Side-by-Side Duplex with
For Sale
$210,000
1309 E 24th Ave, Columbus, OH 43211
Two residential units offer separate living areas, three-bedroom layouts, basement storage, and laundry hookups.
Property Size2,268 SF
Price / SF$92.59
Days on Market20
Property Features for 1309 E 24th Ave
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1927
Buildings
1
Listing Agency:
Adam Woodring, Mainstay Brokerage LLC
Listed By:
Contact LOCAL Agent
(614) 291-1200
Source:
Realtyohio
Added: Aug 20
Changed: Sep 8
Last Checked: Sep 7 at 6:20AM
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 Adam Woodring, Mainstay Brokerage LLC
Investment Insights
Based on property information with market context.
Built in 1927, this duplex contains two side-by-side residential units, each with three bedrooms and one full bathroom. Both layouts include a living room, dining area, kitchen, and a full basement with laundry hookups and storage space. Furnaces were installed in 2021, and the roof was replaced in 2018.
One unit is occupied under an annual lease, while the second unit is vacant. The property is in the South Linden area near bus lines, schools, Cleveland Ave., I-71, and the Fairgrounds.
One unit is occupied under an annual lease, while the second unit is vacant. The property is in the South Linden area near bus lines, schools, Cleveland Ave., I-71, and the Fairgrounds.
Key Highlights
- Two side‑by‑side units, each with 3 Bedrooms and 1 Full Bath
- Full Basement in each unit with laundry hookups and storage space
- Furnaces installed in 2021
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
$19,312
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
9.20%
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%
$386,240
$386.2K
Cap Rate 7%
$275,886
$275.9K
Cap Rate 9%
$214,578
$214.6K
Market Conditions
NOI Build-Up for 2,268 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
$29.7K $13.08/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$27.6K $12.16/SF
− OpEx
−$8.3K −$3.65/SF
NOI
$19.3K $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%
$386,240
Cap Rate 7%
$275,886
Cap Rate 9%
$214,578
Alternative Uses
Best Use
Multifamily LT 5
$275.9K
$241.4K – $321.9K
NOI $19,312 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$221.9K
$194.2K – $258.9K
NOI $15,535 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$472.7K
$413.6K – $551.4K
NOI $33,086 @ 7.0% cap · market cap 15.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Explore this area
Business Placement
Demographics for 43211, OH
23,160
Population
9,956
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
77%
High-School Grad
4.7 sq mi
ZIP Area
4,928
Density / Sq Mi
$38,715
Median Household Income
$28,601
Median Earnings
$1,057
Median Rent
$91,600
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 residential units offer separate living areas, three-bedroom layouts, basement storage, and laundry hookups.
Where is this duplex located?
The property is located at 1309 E 24th Ave Columbus, OH.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 3 Bedrooms and 1 Full Bath; Full Basement in each unit with laundry hookups and storage space; Furnaces installed in 2021
