2
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$425,000
Est. payment /mo
0.29 Acres Lot
New
488 N Jay Street West Milton, OH 45383
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Key Details
Property Type Multi-Family, Townhouse
Sub Type Townhouse
Listing Status Active
Purchase Type For Sale
MLS Listing ID 225022141
Year Built 1963
Annual Tax Amount $1,385
Lot Size 0.290 Acres
Lot Dimensions 0.29
Property Sub-Type Townhouse
Source Columbus and Central Ohio Regional MLS
Property Description
488 N Jay is a fully occupied four-unit building offered together with the adjacent 490 N Jay as an eight-unit package. The buildings are being sold as one transaction and will not be divided.
All four units are leased, producing $3,700 per month / $44,400 annually in gross scheduled rent. Combined with 490 N Jay, the package produces $85,800 annually with a net operating income of $73,920 on current actuals. Owner-paid expenses across both buildings total $11,880 and are limited to insurance, taxes, landscaping, lawn treatment, trash, and repairs. Tenants pay all utilities except trash, which is served by a shared dumpster covering both properties. Expense figures do not include vacancy, management, capital reserves, or debt service.
Unit 3 has been renovated and leases at $1,100 per month. The remaining units here rent at $850 and $900, giving a buyer an in-building comparable for the renovated rent level rather than a market assumption. Leases across both buildings expire on a staggered basis between August and October 2026.
Please do not disturb tenants. Showings by appointment through the listing broker with proper notice to residents. Full rent roll, leases, and expense documentation available to qualified buyers on request.
Buyer and buyer's agent to verify all information, including income and expenses, square footage, zoning and permitted use, unit count, registration or licensing requirements, and property condition. Any reference to potential rent levels is illustrative only and is not a projection of future performance; rent adjustments are subject to existing lease terms, required notice, and applicable law. Information obtained from sources deemed reliable but not guaranteed by broker or seller.
All four units are leased, producing $3,700 per month / $44,400 annually in gross scheduled rent. Combined with 490 N Jay, the package produces $85,800 annually with a net operating income of $73,920 on current actuals. Owner-paid expenses across both buildings total $11,880 and are limited to insurance, taxes, landscaping, lawn treatment, trash, and repairs. Tenants pay all utilities except trash, which is served by a shared dumpster covering both properties. Expense figures do not include vacancy, management, capital reserves, or debt service.
Unit 3 has been renovated and leases at $1,100 per month. The remaining units here rent at $850 and $900, giving a buyer an in-building comparable for the renovated rent level rather than a market assumption. Leases across both buildings expire on a staggered basis between August and October 2026.
Please do not disturb tenants. Showings by appointment through the listing broker with proper notice to residents. Full rent roll, leases, and expense documentation available to qualified buyers on request.
Buyer and buyer's agent to verify all information, including income and expenses, square footage, zoning and permitted use, unit count, registration or licensing requirements, and property condition. Any reference to potential rent levels is illustrative only and is not a projection of future performance; rent adjustments are subject to existing lease terms, required notice, and applicable law. Information obtained from sources deemed reliable but not guaranteed by broker or seller.
Location
State OH
County Miami
Area 0.29
Rooms
Other Rooms None
Dining Room No
Interior
Heating Forced Air
Cooling Central Air
Equipment No
Laundry No Laundry Rooms
Schools
High Schools Milton Union Evsd 5505 Mia Co.
School District Milton Union Evsd 5505 Mia Co.
Others
Tax ID L39011630
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Andrew C Wade Roby Realty
NEARBY SCHOOL & BUSINESS
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