Berryleaf Grove Apartments

5165 Westerville Road, Columbus, OH 43231

Description

Brown Multifamily Advisors is pleased to offer for sale Berryleaf Grove Apartments, a 36-unit multifamily investment opportunity.  The property is located at 5165-5205 Westerville Road in the northeast Columbus neighborhood of Minerva Park.  The property is conveniently positioned near the SR 161 / I-270 interchange in the Westerville City School district.

Constructed in 1990, the property features 12 – 2BD/1BA flats and 24 – 2BD/1BA townhouse units contained in three two-story buildings.  In addition to 56 surface parking spaces the property also has an 18-bay detached garage.  The spacious units all have full kitchens with dishwashers and disposals, W/D hook-ups, central air, patios/balconies, large closets and a combination of carpet and LVT flooring.  The property is currently 95% leased with strong historical occupancy.  Tenants pay electric, gas and cable/internet directly and the owner pays for water/sewer and trash.  All units are sub-metered for water, however the owner does not pass that expense back to tenants.  With all lease terms set at month-to-month and the average rent at $782/month, which is well below the market rate, an opportunity exists for a new owner to realize considerable short-term value creation.

This is a great opportunity to acquire a very desirable suburban “workforce housing” multifamily property with significant upside potential.

Detail

Updated on September 29, 2023 at 8:51 am

  • Property ID: 10075
  • Property Type: Multifamily Unit
  • Property Status: Recently Sold

Additional details

  • Total Units: 36
  • Total Square Footage: 33,597
  • Year Built: 1990
  • Acreage: 2.30
  • Unit Mix: 24 Townhouse, 12 Garden; All 2BD/1BA
  • Address: 5165 Westerville Road
  • City: Columbus
  • State/county: Ohio
  • Zip/Postal Code: 43231
  • Country: United States

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