Historic Two-Unit
For Sale
$514,400
1685-1687 Franklin Avenue, Columbus, OH 43205
Fully leased property with third-floor plumbing and electrical rough-ins for additional usable space.
Property Size2,576 SF
Price / SF$199.69
Days on Market169
Property Features for 1685-1687 Franklin Avenue
General Information
Standard status
Active
Size
2,576 SF
Property subtype
Multi Family
Amenities
4
2
Building Details
Year Built
1900
Listing Agency:
For sale by owner, please contact
Listed By:
Fizber
Source:
Compass
Added: Mar 15
Changed: Aug 29
Last Checked: Aug 29 at 2:58PM
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 For sale by owner, please contact
Investment Insights
Based on property information with market context.
Built in 1900, this 2,576 SF up-and-down duplex contains two residential units with original architectural character. Both units are currently leased, and the property offers an owner-occupant configuration or continued use as a fully occupied rental asset.
The third floor includes existing plumbing rough-ins and electrical work, creating an opportunity to complete an efficiency unit or expand living area. The property is located at 1685-1687 Franklin Avenue in Columbus, near Franklin Park Conservatory and Botanical Gardens, downtown, and major redevelopment projects. One lease extends through May 2026, while the other runs through July 2026.
The third floor includes existing plumbing rough-ins and electrical work, creating an opportunity to complete an efficiency unit or expand living area. The property is located at 1685-1687 Franklin Avenue in Columbus, near Franklin Park Conservatory and Botanical Gardens, downtown, and major redevelopment projects. One lease extends through May 2026, while the other runs through July 2026.
Key Highlights
- 2,576 SF duplex with 2 residential units
- Built in 1900 with original architectural character
- Both units currently leased
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
$21,935
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
4.26%
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%
$438,700
$438.7K
Cap Rate 7%
$313,357
$313.4K
Cap Rate 9%
$243,722
$243.7K
Market Conditions
NOI Build-Up for 2,576 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
$33.7K $13.08/SF
− Vacancy
−$2.4K −$0.92/SF
EGI
$31.3K $12.16/SF
− OpEx
−$9.4K −$3.65/SF
NOI
$21.9K $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%
$438,700
Cap Rate 7%
$313,357
Cap Rate 9%
$243,722
Alternative Uses
Best Use
Multifamily LT 5
$313.4K
$274.2K – $365.6K
NOI $21,935 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,645 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$536.9K
$469.8K – $626.3K
NOI $37,580 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
654
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 leased property with third-floor plumbing and electrical rough-ins for additional usable space.
Where is this duplex located?
The property is located at 1685-1687 Franklin Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $514,400.
What are key features of this property?
This property features: 2,576 SF duplex with 2 residential units; Built in 1900 with original architectural character; Both units currently leased
