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Brown Multifamily Advisors is pleased to offer for sale Brice Wood Townhomes, a 44-unit multifamily property located in Reynoldsburg, Ohio. The property is located approximately 18 miles east of downtown Columbus, just off Main St. and Brice Rd. on a quiet residential corridor. The location provides easy access to I-270 and I-70 and is minutes from a large base of employment that includes the Limited Brands warehouses, Mt. Carmel East Hospital, Easton Town Center and Defense Supply Center Columbus (DSCC).
The 44 two-bedroom/one and a half bath townhomes were constructed in 1990 on 3.03 acres. The eleven four-unit buildings are all brick with distinctive mansard style roofs and offer electric baseboard heating, through-the-wall air conditioning, washer/dry hookups and are individually metered for water. Recent capital improvements include new paved and striped parking lot and new roofs throughout all eleven buildings.
Current ownership has undercapitalized and ineffectively managed the asset over the last few years. The asset offers a tremendous value-add opportunity through unit and exterior renovations that could potentially increase rents by $225 per unit based on competitive market rents. More operative management would also have the ability to recapture the water expense that could add an additional $30,000+ annually to the NOI.
This is a rare opportunity to acquire a true value-add property with incredible upside potential. Brown Multifamily Advisors invites you to pursue this asset as your next acquisition and we look forward to discussing it with you.