Listed by Verti Commercial Real Estate
$675,000
67 East High & 5 N Walnut Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 7,000
Units 11
Cap Rate 6.92%
NOI $46,693
Occupancy 91%
Pro-Forma Cap Rate 8.83%
Pro-Forma NOI $59,595
Price per SqFt $96
Class C
Year Built 1930
Year Renovated 2025
Buildings 2
Investment Type Core
Ground Lease No
11-Unit Two-Building Portfolio | 10+% Cash on Cash | 25 Miles from Columbus
Marketing description
Walnut Street Apartments is an 11-unit multifamily portfolio comprising two buildings on a single parcel in downtown London, Ohio — 5 N. Walnut Street (8 units) and 67 E. High Street (3 units). The asset is being offered at $675,000, or $61,364 per door, representing a 6.92% in-going cap rate on T12 income with a clear path to a 9%+ yield-on-cost within 24 months through rent normalization, RUBS implementation, and the lease-up of one remaining vacant unit.
Investment highlights
- Strong In-Place Yield with Tangible Upside. Priced at a 6.92% T12 cap rate with Year 1 stabilized cap projected at 9.92% on a 10-unit occupied basis. Year 5 yield-on-cost reaches 10.3% under conservative assumptions.
- Substantial Capital Already Deployed. Both buildings received new roofs within the last three years. Seven of eight units at 5 N. Walnut have been renovated, along with Unit C at 67 E. High. New windows have been installed across multiple units. A new hot water tank, basement sump pump, and full Unit B remodel were completed in 2025 (~$16,800). Unit F at Walnut is currently undergoing an $8,400 remodel scheduled for completion in April 2026.
- Attractive Rent Mark-to-Market Story. In-place average rent is $748 against a pro forma of $814 — a defensible 10.8% lift achievable through natural rollover. Unit F at 5 N. Walnut is scheduled to lease at $745 (vs. prior $610), and three additional Walnut units are turning within 60 days, providing immediate execution visibility for a new owner.
- Stable Anchor Tenant at 67 E. High. Unit A is leased to a local attorney who uses the space as a satellite office and recently renewed at $1,275/month through April 2027 — a long-tenured, low-touch tenant providing consistent base income.
- Owner Lease-Back Available on Vacant Unit. Seller is willing to lease back the vacant 2BR/1BA Unit B at 67 E. High at $900/month for six months at closing, allowing the buyer to stabilize cash flow while turning and re-leasing the unit on their own timeline.
- Strong Debt Coverage. At a 75% LTV with 6.15% financing, the deal supports a 1.91x DSCR in Year 1 and an average 1.85x DSCR over the five-year hold — providing substantial cushion for both lender and investor.
- Defensible Submarket. London sits 25 miles from Columbus along the I-70 corridor, within the gravitational pull of the Honda-LG, Intel, and Rickenbacker industrial expansions. Madison County offers tertiary-market pricing with secondary-market employment exposure.
- Limited New Supply. No meaningful new workforce-housing construction in the sub-$1,000 rent band is in the London pipeline, protecting in-place rents and providing pricing power on rollovers.
Listing Contacts
Listed by Verti Commercial Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$46,693.00
$3,891.08/mo
Valuation Metrics
0
DSCR
6.92%
Cap Rate
6.92%
ROI
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