Columbus OH Multifamily Broker

[Karim Karawia]

Hi everyone, was hoping to get any recommendations on multifamily (30+ unit) brokers/property managers in the Columbus OH area. Ill be there next week meeting with contacts and wanted to see if maybe I missed some. Looking to buy value add, 30+ units, c/b class. Appreciate any info.

[Stonewall Burks]

Yes I have a friend who owns a really successful property management company. Shoot me a message 

[Zeke Liston]

Originally posted by @Karim Karawia:

Hi everyone, was hoping to get any recommendations on multifamily (30+ unit) brokers/property managers in the Columbus OH area. Ill be there next week meeting with contacts and wanted to see if maybe I missed some. Looking to buy value add, 30+ units, c/b class. Appreciate any info.

 Hi Karim, that's great. I'll shoot you a message. 

[Remington Lyman]

Originally posted by @Karim Karawia:

Hi everyone, was hoping to get any recommendations on multifamily (30+ unit) brokers/property managers in the Columbus OH area. Ill be there next week meeting with contacts and wanted to see if maybe I missed some. Looking to buy value add, 30+ units, c/b class. Appreciate any info.

 tough to find these in Columbus, Ohio but if you look hard enough you can get them

[Karim Karawia]

would you recommend any other cities close by?  Dayton or Cincinnati maybe?

[Zachary Elliott]

I mean I'm a bit biased but I love greater Cincinnati. Northern KY specifically is growing solidly. The Cincinnati international airport is actually located in Northern KY and Amazon is currently building a giant distribution center (which they've leased for 99 years) on the airport property. Additionally, we''ve got a great renter base and I've never had issues leasing my units. Like almost everywhere else, we're also seeing appreciation, some of which is related to COVID. There is also a large influx of people looking for deals but they are still popping up on the MLS, you just have to be ready to jump when you see them. Don't hesitate to reach out if you have any questions about the market or just want to talk RE.

[Dave Poeppelmeier]

These are very difficult to find anywhere in Ohio right now, the Multi-family market is extremely hot. Even up here in Toledo, we had a nice 4-unit in a B neighborhood that was under contract in less than 24 hours with tons of offers way over asking. If you want to compete in this market you need to be 100% ready to go with Proof of Funds/Pre-approval in hand. You can still find deals, you just have to be aggressive. 

[Brandon Goldsmith]

Not too sure about some of the other cities as far as MF this large but it is pretty rare to come across these in Columbus. They are almost always brokered off-market if they ever come available. @Karim Karawia

[Brandon Sturgill]

@Karim Karawia I'd be happy yo talk further if you're in town...

Why a 30+ unit property...we looked at all 434,000 parcels in Franklin County and there is limited physical inventory...and what is your cap on unit count?...you may be searching for something that does not physically exist where you want to be. Have you thought much about purchase price or ROI...trying to locate a property based on unit count might leave you empty handed. The ultimate decision to purchase will be based on what you can afford...and the extension of that is your financial criteria and minimum ROI need to be crystal clear. B-class in this market is more expensive than most investors realize...Columbus is the 14th biggest city in the US with a massive housing deficit and a population growing faster than ever anticipated...Columbus is in a better financial position than many other comparable cities because of it's diversity...the point is its a popular market and prices are rising sharply. Right now I'm seeing small MF B-class assets trading at $125k/unit...so, you are at close to $4m...if that is your price point you can probably find twice the value in a secondary market outside the city....when you dip into C-class you can find a better bargain, but the turnaround story may be a very difficult undertaking...

[Karim Karawia]

@Remington Lyman thanks for the info.  I'll be there next week, if you have any recommendations on people to meet please let me know.

@Zachary Elliott Appreciate the input.  I've been there quite a bit actually.  Do a lot of projects for DHL there but haven't actually "looked" at that market. I'll PM you.  Open to the columbus-cincinatti area.

@Dave Poeppelmeier Thanks for the advice.  Yes of course will definitely have everything ready.

@Brandon Goldsmith Makes sense.  I'll be reaching out to brokers.  Any referrals would be appreciated.

@Brandon Sturgill Thanks for the detailed response.  The C Class properties are more what I am looking for.  Turnaround 3-5 years and work isn't what I'm worried about since I'm looking for a value add play.  I'll PM you and maybe we can connect next week.

[David Yoder]

Karim, I have a commercial broker that I can recommend also.  If you're coming to town, I'd be willing to grab coffee and show you around a little bit.  @Brandon Sturgill - Great info to know about the unit costs.  I'm looking at building my next apartment complex but it's even harder to find great, sizable chunks to make it affordable.

[Chris L.]

Quote from @David Yoder:

Karim, I have a commercial broker that I can recommend also.  If you're coming to town, I'd be willing to grab coffee and show you around a little bit.  @Brandon Sturgill - Great info to know about the unit costs.  I'm looking at building my next apartment complex but it's even harder to find great, sizable chunks to make it affordable.

[Chris L.]

Quote from @David Yoder:

Karim, I have a commercial broker that I can recommend also.  If you're coming to town, I'd be willing to grab coffee and show you around a little bit.  @Brandon Sturgill - Great info to know about the unit costs.  I'm looking at building my next apartment complex but it's even harder to find great, sizable chunks to make it affordable.

[Bob Stevens]

Quote from @Karim Karawia:

Hi everyone, was hoping to get any recommendations on multifamily (30+ unit) brokers/property managers in the Columbus OH area. Ill be there next week meeting with contacts and wanted to see if maybe I missed some. Looking to buy value add, 30+ units, c/b class. Appreciate any info.

 Brokers ( for the most part ) do NOT have the deals. I have done about 40 mill in deals in the Cleveland markets never using a broker, Well maybe my 1st 10 , then I learn better, 

Good Luck 

[Chris L.]

Quote from @David Yoder:

Karim, I have a commercial broker that I can recommend also.  If you're coming to town, I'd be willing to grab coffee and show you around a little bit.  @Brandon Sturgill - Great info to know about the unit costs.  I'm looking at building my next apartment complex but it's even harder to find great, sizable chunks to make it affordable.

Hi David, I’m based in NYC but I’ll be in Cleveland & Columbus this weekend to look at investment properties. I would love to get your perspective on the market, especially as things are changing and rates are rising.

[Remington Lyman]

Quote from @Chris L.:

Quote from @David Yoder:

Karim, I have a commercial broker that I can recommend also.  If you're coming to town, I'd be willing to grab coffee and show you around a little bit.  @Brandon Sturgill - Great info to know about the unit costs.  I'm looking at building my next apartment complex but it's even harder to find great, sizable chunks to make it affordable.

Hi David, I’m based in NYC but I’ll be in Cleveland & Columbus this weekend to look at investment properties. I would love to get your perspective on the market, especially as things are changing and rates are rising.

I started purchasing small multifamily in Columbus, Ohio 5 years ago. The cost of entry is low while the cash flow is high. Columbus is the only Ohio market that has seen rapid growth in jobs and population.

I would be happy to chat with you about this when you are in town

[Patrick Drury]

@Karim Karawia
The 20+ unit inventory is mainly all brokered off-market and there isn't very much of it, to begin with, either.