$4,500,000
$200K PRICE DROP

1490 Elaine Rd Unit 1462 Columbus, OH 43227

Leawood Neighborhood

Estimated payment $26,669/month

Total Views 3,234
-- Bed
-- Bath
5,850 Sq Ft
$769 Price per Sq Ft

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.

Listing Agent

Brett Ludwig

Verti Commercial Real Estate L License #2016004572 Listed on: 10/21/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $36,816

Year Built

  • Built in 1965

Lot Details

  • 2.26 Acre Lot

Parking

  • Common or Shared Parking

Home Design

  • 5,850 Sq Ft Home
  • Brick Exterior Construction

Utilities

  • Forced Air Heating and Cooling System
  • Heating System Uses Gas

Additional Features

  • Basement

Listing and Financial Details

  • Assessor Parcel Number 010-105314

Community Details

Overview

  • 10 Buildings
  • 40 Units

Building Details

  • Operating Expense $282,108
  • Gross Income $536,284
  • Net Operating Income $254,176

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$36,816

Year Built

Built in 1965

Lot Details

0

Listing Details

  • Type: Multi-Family
  • Year Built: 1965
  • Tax Year: 2024
  • Property Sub-Type: Townhouse
  • Lot Size Acres: 2.26
  • Total Gross Income: 536284.0
  • Co List Office Phone: 380-215-6046
  • MLS Status: Active
  • Location Property Info List PriceSqFt: 769.23
  • Remarks Misc Hot Sheet Comments: price
  • Sewer:Public Sewer: Yes
  • Income Expenses Gross Income: 536284.0
  • Annual Expenses: 282108.0
  • Heat Fuel Gas4: Yes
  • Services Available Storm Sewer: Yes
  • General Property Info Building Sq Ft: 5850.0
  • Miscellaneous Basement2: Yes
  • General Property Info # of Buildings: 10.0
  • Air Conditioning Central Air: Yes
  • Services Available Electricity Available: Yes
  • Services Available Natural Gas Available: Yes
  • Services Available Water Available: Yes
  • Services Available Sewer Available: Yes
  • Water Source Public: Yes
  • Remarks Misc Property Description3: 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.
  • Special Features: None
  • Property Sub Type: MultiFamily

Exterior Features

  • Construction:Brick2: Yes

Garage/Parking

  • Parking Features: Common
  • Parking Features Common: Yes

Utilities

  • Sewer: Public Sewer
  • Heating: Forced Air
  • Cooling: Central Air
  • Cooling Y N: Yes
  • Utilities: Water Available, Sewer Available, Natural Gas Available, Electricity Available, Storm Sewer
  • Water Source: Public
  • Heating:Forced Air: Yes

Schools

  • Junior High Dist: COLUMBUS CSD 2503 FRA CO.

Lot Info

  • Parcel Number: 010-105314
  • Lot Size Sq Ft: 98445.6
  • Zoning Description: Residential, R4

Multi Family

  • Number Of Units Total: 40
  • Net Operating Income: 254176.0
  • Annual Operating Expense: 282108.0

Tax Info

  • Tax Annual Amount: 36816.0

Map

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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List Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
11/21/2025 11/21/25 Price Changed $4,500,000 -4.3% $769 / Sq Ft
10/21/2025 10/21/25 For Sale $4,700,000 -- $803 / Sq Ft
Source: Columbus and Central Ohio Regional MLS

Source: Columbus and Central Ohio Regional MLS

MLS Number: 225039892

Columbus and Central Ohio Regional MLS
Ohio Franklin County Columbus 43227 Leawood

1490 Elaine Rd Unit 1462, Columbus, OH

For Sale

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Information is deemed reliable but not guaranteed.

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Brett Ludwig
Listing Agent
Brett Ludwig
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Verti Commercial Real Estate L
(380) 225-5144