Updated Duplex with Off-Street
For Sale
$250,000
Pending
1564-1566 East Blake Avenue, Columbus, OH 43211
Two leased units include modernized interiors and basement washer/dryer hookups.
Property Size2,240 SF
Days on Market407
Property Features for 1564-1566 East Blake Avenue
General Information
Standard status
Pending
Size
2,240 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Duplex
Net Operating Income
$34,097
Financials
Gross Income
$40,800
Average Monthly Rent
$1,700
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,103
Amenities
forced air heating
window A/C
basement with washer/dryer hookups
Window Unit(s)
Forced Air
Electric
Yes
Building Details
Year Built
1926
Buildings
1
Tenancy
Multi
Listing Agency:
Real Estate Opportunity
(614) 483-2315
Listed By:
Ann Adams · License #2014003309
(614) 483-2315
Source:
Compass
Added: Jul 21, 2025
Changed: Aug 29
Last Checked: Aug 31 at 1:08AM
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 Real Estate Opportunity
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,240 sq. ft. and was built in 1926. Both units have updated interiors, forced-air heating, and window A/C. A basement provides washer/dryer hookups, while a shared driveway serves four off-street parking spaces. Electric, gas, and sewer expenses are covered by the owner.
Leases are in place, and a professional property management company is currently engaged, with the option to continue that arrangement. The property is located in Columbus, Ohio, within Franklin County and the Columbus City School District. Its setting provides access to major highways, public transit, and shopping, with Weinland Park, Linden, and Milo-Grogan identified nearby. The duplex is positioned at 1564-1566 East Blake Avenue, Columbus, OH 43211.
Leases are in place, and a professional property management company is currently engaged, with the option to continue that arrangement. The property is located in Columbus, Ohio, within Franklin County and the Columbus City School District. Its setting provides access to major highways, public transit, and shopping, with Weinland Park, Linden, and Milo-Grogan identified nearby. The duplex is positioned at 1564-1566 East Blake Avenue, Columbus, OH 43211.
Key Highlights
- 2,240 sq. ft. duplex built in 1926
- Leases are in place for both units
- Updated interiors with forced‑air heating and window A/C
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
$19,074
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
7.63%
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%
$381,480
$381.5K
Cap Rate 7%
$272,486
$272.5K
Cap Rate 9%
$211,933
$211.9K
Market Conditions
NOI Build-Up for 2,240 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
$29.3K $13.08/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$27.2K $12.16/SF
− OpEx
−$8.2K −$3.65/SF
NOI
$19.1K $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%
$381,480
Cap Rate 7%
$272,486
Cap Rate 9%
$211,933
Alternative Uses
Best Use
Multifamily LT 5
$272.5K
$238.4K – $317.9K
NOI $19,074 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$219.2K
$191.8K – $255.7K
NOI $15,344 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 43211, OH
23,160
Population
9,956
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
77%
High-School Grad
4.7 sq mi
ZIP Area
4,928
Density / Sq Mi
$38,715
Median Household Income
$28,601
Median Earnings
$1,057
Median Rent
$91,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased units include modernized interiors and basement washer/dryer hookups.
Where is this duplex located?
The property is located at 1564-1566 East Blake Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,240 sq. ft. duplex built in 1926; Leases are in place for both units; Updated interiors with forced‑air heating and window A/C
