Refurbished Apartment
For Sale
Contact for pricing
Pending
309 S 4th Street, Columbus, OH 43215
Historic multifamily asset with commercial units, penthouses, elevators, and resident-oriented amenities.
Property Size57,590 SF
Days on Market964
Property Features for 309 S 4th Street
General Information
Standard status
Pending
Size
57,590 SF
Class
A
Total Parking Spaces
30
Property subtype
Multifamily
Investment Type
Value Add
Building Details
Year Built
1902
Year Renovated
2023
Buildings
1
Stories
5
Units
41
Listing Agency:
Red One Realty
(614) 560-7747
Listed By:
Jeff Sheu · License #2017006002
Source:
Crexi
Added: Jan 9, 2024
Changed: Aug 29
Last Checked: Aug 29 at 1:18PM
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 One Realty
Investment Insights
Based on property information with market context.
Originally built in 1902, this 57,590-square-foot historic apartment building has been refurbished with original exposed timber beams and updated architectural finishes. The property contains 41 units, including five penthouses with gas appliances, along with three commercial units. Interior features include quartz countertops, stainless steel appliance packages, in-unit laundry, wood flooring, and LED backlit mirrors.
Building amenities and infrastructure include two elevators, a front lobby reception area, underground storage, a fitness center, security features, and a rooftop area identified for future retail or tenant amenity development. The property also includes a 30-space parking lot and three parcels, including one designated for potential mid-rise development. A 100% property tax abatement is in place through 2034.
Building amenities and infrastructure include two elevators, a front lobby reception area, underground storage, a fitness center, security features, and a rooftop area identified for future retail or tenant amenity development. The property also includes a 30-space parking lot and three parcels, including one designated for potential mid-rise development. A 100% property tax abatement is in place through 2034.
Key Highlights
- 41 total units, including 5 penthouses and 3 commercial units
- 57,590‑square‑foot historic building originally constructed in 1902
- Two elevators, lobby reception, underground storage, and fitness center
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
$660,845
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
6.96%
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%
$13,216,900
$13.2M
Cap Rate 7%
$9,440,643
$9.4M
Cap Rate 9%
$7,342,722
$7.3M
Market Conditions
NOI Build-Up for 57,590 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
$1.17M $20.40/SF
− Vacancy
−$117.5K −$2.04/SF
EGI
$1.06M $18.36/SF
− OpEx
−$396.5K −$6.89/SF
NOI
$660.8K $11.48/SF
Area
Columbus, OH
Vacancy
10.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
37.50%
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%
$13,216,900
Cap Rate 7%
$9,440,643
Cap Rate 9%
$7,342,722
Alternative Uses
Best Use
Mixed Use
$9.44M
$8.26M – $11.01M
NOI $660,845 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$5.64M
$4.93M – $6.57M
NOI $394,481 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$12.00M
$10.50M – $14.00M
NOI $840,143 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,683
Businesses Nearby
Explore this area
Business Placement
Demographics for 43215, OH
20,761
Population
13,428
Households
1.5
Avg Household Size
32
Median Age
71%
College-Educated
97%
High-School Grad
5.1 sq mi
ZIP Area
4,071
Density / Sq Mi
$74,469
Median Household Income
$59,521
Median Earnings
$1,487
Median Rent
$508,300
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?
Apartment building - Historic multifamily asset with commercial units, penthouses, elevators, and resident-oriented amenities.
Where is this apartment building located?
The property is located at 309 S 4th Street Columbus, OH.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 41 total units, including 5 penthouses and 3 commercial units; 57,590‑square‑foot historic building originally constructed in 1902; Two elevators, lobby reception, underground storage, and fitness center
