Two-Unit Duplex with Central
For Sale
$284,500
443 S Wayne Avenue, Columbus, OH 43204
Multi-Family, Columbus, OH
Property Size2,240 SF
Lot Size0.18 Acres
Price / SF$127.01
Days on Market103
Property Features for 443 S Wayne Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Rooms
Bedroom 3, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Parking
4
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
010-015890
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2285
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Private
Building Details
Year built
1923
Number of units
2
Listing Agency:
e-Merge Real Estate
(614) 678-5505
Listed By:
Tonda Brown · License #279097
(614) 580-8500
Added: May 21
Changed: Aug 30
Last Checked: Aug 31 at 2:06AM
MLS# 226018121
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 two-unit residential property contains 2,240 square feet across two matching residences. Each unit offers 2 bedrooms and 1 full bath, creating a consistent layout throughout the building. Central air conditioning and forced-air heating serve the property, which was built in 1923.
The duplex sits on a 0.18-acre parcel at 443 S Wayne Avenue in Columbus, Ohio 43204. Both units are occupied, and government housing assistance programs support the existing tenancies. The property uses private water and public sewer, providing established utility infrastructure for the residences.
The duplex sits on a 0.18-acre parcel at 443 S Wayne Avenue in Columbus, Ohio 43204. Both units are occupied, and government housing assistance programs support the existing tenancies. The property uses private water and public sewer, providing established utility infrastructure for the residences.
Key Highlights
- Two‑unit duplex with 2,240 total square feet
- Two matching units, each with 2 bedrooms and 1 full bath
- Both units are occupied
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
$19,074
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
6.70%
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%
$381,480
$381.5K
Cap Rate 7%
$272,486
$272.5K
Cap Rate 9%
$211,933
$211.9K
Market Conditions
NOI Build-Up for 2,240 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
$29.3K $13.08/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$27.2K $12.16/SF
− OpEx
−$8.2K −$3.65/SF
NOI
$19.1K $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%
$381,480
Cap Rate 7%
$272,486
Cap Rate 9%
$211,933
Alternative Uses
Best Use
Multifamily LT 5
$272.5K
$238.4K – $317.9K
NOI $19,074 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$219.2K
$191.8K – $255.7K
NOI $15,344 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
364
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?
Duplex - Fully occupied duplex with two-bedroom units supported by government housing assistance programs.
Where is this duplex located?
The property is located at 443 S Wayne Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $284,500.
What are key features of this property?
This property features: Two‑unit duplex with 2,240 total square feet; Two matching units, each with 2 bedrooms and 1 full bath; Both units are occupied
