Two-Unit Duplex
For Sale
$129,000
Pending
2366-2368 Howey Rd, Columbus, OH 43211
Residential income property with matching two-bedroom layouts and improvement needs.
Property Size1,218 SF
Days on Market49
Property Features for 2366-2368 Howey Rd
General Information
Standard status
Pending
Size
1,218 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1956
Listing Agency:
Jacob Silvermetz, Silvermetz Real Estate Corp
Listed By:
Contact LOCAL Agent
(614) 291-1200
Source:
Realtyohio
Added: Aug 3
Changed: Sep 20
Last Checked: Sep 20 at 8:32AM
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 Jacob Silvermetz, Silvermetz Real Estate Corp
Investment Insights
Based on property information with market context.
Built in 1956, this duplex contains two residential units, each arranged with two bedrooms and one bathroom. The property has a consistent unit configuration across both sides and requires additional work, making the condition an important consideration for prospective purchasers.
Located at 2366-2268 Howey Road in Columbus, Ohio, the building has prior rental history and is positioned as a residential income property. The address is in ZIP code 43211.
Located at 2366-2268 Howey Road in Columbus, Ohio, the building has prior rental history and is positioned as a residential income property. The address is in ZIP code 43211.
Key Highlights
- Duplex with two separate residential units
- Each unit includes 2 bedrooms and 1 bathroom
- Built in 1956
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
$10,371
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
8.04%
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%
$207,420
$207.4K
Cap Rate 7%
$148,157
$148.2K
Cap Rate 9%
$115,233
$115.2K
Market Conditions
NOI Build-Up for 1,218 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
$15.9K $13.08/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$14.8K $12.16/SF
− OpEx
−$4.4K −$3.65/SF
NOI
$10.4K $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%
$207,420
Cap Rate 7%
$148,157
Cap Rate 9%
$115,233
Alternative Uses
Best Use
Multifamily LT 5
$148.2K
$129.6K – $172.9K
NOI $10,371 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$119.2K
$104.3K – $139.1K
NOI $8,343 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$253.8K
$222.1K – $296.2K
NOI $17,769 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 43211, OH
23,160
Population
9,956
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
77%
High-School Grad
4.7 sq mi
ZIP Area
4,928
Density / Sq Mi
$38,715
Median Household Income
$28,601
Median Earnings
$1,057
Median Rent
$91,600
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 - Residential income property with matching two-bedroom layouts and improvement needs.
Where is this duplex located?
The property is located at 2366-2368 Howey Rd Columbus, OH.
What is the asking price?
The asking price for this property is $129,000.
What are key features of this property?
This property features: Duplex with two separate residential units; Each unit includes 2 bedrooms and 1 bathroom; Built in 1956
