2877 East Broad Street

Columbus, OH

The Opportunity

Bexley House, built in 1972, is a 64-unit, mid-rise multifamily property located in the affluent suburb of Bexley just outside of Columbus, Ohio. The Columbus MSA is the fastest-growing among the Midwest’s 10 largest metros. It is estimated that by 2020, there will be 10,000 new jobs created in the Columbus region. The city of Bexley brims with pedestrian friendly activities, high-end dining experiences, and numerous entertainment options. Bexley House is positioned in a highly desirable marketplace with strong demand drivers and limited competition. For example, just five miles from the property is the headquarters for Nationwide which supports 10,000 jobs, as well as Mount Carmel East Hospital which supports 2,500 jobs.

Bexley House is comprised of spacious one-, two- and three-bedroom units averaging 1,127 square feet and appealing to all renter types. Apartment amenities include nine-foot ceilings, cozy gas fireplace, stainless-steel appliances, and vinyl plank floors. In addition to the high-quality unit amenities, residents also have access to covered parking, a door person, and outdoor sitting areas. These exceptional qualities, coupled with an outstanding location, ensure the long-term viability and success of this asset.

Investment Highlights

  • Top 10 School District in all of Ohio
  • Median Home Price in Bexley - $396,500
  • Exceptionally Well-Maintained Asset
  • New Financing Opportunity
  • Less Than 10 Minutes from Burgeoning Downtown Columbus
  • Highly Desirable Rental Market
  • Modern Common Areas and Hallways
  • Proximity to Major Thoroughfares
  • Value-Add Opportunity
  • Bexley High School Currently Ranked 4th in all of Ohio

THE PROPERTY

Bexley House is a well established and highly sought after rental community located in the affluent Columbus suburb of Bexley. Constructed in 1972, the asset is comprised of wood frame with brick exteriors, and pitched asphalt shingled roofs. The property maintains a diverse mix of sizable unit floor plans ranging from a 728 square foot one-bedroom / one-bathroom unit to a 1,630 square foot three-bedroom / two-and-one-half-bathroom unit with an overall average unit square footage of 1,127 square feet. The HVAC system is comprised of a boiler/chiller system, and utilities are master metered and billed back to tenant from the landlord utilizing a RUBS system based upon unit size.

The units are very well appointed with amenities including: full-size ranges, dishwashers, stackable washers and dryers, distinctive unit layouts, walk-in closets, fireplaces in select units, ceiling fans and central heating and air conditioning. Bexley House boasts both a healthy operating and occupancy history, and maintains a current occupancy of 100%. The property has consistently capitalized on its above average unit sizes in comparison to its immediate competitors, and the opportunity exists for value added gains through kitchen/bathroom upgrading. The asset is being offered to the market free and clear of existing debt.

UNIT Amenities

  • All-Electric Kitchen
  • Dishwasher
  • Cozy Gas Fireplace*
  • Nine-Foot Ceilings
  • Carpeted Floors
  • Spacious Closets
  • Central A/C and Heating
  • Ceiling Fans
  • Washers and Dryers
  • Sunlit Bay Windows*
  • Extra Storage
  • Disability Access
  • High-Speed Internet

*Select Units

COMMUNITY Amenities

  • Community Room
  • Door Attendant
  • Camera System
  • Copy and Fax Services
  • Assigned Parking
  • Covered Parking
  • Key Card Parking
  • Access to COTA Bus Line
  • Corporate Housing Available

THE LOCATION

DOCUMENT CENTER

mortgage banking

MATTHEW NAPOLEON

Senior Managing Director

Matthew.Napoleon@berkadia.com

614.468.5805

 

MICHIGAN OFFICE

28411 Northwestern Highway, Suite 300

Southfield, Michigan 48034 Phone: 248.646.7701 Berkadia.com

COLUMBUS OFFICE

6555 Longshore Street, Suite 280

Dublin, Ohio 43017

Phone: 614.468.5805

Berkadia.com

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