COLUMBUS — A 10-unit apartment building in the Olde Towne East neighborhood has sold for $2.05 million, a price that works out to $205,000 per apartment.
The two-story brick building at 1240 Oak Street was completed in 2023 and covers about 7,578 square feet. It holds seven one-bedroom and three two-bedroom apartments with modern kitchens and in-unit laundry, along with surface parking at the rear of the property.
Arthur Kaplan, a senior vice president of investment sales at Anchor Retail, closed the sale for the brokerage, adding to its multifamily investment sales work in Central Ohio.
The building also benefits from an existing tax abatement. Incentives of that kind reduce operating costs during the abatement term, a factor investors weigh when they project income from newer infill properties.
Olde Towne East sits just east of downtown Columbus, where historic residential streets share the neighborhood with newer apartment development. The sale is another sign of steady investor interest in the area, which offers access to downtown jobs, nearby businesses and public transportation.