Renovated Duplex with Three-Bedroom
New
For Sale
$447,000
1313-1315 Parsons Ave, Columbus, OH 43206
Two updated residences offer flexible layouts, private porches, modern kitchens, and off-street parking near Downtown Columbus.
Property Size2,576 SF
Price / SF$173.52
Days on Market6
Property Features for 1313-1315 Parsons Ave
General Information
Standard status
Active
Size
2,576 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Amenities
private front porch
off-street parking
Building Details
Year Built
1923
Year Renovated
2026
Buildings
1
Listing Agency:
Tonya Fisher, Key Realty
Listed By:
Rhiannon Ferrari · License #2009003178
(614) 226-1039
Source:
Ferrarihomegroup
Added: Sep 15
Changed: Sep 20
Last Checked: Sep 20 at 8:39AM
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 Tonya Fisher, Key Realty
Investment Insights
Based on property information with market context.
This duplex contains two comparable three-bedroom residences, each arranged across three levels with two bedrooms upstairs and a larger third bedroom on the top floor. Both units include refreshed kitchens with 42-inch soft-close cabinets, granite worktops, stainless steel appliances, breakfast nooks, spacious living and dining areas, private front porches, and full bathrooms with walk-in showers. Preserved original woodwork adds character alongside the renovated interiors.
The property received extensive 2026 improvements, including new HVAC systems, hot water tanks, electrical panels, wiring, plumbing, windows, flooring, lighting, fixtures, siding, fascia, soffits, and gutters. The listed building area is 2,576 square feet, with approximately 360 additional square feet per unit on the third floors, for estimated total finished space of approximately 3,296 square feet. Alley-accessed off-street parking supplements street parking. The property is minutes from Downtown Columbus, Grant Hospital, Nationwide Children's Hospital, the Short North, restaurants, and entertainment.
The property received extensive 2026 improvements, including new HVAC systems, hot water tanks, electrical panels, wiring, plumbing, windows, flooring, lighting, fixtures, siding, fascia, soffits, and gutters. The listed building area is 2,576 square feet, with approximately 360 additional square feet per unit on the third floors, for estimated total finished space of approximately 3,296 square feet. Alley-accessed off-street parking supplements street parking. The property is minutes from Downtown Columbus, Grant Hospital, Nationwide Children's Hospital, the Short North, restaurants, and entertainment.
Key Highlights
- Two similar 3‑bedroom units in a duplex configuration
- Extensive 2026 renovations include HVAC, plumbing, electrical, windows, flooring, and exterior components
- 2,576 square feet listed area plus approximately 360 additional square feet per unit
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
$21,935
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
4.91%
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%
$438,700
$438.7K
Cap Rate 7%
$313,357
$313.4K
Cap Rate 9%
$243,722
$243.7K
Market Conditions
NOI Build-Up for 2,576 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
$33.7K $13.08/SF
− Vacancy
−$2.4K −$0.92/SF
EGI
$31.3K $12.16/SF
− OpEx
−$9.4K −$3.65/SF
NOI
$21.9K $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%
$438,700
Cap Rate 7%
$313,357
Cap Rate 9%
$243,722
Alternative Uses
Best Use
Multifamily LT 5
$313.4K
$274.2K – $365.6K
NOI $21,935 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,645 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$536.9K
$469.8K – $626.3K
NOI $37,580 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
641
Businesses Nearby
Explore this area
Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
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?
Duplex - Two updated residences offer flexible layouts, private porches, modern kitchens, and off-street parking near Downtown Columbus.
Where is this duplex located?
The property is located at 1313-1315 Parsons Ave Columbus, OH.
What is the asking price?
The asking price for this property is $447,000.
What are key features of this property?
This property features: Two similar 3‑bedroom units in a duplex configuration; Extensive 2026 renovations include HVAC, plumbing, electrical, windows, flooring, and exterior components; 2,576 square feet listed area plus approximately 360 additional square feet per unit
