Mixed-Use Redevelopment
For Sale
$599,000
1478 Oak Street, Columbus, OH 43205
Two-level building offering flexible commercial space and planned residential redevelopment potential.
Property Size2,550 SF
Price / SF$234.90
Days on Market629
Property Features for 1478 Oak Street
General Information
Standard status
Active
Size
2,550 SF
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Amenities
3
33 Parking Spaces.
Building Details
Year Built
1909
Buildings
1
Stories
2
Listing Agency:
N/A
(614) 202-9945
Listed By:
Desmond Todd · License #2020005757
(614) 202-9945
Source:
Xome
Added: Dec 9, 2024
Changed: Aug 30
Last Checked: Aug 30 at 1:48AM
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 N/A
Investment Insights
Based on property information with market context.
Built in 1909, this 2,550-square-foot property combines a ground-floor commercial component with a second-floor residential redevelopment opportunity. The permitted mixed-use concept allows the existing structure to be preserved while repositioning the upper level for four studio loft apartments with private balconies. The first floor can accommodate a range of concepts identified in the property information, including a restaurant, pub, coffee shop, small retail shop, neighborhood grocery, or entertainment facility.
The property is located on Oak Street in Columbus, near Franklin Park Conservatory and Olde Towne East. Downtown Columbus, I-70, I-71, the Short North, the Arena District, and the Near East Side are identified as nearby destinations or access points. The site also includes 33 parking spaces. The current owner is willing to remain involved through redevelopment and may consider a builder partnership.
The property is located on Oak Street in Columbus, near Franklin Park Conservatory and Olde Towne East. Downtown Columbus, I-70, I-71, the Short North, the Arena District, and the Near East Side are identified as nearby destinations or access points. The site also includes 33 parking spaces. The current owner is willing to remain involved through redevelopment and may consider a builder partnership.
Key Highlights
- 2,550‑square‑foot mixed‑use property built in 1909
- Permitted concept allows preservation of the existing building during redevelopment
- Second floor planned for four studio loft apartments with private balconies
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
$29,399
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
4.91%
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%
$587,980
$588.0K
Cap Rate 7%
$419,986
$420.0K
Cap Rate 9%
$326,656
$326.7K
Market Conditions
NOI Build-Up for 2,550 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
$45.9K $18.00/SF
− Vacancy
−$3.9K −$1.53/SF
EGI
$42.0K $16.47/SF
− OpEx
−$12.6K −$4.94/SF
NOI
$29.4K $11.53/SF
Area
Columbus, OH
Vacancy
8.50%
Lease Rate
$18.00 /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%
$587,980
Cap Rate 7%
$419,986
Cap Rate 9%
$326,656
Alternative Uses
Best Use
Retail
$420.0K
$367.5K – $490.0K
NOI $29,399 @ 7.0% cap · market cap 4.91%
Second Best
Mixed Use
$418.0K
$365.8K – $487.7K
NOI $29,261 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$531.4K
$465.0K – $620.0K
NOI $37,200 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,106
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
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?
Mixed-use property - Two-level building offering flexible commercial space and planned residential redevelopment potential.
Where is this mixed-use property located?
The property is located at 1478 Oak Street Columbus, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,550‑square‑foot mixed‑use property built in 1909; Permitted concept allows preservation of the existing building during redevelopment; Second floor planned for four studio loft apartments with private balconies
