Invest In Columbus OH
Own a piece of downtown columbus's skyscraper, earn income and appreciation
Columbus, OH
Multifamily Redevelopment
253 Units
The Skyscraper On BroadInvestment Terms
ROI: 205.74%
Pref Return: 6%
Rent Ready: 2027
IRR: 12%
Holding period: 5-7Years
Investor Type:
Accredited Investors
Highlights
1
The Skyscraper on broad street is a classic high-rise with 25 stories located at the corner of Broad and Third Street. It is directly across the street from the Ohio State Capitol Building on Capitol Square.
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Shovel ready; The building is currently undergoing renovation to transform into 253 luxurious residential apartments with urban living at its finest with vibrant nightlife.
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Superior demographics with average HH income of $112,338.
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Rising interest rates, declining purchasing power and soaring home values make renting a more affordable housing option than home ownership.
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The Columbus metro is the second largest in the state behind Greater Cincinnati and has a population of roughly 2.1 million residents, according to Experian Marketing Solutions, Inc. 2021 estimates.
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The Columbus CBSA contains a higher concentration of educational attainment as the United States, with 66.6% of its population having a bachelor’s degree or higher.
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Columbus is among the fastest-growing cities in the region, and Downtown Columbus' population is projected to exceed 15,000 residents by 2024.
Summary
The Skyscraper, an iconic international-style 25 stories building in the heart of Downtown Columbus designed by Harrison & Abramovitz over 50 years ago, will undergo a rejuvenating transformation from corporate office to 253 residential apartments. With modern apartment units as well as exclusive amenities like pet spas with dog playparks and state-of -the art fitness centers; this luxurious urban dwelling caters to today's trendsetters who strive for living experience to new heights combined with sophisticated design.
The Reasons to invest in the Skyscraper on Broad street:
Prime Market
Downtown Columbus has seen a remarkable population surge of 61% over the last decade, with an anticipated growth of 24% in the next five years. This can be attributed to its highly educated, young, and affluent residents, mainly renters. The demand for rentals is reinforced by the scarcity and high cost of for-sale properties, as well as the increasing allure of urban living among all generations. The area is also home to numerous progressive companies, including JP Morgan, Amazon, Limited Brands, Abercrombie & Fitch, Nationwide Insurance, Cardinal Health, American Electric Power Company, Wendy’s International, Mettler-Toledo, Bob Evans Farms, and Big Lots, to name a few.
Outstanding Multifamily Fundamentals
Rent growth in Columbus continues to outperform the national average; according to the April 2023 Yardi Matrix report, YOY rent growth was 7.8% compared to the national average of 4.8%. According to the most recent census data, Columbus has emerged as the leader among large Midwest cities and is also among the fastest growing in the country, having experienced a 15% increase in population since 2010.
Insufficient new supply-Housing scarcity
Despite construction being near an all-time high, Columbus is still significantly underbuilt. Projections from the Building Industry Association of Central Ohio indicate that the region may need up to 19,000 housing units per year in the next decade to meet demand. In 2022, Columbus achieved record-low unemployment rates that persisted through 2023, with rates remaining at 3.4%. Moreover, the cost of living and doing business in Columbus is relatively affordable, with an average rent to income ratio of 26.6% compared to the national average of over 29%.
