Renovated Duplex with Separate
For Sale
$310,000
107 Midland Avenue, Columbus, OH 43223
Multi-Family, Columbus, OH
Property Size3,800 SF
Lot Size0.12 Acres
Price / SF$81.58
Days on Market228
Property Features for 107 Midland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Rooms
Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 3
Elementary school district
COLUMBUS CSD 2503 FRA CO.
Middle school district
COLUMBUS CSD 2503 FRA CO.
High school district
COLUMBUS CSD 2503 FRA CO.
Standard status
Active
APN
010-010372
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2842
Utilities
Heating system
Forced Air
Amenities
washer & dryer in each unit
private yard and outdoor space
Building Details
Year built
1920
Number of units
2
Listing Agency:
Red 1 Realty
(614) 585-9020
Listed By:
Taras Posykalyuk · License #2020008088
(614) 824-7845
Added: Jan 13
Changed: Aug 28
Last Checked: Aug 29 at 1:06AM
MLS# 226001185
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Columbus duplex contains two vacant residences across three finished levels, with approximately 3,800 square feet of combined living area, including a finished attic. Each unit provides three bedrooms, living space, a designer kitchen, modern bathrooms, and its own washer and dryer. Unit 1 includes 2.5 bathrooms, while Unit 2 includes 3.5 bathrooms.
Renovation work includes new cabinetry, quartz countertops, windows, siding, HVAC, electrical, plumbing, and tile bathroom finishes. The property also offers a private yard and outdoor area, along with ample street parking. Built in 1920, the home retains its original character while incorporating updated systems. It is located in Columbus City Schools and has no HOA.
Renovation work includes new cabinetry, quartz countertops, windows, siding, HVAC, electrical, plumbing, and tile bathroom finishes. The property also offers a private yard and outdoor area, along with ample street parking. Built in 1920, the home retains its original character while incorporating updated systems. It is located in Columbus City Schools and has no HOA.
Key Highlights
- Two vacant units, each with 3 bedrooms and separate laundry
- Approximately 3,800 Sq Ft of finished living space across three floors
- Unit 1 has 2.5 bathrooms; Unit 2 has 3.5 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,029
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$520,580
$520.6K
Cap Rate 7%
$371,843
$371.8K
Cap Rate 9%
$289,211
$289.2K
Market Conditions
NOI Build-Up for 3,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.6K $13.32/SF
− Vacancy
−$3.3K −$0.87/SF
EGI
$47.3K $12.45/SF
− OpEx
−$21.3K −$5.60/SF
NOI
$26.0K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$520,580
Cap Rate 7%
$371,843
Cap Rate 9%
$289,211
Alternative Uses
Best Use
Multifamily LT 5
$462.2K
$404.5K – $539.3K
NOI $32,357 @ 7.0% cap · market cap 10.44%
Second Best
Apartment 5plus
$371.8K
$325.4K – $433.8K
NOI $26,029 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$791.9K
$693.0K – $923.9K
NOI $55,436 @ 7.0% cap · market cap 17.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 43223, OH
27,951
Population
10,662
Households
2.6
Avg Household Size
35
Median Age
11%
College-Educated
77%
High-School Grad
10.0 sq mi
ZIP Area
2,795
Density / Sq Mi
$45,902
Median Household Income
$32,509
Median Earnings
$1,063
Median Rent
$113,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant residences feature updated systems, private outdoor space, and individual laundry facilities.
Where is this duplex located?
The property is located at 107 Midland Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two vacant units, each with 3 bedrooms and separate laundry; Approximately 3,800 Sq Ft of finished living space across three floors; Unit 1 has 2.5 bathrooms; Unit 2 has 3.5 bathrooms
