Location

SUMMARY:

Sullivant Apartments were built in 1960 and have been well maintained over the years. The complex is located just five miles southwest of downtown Columbus, offering easy access to major highways and the amenities of a vibrant state capital. Columbus also provides access to government jobs, the tech industry (Intel, Amazon), Ohio State University and the financial sector.

Currently Sullivant is operating at 87% physical occupancy and has maintained a strong occupancy level for many years. The complex contains 23 one-bedroom, one-bath apartment units, each measuring 538 SF. 19 of the 23 units have been renovated. Current ownership has invested $200K in concrete and railings for the catwalks.

Through a detailed review of the rent roll, IPO concludes that the property’s rents are below market. At an average rent of $790, the one-bedroom apartments are approximately $100 below other apartments in this area.