Four-Unit Brick Apartment
For Sale
$734,900
Pending
217 West Hubbard Avenue, Columbus, OH 43215
Brick fourplex with coin-operated laundry and off-street parking, currently generating rental income with potential for an added unit.
Property Size2,529 SF
Days on Market151
Property Features for 217 West Hubbard Avenue
General Information
Standard status
Pending
Size
2,529 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Midrise
Net Operating Income
$60,066
Additional Details
Cap Rate
8%
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,955
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1900
Listing Agency:
Keller Williams Consultants
(614) 316-2310
Listed By:
Elisa M Lowe · License #2017003008
(614) 316-2310
Source:
Compass
Added: Mar 26
Changed: Aug 8
Last Checked: Jul 24 at 12:41PM
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 Consultants
Investment Insights
Based on property information with market context.
This brick four-unit property includes on-site coin-operated laundry and four off-street parking spaces. The current income is approximately $79,080, with the property described as having upside potential to over $92,000 based on pro-forma rental optimization. Three of the units are noted as using CMHA vouchers, and there is one-bedroom payment standard information included for the ZIP code. One unit is available for immediate lease-up, with a conservative projected rent of approximately $1,645 for that unit.
The building is located in Victorian Village, about one block from Goodale Park and approximately five blocks to the Short North Arts District. The remarks also describe rear parking as an area that may support value-add redevelopment, subject to zoning and city approvals.
For tenants, the property offers straightforward off-street parking and an on-site laundry amenity. For buyers, it may fit an owner-occupant or first-time investor seeking to offset housing costs with existing rental income. The additional-unit concept is presented as a possible ADU or a potential fifth unit created by adding garage structures with residential units above, pending the required approvals.
The building is located in Victorian Village, about one block from Goodale Park and approximately five blocks to the Short North Arts District. The remarks also describe rear parking as an area that may support value-add redevelopment, subject to zoning and city approvals.
For tenants, the property offers straightforward off-street parking and an on-site laundry amenity. For buyers, it may fit an owner-occupant or first-time investor seeking to offset housing costs with existing rental income. The additional-unit concept is presented as a possible ADU or a potential fifth unit created by adding garage structures with residential units above, pending the required approvals.
Key Highlights
- Brick 4‑unit Victorian Village property generating approximately $79,080 in current rental income
- Current rents include $1,800, $1,645, $1,500, with one unit available for immediate lease‑up (projected around $1,645)
- 3 units use CMHA vouchers; one‑bedroom payment standard in this ZIP code is approximately $1,969 (Franklin County highest mentioned)
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
$21,535
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
2.93%
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%
$430,700
$430.7K
Cap Rate 7%
$307,643
$307.6K
Cap Rate 9%
$239,278
$239.3K
Market Conditions
NOI Build-Up for 2,529 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
$33.1K $13.08/SF
− Vacancy
−$2.3K −$0.92/SF
EGI
$30.8K $12.16/SF
− OpEx
−$9.2K −$3.65/SF
NOI
$21.5K $8.52/SF
Area
Columbus, OH
Vacancy
7.00%
Lease Rate
$13.08 /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%
$430,700
Cap Rate 7%
$307,643
Cap Rate 9%
$239,278
Alternative Uses
Best Use
Multifamily LT 5
$307.6K
$269.2K – $358.9K
NOI $21,535 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$247.5K
$216.5K – $288.7K
NOI $17,323 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$527.1K
$461.2K – $614.9K
NOI $36,894 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 43215, OH
20,761
Population
13,428
Households
1.5
Avg Household Size
32
Median Age
71%
College-Educated
97%
High-School Grad
5.1 sq mi
ZIP Area
4,071
Density / Sq Mi
$74,469
Median Household Income
$59,521
Median Earnings
$1,487
Median Rent
$508,300
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?
Quadplex - Brick fourplex with coin-operated laundry and off-street parking, currently generating rental income with potential for an added unit.
Where is this quadplex located?
The property is located at 217 West Hubbard Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $734,900.
What are key features of this property?
This property features: Brick 4‑unit Victorian Village property generating approximately $79,080 in current rental income; Current rents include $1,800, $1,645, $1,500, with one unit available for immediate lease‑up (projected around $1,645); 3 units use CMHA vouchers; one‑bedroom payment standard in this ZIP code is approximately $1,969 (Franklin County highest mentioned)
