Residential Income Triplex
For Sale
$599,000
2931-2935 McGuffey Rd, Columbus, OH 43224
Two triplex buildings deliver six residential units on a 0.23-acre R3-zoned parcel.
Property Size6,180 SF
Lot Size0.23 Acres
Price / SF$96.93
Days on Market27
Property Features for 2931-2935 McGuffey Rd
General Information
Standard status
Active
Size
6,180 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Zoning
R3
Additional Details
Highway Access
Yes
Multifamily Units
6
Building Details
Building Size
6,180 SF
Year Built
1973
Units
6
Listing Agency:
NAI Ohio Equities
(614) 940-4032
Listed By:
Bastian Gehrer · License #2023003682
Source:
Commercialcafe
Added: Jul 26
Changed: Aug 8
Last Checked: Aug 18 at 7:41AM
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.
2931–2935 McGuffey Road is a 6,180 SF multifamily property comprised of two triplex buildings with six total residential units. The triplex buildings are each approximately 3,090 SF and sit together on a 0.23-acre parcel.
The property is located in Columbus’ North Linden neighborhood, with quick access to I-71, SR-161, and Downtown Columbus. It is also positioned just minutes from The Ohio State University, with nearby retail corridors along Cleveland Avenue and Morse Road.
Zoned Residential (R3), the property offers a straightforward multifamily configuration across the two attached triplex structures.
The property is located in Columbus’ North Linden neighborhood, with quick access to I-71, SR-161, and Downtown Columbus. It is also positioned just minutes from The Ohio State University, with nearby retail corridors along Cleveland Avenue and Morse Road.
Zoned Residential (R3), the property offers a straightforward multifamily configuration across the two attached triplex structures.
Key Highlights
- 6,180 SF multifamily property built in 1973 on a 0.23‑acre parcel
- Six total units across two triplex buildings (each approximately 3,090 SF)
- Zoned Residential (R3) for multifamily use
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
$52,623
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
8.79%
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%
$1,052,460
$1.1M
Cap Rate 7%
$751,757
$751.8K
Cap Rate 9%
$584,700
$584.7K
Market Conditions
NOI Build-Up for 6,180 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
$80.8K $13.08/SF
− Vacancy
−$5.7K −$0.92/SF
EGI
$75.2K $12.16/SF
− OpEx
−$22.6K −$3.65/SF
NOI
$52.6K $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%
$1,052,460
Cap Rate 7%
$751,757
Cap Rate 9%
$584,700
Alternative Uses
Best Use
Multifamily LT 5
$751.8K
$657.8K – $877.1K
NOI $52,623 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$604.7K
$529.2K – $705.5K
NOI $42,332 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,156 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 43224, OH
43,544
Population
19,238
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
79%
High-School Grad
8.3 sq mi
ZIP Area
5,246
Density / Sq Mi
$50,934
Median Household Income
$34,966
Median Earnings
$1,025
Median Rent
$159,800
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?
Triplex - Two triplex buildings deliver six residential units on a 0.23-acre R3-zoned parcel.
Where is this triplex located?
The property is located at 2931-2935 McGuffey Rd Columbus, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 6,180 SF multifamily property built in 1973 on a 0.23‑acre parcel; Six total units across two triplex buildings (each approximately 3,090 SF); Zoned Residential (R3) for multifamily use
