Significant NOI Increase Opportunity: The current property rents are significantly discounted relative to the allowable net max LIHTC rents, as well as being well below sub-market area rents currently trending at $.96 per square foot. This significant delta creates the opportunity for an investor to achieve an average rent premium of $191.
Education Proximity: Thomas Worthington High School is 3 miles from the property which has a school bus stop on site. Beechcroft High School is roughly 1 mile from the property while Worthington Christian Schools are within 5 miles. Otterbein University is located just 3.5 miles from the property.
POLARIS Centers of Commerce: POLARIS is located less than 5 miles from the property and is Central Ohio’s finest mixed-use development, also known as “the gateway to Columbus from the north.” POLARIS features over 5 million square feet of office, over 4 million square feet of retail, and over 1,000 residential units. Polaris Fashion Place is Central Ohio’s premier shopping destination feauring 7 anchor tenants, including multiple market-exclusive brands and locally-owned specialty shops.
Downtown Columbus: Roughly 10 miles south with easy access by highway or public transit, tenants can easily commute to Downtown Columbus offering a one-of-a-kind live-work-play atmosphere. Notable employment drivers of downtown Columbus include Nationwide, AEP Energy, Inc, AT&T, Inc, Columbia Gas of Ohio, and Huntington National Bank are part of an 85,200 workforce in downtown Columbus.
Columbus Crew Arena: The new home of Major League Soccer’s (MLS) Columbus Crew is located just 7.5 miles south of Sharon Green Townhomes. The arena is part of a larger mixed-use Confluence Village development.
The Berkadia Investment Sales team is pleased to present the 162-unit Sharon Green Townhomes affordable LIHTC community. Sharon Green Townhomes is located in the city of Columbus within the highly rated Worthington School District. Situated in the Northeast Columbus submarket which has exhibited strong rental growth since 2014 with a trailing 12-month effective rental rate growth of 3%. Vacancy in the submarket sits at 5.1% and has remained around 5% despite the delivery of roughly 180 units since mid-2018 with almost another 550 units being delivered in the beginning of 2018. Located roughly 10 miles north of the city center, Sharon Green Townhomes is conveniently located near interstates 71 and 270, with interstate 71 providing direct access to downtown Columbus.
Built in 1972, Sharon Green Townhomes was substantially rehabbed with Section 42 tax credits over a two-year period starting in 2006. Under the present LURA restrictions, 100% of units are rent restricted at 60% AMI with such restrictions expiring in 2036. Despite the LURA running in effect for another 16 years, there is significant NOI upside as the current property rents are 20.4% below the allowable net max LIHTC rents and 25.55% below renovated sub-market rents. Rents at the property were recently increased by $60 per month for the 2 bedroom units and $100 per month for the 3 bedroom units with wide acceptance amongst the tenant base and no change in occupancy. Based on in place strong market fundamentals, Sharon Green Townhomes provides an investor with the opportunity to capture a substantial post-renovation rent premium of $191 at an estimated interior upgrade cost of $6,200 per unit.
Sharon Green Townhomes offers townhome living with two private entrances and a full unfinished basement. The uniquely large floor plans consist of 146 two-bedroom townhome units measuring 1,248 square feet and the 16 three-bedroom townhome units measuring 1,593 square feet providing ideal living space for families and are among the largest units available in Northeast Columbus.
Sharon Green Townhomes is a beautiful, well maintained asset with attractive landscaping including manicured lawns, mature trees, trimmed shrubs, and colorful plants. In keeping the property well maintained, 50% of roofs were replaced in 2017. The Property features a sundeck, office, playground, on-site courtesy officer, school bus pick-up, and plenty of convenient parking. Each unit comes equipped with a large, eat-in kitchen, updated cabinetry, private patio/balcony, washer and dryer connections, ample closet space, and a full-size bathroom with a tub and shower.
Net Rentable SF
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