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1490 Elaine Road, Columbus, OH 43227

Local realty services provided by:CENTURY 21 HomeStar
1490 Elaine Road,Columbus, OH 43227
$4,500,000
  • - Beds
  • - Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by: brett a ludwig
Office: verti commercial real estate l
MLS#:225039892
Source:OH_CBR

Price summary

  • Price:$4,500,000

About this home

CALL FOR OFFERS BY 12/12/25 This recently renovated, stabilized 40-unit asset boasts an average rent of $1,128, yet current market comparables suggest upside potential pushing monthly rents toward $1,350. The business plan centers on renovating and leasing 13 under-market units, currently leased below $1,000, to market rates approaching $1,350 upon turnover. Compelling Renovation & Upside Potential — $700K of capital improvements modernized the buildings, and with average rents already at $1,128, there's room to renovate further and realize $250+/unit per month rent increases. Immediate Value-Add — 13 existing units are leased below $1,000; renovation and mark to market strategy unlocks near-term revenue growth Strong Market Fundamentals — Columbus exhibits robust net absorption, balancing supply concerns, with vacancy rates stabilizing and rent growth outpacing national averages.

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Home facts

  • Year built:1965
  • Listing ID #:225039892
  • Added:101 day(s) ago
  • Updated:January 28, 2026 at 06:16 PM

Heating and cooling

  • Heating:Forced Air

Structure and exterior

  • Year built:1965
  • Lot area:2.26 Acres

Finances and disclosures

  • Price:$4,500,000
  • Tax amount:$36,816
All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor CENTURY 21 HomeStar shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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