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571 City Park
Columbus, OH 43215
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Get to know 571 City Park
Unique 4-unit mix of short and long-term rentals
Columbus is among hottest STR markets in the Midwest
Units are currently operating
Historic charm with modern amenities
About 571 City Park
571 City Park is a historic 4-unit brick building in the heart of one of Columbus, Ohio’s hottest neighborhoods—German Village.
Two units are short-term Airbnb’s, the other two units are long-term rentals offering a unique investment opportunity.
City Park is strategically located next to parks and restaurants and is less than a 5 minute walk to downtown.
Blended unit mix in a prime location
The Sponsor purchased the property on May 10, 2021. At the time of purchase, the property had 4 tenants. Legacy tenants’ leases have expired with the exception of one tenant whose lease will expire January 31, 2023. The intention from the outset was to fully renovate the property and begin operating several units as short-term rentals (STRs) by April, 2022.
571 City Park is a pre-existing brick building built in 1900 in the historic German Village area of Columbus on .0789 acres. The property is 3,024 square feet in total, subdivided into 4 individual units. Each unit has 1 bedroom and 1 full bath. Strategically located in the desirable German Village neighborhood, 571 City Park aims to appeal to renters and tourists alike.
571 City Park features a blend of both short and long-term rental units. The sponsor believes this will give the property a unique ability to benefit from the flexibility of short-term rentals and the stability of long-term rentals. In addition, the STR units may open the property up to a broader addressable market such as tourists and executive travelers looking for a place to stay during the week or weekend. Lastly, once operational, operating expenses will include property management fees based on gross rental revenues.
One of Columbus’ hottest
The laid-back German Village is known for charming brick houses built by 19th-century immigrants along Beck, Mohawk, and Deshler streets. Shops selling books, traditional fudge, and handmade jewelry mingle with art galleries, German pubs, American bistros, and artisan coffee shops. In summer, the Actors’ Theatre Columbus stages outdoor Shakespeare and other plays in Schiller Park with its fountains and flower beds.
AIRDNA, a provider of short term rental data and analytics covering over 10 million listings, rated the Columbus market as an “A,” with a score of 92 out of a possible 100. The Average Daily Rate (ADR) has climbed from $134 in September 2019 to $157 (17%) in September 2021. Occupancy in the 75th percentile is 83% in September 2021, the same rate as pre-pandemic September 2019. September 2021 Bookings finished at 17,555, compared to 14, 991 the same month of 2019 (a 17% increase).
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Neither Rhove Real Estate 1, LLC nor Roost Enterprises., Inc. make investment recommendations and no communication, through this site, mobile app or in any other medium should be construed as a recommendation for any security offered on or off this investment application. Investment opportunities posted are private placements of securities that are not publicly traded, involve a high degree of risk, may lose value, and are intended for investors who do not need a liquid investment. Past performance is not indicative of future results. Investors must be able to afford the loss of their entire investment. Neither Rhove Real Estate 1, LLC nor Roost Enterprises., Inc., nor any of their officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information on this Site or the use of information on this Site. Offers to sell securities can only be made through official offering documents that contain important information about the investment and the issuers, including risks. Investors should carefully read the offering documents. Investors should conduct their own due diligence and are encouraged to consult with their tax, legal and financial advisors before investing . You may also obtain a copy of the Offering Circular here.