Renovated Duplex in Olde
For Sale
Contact for pricing
151-153 S 17th St, Columbus, OH 43205
Fully renovated duplex with long-term tenants and value-add potential.
Property Size3,835 SF
Price / SF$169.23
Days on Market178
Property Features for 151-153 S 17th St
General Information
Standard status
Active
Size
3,835 SF
Class
B
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R3
Occupancy
100%
Building Details
Year Built
1909
Year Renovated
2008
Buildings
1
Stories
3
Units
2
Listing Agency:
Hanna Commercial Real Estate
(614) 554-4408
Listed By:
Doug Tenenbaum · License #2003006998
Source:
Crexi
Added: Feb 12
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 Hanna Commercial Real Estate
Investment Insights
Based on property information with market context.
This fully renovated duplex, constructed in 1909, is located in the heart of Olde Towne East. The property, totaling approximately 3,835 square feet, was gutted to the studs in 2008–2009 and features updated HVAC, DWV plumbing, a 200-amp electric system, lead paint and asbestos abatement, and updated service lines. A newer roof was installed in 2019. The duplex includes a 2,335 square foot 3-bedroom, 2-bathroom unit leased at $2,250 per month through August 2026, featuring a private 15’ x 30’ second-floor deck. The second unit is a 1,500 square foot 2-bedroom, 1-bathroom unit occupied by a long-term tenant of 13 years on a month-to-month lease at $1,350 per month. Both units include hardwood floors, stainless appliances, large open rooms, original woodwork, and access to outdoor living areas, including a large paver patio and private decks. The property also features four off-street parking spaces, a large brick paver patio, and tenant-paid utilities with water sub-metering. The seller has preliminary plans for a 3-car garage with a carriage house, supported by the City of Columbus’ approval of legislation permitting Accessory Dwelling Units (ADUs), offering a potential value-add opportunity. The property is located minutes from Downtown, Franklin Park, and major employment centers. It is suitable for either an owner-occupant or investor. The property is extremely well maintained by a long term owner.
Key Highlights
- Fully renovated duplex with modern systems and newer roof.
- High‑value 3BD/2BA unit leased at $2,250/month through August 2026 with a private deck.
- Prime Olde Towne East location, minutes from Downtown and Franklin Park.
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
$32,655
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
5.03%
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%
$653,100
$653.1K
Cap Rate 7%
$466,500
$466.5K
Cap Rate 9%
$362,833
$362.8K
Market Conditions
NOI Build-Up for 3,835 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
$50.2K $13.08/SF
− Vacancy
−$3.5K −$0.92/SF
EGI
$46.7K $12.16/SF
− OpEx
−$14.0K −$3.65/SF
NOI
$32.7K $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%
$653,100
Cap Rate 7%
$466,500
Cap Rate 9%
$362,833
Alternative Uses
Best Use
Multifamily LT 5
$466.5K
$408.2K – $544.3K
NOI $32,655 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$375.3K
$328.4K – $437.8K
NOI $26,269 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$799.2K
$699.3K – $932.4K
NOI $55,946 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,481
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?
Duplex - Fully renovated duplex with long-term tenants and value-add potential.
Where is this duplex located?
The property is located at 151-153 S 17th St Columbus, OH.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Fully renovated duplex with modern systems and newer roof.; High‑value 3BD/2BA unit leased at $2,250/month through August 2026 with a private deck.; Prime Olde Towne East location, minutes from Downtown and Franklin Park.
