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    Two-Unit Duplex with Third-Floor Flex Title is generated by Realmo AI

    154-156 East Gates Street, Columbus, OH 43206

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    For Sale
    $687,400

    Professionally managed duplex with both units rented, hardwood floors, central air, fenced backyards, and flex third floors.

    Type:Multi-Family / Duplex
    Property size:
    2,476 SF
    Price / SF:
    $277/SF
    Added:
    Nov 29, 2024
    Days on Market:
    554
    Last Refresh:
    Jun 6 at 4:38 am

    Property Features for 154-156 East Gates Street

    General Information

    Standard status
    Active
    Size
    2,476 SF
    Property subtype
    Multi-Family / Duplex

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    Troy A Irskens

    Listing agent Troy A Irskens License #444910

    Listing office KW Classic Properties Realty

    Listing date Nov 29, 2024

    Source Compass

    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 KW Classic Properties Realty

    HighLights

    • Duplex with both units rented and $53,640 annual rent
    • Each unit offers 3 bedrooms, 1 full bath and 1 half bath, plus a separate unfinished 3rd‑floor space
    • Hardwood floors throughout each unit’s open floor plan; central air in both units
    • Both units have fenced backyards; 156 unit includes a 2‑car garage
    • Recent updates: 154 unit remodeled (full bath remodel, new kitchen countertops, refinished hardwood, new carpet); 156 unit granite countertops
    • 156 unit improvements include new HVAC and furnace (Aug 2024, 10‑year transferable warranty) and new water heater (Apr 13)

    Overview

    This two-unit duplex offers two identical layouts, with each side featuring three bedrooms and 1.5 baths, an open floor plan with hardwood flooring, and central air. Each unit also includes a fenced backyard. In addition, both sides have a separate unfinished third-floor space that can work as a home office or studio. The 156 side includes a 2-car garage. Updates include a recent remodel on the 154 unit with a full bathroom remodel, new kitchen countertop surfaces, refinished hardwood on the first floor, and new carpet in the upstairs hallway and bedrooms. The 156 unit has granite countertops installed, new HVAC and furnace installed in August 2024 with a 10-year transferable warranty from the installation date, and a new water heater installed on April 13. Both units are sub-metered for utility billing.

    The property is professionally managed and is described as being steps from Thurman Cafe and Schiller Park.

    As of May 12, both units are rented and generating $53,640 in annual rent. With separate third-floor rooms, fenced outdoor space, and central air in both units, the building can appeal to tenants seeking flexible living arrangements and straightforward utility billing through sub-metering. The on-site garage for the 156 unit and the ongoing recent interior improvements further support a practical, rent-ready presentation for continued occupancy.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9915368
    Latitude
    39.9378244

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    FAQs

    What type of property is this?
    Duplex - Professionally managed duplex with both units rented, hardwood floors, central air, fenced backyards, and flex third floors.
    Where is this duplex located?
    The property is located at 154-156 East Gates Street Columbus, OH.
    What is the asking price?
    The asking price for this property is $687,400.
    What are key features of this property?
    This property features: Duplex with both units rented and $53,640 annual rent; Each unit offers 3 bedrooms, 1 full bath and 1 half bath, plus a separate unfinished 3rd‑floor space; Hardwood floors throughout each unit’s open floor plan; central air in both units
    (614) 216-8067
    We can help!
    Listing Contact
    Troy A Irskens
    Real Estate License ID: 444910
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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