Two-Unit Residential
New
For Sale
$180,000
1134 E 23rd Ave, Columbus, OH 43211
Each residence offers two bedrooms and one full bathroom, with different flooring finishes across the units.
Property Size1,536 SF
Price / SF$117.19
Days on Market6
Property Features for 1134 E 23rd Ave
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Multi-Family
Building Details
Year Built
1942
Listing Agency:
Ryan Ruehle, Exp Realty, LLC
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Sep 28
Changed: Oct 3
Last Checked: Oct 2 at 7:43PM
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 Ryan Ruehle, Exp Realty, LLC
Investment Insights
Based on property information with market context.
This 1,536-square-foot duplex, built in 1942, contains two residences, each configured with two bedrooms and one full bathroom. Flooring varies by unit: one has carpet throughout, while the other features LVP and wood flooring. The latter also received a replacement hot water tank in 2021.
The property comprises two separate parcels and is offered in as-is condition. One residence is occupied; the vacant unit is available to view. Professional management is in place.
The property comprises two separate parcels and is offered in as-is condition. One residence is occupied; the vacant unit is available to view. Professional management is in place.
Key Highlights
- Two residences, each with 2 bedrooms and 1 full bathroom
- 1,536 square feet across two separate parcels
- Built in 1942
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
$13,079
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
7.27%
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%
$261,580
$261.6K
Cap Rate 7%
$186,843
$186.8K
Cap Rate 9%
$145,322
$145.3K
Market Conditions
NOI Build-Up for 1,536 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
$20.1K $13.08/SF
− Vacancy
−$1.4K −$0.92/SF
EGI
$18.7K $12.16/SF
− OpEx
−$5.6K −$3.65/SF
NOI
$13.1K $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%
$261,580
Cap Rate 7%
$186,843
Cap Rate 9%
$145,322
Alternative Uses
Best Use
Multifamily LT 5
$186.8K
$163.5K – $218.0K
NOI $13,079 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$150.3K
$131.5K – $175.4K
NOI $10,521 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$320.1K
$280.1K – $373.5K
NOI $22,408 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
Explore this area
Business Placement
Demographics for 43211, OH
23,160
Population
9,956
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
77%
High-School Grad
4.7 sq mi
ZIP Area
4,928
Density / Sq Mi
$38,715
Median Household Income
$28,601
Median Earnings
$1,057
Median Rent
$91,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers two bedrooms and one full bathroom, with different flooring finishes across the units.
Where is this duplex located?
The property is located at 1134 E 23rd Ave Columbus, OH.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 full bathroom; 1,536 square feet across two separate parcels; Built in 1942
