West Bexley Apartments

04-21-2022
06-30-2022

1551 Bryden Rd, Columbus, OH 43205

  • 153 Units
  • 9.22% Proforma Cap
  • Franklin County
  • Columbus, OH

Property Description

The Waller Group is proud to present the 69.9% occupied, 153- unit value-add property in Columbus, OH. The property underwent a $10M renovation in the 1990s with a complete property overhaul. The property is a 5 minute walk from the new Trolley District Development. Recent renovations include fire alarms, units (over half of the cabinets replaced), and elevators. The property is available because current ownership is looking to reinvest proceeds. Currently the property contains 20K SF of vacant commercial space that can be converted to approximately 25 additional units. Current ownership is achieving $257,766 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $204 / unit, which is a $0.35 / sqft bump. With this bump, new ownership can achieve an annual NOI of $829,506. Additionally, there is the opportunity to implement additional income fees through lease violation fees and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.. Current management consists of one leasing agent on-site and two maintenance techs. Proforma financials were underwritten with a 3% management fee.

Key Property Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Price
$ 9,000,000
Average Occupancy
69.9%
Year Built
1935
Year Renovated
1990
Building Size
119,774 Sq ft
Opportunity Zone
Off
Price per unit
$ 0
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