Updated Two-Unit
New
For Sale
$145,000
2004-2006 Doren Ave, Columbus, OH 43223
Recent mechanical, electrical, interior, and exterior improvements enhance the property’s operating condition.
Property Size1,568 SF
Price / SF$92.47
Days on Market2
Property Features for 2004-2006 Doren Ave
General Information
Standard status
Active
Size
1,568 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1963
Listing Agency:
Nataha Shaw, Key Realty
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Sep 20
Last Checked: Sep 20 at 7:07AM
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 Nataha Shaw, Key Realty
Investment Insights
Based on property information with market context.
Built in 1963, this 1,568-square-foot duplex contains two 2-bedroom, 1-bathroom units at 2004-2006 Doren Ave. Unit 2004 includes a renovated bathroom with a walk-in shower, refreshed kitchen and bath flooring, updated electrical devices, fresh paint, and a new picture window. Unit 2006 features updated flooring throughout, a refreshed bathroom, new lighting and electrical devices, fresh paint, and replacement windows.
Major property work includes a roof replacement in May 2023, dual furnaces installed in 2025, upgraded 220V electrical panels, and code-compliant dryer vents. Electrical service for Unit 2006 was replaced approximately ten years ago, while Unit 2004 received new dryer wiring and a 220V receptacle in 2026. The exterior includes a brand-new paved asphalt driveway and dedicated off-street parking area.
Major property work includes a roof replacement in May 2023, dual furnaces installed in 2025, upgraded 220V electrical panels, and code-compliant dryer vents. Electrical service for Unit 2006 was replaced approximately ten years ago, while Unit 2004 received new dryer wiring and a 220V receptacle in 2026. The exterior includes a brand-new paved asphalt driveway and dedicated off-street parking area.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units within a 1,568‑square‑foot duplex
- Roof replaced in May 2023
- Dual furnaces installed in 2025
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
$10,741
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
7.41%
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%
$214,820
$214.8K
Cap Rate 7%
$153,443
$153.4K
Cap Rate 9%
$119,344
$119.3K
Market Conditions
NOI Build-Up for 1,568 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
$20.9K $13.32/SF
− Vacancy
−$1.4K −$0.87/SF
EGI
$19.5K $12.45/SF
− OpEx
−$8.8K −$5.60/SF
NOI
$10.7K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$214,820
Cap Rate 7%
$153,443
Cap Rate 9%
$119,344
Alternative Uses
Best Use
Multifamily LT 5
$190.7K
$166.9K – $222.5K
NOI $13,352 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$153.4K
$134.3K – $179.0K
NOI $10,741 @ 7.0% cap · market cap 7.41%
Theoretical Best
Office A
$326.8K
$285.9K – $381.3K
NOI $22,875 @ 7.0% cap · market cap 15.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
Explore this area
Business Placement
Demographics for 43223, OH
27,951
Population
10,662
Households
2.6
Avg Household Size
35
Median Age
11%
College-Educated
77%
High-School Grad
10.0 sq mi
ZIP Area
2,795
Density / Sq Mi
$45,902
Median Household Income
$32,509
Median Earnings
$1,063
Median Rent
$113,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Recent mechanical, electrical, interior, and exterior improvements enhance the property’s operating condition.
Where is this duplex located?
The property is located at 2004-2006 Doren Ave Columbus, OH.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units within a 1,568‑square‑foot duplex; Roof replaced in May 2023; Dual furnaces installed in 2025
