11-Unit Apartment Property with Two
For Sale
$1,195,000
14451447 Main Street, Columbus, OH 43205
Turn-key 11-unit apartment property built in 1912 with 15 parking spaces and two buildings on one parcel.
Property Size10,004 SF
Price / SF$119.45
Days on Market98
Property Features for 14451447 Main Street
General Information
Standard status
Active
Size
10,004 SF
Property subtype
General Commercial
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA, 6 x 1BR/1BA
Multifamily Units
9
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$7,246
Amenities
3
15 Parking Spaces.
Building Details
Year Built
1912
Buildings
2
Tenancy
Multi
Listing Agency:
Carriage Trade Realty, Inc.
(614) 228-1939
Listed By:
Alexander Macke · License #448904
(614) 218-4419
Source:
Xome
Added: May 4
Changed: Aug 8
Last Checked: Aug 9 at 4:46AM
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 Carriage Trade Realty, Inc.
Investment Insights
Based on property information with market context.
Turn-key 11-unit apartment property on a single parcel featuring two buildings. The main building is located at 1445-1447 E Main St, with two commercial store fronts on the downstairs level. Upstairs at 1445 1/2 E Main St is a second-floor layout with three large 2-bed, 1-bath apartments.
The rear building at 458-462 Miller Ave is identified as “The Motor Lodge” and includes six 1-bed, 1-bath apartments. The property is described as well maintained, with updated units that are currently occupied.
Built in 1912, the offering includes 15 parking spaces and a corner location in Olde Towne East.
The rear building at 458-462 Miller Ave is identified as “The Motor Lodge” and includes six 1-bed, 1-bath apartments. The property is described as well maintained, with updated units that are currently occupied.
Built in 1912, the offering includes 15 parking spaces and a corner location in Olde Towne East.
Key Highlights
- 11‑unit apartment property on one parcel with two buildings
- Two downstairs commercial store fronts at 1445‑1447 E Main St
- Three large 2‑bed, 1‑bath apartments on the second floor at 1445 1/2 E Main St
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
$68,525
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
5.73%
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%
$1,370,500
$1.4M
Cap Rate 7%
$978,929
$978.9K
Cap Rate 9%
$761,389
$761.4K
Market Conditions
NOI Build-Up for 10,004 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
$133.3K $13.32/SF
− Vacancy
−$8.7K −$0.87/SF
EGI
$124.6K $12.45/SF
− OpEx
−$56.1K −$5.60/SF
NOI
$68.5K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$1,370,500
Cap Rate 7%
$978,929
Cap Rate 9%
$761,389
Alternative Uses
Best Use
Retail
$1.65M
$1.44M – $1.92M
NOI $115,336 @ 7.0% cap · market cap 9.65%
Second Best
Apartment 5plus
$978.9K
$856.6K – $1.14M
NOI $68,525 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,942 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
139
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Turn-key 11-unit apartment property built in 1912 with 15 parking spaces and two buildings on one parcel.
Where is this apartment building located?
The property is located at 14451447 Main Street Columbus, OH.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 11‑unit apartment property on one parcel with two buildings; Two downstairs commercial store fronts at 1445‑1447 E Main St; Three large 2‑bed, 1‑bath apartments on the second floor at 1445 1/2 E Main St
