Charles Hart

REAL ESTATE

The agents of Charles Hart Real Estate have closed over $800,000,000 in residential and commercial transactions

Charles Hart Real Estate Residential Commercial

Andrus Court Offering

Charles Hart Real Estate is pleased to present Andrus Court, a 124-unit apartment community located in Columbus, Ohio.  Originally built in 1964, the property is comprised of 31 two-story buildings, and is nestled on 7.52 acres.  Andrus Court provides an excellent opportunity to acquire a stable, well-located asset, with substantial upside potential through unit renovations and rental rate increases.

Andrus Court consists of all two-bedroom, one and a half bath townhome floor plans which offer 950 square feet of living space. Unit features include individual entrances with covered porches,  dine-in kitchens, plentiful closet space, and a full basement with washer/dryer connections. Residents are responsible for paying gas, electric, and water/sewer (individually sub-metered). The community, which is situated in a park-like setting, offers plentiful surface parking and a leasing office with maintenance area.

As of May 2019, ownership raised asking rents by $50 and have already signed multiple leases at this higher rate. The property will provide strong, immediate cash-flow, but also offers an investor multiple approaches to significantly drive value at the property. The first approach is by bringing all units to the market rent of their lowest direct competitor ($749). By doing so an investor could add more than $170,000 to the NOI. A new owner could also realize even greater upside through a modest upgrade program of new fixtures, vinyl wood-like flooring, and a modern paint scheme. Currently the average rent for upgraded 2BD units in the surrounding area is $875 with tenants responsible for all utilities.

Andrus Court is conveniently located in East Columbus just minutes from Main Street/US-40.  With easy access to numerous major thoroughfares, residents are only minutes from the area’s employment, shopping and dining options. Additionally, downtown Columbus and John Glenn International Airport are within a 15-minute commute.

Offered free and clear of existing debt, an investor can take advantage of the capital markets and secure new financing which will enable strong cash flow with room for continued growth.

Investment Highlights

  • All 950 SF Two-Bedroom Townhomes

  • As of May 1, 2019, Ownership Raised Asking Rent to $700

    • Average Rent $116 Below Lowest Direct Competitor ($749)

    • $170,000+ Loss-To-Lease (below market rents)

  • Additional Upside Through Unit Upgrades and Rental Increases

    • Market Rent for Upgraded 2BD Units in Surrounding Area is $875

  • Located Just Off Highly Traveled Main Street (U.S. 40)

  • 2.5 Miles to Interstate-270

The information provided herein has been secured from various sources and is subject to change without notice.  Although we believe it to be reliable, we make no representations or warranties, express or implied, as to the accuracy of the information.  References to square footage or age are approximate.  Buyer is responsible for verifying the information and bears all risk for any inaccuracies.