16-20 W Park St

Premier Historic Uptown Westerville Location
Location Overview:
This prominent property is strategically positioned at the intersection of W Park and S State in the prestigious, historic district of Uptown Westerville. Just footsteps away from Otterbein University, the building benefits from a vibrant academic atmosphere and is conveniently located less than 20 minutes from some of the world's leading corporate giants.
Renovation Details:
Over 18 months, this architectural gem has benefited from a comprehensive capital expenditure renovation, enhancing its aesthetic and functional appeal. Internally, the property has seen significant upgrades designed to meet modern demands while preserving its historic charm. Each of the units within the property has been revitalized with new plumbing and electrical systems, contemporary flooring solutions, sleek new kitchens, and fully renovated bathrooms. Externally, the building boasts a new roof and a fresh coat of paint, which is approved and fully compliant with historic district regulations, ensuring the property retains its unique character and appeal.
Property Configuration:
The estate comprises three separate buildings, encapsulating a diverse range of units tailored to various residential needs:
Eight Studio Apartments: These are priced at $1,095 per month. While six are rented at $1,095, two of these studios were leased at a special rate of $995 during renovations, and they are still at that price.
Three One-Bedroom Furnished Apartments: These are available for long-term rental at $1,395 per month, offering stylish, ready-to-move-in convenience. These units are currently used as short-term rentals, bringing in an average of $2,000 per month each.
Two Spacious Two-Bedroom Units: Available at $1,495 monthly/
Tenant Contributions:
Tenants are responsible for their own electric and gas utilities, in addition to a nominal monthly utility fee, ensuring straightforward management of outgoings.
This property represents a unique opportunity to acquire a fully updated, historically significant building in a sought-after location in Uptown Westerville. Due to its proximity to educational institutions and major businesses, it offers potential investors a turnkey solution that has considerable appeal to both educators and general professionals. Whether for direct management or as a prestigious addition to a property portfolio, this listing promises substantial returns in a dynamic area known for its historical significance and community-focused lifestyle.