Updated Duplex with Tax
For Sale
$575,000
1634-1636 Greenway Avenue, Columbus, OH 43203
Both units are leased under long-term agreements with expirations in 2026 and 2027.
Property Size3,809 SF
Price / SF$150.96
Days on Market89
Property Features for 1634-1636 Greenway Avenue
General Information
Standard status
Active
Size
3,809 SF
Property subtype
Multi-Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,907
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1900
Listing Agency:
Rich Russo Realty & Co.
(614) 969-8859
Listed By:
Jenne Ross · License #2017001963
(614) 969-8859
Source:
Compass
Added: Jun 4
Changed: Aug 31
Last Checked: Aug 30 at 11:12PM
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 Rich Russo Realty & Co.
Investment Insights
Based on property information with market context.
This duplex at 1634-1636 Greenway Avenue offers 3 bedrooms and 2.5 baths, with updated kitchens and bathrooms across the property. The 3,809-square-foot building dates to 1900 and includes central air, forced-air heating, and gas service.
Both units are occupied under long-term leases. Unit 1634 is leased through 10/31/2027, while Unit 1636 is leased through 7/31/2026. The property also carries a tax abatement extending through 2035 and is located in Columbus, Ohio, with the 43203 postal address.
Both units are occupied under long-term leases. Unit 1634 is leased through 10/31/2027, while Unit 1636 is leased through 7/31/2026. The property also carries a tax abatement extending through 2035 and is located in Columbus, Ohio, with the 43203 postal address.
Key Highlights
- 3,809 SF duplex at 1634‑1636 Greenway Avenue
- 3‑bedroom, 2.5‑bath configuration with updated kitchens and bathrooms
- Unit 1634 leased through 10/31/2027
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
$32,434
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
5.64%
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%
$648,680
$648.7K
Cap Rate 7%
$463,343
$463.3K
Cap Rate 9%
$360,378
$360.4K
Market Conditions
NOI Build-Up for 3,809 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
$49.8K $13.08/SF
− Vacancy
−$3.5K −$0.92/SF
EGI
$46.3K $12.16/SF
− OpEx
−$13.9K −$3.65/SF
NOI
$32.4K $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%
$648,680
Cap Rate 7%
$463,343
Cap Rate 9%
$360,378
Alternative Uses
Best Use
Multifamily LT 5
$463.3K
$405.4K – $540.6K
NOI $32,434 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$372.7K
$326.1K – $434.9K
NOI $26,091 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$793.8K
$694.6K – $926.1K
NOI $55,567 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 43203, OH
8,726
Population
5,301
Households
1.6
Avg Household Size
32
Median Age
30%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
6,233
Density / Sq Mi
$44,099
Median Household Income
$36,918
Median Earnings
$930
Median Rent
$282,100
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 - Both units are leased under long-term agreements with expirations in 2026 and 2027.
Where is this duplex located?
The property is located at 1634-1636 Greenway Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,809 SF duplex at 1634‑1636 Greenway Avenue; 3‑bedroom, 2.5‑bath configuration with updated kitchens and bathrooms; Unit 1634 leased through 10/31/2027
