2048 Pine Needle Court, Columbus, OH 43232 (MLS# 221048201)

2048 Pine Needle Court, Columbus, OH 43232

$5,380,000

Property Type: Multi-Family Lot Size (sq. ft.): 223,027 Status: Closed

Current Price: $5,380,000 List Date: 12/21/2021 Last Modified: 2/21/2025

Description

The Pine Grove Apartments is an 80-unit cardinal style apartment community in Columbus, Ohio, that sits on 5.12 acres. The complex is a short drive to Downtown Columbus making it an ideal location for anyone in the metropolitan area. With easy access to major Interstates like I-270 and I-70, the apartment community provides residents easy access to employment hubs, entertainment, and necessities all around the MSA. The property has been exceptionally well-maintained, which has resulted in high occupancy rates and low turnover with many long-term tenants. New ownership can benefit from limited deferred maintenance and ability to increase current rental rates to be in line with the submarket resulting in increased cash flow growth and overall yield on the asset.

Supplements: ********

More Information MLS# 221048201

Location & Property Info

List Price/SqFt: 162.57 City (Mailing Addr): Columbus Corp LimitPerAuditor: Columbus

Office/Contract Info

For Sale: Yes Exchange: No

General Property Info

# of Buildings: 15 Built Prior to 1978: No Total Parking: 123 Building Sqft: 32970 Number of Units: 80 Year Built: 1980 Acreage: 5.12

Tax Info

Mult Parcels/Sch Dis: Yes Tax Abatement: No Taxes (Yrly): 53403 Parcel #: 010-004471 Tax Year: 2020

Remarks & Misc

Property Description: The Pine Grove Apartments is an 80-unit cardinal style apartment community in Columbus, Ohio, that sits on 5.12 acres. The complex is a short drive to Downtown Columbus making it an ideal location for anyone in the metropolitan area. With easy access to major Interstates like I-270 and I-70, the apartment community provides residents easy access to employment hubs, entertainment, and necessities all around the MSA. The property has been exceptionally well-maintained, which has resulted in high occupancy rates and low turnover with many long-term tenants. New ownership can benefit from limited deferred maintenance and ability to increase current rental rates to be in line with the submarket resulting in increased cash flow growth and overall yield on the asset.

Status Change Info

Sold Price/SqFt: 163.18 Under Contract Date: 2021-12-21 Sold Date: 2022-02-18 Sold Price: $5,380,000

Income/Expenses

Gross Income: 549927 Net Operating Income: 358129 Total Expenses: 191798

Addl Acceptance Cond

None Known: 1

Efficiency

Efficiency # of Units: 16

1 Bedroom

1 Bedroom # of Units: 56

2 Bedroom

2 Bedroom # of Units: 12

Heat Fuel

Electric: 1

Parking Features

Common: 1

Tenant Pays

Sewer: 1 Water: 1 Electricity: 1

Auction Info

Auction/Online Bidding Y/N: No

Owner Pays

Trash: 1

MLS Primary PhotoSrc

Realtor Provided: 1

Location Property Info

Original List Price: 5360000 Sold Price: $5,380,000 Property Sub Type: Flat Street #: 2048 Street Name: Pine Needle Street Suffix: Court County: Franklin State: OH Zip Code: 43232 School District: COLUMBUS CSD 2503 FRA CO. Township: None

OfficeContract Info

Status: Closed MLS Entry Date: 2021-12-01

Property Features

Addl Acceptance Cond: None Known Parking Features: Common Owner Pays: Trash Tenant Pays: Electricity; Sewer; Water Heat Fuel: Electric MLS Primary PhotoSrc: Realtor Provided

Listing Office: NAI Ohio Equities, Realtors

Listing Agent: Carter R Stephens

Last Updated: February - 21 - 2025

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