A fundamentally sound small apartment building in a rapidly growing and appreciating area in Columbus called "south of main" just hit the market. I used to walk by this building almost daily when I lived in that area. They are asking a decent but slightly high price, that comes out to about a 7% purchase cap. This is nothing to write home about but its at-least in the area code of what buyers are willing to accept in this market.
The fact that the rents still have room to go up in the coming 24 months presents an opportunity for future NOI and cashflow increases.
As the building stands the numbers are nothing exceptional, but the basics and fundamentals are there to make this a great long term buy and hold play, and get some tax advantages as well through the abetment.
If you have interest in this building or perhaps another one that came across your desk and you'd like me to take a look at, shoot me a note at Michaelgallagher@teamtruitt.com and I'll be happy to set up a time to run through it with you.
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