Eastmoor Multifamily Value-Add
For Sale
$420,000
3357-3361 E Broad St, Columbus, OH 43213
Six-unit apartment building in Columbus' Eastmoor neighborhood, offering value-add potential.
Property Size5,526 SF
Lot Size0.40 Acres
Price / SF$76
Days on Market206
Property Features for 3357-3361 E Broad St
General Information
Standard status
Active
Size
5,526 SF
Lot size
0.40 Acres
Property subtype
Multifamily
Building Details
Building Size
5,526 SF
Year Built
1940
Listing Agency:
NAI | Ohio Equities
(614) 218-3520
Listed By:
Peter Merkle · License #439173
(614) 218-3520
Source:
Ohioequities
Added: Jan 27
Changed: Aug 21
Last Checked: Aug 21 at 4:27AM
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 NAI | Ohio Equities
Investment Insights
Based on property information with market context.
Located in the Eastmoor neighborhood of Columbus, this 6-unit garden-style multifamily building at 3357–3361 E Broad Street contains approximately 5,526 square feet on a 0.40-acre lot. The building features four 1-bedroom/1-bath units and two 2-bedroom/1-bath units. A detached 6-car garage provides one parking space per unit. Situated along E Broad Street, the property benefits from the city’s initiative to promote greater housing density and mixed-use development along transit corridors. Zoned Mixed-Use (UGN-1) and currently in receivership, the property represents a value-add opportunity for investors seeking to unlock income potential through renovation and strategic lease-up. The location offers high visibility and accessibility in the heart of the Eastmoor neighborhood, a high-traffic thoroughfare connecting Downtown Columbus to Bexley, Whitehall, and I-270. The property is surrounded by residential communities, retailers, local businesses, and medical offices. With access to I-70, I-670, and John Glenn Columbus International Airport, the location is positioned for commuters and destination traffic. This east side location also benefits from its proximity to Bexley and Mount Carmel East Hospital.
Key Highlights
- Value‑add opportunity through renovation and strategic lease‑up in a strong rental market.
- Located in Columbus' Eastmoor neighborhood within the new Zone In rezoning area.
- Six‑unit garden‑style apartment building with a mix of 1‑bedroom and 2‑bedroom 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
$37,852
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
9.01%
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%
$757,040
$757.0K
Cap Rate 7%
$540,743
$540.7K
Cap Rate 9%
$420,578
$420.6K
Market Conditions
NOI Build-Up for 5,526 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
$73.6K $13.32/SF
− Vacancy
−$4.8K −$0.87/SF
EGI
$68.8K $12.45/SF
− OpEx
−$31.0K −$5.60/SF
NOI
$37.9K $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%
$757,040
Cap Rate 7%
$540,743
Cap Rate 9%
$420,578
Alternative Uses
Best Use
Apartment 5plus
$540.7K
$473.2K – $630.9K
NOI $37,852 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,615 @ 7.0% cap · market cap 19.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 43213, OH
35,105
Population
17,069
Households
2.1
Avg Household Size
37
Median Age
23%
College-Educated
90%
High-School Grad
10.3 sq mi
ZIP Area
3,408
Density / Sq Mi
$53,908
Median Household Income
$37,753
Median Earnings
$1,107
Median Rent
$197,700
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?
Apartment building - Six-unit apartment building in Columbus' Eastmoor neighborhood, offering value-add potential.
Where is this apartment building located?
The property is located at 3357-3361 E Broad St Columbus, OH.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Value‑add opportunity through renovation and strategic lease‑up in a strong rental market.; Located in Columbus' Eastmoor neighborhood within the new Zone In rezoning area.; Six‑unit garden‑style apartment building with a mix of 1‑bedroom and 2‑bedroom units.
