The Courtyard Apartments 1462 Elaine Rd 40 Unit Apartment Building $6,236,100 CAD ($155,903 CAD/Unit) 5.84% Cap Rate Columbus, OH 43227

***CALL FOR OFFERS 12/12/25***
This recently renovated, stabilized 40-unit asset boasts an average rent of $1,144, yet current market comparables suggest upside potential pushing monthly rents toward $1,350. The business plan centers on renovating and leasing 12 under-market units, currently leased below $1,000, to market rates approaching $1,350 upon turnover.
Existing in place debt of approx. $2.8M, fixed rate of 2.5%, 30 YR AM with term through July 2031. Buyer could secure $550K in supplemental debt in addition to the existing assumable loan, $3.375MM total at a blended interest rate of approx. 3.07%. Under this structure, the investment models to a 24.5% IRR and 12.99% average annual free cash flow over a five-year hold.
Situated in the mixed-use, centrally accessible Leawood neighborhood of Columbus, this property sits within a stable and growing rental corridor. Columbus itself stands out as one of the Midwest’s fastest-growing multifamily markets, driven by affordability, a diversified economy, and surging demand for mid-tier rentals. Major economic drivers include Ohio State University, technology, research hubs (like Battelle Memorial Institute), and Fortune?500 headquarters across finance, insurance, health care, and energy.
Columbus is undergoing a remarkable transformation fueled by three game-changing projects: Intel’s $20 billion “Silicon Heartland” semiconductor manufacturing campus, the long-term LinkUS transit and infrastructure initiative, and a $2 billion modernization of John Glenn International Airport. Together, these developments are spurring economic growth, modernizing infrastructure, and enhancing urban connectivity to support the region’s rapidly growing population. Intel’s investment establishes Columbus as a national high-tech manufacturing hub, bringing thousands of jobs and reinforcing its talent pipeline. LinkUS improves mobility through new Bus Rapid Transit lines, pedestrian and bike pathways, and zoning reform to promote dense, mixed-use development. Meanwhile, the airport expansion will accommodate increased passenger demand, improve travel experience, and present a modern gateway to the city for business and tourism.