Duplex with Buildable
For Sale
$435,000
Pending
2263-2265 Leonard Ave, Columbus, OH 43219
Two rented 3-bedroom units plus an additional buildable lot provide flexibility for investors and owner-occupants.
Property Size2,992 SF
Lot Size0.33 Acres
Days on Market115
Property Features for 2263-2265 Leonard Ave
General Information
Standard status
Pending
Size
2,992 SF
Lot size
0.33 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1923
Listing Agency:
Dana Milligan, Parker Realty Associates
Listed By:
Contact LOCAL Agent
(614) 291-1200
Source:
Realtyohio
Added: Jun 4
Changed: Sep 24
Last Checked: Sep 24 at 9:41AM
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 Dana Milligan, Parker Realty Associates
Investment Insights
Based on property information with market context.
This duplex contains two separate 3-bedroom, 1-bath units, each with its own living and dining areas, a spacious kitchen, and generously sized bedrooms. The homes include front patio access, and updated bathroom finishes are noted in the listing. Basements are described as dry and include laundry and room for storage. A large shared-style yard is also referenced, with back steps leading to outdoor space for entertaining, relaxation, and pets.
The property is located minutes from Ohio Dominican University, Easton Towne Center, Columbus Airport, and Downtown Columbus. The listing also notes convenient proximity to highways and easy access to shopping, local eateries, coffee shops, and restaurants.
For investors and owner-occupants, the current setup offers rental income potential with both units already rented as 3-bedroom homes at $1,600 per month each, with the listing stating market rates closer to $2,000 per month. The offering also includes an additional buildable lot measuring 100x131, providing an extra option for future development or portfolio expansion.
The property is located minutes from Ohio Dominican University, Easton Towne Center, Columbus Airport, and Downtown Columbus. The listing also notes convenient proximity to highways and easy access to shopping, local eateries, coffee shops, and restaurants.
For investors and owner-occupants, the current setup offers rental income potential with both units already rented as 3-bedroom homes at $1,600 per month each, with the listing stating market rates closer to $2,000 per month. The offering also includes an additional buildable lot measuring 100x131, providing an extra option for future development or portfolio expansion.
Key Highlights
- 1923‑built duplex with two rented 3‑bedroom, 1‑bath units
- Additional buildable lot included: 100x131 (almost 1/3 acre)
- Each unit has a dry basement with laundry and storage space
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
$25,477
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
5.86%
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%
$509,540
$509.5K
Cap Rate 7%
$363,957
$364.0K
Cap Rate 9%
$283,078
$283.1K
Market Conditions
NOI Build-Up for 2,992 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
$39.1K $13.08/SF
− Vacancy
−$2.7K −$0.92/SF
EGI
$36.4K $12.16/SF
− OpEx
−$10.9K −$3.65/SF
NOI
$25.5K $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%
$509,540
Cap Rate 7%
$363,957
Cap Rate 9%
$283,078
Alternative Uses
Best Use
Multifamily LT 5
$364.0K
$318.5K – $424.6K
NOI $25,477 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$292.8K
$256.2K – $341.6K
NOI $20,495 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$623.5K
$545.6K – $727.5K
NOI $43,648 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Explore this area
Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two rented 3-bedroom units plus an additional buildable lot provide flexibility for investors and owner-occupants.
Where is this duplex located?
The property is located at 2263-2265 Leonard Ave Columbus, OH.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 1923‑built duplex with two rented 3‑bedroom, 1‑bath units; Additional buildable lot included: 100x131 (almost 1/3 acre); Each unit has a dry basement with laundry and storage space
