3-Unit Mixed-Use
For Sale
$260,000
1220-1222 Parsons #1220, Columbus, OH 43206
Street-level retail is paired with two residential apartments in a compact mixed-use building.
Property Size2,628 SF
Days on Market129
Property Features for 1220-1222 Parsons #1220
General Information
Standard status
Active
Size
2,628 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,174
Building Details
Building Size
2,628 SF
Year Built
1920
Units
3
Tenancy
Multi
Listing Agency:
Prodigy Properties
(513) 841-7000
Listed By:
Jeffrey S Lane · License #2001021921
(513) 841-7000
Source:
Carolgoffrealestate
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 25 at 9:11AM
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 Prodigy Properties
Investment Insights
Based on property information with market context.
Built in 1920, this 2,628-square-foot mixed-use property combines commercial and residential components within a three-unit configuration. The street-facing commercial space is accompanied by two apartments: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom.
The property is near Nationwide Children's Hospital and provides access to Downtown Columbus, German Village, and major highway routes including I-70 and I-71. Its blend of retail and apartment space creates a clearly defined mixed-use layout in an established Columbus setting.
The property is near Nationwide Children's Hospital and provides access to Downtown Columbus, German Village, and major highway routes including I-70 and I-71. Its blend of retail and apartment space creates a clearly defined mixed-use layout in an established Columbus setting.
Key Highlights
- Three total units: one street‑level retail space and two apartments
- Residential mix includes one 2‑bedroom, 1‑bath unit and one 1‑bedroom, 1‑bath unit
- 2,628 square feet of mixed‑use 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
$22,378
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
8.61%
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%
$447,560
$447.6K
Cap Rate 7%
$319,686
$319.7K
Cap Rate 9%
$248,644
$248.6K
Market Conditions
NOI Build-Up for 2,628 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
$34.4K $13.08/SF
− Vacancy
−$2.4K −$0.92/SF
EGI
$32.0K $12.16/SF
− OpEx
−$9.6K −$3.65/SF
NOI
$22.4K $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%
$447,560
Cap Rate 7%
$319,686
Cap Rate 9%
$248,644
Alternative Uses
Best Use
Retail
$432.8K
$378.7K – $505.0K
NOI $30,298 @ 7.0% cap · market cap 11.65%
Second Best
Mixed Use
$430.8K
$377.0K – $502.6K
NOI $30,156 @ 7.0% cap · market cap 11.60%
Theoretical Best
Office A
$547.7K
$479.2K – $639.0K
NOI $38,338 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
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?
Mixed-use property - Street-level retail is paired with two residential apartments in a compact mixed-use building.
Where is this mixed-use property located?
The property is located at 1220-1222 Parsons #1220 Columbus, OH.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Three total units: one street‑level retail space and two apartments; Residential mix includes one 2‑bedroom, 1‑bath unit and one 1‑bedroom, 1‑bath unit; 2,628 square feet of mixed‑use space
