Income Property Organization is pleased to present Hawthorne Lakes Apartments, which consists of 27 units, and is located in Columbus, Ohio.


Hawthorne Lakes is a well-maintained gated condominium community consisting of 116 condominiums, of which, 27 are offered here for sale. Each unit has its own private ground floor entrance, a private balcony, and all residents have access to its state-of-the-art clubhouse, fitness center, and pool.

The Hawthorne Lakes Portfolio contains 8 one-bedroom units (792-841ft2), 19 two-bedroom units (984-1033ft2), and 7 garages.
Built in 1999, Hawthorne Lakes has undergone various updates over the last few years and is in need of no capital improvements. Unique to this portfolio is that only the interior of the units are the responsibility of the landlord, leaving all of the expensive repair and maintenance items, roofing, parking lot, landscaping, and grounds expenses to the condo association – which charges $118 per month. Within this association fee, the water and insurance is also included.

The HVAC is outfitted with separately-metered tenant-paid gas-forced air furnaces as well as separately-metered electricity for all 27 units. Domestic water is paid by the landlord via association fee. Amenities include a private clubhouse, pool, fitness facility, management on site, and 24-hour emergency maintenance.


Columbus is located in Franklin County, and is the capital of Ohio. Home to approximately 860,090 residents, and still growing, Columbus offers a vast amount of education, entertainment and employment across various fields. With major nation-wide headquarters such as NetJets, Express, Nationwide Insurance, Safe Auto Insurance, Victoria’s Secret, Limited, Abercrombie & Fitch, Max and Erma’s, and more, Columbus continues to cater to a growing business population while advancing the youth population with the second largest university in the country – The Ohio State University – enrolling over 66,000 students in Undergrad, Grad, and Professional studies.
Located just west of 270 and south of I70, Hawthorne Lakes has convenient access to central Ohio.


At the attractive $2,000,000 asking price, or $74,074 per unit, this offering represents a compelling 7.19% cap rate and 10.77% cash-on-cash return for a turn-key investment. The complex is currently 100% occupied and has maintained outstanding historical occupancy requiring only minimal management oversight from ownership. The asset provides a handsome leveraged return, which will not be diminished by immediate capital expenditure needs.

Further, IPO has projected an NOI of $143,899 going forward based on average rents of $805 and normalized expenses. This asset provides a great value-add play as well. With one-bedroom rents $127 below market average and the two-bedroom rents a staggering $344 below market, this asset is poised for new ownership with the value-add mentality. If rents are raised $100 per month, an additional $32,400 of income is created. At a 7.19% cap rate, a savvy investor can add over $400,000 in value. Hawthorne presents tremendous value-add potential for a turn-key asset with a very steady historical performance in a tidy submarket. Contact IPO to set up a confidential tour before it’s gone.



Founder & Managing Member Michigan

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Jason Gardner

Senior Associate Michigan

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J.J. Zwada

Associate Broker Michigan

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A J Beachum

Associate Broker, Michigan | Broker, Ohio

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Bruce Lister

Sales Associate Michigan and Ohio

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John Teringo

Sales Associate Michigan and Ohio

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Joseph Crane

Sales Associate Michigan

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Paul McHugh

Sales Associate Michigan and Ohio

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Enada Pashaj

Administrative Assistant

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