Freestanding Retail Building with
For Sale
Contact for pricing
Pending
1771-1773 W 5th Ave, Columbus, OH 43212
Zoned C, this 1925 freestanding building combines retail space with walk-up apartments above.
Property Size6,194 SF
Days on Market171
Property Features for 1771-1773 W 5th Ave
General Information
Standard status
Pending
Size
6,194 SF
Property subtype
Retail
Zoning
UGN-1
Lease Type
Net
Building Details
Year Built
1925
Units
1
Tenancy
Single
Listing Agency:
NAI Ohio Equities, LLC
Listed By:
John Mally · License #2013004679
(614) 629-5254
Source:
Crexi
Added: Mar 19
Changed: Sep 2
Last Checked: Aug 31 at 11:20PM
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 NAI Ohio Equities, LLC
Investment Insights
Based on property information with market context.
This 6,194-square-foot freestanding commercial building was built in 1925 and is zoned C (Commercial). The land use designation is 404—Retail/Apartments Over Walk-Up, providing a mixed-use configuration with retail uses at street level and residential units above.
The property is located at 1771-1773 W 5th Ave in Columbus, along the W 5th Avenue corridor. Complementary commercial developments are adjacent to both the east and west, and the building sits less than half a mile from historic Grandview Avenue and Grandview High School.
Area context includes proximity to Grandview Heights and The Ohio State University, supporting the property’s fit within a well-developed northwest Columbus retail market.
The property is located at 1771-1773 W 5th Ave in Columbus, along the W 5th Avenue corridor. Complementary commercial developments are adjacent to both the east and west, and the building sits less than half a mile from historic Grandview Avenue and Grandview High School.
Area context includes proximity to Grandview Heights and The Ohio State University, supporting the property’s fit within a well-developed northwest Columbus retail market.
Key Highlights
- 6,194 SF freestanding commercial building built in 1925
- Zoned C (Commercial) with land use 404—Retail/Apartments over walk‑up
- Located on the W 5th Avenue corridor in Northwest Columbus
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
$71,411
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
5.10%
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%
$1,428,220
$1.4M
Cap Rate 7%
$1,020,157
$1.0M
Cap Rate 9%
$793,456
$793.5K
Market Conditions
NOI Build-Up for 6,194 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
$111.5K $18.00/SF
− Vacancy
−$9.5K −$1.53/SF
EGI
$102.0K $16.47/SF
− OpEx
−$30.6K −$4.94/SF
NOI
$71.4K $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%
$1,428,220
Cap Rate 7%
$1,020,157
Cap Rate 9%
$793,456
Alternative Uses
Best Use
Retail
$1.02M
$892.6K – $1.19M
NOI $71,411 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,360 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,368
Businesses Nearby
Explore this area
Business Placement
Demographics for 43212, OH
24,171
Population
13,506
Households
1.8
Avg Household Size
30
Median Age
78%
College-Educated
98%
High-School Grad
3.7 sq mi
ZIP Area
6,533
Density / Sq Mi
$74,952
Median Household Income
$59,037
Median Earnings
$1,382
Median Rent
$514,800
Median Home Value
Market
Vacancy Rate% for Retail in Columbus, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Zoned C, this 1925 freestanding building combines retail space with walk-up apartments above.
Where is this retail space located?
The property is located at 1771-1773 W 5th Ave Columbus, OH.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6,194 SF freestanding commercial building built in 1925; Zoned C (Commercial) with land use 404—Retail/Apartments over walk‑up; Located on the W 5th Avenue corridor in Northwest Columbus
