Four-Unit Quadplex with ADU
For Sale
Contact for pricing
1392 Summit Street, Columbus, OH 43201
Four 2BR/1BA units with dedicated off-street parking and separate electric and gas meters.
Property Size2,724 SF
Price / SF$218.76
Days on Market126
Property Features for 1392 Summit Street
General Information
Standard status
Active
Size
2,724 SF
Total Parking Spaces
4
Property subtype
Multifamily
Net Operating Income
$55,817
Additional Details
Opportunity Zone
Yes
Multifamily Units
4
Building Details
Year Built
1973
Year Renovated
2025
Units
4
Listing Agency:
Make It Great Real Estate, LLC
Listed By:
Talent Pho · License #2015005499
Source:
Crexi
Added: May 6
Changed: Sep 7
Last Checked: Sep 8 at 8:09AM
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 Make It Great Real Estate, LLC
Investment Insights
Based on property information with market context.
This quadplex at 1392 Summit Street offers four 2BR/1BA units. Each unit has dedicated off-street parking, along with separate electric and gas meters. The property also includes several recent major improvements, including newer siding, windows, roof, gutters and downspouts, concrete entry steps, and select HVAC components.
The property is located in Weinland Park near Short North and The Ohio State University, within a Federal Qualified Opportunity Zone. It is also described as being zoned for an ADU, which may allow for an additional detached unit or carriage house, subject to City of Columbus zoning and permitting requirements.
For buyers seeking an income-producing setup, the current structure is built around four separate rental units, with the option for an owner-occupant to live on-site and use rental income from the other units. Buyer to verify market rates, rents, and any financial projections.
The property is located in Weinland Park near Short North and The Ohio State University, within a Federal Qualified Opportunity Zone. It is also described as being zoned for an ADU, which may allow for an additional detached unit or carriage house, subject to City of Columbus zoning and permitting requirements.
For buyers seeking an income-producing setup, the current structure is built around four separate rental units, with the option for an owner-occupant to live on-site and use rental income from the other units. Buyer to verify market rates, rents, and any financial projections.
Key Highlights
- 4‑unit property built in 1973, with four 2BR/1BA units
- Each unit has dedicated off‑street parking and separate electric and gas meters
- Recent major improvements include newer siding, windows, roof, gutters, downspouts, and concrete entry steps
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
$23,195
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
3.89%
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%
$463,900
$463.9K
Cap Rate 7%
$331,357
$331.4K
Cap Rate 9%
$257,722
$257.7K
Market Conditions
NOI Build-Up for 2,724 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
$35.6K $13.08/SF
− Vacancy
−$2.5K −$0.92/SF
EGI
$33.1K $12.16/SF
− OpEx
−$9.9K −$3.65/SF
NOI
$23.2K $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%
$463,900
Cap Rate 7%
$331,357
Cap Rate 9%
$257,722
Alternative Uses
Best Use
Multifamily LT 5
$331.4K
$289.9K – $386.6K
NOI $23,195 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$266.6K
$233.2K – $311.0K
NOI $18,659 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$567.7K
$496.7K – $662.3K
NOI $39,739 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,646
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four 2BR/1BA units with dedicated off-street parking and separate electric and gas meters.
Where is this quadplex located?
The property is located at 1392 Summit Street Columbus, OH.
What is the asking price?
The asking price for this property is $595,900.
What are key features of this property?
This property features: 4‑unit property built in 1973, with four 2BR/1BA units; Each unit has dedicated off‑street parking and separate electric and gas meters; Recent major improvements include newer siding, windows, roof, gutters, downspouts, and concrete entry steps
