515 Riverview Dr - Apartments FOR SALE


Columbus, OH 43202- Riverview
$2,150,000 USD
202-510-2689
515 Riverview Dr, Columbus, OH for Sale
$2,150,000 USD
Apartments - FOR SALE
1/6
null | Request Cap Rate

515 Riverview Dr
Columbus, OH 43202
Riverview


HIGHLIGHTS

  • Value-Add Upside – Four (4) units are currently occupied by long-term tenants
  • Investors can potentially benefit from substantial tax advantages, including capital gains deferral and long-term tax exemptions
  • Sub-Meter Potential – Sub-metering would allow new owner to pass-through utility costs to tenants and reduce operating expenses
  • Recent Renovations – Twenty (20) units have been renovated within the past 5 years
  • The property boasts historically high occupancy and maintains a waitlist, underscoring its desirability and rental stability

OVERVIEW

Located in an Opportunity Zone, 515 Riverview Dr offers investors the opportunity to acquire a well-maintained, cash-flowing 24-unit multifamily property in one of Columbus' most desirable rental corridors. Spanning 16,656 square feet, this garden-style community consists entirely of one-bedroom, one-bath units, most of which have been cosmetically updated with modern, durable finishes. The property has benefited from significant recent capital improvements including structural steel repairs, concrete and epoxy work, new electrical service upgrades with dusk-to-dawn lighting, exterior painting, and a freshly sealed and striped parking lot—positioning it for long-term stability with minimal near-term maintenance needs. Currently 96% occupied (23 of 24 units), the property generates an average rent of approximately $830 per unit, with natural upside as rents continue to grow. Additionally, four units are occupied by long-term tenants, presenting an opportunity to further align rents with market rates and reduce loss-to-lease. There is also potential to implement utility sub-metering, allowing a new owner to pass-through utility costs to tenants and further improve operational efficiency.

FOR SALE DETAILS

PRICE

$2,150,000 USD

PRICE/SF

$129 USD /SF

# OF UNITS

24

PRICE/UNIT

$89,583

CAP RATE

Request Cap Rate

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Riverview Square

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1965

PARKING SPACES

24

LAND DETAILS

LAND ACRES

0.53 AC

LAND SF

23,252 SF

ZONING

ARO, Columbus

APN/PARCEL ID

010-117400,010-117401,010-117402

ASK ABOUT THIS PROPERTY

Matthew DraneVerti Commercial Real EstateMore Info
202-510-2689

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Matthew DraneVerti Commercial Real EstateMore Info
202-510-2689

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.