Real Estate Investment

31-Unit Package [Rental Property Opportunity]

Nice off-market opportunity for somebody looking to get into or build their Columbus, Ohio rental property package.

Background

20-year real estate investor selling the bulk of his remaining rental portfolio in preparation for retirement and/or possible out-of-state move. All but one of the homes located in northeast Columbus (Class B) within a 1-mile radius of the intersection of Mock and Sunbury Roads. Properties in very good condition and are occupied (except one).

Property Locations
Map of Properties in Portfolio [click map for interactive details]
Property Details

  • 31 Single-Family homes acquired over last 20 years
  • Mostly 3 bed, 1 bath units
  • Price $1,207,160 (price is firm)
  • Monthly Income $19,590
  • Estimated 12.73% cash-on-cash return
  • Experienced 5-7% vacancy rate
  • Tenants pay all utilities
  • Homes are carpeted in the family/living room and bedroom areas, with vinyl and/or tile in the kitchen and bath areas
  • Age of roofs vary, but majority of roofs have been replaced in last 10 years
  • 10 or 11 of the homes have central air.  Remainder use window air units supplied by tenants.  Lack of Central A/C has not hindered rentability.
  • Tenant supplies and responsible for upkeep of appliances (e.g., stove, refrigerator, washer, dryer)
  • Owner open to selling part of package depending on makeup of request

Property Report Details

  • Link here to rental property report
  • 8% management fee (my company has solid management experience)
  • 4.1% expected cost inflation (CPI average since 1981)
  • 4.7% property value appreciation (Columbus, Ohio average for last 80 years)
  • 3% rental income appreciation (seller has experienced with portfolio since 1996)

Please let me know if you or anybody you know may be interested!

july 2016

2 thoughts on “31-Unit Package [Rental Property Opportunity]

  1. Hey Josh – Me and a couple buddies have been talking about buying up some rental property. Over the past few months. This looks like it may be something we’d like to explore. I’m not sure if we want to jump in on 31 properties but maybe up to 15. Would the seller consider that?

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