Three-Unit Triplex
For Sale
$165,000
1827 E Lakeview Ave, Columbus, OH 43224
Fully occupied multifamily property with flexible month-to-month leasing.
Property Size1,980 SF
Price / SF$83.33
Days on Market41
Property Features for 1827 E Lakeview Ave
General Information
Standard status
Active
Size
1,980 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1976
Listing Agency:
Brandon Thompson, Red 1 Realty
Listed By:
Contact LOCAL Agent
(614) 291-1200
Source:
Realtyohio
Added: Aug 3
Changed: Sep 11
Last Checked: Sep 12 at 7:09AM
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 Brandon Thompson, Red 1 Realty
Investment Insights
Based on property information with market context.
Built in 1976, this triplex contains three one-bedroom, one-bathroom residential units. The property is fully occupied, with each apartment leased on a month-to-month basis, providing a flexible existing leasing structure.
Located at 1827 E Lakeview Avenue in Columbus, Ohio, the property offers a compact multifamily configuration with three individual units. The unit layout is consistent throughout, with each residence offering one bedroom and one bathroom.
Located at 1827 E Lakeview Avenue in Columbus, Ohio, the property offers a compact multifamily configuration with three individual units. The unit layout is consistent throughout, with each residence offering one bedroom and one bathroom.
Key Highlights
- Three‑unit triplex configuration
- Three one‑bedroom, one‑bathroom units
- Fully occupied property
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
$13,563
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
8.22%
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%
$271,260
$271.3K
Cap Rate 7%
$193,757
$193.8K
Cap Rate 9%
$150,700
$150.7K
Market Conditions
NOI Build-Up for 1,980 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
$26.4K $13.32/SF
− Vacancy
−$1.7K −$0.87/SF
EGI
$24.7K $12.45/SF
− OpEx
−$11.1K −$5.60/SF
NOI
$13.6K $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%
$271,260
Cap Rate 7%
$193,757
Cap Rate 9%
$150,700
Alternative Uses
Best Use
Multifamily LT 5
$240.9K
$210.8K – $281.0K
NOI $16,860 @ 7.0% cap · market cap 10.22%
Second Best
Apartment 5plus
$193.8K
$169.5K – $226.1K
NOI $13,563 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$412.6K
$361.1K – $481.4K
NOI $28,885 @ 7.0% cap · market cap 17.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
524
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully occupied multifamily property with flexible month-to-month leasing.
Where is this triplex located?
The property is located at 1827 E Lakeview Ave Columbus, OH.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Three‑unit triplex configuration; Three one‑bedroom, one‑bathroom units; Fully occupied property
