1038 Lockbourne Road, Columbus, OH 43206

Property Description

Income-producing 4-unit property generating $5,600/month ($67,200 annually) with tenants paying separate utilities, keeping owner expenses low and returns strong. Current cap rate approximately 8% with clear upside through cosmetic improvements and future rent increases. All four units currently leased at $1,400/month, providing immediate and stable cash flow. Ideal opportunity for investors seeking a value-add property with forced appreciation potential and strong long-term rental demand. Excellent fit for buy-and-hold investors, BRRRR strategy, or portfolio expansion. Opportunity to increase property value through interior updates and operational improvements. Multi-family assets producing this level of income with upside potential are becoming increasingly rare at this price point.

Listing Status:

Active

Date Added:

January 16, 2026

Data Last Updated:

March 22, 2026 at 2:39AM

Listing Office:

LPT Realty : 877-366-2213

Listing Agent:

Michael B Pillow : 740-504-6251

MLS ID:

226001615

Exterior

• Parking: Parking spaces: 4

Construction

• General: Brick

Location

• Originating MLS: Columbus and Central Ohio Regional MLS
• School District: COLUMBUS CSD 2503 FRA CO.
• County: Franklin

Lot

• Zoning: 010-049673

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: Columbus and Central Ohio Regional MLS