Updated Duplex with Two
New
For Sale
$344,900
906 Ellsworth Ave Unit 908, Columbus, OH 43206
Two three-bedroom residences offer one full bathroom each, with one unit vacant for immediate occupancy flexibility.
Property Size2,308 SF
Price / SF$149.44
Days on Market6
Property Features for 906 Ellsworth Ave Unit 908
General Information
Standard status
Active
Size
2,308 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Connection
Listed By:
Lory Kim · License #2023001372
(614) 570-1352
Source:
Thetomlinson
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 12 at 2:19PM
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 RE/MAX Connection
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2308 square feet, with each residence arranged as three bedrooms and one full bathroom. One unit is leased through September 14th, while the other is vacant, allowing the next owner to retain the existing tenancy or establish a new occupancy plan. The property’s layout also supports owner occupancy in one residence alongside a separate rental unit.
Improvements include replacement windows completed in 2021, new furnaces and air-conditioning systems from 2021, and hot water tanks installed around 2020-2021. Electrical and plumbing updates were completed in 2020, with additional cosmetic work carried out between 2020-2024. The duplex is located on Ellsworth Ave in Columbus, minutes from Downtown Columbus, major highways, shopping, dining, and entertainment.
Improvements include replacement windows completed in 2021, new furnaces and air-conditioning systems from 2021, and hot water tanks installed around 2020-2021. Electrical and plumbing updates were completed in 2020, with additional cosmetic work carried out between 2020-2024. The duplex is located on Ellsworth Ave in Columbus, minutes from Downtown Columbus, major highways, shopping, dining, and entertainment.
Key Highlights
- Two‑unit duplex with 2308 square feet of building area
- Each unit includes 3 bedrooms and 1 full bathroom
- Unit 906 is leased through September 14th; Unit 908 is vacant
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
$19,653
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
5.70%
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%
$393,060
$393.1K
Cap Rate 7%
$280,757
$280.8K
Cap Rate 9%
$218,367
$218.4K
Market Conditions
NOI Build-Up for 2,308 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
$30.2K $13.08/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$28.1K $12.16/SF
− OpEx
−$8.4K −$3.65/SF
NOI
$19.7K $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%
$393,060
Cap Rate 7%
$280,757
Cap Rate 9%
$218,367
Alternative Uses
Best Use
Multifamily LT 5
$280.8K
$245.7K – $327.6K
NOI $19,653 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$225.8K
$197.6K – $263.5K
NOI $15,809 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$481.0K
$420.9K – $561.2K
NOI $33,670 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
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Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences offer one full bathroom each, with one unit vacant for immediate occupancy flexibility.
Where is this duplex located?
The property is located at 906 Ellsworth Ave Unit 908 Columbus, OH.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: Two‑unit duplex with 2308 square feet of building area; Each unit includes 3 bedrooms and 1 full bathroom; Unit 906 is leased through September 14th; Unit 908 is vacant
