Two-Suite Office
For Sale
$399,000
1689 E Main Street, Columbus, OH 43205
Office, Columbus, OH
Property Size2,144 SF
Lot Size0.08 Acres
Price / SF$186.10
Days on Market96
Property Features for 1689 E Main Street
General Information
Property type
Residential
Property subtype
Office
Rooms
Basement
Standard status
Active
APN
010-040166-00
Size
2,144 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2546
Building Details
Year built
1915
Floors in Building
2
Listing Agency:
Keller Williams Greater Cols · Keller Williams Realty
(614) 944-5900
Listed By:
Nathan Yolles · License #2019002346
(614) 537-2550
Added: Jun 9
Changed: Sep 12
Last Checked: Sep 12 at 12:06AM
MLS# 226020904
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,144-square-foot office building is arranged across two levels, with one suite on each floor and independent entrances for each occupant or use. The interior has been remodeled, and the property includes a basement. Constructed in 1915, the building combines a traditional structure with updated office interiors.
An adjoining 0.08-acre lot east of the building conveys with the property and may be converted to private parking. The site is near downtown Columbus at 1689 E Main Street. The second-floor suite also offers the potential for residential conversion, subject to applicable approvals.
An adjoining 0.08-acre lot east of the building conveys with the property and may be converted to private parking. The site is near downtown Columbus at 1689 E Main Street. The second-floor suite also offers the potential for residential conversion, subject to applicable approvals.
Key Highlights
- 2,144 SF office building with two separate suites
- Two‑story layout with independent entrances for each floor
- Remodeled office interiors throughout
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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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 two-story layout offers separate entrances and a second-floor conversion option.
Where is this office building located?
The property is located at 1689 E Main Street 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 office building with two separate suites; Two‑story layout with independent entrances for each floor; Remodeled office interiors throughout
