Central Hilltop Duplex Income
For Sale
$185,000
Pending
112 Columbian Avenue, Columbus, OH 43223
Well-maintained duplex with two 2-bedroom units, one currently leased and the other vacant for immediate occupancy.
Property Size1,639 SF
Days on Market92
Property Features for 112 Columbian Avenue
General Information
Standard status
Pending
Size
1,639 SF
Property subtype
Multi-Family / Duplex
Occupancy
50%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,551
Amenities
Central Air
Forced Air
Yes
Building Details
Year Built
1948
Listing Agency:
Reafco
Listed By:
Brandon Goldsmith · License #2020000644
(614) 963-3340
Source:
Compass
Added: Jun 9
Changed: Aug 8
Last Checked: Jul 24 at 2:49PM
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 Reafco
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two separate 2-bedroom, 1-bath units. One unit is currently leased, while the second unit is vacant and ready for a new tenant or for owner-occupant use. The property includes relatively recent major mechanical updates, including furnaces installed around 2018 and central A/C units installed in 2021. Hot water tanks were replaced in 2021 and 2026, and the roof is approximately 5 years old.
Additional maintenance and improvements noted include concrete step repairs, gutter maintenance, and routine upkeep related to tenant turnover.
Located directly next to a local recreation center, the duplex provides a straightforward, low-maintenance residential income configuration with flexible occupancy options based on unit leasing status.
Additional maintenance and improvements noted include concrete step repairs, gutter maintenance, and routine upkeep related to tenant turnover.
Located directly next to a local recreation center, the duplex provides a straightforward, low-maintenance residential income configuration with flexible occupancy options based on unit leasing status.
Key Highlights
- Duplex built in 1948 with two 2‑bedroom, 1‑bath units
- Unit currently leased at $975/month; second unit is vacant and ready for occupancy
- Central AC (2021) and forced‑air heating with furnaces approx. 2018
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
$13,956
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
7.54%
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%
$279,120
$279.1K
Cap Rate 7%
$199,371
$199.4K
Cap Rate 9%
$155,067
$155.1K
Market Conditions
NOI Build-Up for 1,639 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
$21.4K $13.08/SF
− Vacancy
−$1.5K −$0.92/SF
EGI
$19.9K $12.16/SF
− OpEx
−$6.0K −$3.65/SF
NOI
$14.0K $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%
$279,120
Cap Rate 7%
$199,371
Cap Rate 9%
$155,067
Alternative Uses
Best Use
Multifamily LT 5
$199.4K
$174.5K – $232.6K
NOI $13,956 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$160.4K
$140.3K – $187.1K
NOI $11,227 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$341.6K
$298.9K – $398.5K
NOI $23,910 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
414
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 - Well-maintained duplex with two 2-bedroom units, one currently leased and the other vacant for immediate occupancy.
Where is this duplex located?
The property is located at 112 Columbian Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Duplex built in 1948 with two 2‑bedroom, 1‑bath units; Unit currently leased at $975/month; second unit is vacant and ready for occupancy; Central AC (2021) and forced‑air heating with furnaces approx. 2018
