Lincoln Village Apartments
80-160 Old Village Rd
Columbus OH, 43228
Link Real Estate
- Upon closing, the property was 50% occupied and only half were regularly paying tenants, along with multiple down units and significant deferred maintenance.
- The Plan was to get all down units back online, clean up all the deferred maintenance, do interior renovations to raise units to market rents, add a water bill back, and rebrand the entire property.
- Very well located C class asset in the Columbus submarket
- Anticipated a 5 year hold to clean up and stabilize the property which would allow for appreciation upon sale.
- At closing, the in place average rent was $500, which was $100 below market rents
- Since closing we have added new signage, new parking lot, six new external staircases, fixed all water leaks, upgraded landscaping, and completely rebranded the worst property in the area.
- 15 months after closing, we have achieved an average rent of $626 with a 93% occupancy.
- Year 1 targeted water was $7,000 and we ended up collecting $15,500
- After the first month of operations we were able to collect $490 in water bill back, and we are currently on pace to be collecting $1,600 a month going forward.
- We had projected a sale of the property at $1,578,000 in 5 years, and we are going to market at 1.5 years with a list price of $1,875,000.