Duplex with Separate Rear
For Sale
$114,900
229 West Columbia Street, Marion, OH 43302
Two separate units offer immediate occupancy, with a 2-bedroom downstairs and an efficiency upstairs.
Property Size1,241 SF
Price / SF$92.59
Days on Market287
Property Features for 229 West Columbia Street
General Information
Standard status
Active
Size
1,241 SF
Property subtype
Multi-Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$495
Amenities
Forced Air
Electric, Gas
No
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Century 21 Excellence Realty
(740) 262-1568
Listed By:
Christopher L Conant · License #2018006118
(740) 262-1568
Source:
Compass
Added: Oct 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 10:54AM
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 Century 21 Excellence Realty
Investment Insights
Based on property information with market context.
This duplex is available for immediate occupancy and features two distinct apartments with separate access. The downstairs unit offers two bedrooms, while the upstairs unit is an efficiency apartment. Both levels are configured as separate living spaces, and there is a separate rear entrance servicing the property.
Located at 229 West Columbia Street in Marion, Ohio, this residential income property is set up to allow tenants to come and go independently. The separate rear entrance is a practical feature for day-to-day access and privacy between the units.
The current layout can fit buyers or owner-occupants who want to live in one unit while renting the other. With a two-bedroom unit downstairs and an efficiency upstairs, the property provides two different living options under one roof. The separate rear entrance further supports the ability to manage the units as distinct residences.
Located at 229 West Columbia Street in Marion, Ohio, this residential income property is set up to allow tenants to come and go independently. The separate rear entrance is a practical feature for day-to-day access and privacy between the units.
The current layout can fit buyers or owner-occupants who want to live in one unit while renting the other. With a two-bedroom unit downstairs and an efficiency upstairs, the property provides two different living options under one roof. The separate rear entrance further supports the ability to manage the units as distinct residences.
Key Highlights
- Duplex with immediate occupancy and two separate units
- Downstairs unit: 2‑bedroom apartment
- Upstairs unit: efficiency apartment
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
$4,212
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
3.67%
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%
$84,240
$84.2K
Cap Rate 7%
$60,171
$60.2K
Cap Rate 9%
$46,800
$46.8K
Market Conditions
NOI Build-Up for 1,241 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
$6.6K $5.28/SF
− Vacancy
−$535 −$0.43/SF
EGI
$6.0K $4.85/SF
− OpEx
−$1.8K −$1.45/SF
NOI
$4.2K $3.39/SF
Area
Marion County, OH
Vacancy
8.17%
Lease Rate
$5.28 /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%
$84,240
Cap Rate 7%
$60,171
Cap Rate 9%
$46,800
Alternative Uses
Best Use
Multifamily LT 5
$60.2K
$52.7K – $70.2K
NOI $4,212 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$52.1K
$45.6K – $60.8K
NOI $3,650 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$250.5K
$219.2K – $292.3K
NOI $17,536 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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?
Duplex - Two separate units offer immediate occupancy, with a 2-bedroom downstairs and an efficiency upstairs.
Where is this duplex located?
The property is located at 229 West Columbia Street Marion, OH.
What is the asking price?
The asking price for this property is $114,900.
What are key features of this property?
This property features: Duplex with immediate occupancy and two separate units; Downstairs unit: 2‑bedroom apartment; Upstairs unit: efficiency apartment
