$4,700,000

1490 Elaine Rd Unit 1462 Columbus, OH 43227

Leawood Neighborhood

Estimated payment $27,913/month

-- Bed
-- Bath
5,850 Sq Ft
$803 Price per Sq Ft

About This Home

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
  • 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
  • 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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Average Value
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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
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

This home is located at 1490 Elaine Rd Unit 1462, Columbus, OH 43227 and is currently priced at $4,700,000, approximately $803 per square foot. This property was built in 1965. 1490 Elaine Rd Unit 1462 is a home located in Franklin County with nearby schools including Leawood Elementary School, Sherwood Middle School, and Walnut Ridge High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Columbus and Central Ohio Regional MLS IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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