Multi-Use Building with Drive-In
For Sale
Contact for pricing
2453 Sullivant Avenue #3, Columbus, OH 43204
Multi-use building with drive-in garage and redevelopment potential.
Property Size2,340 SF
Price / SF$59.79
Days on Market160
Property Features for 2453 Sullivant Avenue #3
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Mixed Use
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Realty
Listed By:
Ebony Richardson · License #2017006305
Source:
Crexi
Added: Mar 15
Changed: Aug 9
Last Checked: Aug 19 at 11:55PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This multi-use building is positioned along a high-visibility corridor and features a rare 1,800 SF drive-in garage with rear lot access. The property includes a 2,340 SF main level plus a full basement. Zoned URG-1, it allows a wide range of potential uses including residential, retail, service, and other commercial concepts. This zoning creates strong upside for investors, entrepreneurs, and redevelopment buyers, with possibilities for auto-related businesses, contractor space, storage, warehouse use, or hybrid retail operations. The property will require substantial renovation, making it an ideal value-add opportunity in a rapidly evolving area of Columbus, Ohio.
Key Highlights
- Rare 1,800 SF drive‑in garage with rear lot access.
- Zoned URG‑1, allowing for residential, retail, service, and commercial uses.
- 2,340 SF main level plus a full basement.
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
$11,235
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
8.03%
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%
$224,700
$224.7K
Cap Rate 7%
$160,500
$160.5K
Cap Rate 9%
$124,833
$124.8K
Market Conditions
NOI Build-Up for 2,340 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
$14.3K $6.12/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$13.2K $5.65/SF
− OpEx
−$2.0K −$0.85/SF
NOI
$11.2K $4.80/SF
Area
Columbus, OH
Vacancy
7.70%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
15.00%
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%
$224,700
Cap Rate 7%
$160,500
Cap Rate 9%
$124,833
Alternative Uses
Best Use
Retail
$385.4K
$337.2K – $449.6K
NOI $26,978 @ 7.0% cap · market cap 19.28%
Second Best
Mixed Use
$383.6K
$335.7K – $447.5K
NOI $26,852 @ 7.0% cap · market cap 19.19%
Theoretical Best
Office A
$487.7K
$426.7K – $569.0K
NOI $34,137 @ 7.0% cap · market cap 24.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 43204, OH
42,315
Population
19,286
Households
2.2
Avg Household Size
35
Median Age
25%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
4,502
Density / Sq Mi
$59,158
Median Household Income
$38,610
Median Earnings
$1,206
Median Rent
$170,900
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-use building with drive-in garage and redevelopment potential.
Where is this mixed-use property located?
The property is located at 2453 Sullivant Avenue #3 Columbus, OH.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Rare 1,800 SF drive‑in garage with rear lot access.; Zoned URG‑1, allowing for residential, retail, service, and commercial uses.; 2,340 SF main level plus a full basement.
