Sterling Court | 3145-3235 Sterling Ln
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Sterling Court 3145-3235 Sterling Ln
43 Unit Apartment Building $2,900,000 ($67,442/Unit) 7.59% Cap Rate Columbus, OH 43219
Investment Highlights
- 98% Project Based Section 8 // Family Designation
- Parking // 63 On Site Parking Spaces
- Utilities / Tenant Paid Gas and Electric
Executive Summary
Sterling Court Apartments is a 44-unit, family designated, Project Based Section 8 facility with an Option 2 and 4 contract in Columbus, Ohio. This facility is located on a private roadway that offers tenants 63 spaces, independent to the driving lane. Tenants in this facility are responsible for their electric and gas bill, while owner pays for water and sewer. Although this appears as one community, there are two HAP contracts. One of the contracts was effective 12/1/2021 for a 5 year term. The second HAP contract was effective 2/1/2022 for a 5 year term. One of the units is not subject to the HAP, while 27 of the 43 units have a Gross Monthly Contract Rent effective 2/1/2025 of $1,175 with a UA of $203 subtracted for a Contract Rent of $922. The last 16 of 43 units a Gross Monthly Contract Rent effective 12/1/2024 of $1,104 with a UA of $197 subtracted for a Contract Rent of $907.
Property Facts Under Contract
| Price | $2,900,000 | Building Class | C |
| Price Per Unit | $67,442 | Lot Size | 2.55 AC |
| Sale Type | Investment | Building Size | 45,150 SF |
| Cap Rate | 7.59% | Average Occupancy | 100% |
| No. Units | 43 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.4/1,000 SF |
| Apartment Style | Garden |
| Price | $2,900,000 |
| Price Per Unit | $67,442 |
| Sale Type | Investment |
| Cap Rate | 7.59% |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.55 AC |
| Building Size | 45,150 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 1.4/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 43 | - | 1,000 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $627,865 | |
| Land Assessment | $70,840 | Total Assessment | $698,705 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$70,840
Improvements Assessment
$627,865
Total Assessment
$698,705
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Sterling Court | 3145-3235 Sterling Ln
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