Columbus Duplex with Income
For Sale
$225,000
Pending
158-160 Midland Avenue, Columbus, OH 43223
Income-producing duplex with tenant-paid utilities in Columbus, Ohio.
Property Size2,170 SF
Days on Market113
Property Features for 158-160 Midland Avenue
General Information
Standard status
Pending
Size
2,170 SF
Property subtype
Multi-Family / Duplex
Taxes and HOA fees
Annual Taxes
$2,883
Building Details
Year Built
1920
Listing Agency:
Reafco
(614) 541-8475
Listed By:
Remington Lyman · License #2022001862
(614) 541-8475
Source:
Compass
Added: May 11
Changed: Aug 23
Last Checked: Aug 23 at 3:12AM
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 duplex features two units, each containing 3 bedrooms and 1 bathroom. Unit 158 is currently rented for $995 per month, providing immediate income. Unit 160 is vacant and rent-ready, having been recently prepared for new tenants. All utilities are paid by the tenants. This property is located in Columbus, OH, and is suitable for both investors and owner-occupants seeking an income-producing asset.
Key Highlights
- Income‑producing duplex, one unit rented at $995/month.
- Vacant unit is rent‑ready for immediate occupancy.
- Tenants pay all utilities, ensuring low operating expenses.
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
$18,478
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
8.21%
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%
$369,560
$369.6K
Cap Rate 7%
$263,971
$264.0K
Cap Rate 9%
$205,311
$205.3K
Market Conditions
NOI Build-Up for 2,170 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
$28.4K $13.08/SF
− Vacancy
−$2.0K −$0.92/SF
EGI
$26.4K $12.16/SF
− OpEx
−$7.9K −$3.65/SF
NOI
$18.5K $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%
$369,560
Cap Rate 7%
$263,971
Cap Rate 9%
$205,311
Alternative Uses
Best Use
Multifamily LT 5
$264.0K
$231.0K – $308.0K
NOI $18,478 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$212.3K
$185.8K – $247.7K
NOI $14,864 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$452.2K
$395.7K – $527.6K
NOI $31,657 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 43223, OH
27,951
Population
10,662
Households
2.6
Avg Household Size
35
Median Age
11%
College-Educated
77%
High-School Grad
10.0 sq mi
ZIP Area
2,795
Density / Sq Mi
$45,902
Median Household Income
$32,509
Median Earnings
$1,063
Median Rent
$113,600
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 - Income-producing duplex with tenant-paid utilities in Columbus, Ohio.
Where is this duplex located?
The property is located at 158-160 Midland Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Income‑producing duplex, one unit rented at $995/month.; Vacant unit is rent‑ready for immediate occupancy.; Tenants pay all utilities, ensuring low operating expenses.
