Two-Story Office
New
For Sale
$399,000
1689 E Main St, Columbus, OH 43205
Remodeled office suites are arranged across two floors with separate entrances.
Property Size2,144 SF
Price / SF$186.10
Days on Market2
Property Features for 1689 E Main St
General Information
Standard status
Active
Size
2,144 SF
Additional Details
Office Units
2
Building Details
Year Built
1915
Buildings
1
Stories
2
Listing Agency:
Keller Williams Greater Cols
Listed By:
Nathan Yolles · License #2019002346
(614) 537-2550
Source:
Thetomlinson
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 16 at 7:45PM
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 Keller Williams Greater Cols
Investment Insights
Based on property information with market context.
This 2,144-square-foot office building dates to 1915 and contains two distinct suites, one on each floor. Each suite has its own entrance, and the interior office areas have been remodeled. The upper-level space also offers the stated possibility of residential conversion.
Located near downtown Columbus at 1689 E Main St, the property includes the adjacent 0.08-acre lot to the east. That additional parcel conveys with the building and can be adapted for private parking.
Located near downtown Columbus at 1689 E Main St, the property includes the adjacent 0.08-acre lot to the east. That additional parcel conveys with the building and can be adapted for private parking.
Key Highlights
- 2,144 SF two‑story office building
- Two separate suites with individual entrances
- Remodeled office interiors on both floors
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
$24,770
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
6.21%
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%
$495,400
$495.4K
Cap Rate 7%
$353,857
$353.9K
Cap Rate 9%
$275,222
$275.2K
Market Conditions
NOI Build-Up for 2,144 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
$42.5K $19.80/SF
− Vacancy
−$9.4K −$4.40/SF
EGI
$33.0K $15.40/SF
− OpEx
−$8.3K −$3.85/SF
NOI
$24.8K $11.55/SF
Area
Columbus, OH
Vacancy
22.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$495,400
Cap Rate 7%
$353,857
Cap Rate 9%
$275,222
Alternative Uses
Best Use
Office B
$353.9K
$309.6K – $412.8K
NOI $24,770 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$446.8K
$391.0K – $521.3K
NOI $31,277 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
549
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
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Market
Vacancy Rate% for Office in Columbus, OH
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled office suites are arranged across two floors with separate entrances.
Where is this office building located?
The property is located at 1689 E Main St Columbus, OH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,144 SF two‑story office building; Two separate suites with individual entrances; Remodeled office interiors on both floors
