Freestanding Mixed-Use
For Sale
$610,000
2218 Summit Street, Columbus, OH 43201
Commercial space and an attached rear house create a flexible mixed-use configuration near Ohio State University.
Property Size3,222 SF
Price / SF$189.32
Days on Market30
Property Features for 2218 Summit Street
General Information
Standard status
Active
Size
3,222 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$10,814
Amenities
built-in reception desk
kitchenette
dedicated nail room
two bathrooms
rear exit
3
Building Details
Year Built
1925
Listing Agency:
M3K Real Estate Network Inc.
(530) 788-5336
Listed By:
Alkia Page
(530) 788-5336
Source:
Xome
Added: Jul 11
Changed: Aug 8
Last Checked: Aug 9 at 4:48AM
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 M3K Real Estate Network Inc.
Investment Insights
Based on property information with market context.
Built in 1925, this freestanding mixed-use property combines a commercial area with an attached house at the rear. The 3,222-square-foot property includes a built-in reception desk, kitchenette, dedicated nail room, two bathrooms, and a rear exit. The commercial portion was previously used as a barbershop and requires care and updating.
The rear residence was previously operated as a residential rental. Continued rental use, a private residence, office space, or additional business use may be possible, subject to zoning and applicable approvals. The property is near The Ohio State University, MAPFRE Stadium, and the Ohio State Fairgrounds.
The rear residence was previously operated as a residential rental. Continued rental use, a private residence, office space, or additional business use may be possible, subject to zoning and applicable approvals. The property is near The Ohio State University, MAPFRE Stadium, and the Ohio State Fairgrounds.
Key Highlights
- 3,222‑square‑foot freestanding mixed‑use property built in 1925
- Commercial area includes reception desk, kitchenette, nail room, two bathrooms, and rear exit
- Attached rear house was previously used as a residential rental
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
$37,146
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
6.09%
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%
$742,920
$742.9K
Cap Rate 7%
$530,657
$530.7K
Cap Rate 9%
$412,733
$412.7K
Market Conditions
NOI Build-Up for 3,222 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
$58.0K $18.00/SF
− Vacancy
−$4.9K −$1.53/SF
EGI
$53.1K $16.47/SF
− OpEx
−$15.9K −$4.94/SF
NOI
$37.1K $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%
$742,920
Cap Rate 7%
$530,657
Cap Rate 9%
$412,733
Alternative Uses
Best Use
Retail
$530.7K
$464.3K – $619.1K
NOI $37,146 @ 7.0% cap · market cap 6.09%
Second Best
Mixed Use
$528.2K
$462.2K – $616.2K
NOI $36,972 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$671.5K
$587.6K – $783.4K
NOI $47,004 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,527
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 Retail in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space and an attached rear house create a flexible mixed-use configuration near Ohio State University.
Where is this mixed-use property located?
The property is located at 2218 Summit Street Columbus, OH.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: 3,222‑square‑foot freestanding mixed‑use property built in 1925; Commercial area includes reception desk, kitchenette, nail room, two bathrooms, and rear exit; Attached rear house was previously used as a residential rental
