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$325,000

For Sale - Active
6616 London Groveport Rd, Grove City, OH 43123
2 Beds
2 Baths
960 Square Feet
2.23 Acres Lot
Built in 1953
For Sale - Active
1 Units
Checked: 18 hours ago
Updated: May 29, 2025 at 06:31PM

Investment Summary


Monthly Cash Flow
-$769
Cap Rate
2.8%
Cash-on-Cash Return
-12.3%
Debt Coverage Ratio
0.50
Internal Rate of Return (5 years)
-8.0%

Property Description


2.23 Acres Lot
Built in 1953
For Sale - Active
1 Units

Endless Possibilities on 2.23 Acres in Grove City! Welcome to 6616 London Groveport Rd a unique opportunity to own a beautifully wooded 2.23-acre lot with a nearly finished 2 bed, 2 bath home that's perfect as a primary residence, weekend retreat, or guest house! Winding pathways have been thoughtfully carved through the woods, creating a peaceful, park-like setting with recently installed drainage systems for added peace of mind. A second structure on the property offers incredible potential to build it out into a 1,440 sq ft secondary home or start fresh with your dream custom build. Whether you're looking to live simply in nature or develop a private estate with multiple living spaces, this property is ready for your vision.

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Location


Property Details


Parking

  • Description: Detached Garage
  • Details: Garage Door Opener, Attached
  • Garage Spaces: 3
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Partial): 0
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 4
  • # of Stories: 1
  • Basement: Yes

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Foundation: Block, Slab

Land Information

  • Land Use: Residential
  • Land Use Subtype: Duplex

Lot Information

  • Parcel ID: 230002269
  • Lot Size: 97138 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 1953

Tax Information

  • Annual Tax: $1,534

Utilities

  • Water & Sewer: Well

Location

  • County: Franklin

Listing Details


Listed by:
Ann Adams
Real Estate Opportunity
(614) 483-2315

Source:
Columbus and Central Ohio Regional MLS
MLS#: 225010872
Columbus and Central Ohio Regional MLS

Investment Summary


Monthly Cash Flow
-$769
Cap Rate
2.8%
Cash-on-Cash Return
-12.3%
Debt Coverage Ratio
0.50
Internal Rate of Return (5 years)
-8.0%

Purchase Details

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Purchase price:
$325,000
Amount financed:
-$260,000
Down payment:
$65,000
Closing costs:
$9,750
Rehab costs:
$0
Initial cash invested:
$74,750
Square feet:
960
Cost per square foot:
$339
Monthly rent per square foot:
$1.35

Financing Details

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Loan amount:
$260,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,538
Property tax:
$128
Insurance:
$91
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,757

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,300 $15,600
Vacancy loss: (6%)
6% -$78 -$936
Operating income:
$1,222 $14,664

Operating Expenses


% Rent Monthly Yearly
Property taxes: (10%)
10%-$128-$1,534
Insurance: (7%)
7%-$91-$1,092
Property management: (8%)
8%-$104-$1,248
Repairs & maintenance: (5%)
5%-$65-$780
Capital expenditures: (5%)
5%-$65-$780
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (35%)
35%-$453-$5,434

Cash Flow


Monthly Yearly
Net operating income:
$769 $9,228
Mortgage payments:
-$1,538 -$18,456
Cash flow:
$769 $9,228