Mixed-Use Office and Residential
For Sale
$415,000
Pending
1471 East Broad Street, Columbus, OH 43205
Three-unit mixed-use building with a first-floor office and two residential units, plus an unfinished walk-up basement for storage.
Property Size3,495 SF
Days on Market119
Property Features for 1471 East Broad Street
General Information
Standard status
Pending
Size
3,495 SF
Property subtype
Multi-Family / Mixed Use
Taxes and HOA fees
Annual Taxes
$5,196
Building Details
Year Built
1900
Listing Agency:
Reafco
Listed By:
Remington Lyman · License #2022001862
(614) 541-8475
Source:
Compass
Added: May 10
Changed: Aug 8
Last Checked: Jul 24 at 2:31PM
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 Reafco
Investment Insights
Based on property information with market context.
This mixed-use property consists of three units: a first-floor office space, a second-floor residential unit, and a third-floor residential unit. The first-floor office includes five rooms and will be available for lease starting July 1, 2026, following a current vacancy. The second-floor unit includes six rooms with a kitchen and bathroom. The third-floor unit includes three rooms with a kitchen and bathroom, and it is currently vacant.
A full unfinished basement is included and provides walk-up exterior access, offering additional storage and utility flexibility. Tenants pay all utilities, with electric, gas, and water individually submetered through Pioneer Energy Management.
The property includes a slate roof. First- and second-floor HVAC systems are approximately 10 years old, while the third-floor HVAC is approximately 5 years old. Hot water tanks range from 1 to 10 years old, and electrical has been upgraded from knob and tube to circuit breakers, though the upgrade timing is not specified.
A full unfinished basement is included and provides walk-up exterior access, offering additional storage and utility flexibility. Tenants pay all utilities, with electric, gas, and water individually submetered through Pioneer Energy Management.
The property includes a slate roof. First- and second-floor HVAC systems are approximately 10 years old, while the third-floor HVAC is approximately 5 years old. Hot water tanks range from 1 to 10 years old, and electrical has been upgraded from knob and tube to circuit breakers, though the upgrade timing is not specified.
Key Highlights
- Three‑unit mixed‑use building with first‑floor office plus two residential units
- Unit A office is being vacated and available for lease starting July 1, 2026 (prior rent $1,500/mo)
- Unit B (2nd floor) leased for $900/mo through June 30, 2027
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
$29,760
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
7.17%
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%
$595,200
$595.2K
Cap Rate 7%
$425,143
$425.1K
Cap Rate 9%
$330,667
$330.7K
Market Conditions
NOI Build-Up for 3,495 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
$45.7K $13.08/SF
− Vacancy
−$3.2K −$0.92/SF
EGI
$42.5K $12.16/SF
− OpEx
−$12.8K −$3.65/SF
NOI
$29.8K $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%
$595,200
Cap Rate 7%
$425,143
Cap Rate 9%
$330,667
Alternative Uses
Best Use
Office B
$576.8K
$504.7K – $673.0K
NOI $40,379 @ 7.0% cap · market cap 9.73%
Second Best
Multifamily LT 5
$425.1K
$372.0K – $496.0K
NOI $29,760 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$728.4K
$637.3K – $849.8K
NOI $50,986 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
982
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 Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Three-unit mixed-use building with a first-floor office and two residential units, plus an unfinished walk-up basement for storage.
Where is this office units located?
The property is located at 1471 East Broad Street Columbus, OH.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Three‑unit mixed‑use building with first‑floor office plus two residential units; Unit A office is being vacated and available for lease starting July 1, 2026 (prior rent $1,500/mo); Unit B (2nd floor) leased for $900/mo through June 30, 2027
