Versatile Commercial Building Near
For Sale
$530,000
24 East Street, Columbus, OH 43228
Adaptable commercial building suitable for various uses near OhioHealth.
Property Size5,000 SF
Price / SF$106
Days on Market2571
Property Features for 24 East Street
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$336
Amenities
3
Building Details
Year Built
1959
Listing Agency:
N/A
(614) 774-5692
Listed By:
Steven Beaver · License #2003001721
(614) 774-5692
Source:
Xome
Added: Aug 8, 2019
Changed: Aug 21
Last Checked: Aug 20 at 6:58AM
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 N/A
Investment Insights
Based on property information with market context.
This commercial building presents a versatile opportunity, situated within a short walking distance of OhioHealth and across from Norton Middle School. The all-brick building offers access to both West Broad Street and Norton Road, making it suitable for a range of potential uses, including medical offices, school-related programs, warehouse space, or condo/apartment conversions. The seller invested $225,000 in a new roof six years ago. The property also features two newer 2.5-ton heating systems. Its location is less than 1.5 miles from Interstates 270, 70, and 71. The property has a size of 5,000 square feet.
Key Highlights
- Prime location: Walking distance to Ohio Health and across from Norton Middle School.
- Versatile commercial opportunity: Suitable for medical offices, school programs, warehouse, or condo/apartments.
- Durable all‑brick building.
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
$47,775
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
9.01%
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%
$955,500
$955.5K
Cap Rate 7%
$682,500
$682.5K
Cap Rate 9%
$530,833
$530.8K
Market Conditions
NOI Build-Up for 5,000 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
$84.0K $16.80/SF
− Vacancy
−$7.6K −$1.51/SF
EGI
$76.4K $15.29/SF
− OpEx
−$28.7K −$5.73/SF
NOI
$47.8K $9.56/SF
Area
ZIP 43228
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$955,500
Cap Rate 7%
$682,500
Cap Rate 9%
$530,833
Alternative Uses
Best Use
Warehouse
$1.06M
$931.5K – $1.24M
NOI $74,519 @ 7.0% cap · market cap 14.06%
Second Best
Industrial
$872.1K
$763.1K – $1.02M
NOI $61,047 @ 7.0% cap · market cap 11.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 43228, OH
58,465
Population
25,623
Households
2.3
Avg Household Size
32
Median Age
26%
College-Educated
86%
High-School Grad
19.9 sq mi
ZIP Area
2,938
Density / Sq Mi
$60,895
Median Household Income
$40,211
Median Earnings
$1,169
Median Rent
$204,000
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Adaptable commercial building suitable for various uses near OhioHealth.
Where is this mixed-use property located?
The property is located at 24 East Street Columbus, OH.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Prime location: Walking distance to Ohio Health and across from Norton Middle School.; Versatile commercial opportunity: Suitable for medical offices, school programs, warehouse, or condo/apartments.; Durable all‑brick building.
