Multi-Use Flex
For Sale
$139,900
2453 Sullivant Avenue # 3 Columbus, Columbus, OH 43204
Multi-use building features a large drive-in garage with rear lot access, plus main level and full basement.
Property Size2,340 SF
Price / SF$59.79
Days on Market46
Property Features for 2453 Sullivant Avenue # 3 Columbus
General Information
Standard status
Active
Size
2,340 SF
Zoning
URG-1
Taxes and HOA fees
Annual Taxes
$3,079
Amenities
No
0.12
2340.0
Building Details
Building Size
2,340 SF
Year Built
1910
Stories
1
Listing Agency:
(614) 660-5959
Listed By:
Penny Ray
(614) 660-5959
Source:
Movenowohio
Added: Jul 7
Changed: Aug 14
Last Checked: Aug 21 at 3:53AM
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 Penny Ray
Investment Insights
Based on property information with market context.
This multi-use building includes approximately 2,340 SF on the main level, a full basement, and a rare 1,800 SF drive-in garage. The garage provides rear lot access, supporting flexible layouts for a variety of commercial concepts. The property is zoned URG-1, which allows a wide range of potential uses as described in the remarks, including residential, retail, service, and other commercial applications. Please note the property will require substantial renovation; “Go and Show.”
The property is located at 2453 Sullivant Avenue #3 in Columbus, Ohio. Rear lot access tied to the drive-in garage is a key site attribute for use cases that benefit from direct vehicle entry.
The property is located at 2453 Sullivant Avenue #3 in Columbus, Ohio. Rear lot access tied to the drive-in garage is a key site attribute for use cases that benefit from direct vehicle entry.
Key Highlights
- Multi‑use building on a 0.12‑acre lot with a 2,340 SF main level plus a full basement
- Rare 1,800 SF drive‑in garage with rear lot access
- Zoned URG‑1, allowing a wide range of potential uses including residential, retail, and service
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
$9,253
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
6.61%
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%
$185,060
$185.1K
Cap Rate 7%
$132,186
$132.2K
Cap Rate 9%
$102,811
$102.8K
Market Conditions
NOI Build-Up for 2,340 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
$14.3K $6.12/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$13.2K $5.65/SF
− OpEx
−$4.0K −$1.69/SF
NOI
$9.3K $3.95/SF
Area
Columbus, OH
Vacancy
7.70%
Lease Rate
$6.12 /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%
$185,060
Cap Rate 7%
$132,186
Cap Rate 9%
$102,811
Alternative Uses
Best Use
Flex RnD
$332.2K
$290.7K – $387.6K
NOI $23,253 @ 7.0% cap · market cap 16.62%
Second Best
Industrial
$132.2K
$115.7K – $154.2K
NOI $9,253 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$487.7K
$426.7K – $569.0K
NOI $34,137 @ 7.0% cap · market cap 24.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43204, OH
42,315
Population
19,286
Households
2.2
Avg Household Size
35
Median Age
25%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
4,502
Density / Sq Mi
$59,158
Median Household Income
$38,610
Median Earnings
$1,206
Median Rent
$170,900
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Multi-use building features a large drive-in garage with rear lot access, plus main level and full basement.
Where is this flex space located?
The property is located at 2453 Sullivant Avenue # 3 Columbus Columbus, OH.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Multi‑use building on a 0.12‑acre lot with a 2,340 SF main level plus a full basement; Rare 1,800 SF drive‑in garage with rear lot access; Zoned URG‑1, allowing a wide range of potential uses including residential, retail, and service
