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1490 Elaine Road, 
Columbus, OH 43227

$4,500,000


Bed


Bath


-

Sq Ft


Multi-Family

Active

Listed by

Brett A Ludwig

Verti Commercial Real Estate L

380-215-6046

Last updated:

December 16, 2025, 04:18 PM

MLS#

225039892

Source:

OH CBR

About This Home

1490 Elaine Road

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.

Home Facts

Multi-Family

Built in 1965

Price Summary

4,500,000

MLS #:

225039892

Last Updated:

December 16, 2025, 04:18 PM

Added:

1 month(s) ago


Structure

Structure

Year Built:

1965


Lot

Lot Size (Sq. Ft):

98,445


Finances & Disclosures

Finances

Price:

$4,500,000

Source:OH CBR
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 Coldwell Banker Quest shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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