Renovated Multifamily Property in
For Sale
$625,000
229 North Sandusky Street, Delaware, OH 43015
Turnkey, fully occupied 7-unit building in a high-growth market.
Property Size3,525 SF
Price / SF$177.30
Days on Market150
Property Features for 229 North Sandusky Street
General Information
Standard status
Active
Size
3,525 SF
Property subtype
Multi-Family / Apartment
Net Operating Income
$47,189
Building Details
Year Built
1901
Listing Agency:
Verti Commercial Real Estate L
(614) 515-2995
Listed By:
Brett A Ludwig · License #2016004572
(614) 515-2995
Source:
Compass
Added: Mar 27
Changed: Aug 23
Last Checked: Aug 21 at 1:58PM
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 Verti Commercial Real Estate L
Investment Insights
Based on property information with market context.
Located in Delaware, OH, this property presents an investment opportunity. The 3,525 SF building features 7 units, suitable for Multifamily/Low-Rise/Garden investors. Constructed in 1901 and renovated in 2025, the property blends historic elements with modern updates. The property is currently 100% occupied. Six of the seven units have been renovated within the last two years, with over $90,000 in capital expenditures invested throughout the property. The property benefits from R-6 zoning and a stabilized rent roll. The property is situated in the historical downtown area, offering a small-town atmosphere with modern amenities. Local restaurants, boutique shops, and cultural attractions are within walking distance. Ohio Wesleyan University and Mingo Park are nearby, providing recreational and educational opportunities. The location is in one of Central Ohio's fastest-growing cities, with proximity to Columbus.
Key Highlights
- 100% Occupancy: Fully occupied 7‑unit building provides immediate rental income.
- Recent Renovations: 6 of 7 units renovated within the last two years, plus $90,000 in capital expenditures.
- Prime Location: Located in the heart of Delaware, OH, a fast‑growing city near Columbus.
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
$28,109
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
4.50%
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%
$562,180
$562.2K
Cap Rate 7%
$401,557
$401.6K
Cap Rate 9%
$312,322
$312.3K
Market Conditions
NOI Build-Up for 3,525 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
$59.2K $16.80/SF
− Vacancy
−$8.1K −$2.30/SF
EGI
$51.1K $14.50/SF
− OpEx
−$23.0K −$6.52/SF
NOI
$28.1K $7.97/SF
Area
Delaware County, OH
Vacancy
13.70%
Lease Rate
$16.80 /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%
$562,180
Cap Rate 7%
$401,557
Cap Rate 9%
$312,322
Alternative Uses
Best Use
Apartment 5plus
$401.6K
$351.4K – $468.5K
NOI $28,109 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$710.5K
$621.7K – $828.9K
NOI $49,733 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
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 - Turnkey, fully occupied 7-unit building in a high-growth market.
Where is this apartment building located?
The property is located at 229 North Sandusky Street Delaware, OH.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 100% Occupancy: Fully occupied 7‑unit building provides immediate rental income.; Recent Renovations: 6 of 7 units renovated within the last two years, plus $90,000 in capital expenditures.; Prime Location: Located in the heart of Delaware, OH, a fast‑growing city near Columbus.
