Property Description

Rare opportunity to acquire a 10-unit multifamily property from the original development family, ideally located on Iuka Avenue overlooking Iuka Ravine--one of the most desirable residential corridors adjacent to The Ohio State University. The property benefits from strong, consistent demand driven by both student housing and short-term rental markets. Each unit features a spacious 2-bedroom, 1-bathroom layout. Currently, six units are leased to long-term tenants at an average rent of $955/unit--well below market--while three units operate as fully furnished short-term rentals, offering the flexibility to continue the STR model or convert to long-term leases at projected market rents of $1,350+. One unit is fully gutted, presenting a clear value-add opportunity; ownership has obtained a $35,000 renovation quote to bring it back online. The property has been well maintained while still offering meaningful upside through interior and operational improvements. The roof is approximately 10 years old and in good condition, and a full list of mechanical ages is available for review. The exterior stairway is original and will require replacement in the near term; the owner has secured a quote of $48,500. All utilities are sub-metered, with tenants paying for gas, electric, and water, providing strong expense control and improved operating efficiency. Additional income potential exists through the four-car garage--currently, one space is utilized by a tenant, with the remaining three owner-occupied--as well as the on-site laundry facility, which could be converted to coin-operated for increased revenue. This is a compelling value-add opportunity for an investor to significantly increase NOI in a premier, high-demand location.

Property Features

Local Schools