Updated Triplex With Leased
For Sale
$415,000
2640-2642 W Broad Street, Columbus, OH 43204
Multi-Family, Columbus, OH
Property Size4,200 SF
Lot Size0.13 Acres
Price / SF$98.81
Days on Market32
Property Features for 2640-2642 W Broad Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 3, Bedroom 6
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
010-010793
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4598
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
basement storage
private washer/dryer hookups
rear deck
fencing
security doors
garbage disposals
Building Details
Year built
1903
Number of units
3
Listing Agency:
EXP Realty, LLC
(216) 242-2322
Listed By:
Rhiannon M Ferrari · License #2009003178
(740) 665-8965
Added: Jul 24
Changed: Aug 24
Last Checked: Aug 24 at 6:06PM
MLS# 226027892
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 three-unit residential income property includes two upper-level residences of 1,700 square feet each, configured with three bedrooms, two full bathrooms, basement storage, and private washer/dryer hookups. A separate below-grade apartment measures approximately 800 square feet and includes one bedroom, one bathroom, and dedicated laundry hookups. All three units are leased. The property sits on a 0.13-acre lot and was built in 1903.
Recent work includes a 2022 roof replacement, new main water line, exterior foundation sealing, rebuilt front steps, a newer rear deck, updated flooring, interior painting, modern light fixtures, and new thermostats. Unit-level improvements include remodeled kitchens, newer appliances, security doors, garbage disposals, fencing, an upstairs AC unit, a newer furnace, and a sump pump. The property is served by forced-air heat, central air, and public sewer.
Recent work includes a 2022 roof replacement, new main water line, exterior foundation sealing, rebuilt front steps, a newer rear deck, updated flooring, interior painting, modern light fixtures, and new thermostats. Unit-level improvements include remodeled kitchens, newer appliances, security doors, garbage disposals, fencing, an upstairs AC unit, a newer furnace, and a sump pump. The property is served by forced-air heat, central air, and public sewer.
Key Highlights
- Three‑unit property with all residences currently leased
- Two 1,700‑square‑foot units with 3 bedrooms, 2 full bathrooms, storage, and washer/dryer hookups
- Approximately 800‑square‑foot below‑grade apartment with 1 bedroom, 1 bathroom, and laundry hookups
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
$35,763
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
8.62%
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%
$715,260
$715.3K
Cap Rate 7%
$510,900
$510.9K
Cap Rate 9%
$397,367
$397.4K
Market Conditions
NOI Build-Up for 4,200 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
$54.9K $13.08/SF
− Vacancy
−$3.8K −$0.92/SF
EGI
$51.1K $12.16/SF
− OpEx
−$15.3K −$3.65/SF
NOI
$35.8K $8.52/SF
Area
Columbus, OH
Vacancy
7.00%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
30.00%
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%
$715,260
Cap Rate 7%
$510,900
Cap Rate 9%
$397,367
Alternative Uses
Best Use
Multifamily LT 5
$510.9K
$447.0K – $596.1K
NOI $35,763 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$411.0K
$359.6K – $479.5K
NOI $28,769 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$875.3K
$765.9K – $1.02M
NOI $61,271 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Explore this area
Business Placement
Demographics for 43204, OH
42,315
Population
19,286
Households
2.2
Avg Household Size
35
Median Age
25%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
4,502
Density / Sq Mi
$59,158
Median Household Income
$38,610
Median Earnings
$1,206
Median Rent
$170,900
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?
Triplex - Three separate residences offer established occupancy, private laundry hookups, and a range of recent building and unit improvements.
Where is this triplex located?
The property is located at 2640-2642 W Broad Street Columbus, OH.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Three‑unit property with all residences currently leased; Two 1,700‑square‑foot units with 3 bedrooms, 2 full bathrooms, storage, and washer/dryer hookups; Approximately 800‑square‑foot below‑grade apartment with 1 bedroom, 1 bathroom, and laundry hookups
