Renovated Duplex with Three-Bedroom
New
For Sale
$447,000
1313-1315 Parsons Avenue, Columbus, OH 43206
Multi-Family, Columbus, OH
Property Size3,296 SF
Lot Size0.11 Acres
Price / SF$135.62
Days on Market4
Property Features for 1313-1315 Parsons Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
9
Rooms
Bedroom 3, Bedroom 5, Bedroom 8, Bedroom 2, Bedroom 7, Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 9
Elementary school district
COLUMBUS CSD 2503 FRA CO.
Middle school district
COLUMBUS CSD 2503 FRA CO.
High school district
COLUMBUS CSD 2503 FRA CO.
Standard status
Active
APN
010-070270
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1352
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
private front porch
off-street parking
Building Details
Year built
1923
Number of units
2
Listing Agency:
Buckeye Realty Group
(740) 852-6446
Listed By:
Christy L Moore · License #2008000849
(614) 582-0812
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 2:06AM
MLS# 226034923
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two similarly configured three-bedroom units, each with spacious living and dining areas, a private front porch, and a full bathroom with a walk-in shower. Kitchens include 42-inch soft-close cabinets, granite counters, stainless steel appliances, garbage disposals, updated faucets, and breakfast nooks. Each residence has two second-floor bedrooms plus a larger third-floor bedroom with substantial closet space.
The property received extensive 2026 improvements, including HVAC systems, hot water tanks, electrical panels and wiring, plumbing, windows, flooring, carpeting, lighting, fixtures, siding, fascia, soffits, and gutters. Original woodwork remains. The third-floor area adds approximately 360 square feet per unit and brings the estimated finished space to approximately 3,296 square feet. Off-street parking is accessible from the alley, with additional street parking. The property is near Downtown Columbus, Grant Hospital, Nationwide Children's Hospital, the Short North, restaurants, and entertainment.
The property received extensive 2026 improvements, including HVAC systems, hot water tanks, electrical panels and wiring, plumbing, windows, flooring, carpeting, lighting, fixtures, siding, fascia, soffits, and gutters. Original woodwork remains. The third-floor area adds approximately 360 square feet per unit and brings the estimated finished space to approximately 3,296 square feet. Off-street parking is accessible from the alley, with additional street parking. The property is near Downtown Columbus, Grant Hospital, Nationwide Children's Hospital, the Short North, restaurants, and entertainment.
Key Highlights
- Two three‑bedroom units with similar layouts
- Approximately 360 additional sq. ft. per unit on the third floor
- Estimated total finished space of approximately 3,296 sq. ft.
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
$28,066
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
6.28%
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%
$561,320
$561.3K
Cap Rate 7%
$400,943
$400.9K
Cap Rate 9%
$311,844
$311.8K
Market Conditions
NOI Build-Up for 3,296 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
$43.1K $13.08/SF
− Vacancy
−$3.0K −$0.92/SF
EGI
$40.1K $12.16/SF
− OpEx
−$12.0K −$3.65/SF
NOI
$28.1K $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%
$561,320
Cap Rate 7%
$400,943
Cap Rate 9%
$311,844
Alternative Uses
Best Use
Multifamily LT 5
$400.9K
$350.8K – $467.8K
NOI $28,066 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$322.5K
$282.2K – $376.3K
NOI $22,577 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$686.9K
$601.0K – $801.4K
NOI $48,083 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences include private porches, modern kitchens, and off-street parking.
Where is this duplex located?
The property is located at 1313-1315 Parsons Avenue 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 three‑bedroom units with similar layouts; Approximately 360 additional sq. ft. per unit on the third floor; Estimated total finished space of approximately 3,296 sq. ft.
