Updated Duplex with
For Sale
$525,000
117 W California Ave, Columbus, OH 43202
Two residential units feature refreshed kitchens and baths, classic woodwork, and hardwood flooring.
Property Size2,352 SF
Price / SF$223.21
Days on Market46
Property Features for 117 W California Ave
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Alicia Sweazy, RE/MAX Partners
(740) 389-2000
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 28 at 10:13AM
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 Alicia Sweazy, RE/MAX Partners
Investment Insights
Based on property information with market context.
This Columbus duplex contains 2,352 square feet across two residential units, with updated kitchens and bathrooms complemented by original-style woodwork and hardwood floors. A usable two-car garage adds covered parking and practical storage. Built in 1920, the property combines period character with refreshed interior features.
The building is located at 117 W California Ave near High St. in Clintonville. Both units are fully leased, providing an existing occupancy profile for an owner evaluating the property. Tenant privacy is requested; showing details are available through the listing representative.
The building is located at 117 W California Ave near High St. in Clintonville. Both units are fully leased, providing an existing occupancy profile for an owner evaluating the property. Tenant privacy is requested; showing details are available through the listing representative.
Key Highlights
- Duplex with 2,352 square feet of residential space
- Two‑car garage provides covered parking and storage
- Updated kitchens and bathrooms in both units
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
$20,027
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
3.81%
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%
$400,540
$400.5K
Cap Rate 7%
$286,100
$286.1K
Cap Rate 9%
$222,522
$222.5K
Market Conditions
NOI Build-Up for 2,352 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
$30.8K $13.08/SF
− Vacancy
−$2.2K −$0.92/SF
EGI
$28.6K $12.16/SF
− OpEx
−$8.6K −$3.65/SF
NOI
$20.0K $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%
$400,540
Cap Rate 7%
$286,100
Cap Rate 9%
$222,522
Alternative Uses
Best Use
Multifamily LT 5
$286.1K
$250.3K – $333.8K
NOI $20,027 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$230.2K
$201.4K – $268.5K
NOI $16,111 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$490.2K
$428.9K – $571.9K
NOI $34,312 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
Explore this area
Business Placement
Demographics for 43202, OH
20,427
Population
10,055
Households
2
Avg Household Size
29
Median Age
62%
College-Educated
95%
High-School Grad
2.5 sq mi
ZIP Area
8,171
Density / Sq Mi
$65,689
Median Household Income
$36,412
Median Earnings
$1,170
Median Rent
$317,000
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 - Two residential units feature refreshed kitchens and baths, classic woodwork, and hardwood flooring.
Where is this duplex located?
The property is located at 117 W California Ave Columbus, OH.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Duplex with 2,352 square feet of residential space; Two‑car garage provides covered parking and storage; Updated kitchens and bathrooms in both units
