Multifamily Investment in Columbus
Columbus multifamily's riding the Intel wave but don't get caught up in the hype. Cap rates compressed 50-75 basis points since the fab announcement, but fundamentals still make sense if you're buying right. The university keeps demand steady, and job growth from the semiconductor buildout means more renters with decent incomes. Just watch your basis - too many buyers are paying 2019 prices for 2016 vintage properties.
Market Context
Cap Rate Range
4.8%-6.2% depending on vintage and location, with newer Short North properties trading at the low end
Current Vacancy
6.2% metro-wide, up from 4.1% last year as new supply hits but still below historical average
Rent Trend
8.3% year-over-year growth, driven by Intel hiring and limited new Class A supply in core submarkets
Absorption
74% of new units absorbed within 90 days, faster than expected given construction pipeline
Price Per Unit Trend
$89,000-$165,000 per door average, with premiums for walkable locations near campus or downtown
Transaction Volume
$847M in 2025, up 31% from prior year as institutional buyers chase Intel-driven growth story
Submarket Analysis
Short North/Victorian Village
4.8%-5.4% capVacancy
3.9%
Avg Rent (1BR)
$1,285
Premium pricing holds but new supply coming online 2027-2028 will test rent growth
OM Tip
Highlight walkability scores and proximity to downtown employment - buyers pay up for location
Campus/University District
5.2%-5.8% capVacancy
5.1%
Avg Rent (1BR)
$1,095
Steady cash flow but limited upside - enrollment growth flat and purpose-built student housing competing
OM Tip
Show enrollment trends and compare to competing student properties - management intensity is key concern
Grandview/Upper Arlington
5.4%-6.1% capVacancy
4.2%
Avg Rent (1BR)
$1,185
Family-oriented renters, longer lease terms, Intel employees starting to discover these areas
OM Tip
Emphasize school district ratings and commute times to major employers including Intel site
Franklinton/West Side
5.8%-6.7% capVacancy
7.8%
Avg Rent (1BR)
$945
Gentrification play with city investment in infrastructure but still early innings
OM Tip
Include development pipeline and zoning changes - buyers need conviction on neighborhood trajectory
Outer Suburbs/New Albany
6.0%-6.8% capVacancy
8.3%
Avg Rent (1BR)
$1,165
Intel proximity driving interest but car-dependent lifestyle limits tenant pool growth
OM Tip
Map commute times to Intel fab and other major employers - location story needs to be clear
Performance by Vintage
0
P
1
r
2
e
3
-
4
1
5
9
6
8
7
0
8
s
9
10
p
11
r
12
o
13
p
14
e
15
r
16
t
17
i
18
e
19
s
20
21
t
22
r
23
a
24
d
25
i
26
n
27
g
28
29
a
30
t
31
32
6
33
.
34
2
35
%
36
-
37
7
38
.
39
1
40
%
41
42
c
43
a
44
p
45
s
46
47
b
48
u
49
t
50
51
w
52
a
53
t
54
c
55
h
56
57
d
58
e
59
f
60
e
61
r
62
r
63
e
64
d
65
66
m
67
a
68
i
69
n
70
t
71
e
72
n
73
a
74
n
75
c
76
e
77
78
-
79
80
m
81
a
82
n
83
y
84
85
n
86
e
87
e
88
d
89
90
$
91
8
92
K
93
-
94
$
95
1
96
2
97
K
98
99
p
100
e
101
r
102
103
u
104
n
105
i
106
t
107
108
i
109
n
110
111
t
112
h
113
e
114
115
f
116
i
117
r
118
s
119
t
120
121
t
122
w
123
o
124
125
y
126
e
127
a
128
r
129
s
130
.
131
132
1
133
9
134
8
135
0
136
s
137
-
138
1
139
9
140
9
141
0
142
s
143
144
v
145
i
146
n
147
t
148
a
149
g
150
e
151
152
h
153
i
154
t
155
t
156
i
157
n
158
g
159
160
t
161
h
162
e
163
164
s
165
w
166
e
167
e
168
t
169
170
s
171
p
172
o
173
t
174
175
a
176
t
177
178
5
179
.
180
8
181
%
182
-
183
6
184
.
185
4
186
%
187
188
c
189
a
190
p
191
s
192
193
w
194
i
195
t
196
h
197
198
m
199
a
200
n
201
a
202
g
203
e
204
a
205
b
206
l
207
e
208
209
c
210
a
211
p
212
i
213
t
214
a
215
l
216
217
n
218
e
219
e
220
d
221
s
222
.
223
224
2
225
0
226
0
227
0
228
s
229
230
c
231
o
232
n
233
s
234
t
235
r
236
u
237
c
238
t
239
i
240
o
241
n
242
243
g
244
e
245
t
246
t
247
i
248
n
249
g
250
251
b
252
i
253
d
254
255
u
256
p
257
258
t
259
o
260
261
5
262
.
263
2
264
%
265
-
266
5
267
.
268
9
269
%
270
271
b
272
u
273
t
274
275
s
276
o
277
m
278
e
279
280
o
281
f
282
283
t
284
h
285
e
286
s
287
e
288
289
h
290
a
291
v
292
e
293
294
H
295
V
296
A
297
C
298
299
s
300
y
301
s
302
t
303
e
304
m
305
s
306
307
h
308
i
309
t
310
t
311
i
312
n
313
g
314
315
r
316
e
317
p
318
l
319
a
320
c
321
e
322
m
323
e
324
n
325
t
326
327
c
328
y
329
c
330
l
331
e
332
.
333
334
P
335
o
336
s
337
t
338
-
339
2
340
0
341
1
342
0
343
344
p
345
r
346
o
347
p
348
e
349
r
350
t
351
i
352
e
353
s
354
355
c
356
o
357
m
358
m
359
a
360
n
361
d
362
i
363
n
364
g
365
366
s
367
u
368
b
369
-
370
5
371
.
372
5
373
%
374
375
c
376
a
377
p
378
s
379
380
i
381
n
382
383
g
384
o
385
o
386
d
387
388
l
389
o
390
c
391
a
392
t
393
i
394
o
395
n
396
s
397
398
b
399
u
400
t
401
402
m
403
a
404
k
405
e
406
407
s
408
u
409
r
410
e
411
412
t
413
h
414
e
415
416
r
417
e
418
n
419
t
420
421
p
422
r
423
e
424
m
425
i
426
u
427
m
428
s
429
430
j
431
u
432
s
433
t
434
i
435
f
436
y
437
438
t
439
h
440
e
441
442
b
443
a
444
s
445
i
446
s
447
.
What Your OM Needs to Address
Unit Mix Economics
Columbus renters skew toward 1BR and 2BR units - show per-bedroom revenue analysis
Data to Include
Revenue per bedroom, occupancy by unit type, comparable properties' successful unit mixes in submarket
Intel Impact Documentation
Buyers want to see how semiconductor buildout affects your specific property location
Data to Include
Commute times to Intel site, current tenant employment analysis, workforce housing demand projections
Student Housing Exposure
Even non-student properties get questions about OSU enrollment impact on demand
Data to Include
Percentage of tenants who are students, lease term patterns, summer occupancy trends
Capital Expenditure Reserves
Ohio winters are tough on properties and buyers know it - be realistic about maintenance costs
Data to Include
5-year capital plan, recent major repairs, HVAC age and replacement timeline, parking lot conditions
Loss-to-Lease Analysis
Market's moving fast enough that in-place vs. market rents matter for underwriting
Data to Include
Unit-by-unit rent roll with lease expiration dates, market rent survey from comparable properties
Parking and Transit Access
Car ownership rates high in Columbus but transit-accessible properties getting premium valuations
Data to Include
Parking ratio, bus line access, walkability scores, bike infrastructure proximity
Investment Outlook
Short Term
Next 18 months look solid - Intel construction workers need housing and hiring's ramping up across the semiconductor supply chain. New supply will hit but absorption should keep pace given employment growth. Watch for overbuilding in outer suburbs where land's cheaper.
Medium Term
2027-2029 gets interesting when Intel's operational and the construction workforce moves on. Permanent job creation should offset construction job losses but property performance will separate by location quality. Expect some suburban properties to struggle while urban core holds up.
Long Term
Columbus is positioning itself as a Midwest tech hub beyond just Intel. University research partnerships and state incentives should support long-term apartment demand. Climate change might drive population growth from Sun Belt markets but that's still speculative.
Buyer Profile
Regional investors and family offices dominating sub-$10M deals. Institutional buyers active above $15M, especially for newer properties near employment centers. Out-of-state investors learning the market but locals still have information advantage on neighborhood dynamics.
Marketing a multifamily property in Columbus?
DealDraft generates professional offering memorandums with market-specific data and property-type expertise built in.
Create Your OM