Renovated Duplex with Three-Bedroom
New
For Sale
$447,000
13131315 1313-1315 Parsons Ave, Columbus, OH 43206
Two updated residences offer flexible layouts, private porches, alley-accessed parking, and proximity to Downtown Columbus and major hospitals.
Property Size3,296 SF
Price / SF$135.62
Days on Market5
Property Features for 13131315 1313-1315 Parsons Ave
General Information
Standard status
Active
Size
3,296 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Building Details
Year Built
1923
Year Renovated
2026
Buildings
1
Listing Agency:
Buckeye Realty Group
Listed By:
Christy L Moore · License #2008000849
(614) 582-0812
Source:
Dreamcolumbus
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 20 at 10:25AM
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 Buckeye Realty Group
Investment Insights
Based on property information with market context.
Built in 1923, this duplex contains two similarly configured three-bedroom residences. Each unit includes a refreshed kitchen with 42-inch soft-close cabinets, granite counters, stainless steel appliances, garbage disposal, updated faucets, and a breakfast nook. Living and dining areas provide generous common space, while private front porches extend each unit’s usable area. Oversized full bathrooms feature walk-in showers. Two bedrooms are located on the second floor, with a third bedroom and large closet on the third floor.
The property received extensive 2026 improvements, including HVAC systems, hot water tanks, electrical panels, wiring, devices, PEX and PVC plumbing, windows, flooring, lighting, fixtures, siding, fascia, soffits, and gutters. Original woodwork remains. The third-floor area adds approximately 360 square feet per unit beyond the listed square footage, for estimated total finished space of approximately 3,296 square feet. Alley-accessed off-street parking supplements 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, wiring, devices, PEX and PVC plumbing, windows, flooring, lighting, fixtures, siding, fascia, soffits, and gutters. Original woodwork remains. The third-floor area adds approximately 360 square feet per unit beyond the listed square footage, for estimated total finished space of approximately 3,296 square feet. Alley-accessed off-street parking supplements street parking. The property is near Downtown Columbus, Grant Hospital, Nationwide Children’s Hospital, the Short North, restaurants, and entertainment.
Key Highlights
- Two similar 3‑bedroom units in a fully renovated duplex
- Extensive 2026 updates include HVAC, plumbing, electrical, windows, flooring, and exterior components
- Approximately 360 additional sq. ft. per unit on the third floor
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
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
44
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, alley-accessed parking, and proximity to Downtown Columbus and major hospitals.
Where is this duplex located?
The property is located at 13131315 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 fully renovated duplex; Extensive 2026 updates include HVAC, plumbing, electrical, windows, flooring, and exterior components; Approximately 360 additional sq. ft. per unit on the third floor
