7-Unit Brick Apartment
For Sale
$995,000
2054 N 4th St, Columbus, OH 43201
Fully leased brick townhome property with updated mechanical systems and laundry appliances in every residence.
Property Size6,468 SF
Price / SF$153.83
Days on Market58
Property Features for 2054 N 4th St
General Information
Standard status
Active
Size
6,468 SF
Property subtype
Residential Income
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2BR, 3BR
Multifamily Units
7
Additional Details
Asking Price
$995,000
Taxes and HOA fees
Annual Taxes
$25,685
Amenities
hardwood flooring
range
refrigerator
washer
dryer
Building Details
Buildings
1
Construction
brick town-homes
Listing Agency:
Best Corporate Real Estate
(740) 360-2342
Listed By:
Rebecca S Withrow · License #2016003356
(740) 360-2342
Source:
Exprealty
Added: Jun 26
Changed: Aug 20
Last Checked: Aug 22 at 12:22PM
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 Best Corporate Real Estate
Investment Insights
Based on property information with market context.
This 6,468-square-foot multifamily property contains seven brick residential townhomes in a well-maintained building. The residences offer two- and three-bedroom layouts, basement storage, and natural hardwood flooring in many units. Each home includes a range, refrigerator, washer, and dryer, while the furnaces and hot water tanks have been updated.
The property is located at 2054 N 4th St in Columbus along the North Fourth Street corridor. Downtown Columbus, The Ohio State University, major employment centers, public transportation, dining, retail, and neighborhood amenities are identified as nearby destinations. The building is fully leased with 100% occupancy and an established tenant base.
The property is located at 2054 N 4th St in Columbus along the North Fourth Street corridor. Downtown Columbus, The Ohio State University, major employment centers, public transportation, dining, retail, and neighborhood amenities are identified as nearby destinations. The building is fully leased with 100% occupancy and an established tenant base.
Key Highlights
- Seven brick residential townhomes totaling ± 6,468 Sq Ft
- 100% occupancy with all seven units leased
- Two- and three‑bedroom layouts with basement storage
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
$44,305
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
4.45%
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%
$886,100
$886.1K
Cap Rate 7%
$632,929
$632.9K
Cap Rate 9%
$492,278
$492.3K
Market Conditions
NOI Build-Up for 6,468 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
$86.2K $13.32/SF
− Vacancy
−$5.6K −$0.87/SF
EGI
$80.6K $12.45/SF
− OpEx
−$36.2K −$5.60/SF
NOI
$44.3K $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%
$886,100
Cap Rate 7%
$632,929
Cap Rate 9%
$492,278
Alternative Uses
Best Use
Apartment 5plus
$632.9K
$553.8K – $738.4K
NOI $44,305 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,357 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
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?
Apartment building - Fully leased brick townhome property with updated mechanical systems and laundry appliances in every residence.
Where is this apartment building located?
The property is located at 2054 N 4th St Columbus, OH.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Seven brick residential townhomes totaling ± 6,468 Sq Ft; 100% occupancy with all seven units leased; Two- and three‑bedroom layouts with basement storage
