Updated Duplex with Basement
New
For Sale
$245,000
163-165 S Princeton Ave, Columbus, OH 43222
Two renovated units offer separate living spaces, on-site parking, and basement laundry connections.
Property Size2,408 SF
Price / SF$101.74
Days on Market3
Property Features for 163-165 S Princeton Ave
General Information
Standard status
Active
Size
2,408 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
Erik Hiss, Keller Williams Capital Ptnrs
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 20 at 8:18AM
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 Erik Hiss, Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
This 1890 duplex contains two 3-bedroom, 1-bath units within 2408 square feet. The property has received substantial electrical, plumbing, kitchen, window, and mechanical improvements, with central A/C added in 2022. On-site parking and basement washer/dryer hookups add practical functionality for both residences.
Unit 163 is occupied through 3/25/2027 and includes a 2021 kitchen renovation, 2020 furnace, 2015 plumbing replacement, 2020 sump pump, newer windows, updated appliances, ceiling repairs, laminate kitchen flooring, and a water heater replaced in 2026. Unit 165 is vacant and features a renovated kitchen, climate-controlled attic storage, a rebuilt front retaining wall, and a bathroom remodel completed in 2025. Its furnace received an inducer motor replacement in 2020, along with replacement of the furnace drum and bearings.
Unit 163 is occupied through 3/25/2027 and includes a 2021 kitchen renovation, 2020 furnace, 2015 plumbing replacement, 2020 sump pump, newer windows, updated appliances, ceiling repairs, laminate kitchen flooring, and a water heater replaced in 2026. Unit 165 is vacant and features a renovated kitchen, climate-controlled attic storage, a rebuilt front retaining wall, and a bathroom remodel completed in 2025. Its furnace received an inducer motor replacement in 2020, along with replacement of the furnace drum and bearings.
Key Highlights
- Two 3‑bedroom, 1‑bath units in a 1890 duplex
- 2408 square feet with central A/C added in 2022
- Unit 163 occupied through 3/25/2027
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
$20,504
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
8.37%
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%
$410,080
$410.1K
Cap Rate 7%
$292,914
$292.9K
Cap Rate 9%
$227,822
$227.8K
Market Conditions
NOI Build-Up for 2,408 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
$31.5K $13.08/SF
− Vacancy
−$2.2K −$0.92/SF
EGI
$29.3K $12.16/SF
− OpEx
−$8.8K −$3.65/SF
NOI
$20.5K $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%
$410,080
Cap Rate 7%
$292,914
Cap Rate 9%
$227,822
Alternative Uses
Best Use
Multifamily LT 5
$292.9K
$256.3K – $341.7K
NOI $20,504 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$235.6K
$206.2K – $274.9K
NOI $16,494 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$501.8K
$439.1K – $585.5K
NOI $35,129 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 43222, OH
4,124
Population
2,311
Households
1.8
Avg Household Size
34
Median Age
16%
College-Educated
73%
High-School Grad
1.4 sq mi
ZIP Area
2,946
Density / Sq Mi
$36,440
Median Earnings
$752
Median Rent
$215,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two renovated units offer separate living spaces, on-site parking, and basement laundry connections.
Where is this duplex located?
The property is located at 163-165 S Princeton Ave Columbus, OH.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1‑bath units in a 1890 duplex; 2408 square feet with central A/C added in 2022; Unit 163 occupied through 3/25/2027
