69
Days on Market74
Property Features for 251-253 West High Street
General Information
- Standard status
- Active
- Size
- 12,424 SF
- Property subtype
- Multi-Family / Townhouse
Building Details
- Year Built
- 1970
Listing agency
Verti Commercial Real Estate L
(614) 515-2995
Listed by
Brett A Ludwig · License #2016004572
(614) 515-2995
Source
Compass
Added: May 10 Updated: Jul 21 at 9:37AM Checked: Jul 21 at 9:37AM
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 L
Investment Insights
Based on property information with market context.
This stabilized multifamily apartment building is fully occupied and presented as an in-place, cash-flowing asset. The offering is described as having limited lease-up or repositioning risk, with durability tied to the strength of in-place tenancy.
The property is located at 251-253 West High Street in London, Ohio. It is also offered as part of a larger Central Ohio investment portfolio that includes 133 units across 34 individual residential and mixed-use properties located in London, Ohio (Madison County) and Washington Court House, Ohio (Fayette County).
The portfolio was acquired and renovated between 2018 and 2022. Underwriting included in the remarks projects an approximate 18% levered internal rate of return and a 10% average cash-on-cash yield over the projected hold period, with the note that near-term property tax reassessment upon transfer may temper near-term net operating income growth. The attached materials reportedly break down the offering in tranches.
The property is located at 251-253 West High Street in London, Ohio. It is also offered as part of a larger Central Ohio investment portfolio that includes 133 units across 34 individual residential and mixed-use properties located in London, Ohio (Madison County) and Washington Court House, Ohio (Fayette County).
The portfolio was acquired and renovated between 2018 and 2022. Underwriting included in the remarks projects an approximate 18% levered internal rate of return and a 10% average cash-on-cash yield over the projected hold period, with the note that near-term property tax reassessment upon transfer may temper near-term net operating income growth. The attached materials reportedly break down the offering in tranches.
Key Highlights
- Year built 1970 apartment building
- Property is fully occupied, stabilized multifamily asset
- Part of a larger Central Ohio Investment Portfolio available for purchase
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $253.4k | $20.40 |
| − Vacancy | −$20.0k | −$1.61 |
| EGI | $233.4k | $18.79 |
| − OpEx | −$105.0k | −$8.45 |
| NOI | $128.4k | $10.33 |
12,424 SF · lease $20.40/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.83M
$1.60M – $2.14M
NOI $128,385 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.50M
$2.19M – $2.92M
NOI $175,286 @ 7.0% cap · market cap 12.52%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Fully occupied stabilized apartment building sold as part of a Central Ohio investment portfolio.
Where is this apartment building located?
The property is located at 251-253 West High Street London, OH.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Year built 1970 apartment building; Property is fully occupied, stabilized multifamily asset; Part of a larger Central Ohio Investment Portfolio available for purchase
