Renovated Three-Unit Flex
For Sale
$2,900,000
1025 E 5th Avenue, Columbus, OH 43201
Industrial, Columbus, OH
Property Size31,656 SF
Lot Size1.00 Acre
Price / SF$94.32
Days on Market207
Property Features for 1025 E 5th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
80
Standard status
Active
APN
010-034258
Size
30,746 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
17805
Utilities
Utilities
Water Available
Heating system
Forced Air
Water source
Public
Amenities
security features
IT rooms
Building Details
Year built
1940
Floors in Building
1
Number of units
3
Listing Agency:
Red 1 Realty
(614) 585-9020
Listed By:
Roxy Ponce · License #2020006941
(614) 560-7747
Added: Feb 7
Changed: Sep 1
Last Checked: Sep 2 at 12:06PM
MLS# 226003633
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 flex property occupies a 1-acre site and was originally built in 1940 before being fully renovated. The temperature-controlled building is arranged as 3 fully demised units and includes heavy power, a new roof, and a new sprinkler system. Multiple IT rooms and enhanced security features support a range of commercial operations, while forced-air heating is installed. Public water is available.
The property is located minutes from Downtown Columbus and nearby neighborhoods, with access to I-71 and I-670. Ample parking serves the three-unit configuration, and the site is situated within an Opportunity Zone.
The property is located minutes from Downtown Columbus and nearby neighborhoods, with access to I-71 and I-670. Ample parking serves the three-unit configuration, and the site is situated within an Opportunity Zone.
Key Highlights
- 1‑acre site with a fully renovated flex building
- 3 fully demised units with ample parking
- Temperature‑controlled space with heavy power
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
$147,625
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
5.09%
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%
$2,952,500
$3.0M
Cap Rate 7%
$2,108,929
$2.1M
Cap Rate 9%
$1,640,278
$1.6M
Market Conditions
NOI Build-Up for 30,746 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
$188.2K $6.12/SF
− Vacancy
−$14.5K −$0.47/SF
EGI
$173.7K $5.65/SF
− OpEx
−$26.1K −$0.85/SF
NOI
$147.6K $4.80/SF
Area
Columbus, OH
Vacancy
7.70%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
15.00%
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%
$2,952,500
Cap Rate 7%
$2,108,929
Cap Rate 9%
$1,640,278
Alternative Uses
Best Use
Flex RnD
$4.36M
$3.82M – $5.09M
NOI $305,529 @ 7.0% cap · market cap 10.54%
Second Best
Warehouse
$2.11M
$1.85M – $2.46M
NOI $147,625 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$6.41M
$5.61M – $7.48M
NOI $448,533 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Temperature-controlled space with heavy power, new roof, and sprinkler system.
Where is this flex space located?
The property is located at 1025 E 5th Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 1‑acre site with a fully renovated flex building; 3 fully demised units with ample parking; Temperature‑controlled space with heavy power
