Renovated Two-Unit
For Sale
$365,000
107 Midland Avenue #107-109, Columbus, OH 43223
Updated interiors, separate laundry, private outdoor space, and refreshed mechanical, electrical, and plumbing systems support both residences.
Property Size3,800 SF
Lot Size0.12 Acres
Price / SF$96.05
Days on Market20
Property Features for 107 Midland Avenue #107-109
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.12 Acres
Property subtype
Multi Family Home
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 3BR/3.5BA
Multifamily Units
2
Additional Details
Asking Price
$365,000
Taxes and HOA fees
Annual Taxes
$2,842
Amenities
washer & dryer in each unit
private yard
designer kitchens
quartz countertops
new cabinetry
modern tile bathrooms
Building Details
Year Built
1920
Buildings
1
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
Red 1 Realty
(614) 824-7845
Listed By:
Taras Posykalyuk · License #2020008088
Source:
Hcblandrealty
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
This renovated duplex contains two residences arranged across three floors, with approximately 3,800 Sq Ft of finished living space that includes a finished attic. Each unit provides 3 bedrooms, dedicated living areas, a kitchen with quartz countertops and new cabinetry, modern tile bathrooms, and its own washer and dryer. The property also offers private outdoor space and updated windows and siding.
Built in 1920, the home retains its original character while benefiting from improvements to the HVAC, electrical, and plumbing systems. The property sits on a 0.123-acre lot at 107 Midland Avenue in Columbus, Ohio, within Columbus City Schools. There is no HOA, and street parking is available.
Built in 1920, the home retains its original character while benefiting from improvements to the HVAC, electrical, and plumbing systems. The property sits on a 0.123-acre lot at 107 Midland Avenue in Columbus, Ohio, within Columbus City Schools. There is no HOA, and street parking is available.
Key Highlights
- Two‑unit duplex with 3 bedrooms in each residence
- Approximately 3,800 Sq Ft of finished space across three floors, including a finished attic
- Each unit includes separate laundry, quartz kitchen counters, and updated cabinetry
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
$32,357
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
8.86%
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%
$647,140
$647.1K
Cap Rate 7%
$462,243
$462.2K
Cap Rate 9%
$359,522
$359.5K
Market Conditions
NOI Build-Up for 3,800 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
$49.7K $13.08/SF
− Vacancy
−$3.5K −$0.92/SF
EGI
$46.2K $12.16/SF
− OpEx
−$13.9K −$3.65/SF
NOI
$32.4K $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%
$647,140
Cap Rate 7%
$462,243
Cap Rate 9%
$359,522
Alternative Uses
Best Use
Multifamily LT 5
$462.2K
$404.5K – $539.3K
NOI $32,357 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$371.8K
$325.4K – $433.8K
NOI $26,029 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$791.9K
$693.0K – $923.9K
NOI $55,436 @ 7.0% cap · market cap 15.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 43223, OH
27,951
Population
10,662
Households
2.6
Avg Household Size
35
Median Age
11%
College-Educated
77%
High-School Grad
10.0 sq mi
ZIP Area
2,795
Density / Sq Mi
$45,902
Median Household Income
$32,509
Median Earnings
$1,063
Median Rent
$113,600
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 - Updated interiors, separate laundry, private outdoor space, and refreshed mechanical, electrical, and plumbing systems support both residences.
Where is this duplex located?
The property is located at 107 Midland Avenue #107-109 Columbus, OH.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms in each residence; Approximately 3,800 Sq Ft of finished space across three floors, including a finished attic; Each unit includes separate laundry, quartz kitchen counters, and updated cabinetry
