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$ 6,950,000
Est. payment /mo
New
117 Pontious LN Circleville, OH 43113
7.39 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5158011
HOA Y/N No
Year Built 1978
Annual Tax Amount $78,197
Tax Year 2024
Lot Size 7.394 Acres
Acres 7.3939
Property Sub-Type Apartment
Property Description
An incredible opportunity just 25 minutes from downtown Columbus, this 90-unit apartment portfolio is located in Circleville, OH. The offering combines a stabilized asset with the ability to add value through renovations and organic rent increases. Limited supply in the area has supported high historical occupancy, and the census tracts containing the properties show median family income of more than $65,000 annually. Circleville offers strong rental demand with proximity to entertainment, employment, and southern Columbus suburbs, all within a 20–30 minute drive.
The portfolio consists of six properties, all within one mile of each other for efficient management. An existing property manager and on-site maintenance staff are in place, offering a turnkey transition. Approximately 60 of the 90 units have been renovated with vinyl plank and carpet flooring, updated kitchens and bathrooms, light fixtures, and appliances, while the remaining units provide additional value-add potential.
The unit mix includes 16 three-bedroom units, 36 two-bedroom units—some with 1.5 bathrooms and townhome layouts—and 38 one-bedroom units. Select units feature townhome style floor plans, exterior porches, laundry hookups, and central AC. Pro forma rents are projected at $1,250+ for three-bedroom units, $1,150+ for two-bedroom units, and $825+ for one-bedroom units, with gross monthly income potential exceeding $87,000. Additional upside can be achieved through utility and pet fees. At a 7.5% cap rate and stabilized expenses, the pro forma value of this portfolio could exceed $12 million.
The portfolio consists of six properties, all within one mile of each other for efficient management. An existing property manager and on-site maintenance staff are in place, offering a turnkey transition. Approximately 60 of the 90 units have been renovated with vinyl plank and carpet flooring, updated kitchens and bathrooms, light fixtures, and appliances, while the remaining units provide additional value-add potential.
The unit mix includes 16 three-bedroom units, 36 two-bedroom units—some with 1.5 bathrooms and townhome layouts—and 38 one-bedroom units. Select units feature townhome style floor plans, exterior porches, laundry hookups, and central AC. Pro forma rents are projected at $1,250+ for three-bedroom units, $1,150+ for two-bedroom units, and $825+ for one-bedroom units, with gross monthly income potential exceeding $87,000. Additional upside can be achieved through utility and pet fees. At a 7.5% cap rate and stabilized expenses, the pro forma value of this portfolio could exceed $12 million.
Location
State OH
County Pickaway
Interior
Heating Forced Air, Gas
Fireplace No
Schools
School District Circleville Csd - 6501
Others
Tax ID A05-1-035-00-018-00
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
