Renovated Two-Unit
New
For Sale
$310,000
107 Midland Avenue 107-109, Columbus, OH 43223
Both residences are vacant and include separate laundry, updated kitchens, and private outdoor space.
Property Size3,800 SF
Lot Size0.12 Acres
Price / SF$81.58
Days on Market3
Property Features for 107 Midland Avenue 107-109
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.12 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 3BR/3.5BA
Multifamily Units
2
Amenities
designer kitchens
washer & dryer in each unit
private yard and outdoor space
new windows and siding throughout
modern tile bathrooms
Building Details
Year Built
1920
Buildings
1
Stories
3
Listing Agency:
Red 1 Realty
Listed By:
Taras Posykalyuk · License #2020008088
(614) 824-7845
Source:
El1tecollective
Added: Oct 1
Last Checked: Oct 2 at 10:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Red 1 Realty
Investment Insights
Based on property information with market context.
This Columbus duplex contains two vacant residences with a combined approximately 3,800 square feet of finished space across three floors, including a finished attic. Each unit has three bedrooms, a separate washer and dryer, and a kitchen with quartz countertops and new cabinetry. Updates include windows, siding, HVAC, electrical, plumbing, and tile bathrooms. The property was built in 1920 and sits on a 0.123-acre lot. A private yard and outdoor area serve the property, with street parking available.
The home is within Columbus City Schools and has no HOA.
The home is within Columbus City Schools and has no HOA.
Key Highlights
- Two units with 3 bedrooms each; Unit 1 has 2.5 bathrooms and Unit 2 has 3.5 bathrooms
- Approximately 3,800 square feet of finished living space across three floors, including a finished attic
- 0.123‑acre lot with private yard and outdoor space
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
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 - Both residences are vacant and include separate laundry, updated kitchens, and private outdoor space.
Where is this duplex located?
The property is located at 107 Midland Avenue 107-109 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 units with 3 bedrooms each; Unit 1 has 2.5 bathrooms and Unit 2 has 3.5 bathrooms; Approximately 3,800 square feet of finished living space across three floors, including a finished attic; 0.123‑acre lot with private yard and outdoor space
