Corner Mixed-Use
New
For Sale
$950,000
1687 Oak St Unit 1685, Columbus, OH 43205
Renovated commercial space accompanies two residential units, with retail, office, and eating-and-drinking uses authorized by variance.
Property Size4,793 SF
Price / SF$198.21
Days on Market4
Property Features for 1687 Oak St Unit 1685
General Information
Standard status
Active
Size
4,793 SF
Additional Details
Asking Price
$950,000
Corner Location
Yes
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Red 1 Realty
Listed By:
Ines Hilaman
(740) 972-2192
Source:
Thetomlinson
Added: Sep 18
Last Checked: Sep 20 at 1:11PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
This 4,793 SF mixed-use building combines a commercial first floor with two second-floor apartments. The 2,458 SF commercial area is being delivered as a white-box suite, while active renovation includes a fire-rated ceiling and residential plumbing upgrades. Exterior renovation is complete. The residential portion includes a 960 SF, two-bedroom, one-bath apartment and a 1,369 SF, three-bedroom, two-bath apartment.
A council variance permits retail, office, and eating-and-drinking uses. The property is located at 1687 Oak St Unit 1685 in Columbus, Ohio, with the corner setting providing access to on-street parking along Oak and Morrison. There is no off-street parking. A CRA remains in place for the residential improvements through tax year 2034.
A council variance permits retail, office, and eating-and-drinking uses. The property is located at 1687 Oak St Unit 1685 in Columbus, Ohio, with the corner setting providing access to on-street parking along Oak and Morrison. There is no off-street parking. A CRA remains in place for the residential improvements through tax year 2034.
Key Highlights
- 4,793 SF mixed‑use building with commercial and residential components
- 2,458 SF first‑floor commercial area delivered as a white‑box suite
- Two second‑floor apartments: 960 SF and 1,369 SF
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
$55,258
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
5.82%
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%
$1,105,160
$1.1M
Cap Rate 7%
$789,400
$789.4K
Cap Rate 9%
$613,978
$614.0K
Market Conditions
NOI Build-Up for 4,793 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
$86.3K $18.00/SF
− Vacancy
−$7.3K −$1.53/SF
EGI
$78.9K $16.47/SF
− OpEx
−$23.7K −$4.94/SF
NOI
$55.3K $11.53/SF
Area
Columbus, OH
Vacancy
8.50%
Lease Rate
$18.00 /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%
$1,105,160
Cap Rate 7%
$789,400
Cap Rate 9%
$613,978
Alternative Uses
Best Use
Retail
$789.4K
$690.7K – $921.0K
NOI $55,258 @ 7.0% cap · market cap 5.82%
Second Best
Mixed Use
$785.7K
$687.5K – $916.7K
NOI $55,000 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$998.9K
$874.0K – $1.17M
NOI $69,922 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,045
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 Retail in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial space accompanies two residential units, with retail, office, and eating-and-drinking uses authorized by variance.
Where is this mixed-use property located?
The property is located at 1687 Oak St Unit 1685 Columbus, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,793 SF mixed‑use building with commercial and residential components; 2,458 SF first‑floor commercial area delivered as a white‑box suite; Two second‑floor apartments: 960 SF and 1,369 SF
