In case you weren’t aware, multi unit properties for sale in Columbus, Ohio has been growing at an exponential rate. Specifically, the apartment building inhabitants have been increasing heavily. From 2000-2016 there was $6.5B dollars invested in multifamily unit construction projects. This accelerating rate can be attributed to an increase in investment funds being spent on multi family unit homes for sale. This developmental boom accounted for an exact growth rate of 17% from 13.6% to 30.6% over that twenty year span.
Purchasing real estate is a great way to diversify your investment portfolio but getting started can be a challenge for some. If you are looking to enter the investment property market, it would be wise to partner with an experienced real estate broker like those at Brown Multifamily Advisors.
Our team has decades of experience in finding multi-unit properties for sale in Columbus, Ohio. We know the Central Ohio real estate market and can pair you with one of our multifamily units for sale in Columbus, Ohio.
The key economic factor driving housing demand is the labor market. With the economy shifting toward knowledge work, the demand for multi unit homes for sale has increased to match corresponding knowledge job locations. Knowledge jobs involve innovative technology, abundant information and vast quantities of data with an emphasis on continual learning and solving social problems. Disruption in the form of entrepreneurial activity, economic growth and job creation causes a global shift toward knowledge-based economies.
In Central Ohio, rental prices have risen due to an increase in demand but yet they remain affordable (Median 1 BR rental comes in at $693/mo.) Multi family units for sale in Columbus, Ohio has seen a significant boost in investment. Single family housing has dropped to half its peak level due to increased costs for labor, land, materials. Due to the fact that typical multi unit family housing arrives at a bargain rate – middle to upper income families are starting to purchase within Columbus’ affordable secondary markets.
The Mid-Ohio Regional Planning Commission (MORPC) has estimated future growth for multifamily properties for sale within Columbus, Ohio. Due to the stable economy, growing population and rent growth abundance of young tenants the Columbus’ metropolitan area could rise to as many as 1M people, 300,000 housing units, and 120,000 jobs by 2050.
There are several reasons why it would be wise to invest in multi unit homes for sale in Columbus, Ohio:
- Upward trajectory of vacancy rates
- Opportunity to improve complexes and bump rent rates
- Opportune time to add value
- Interest from out of state buyers
- Lower risk easier to obtain financing
- Buying in bulk and only going through process once as opposed to each home individually
- Smaller cost per unit shared amenities and features
- Better ability to update and increase value and property management
- Well maintained, attract and retain tenants fill vacancies quickly
- Communal spaces, laundry rooms, security cameras to positively impact tenants
- Invest a relatively smaller amount of money to increase the satisfaction of multiple tenants, while growing the overall value of your property
- Easier to maintain property at high standard and build equity
There are numerous benefits to entering the Central Ohio real estate market. Doing so through the purchase of a multifamily property is a good idea. Before beginning your search, you will need to decide on several things. Because the term multi-unit properties covers varying real estate assets like duplexes, apartment buildings, student housing and more, you will need to narrow your search to find the type of property that best suits your needs. For example, you should not buy student housing if you want to establish a relationship with long-term tenants, nor should you purchase an apartment building if you don’t want to continually maintenance your facility.
Here are a few of the things you should consider as you begin your search for multi-unit properties around the Columbus area:
- Price — This is obviously a large considering factor in making any decision but especially so for a real estate purchase. You should weigh the price against the potential return on your investment to analyze the risk in purchasing said property. Through a great choice, purchasing investment real estate does not come without risk. To understand the potential in a property, consult a with an experienced advisor like those at Brown Multifamily.
- Property Type — Like we stated earlier, multifamily investment properties can refer to several kinds of real estate assets. When you are looking for a new property, it is necessary to first define what you are looking for in property. An experienced Brown Multifamily advisor can help you decide what it is you want out of a property. Then, match you with the right one to fit your needs.
- Area — A prominent factor in the real estate purchase decision is the area in which your potential property is located. This will help determine the potential return on your investment. The trusted professionals at Brown MFA know the real estate trends and potential of each area throughout Columbus. We can help you determine the potential of a property.
The level of multifamily development in Columbus leads the state of Ohio, and much of the Midwest, outpacing Cincinnati ($3 Billion), Cleveland ($990 Million), Detroit ($3.5 Billion), Pittsburgh ($2 Billion), Indianapolis ($4.9 Billion) and Louisville ($2.2 Billion).
Brown Multifamily Advisors (BMA) has more than 18 years of experience in the Central Ohio commercial real estate industry. We have a unique ability to create a national market for local multifamily owners. Focusing exclusively on the sale of multifamily investments, BMA has developed an extensive and qualified database of local and national principals. When combined with thorough market research and a highly professional approach to the disposition process of multifamily properties within Central Ohio, BMA increases buyer participation, resulting in more offers and properties being sold at maximum values.
BMA helps buyers forge investment opportunities and sell a diverse range of multifamily properties. BMA has compiled an impressive track record of success in evaluating, marketing and closing more than 150 properties that include student housing and conventional and affordable multifamily properties in Ohio.
The foundation of BMA’s success is built on integrity, an unparalleled work ethic and a desire to establish and maintain long term relationships. Headquartered in Central Ohio, Brown Multifamily Advisors has a large inventory of properties available throughout central Ohio.