Renovated 2-Unit
For Sale
$189,900
940-942 Leona Ave, Columbus, OH 43201
Updated upper residence with stainless steel appliances, wood-look flooring, new carpet, and brand-new AC in both units.
Property Size1,380 SF
Price / SF$137.61
Days on Market39
Property Features for 940-942 Leona Ave
General Information
Standard status
Active
Size
1,380 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1924
Listing Agency:
Larry Stefanitsis, Red 1 Realty
(614) 402-5212
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Jul 23
Changed: Aug 28
Last Checked: Aug 29 at 8:52AM
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 Larry Stefanitsis, Red 1 Realty
Investment Insights
Based on property information with market context.
This 1,380-square-foot duplex, built in 1924, contains two residential units. The upper unit has two bedrooms and one bathroom and has been renovated with gray shaker cabinetry, stainless steel appliances, wood-look flooring, and new carpet. Both units are equipped with brand-new AC. The lower unit is occupied and currently producing income.
The property is located at 940-942 Leona Ave in Columbus, near The Ohio State University, downtown, OSU Medical Center East, and Nationwide Children's Hospital. Its proximity to campus, hospitals, and major employers places the duplex within an established institutional employment and education setting.
The property is located at 940-942 Leona Ave in Columbus, near The Ohio State University, downtown, OSU Medical Center East, and Nationwide Children's Hospital. Its proximity to campus, hospitals, and major employers places the duplex within an established institutional employment and education setting.
Key Highlights
- Two‑unit duplex totaling 1,380 SF; built in 1924
- Renovated upper unit with 2 bedrooms and 1 bathroom
- Upper unit features gray shaker cabinetry and stainless steel appliances
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
$11,751
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
6.19%
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%
$235,020
$235.0K
Cap Rate 7%
$167,871
$167.9K
Cap Rate 9%
$130,567
$130.6K
Market Conditions
NOI Build-Up for 1,380 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
$18.1K $13.08/SF
− Vacancy
−$1.3K −$0.92/SF
EGI
$16.8K $12.16/SF
− OpEx
−$5.0K −$3.65/SF
NOI
$11.8K $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%
$235,020
Cap Rate 7%
$167,871
Cap Rate 9%
$130,567
Alternative Uses
Best Use
Multifamily LT 5
$167.9K
$146.9K – $195.9K
NOI $11,751 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$135.0K
$118.2K – $157.6K
NOI $9,453 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$287.6K
$251.7K – $335.5K
NOI $20,132 @ 7.0% cap · market cap 10.60%
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 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
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 upper residence with stainless steel appliances, wood-look flooring, new carpet, and brand-new AC in both units.
Where is this duplex located?
The property is located at 940-942 Leona Ave Columbus, OH.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,380 SF; built in 1924; Renovated upper unit with 2 bedrooms and 1 bathroom; Upper unit features gray shaker cabinetry and stainless steel appliances
