North University Duplex For
For Sale
$325,000
2478-2480 Deming Avenue, Columbus, OH 43202
Two-unit property in the heart of the North University area.
Property Size1,616 SF
Price / SF$201.11
Days on Market180
Property Features for 2478-2480 Deming Avenue
General Information
Standard status
Active
Size
1,616 SF
Property subtype
Multi-Family / Duplex
Net Operating Income
$17,610
Taxes and HOA fees
Annual Taxes
$5,423
Amenities
Forced Air
Gas
Building Details
Year Built
1900
Listing Agency:
Keller Williams Capital Ptnrs
(614) 431-1220
Listed By:
Joseph C Jackson · License #2014000204
(614) 431-1220
Source:
Compass
Added: Mar 3
Changed: Aug 28
Last Checked: Aug 29 at 4:11PM
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 Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
This two-unit property is located in the North University area, specifically on the Medary-Deming loop just south of Clinton Street. Each unit features two bedrooms, one full bath, a living room, a dining room, and a full basement. Off-street parking is available in the rear of the property. The property's size is 1616 square feet. The location provides convenient access to public transportation, shopping, restaurants, and neighborhood cafés. The property has rental appeal in a consistently high-demand area. Rents are $1050 and $1105 per side, with tenants responsible for their own gas and electric utilities.
Key Highlights
- Prime location in the desirable North University area on the Medary‑Deming loop.
- Two separate units, each with two bedrooms, one full bath, living room, dining room, and full basement.
- Strong rental income potential with existing rents of $1050 and $1105 per unit.
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
$13,760
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
4.23%
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%
$275,200
$275.2K
Cap Rate 7%
$196,571
$196.6K
Cap Rate 9%
$152,889
$152.9K
Market Conditions
NOI Build-Up for 1,616 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
$21.1K $13.08/SF
− Vacancy
−$1.5K −$0.92/SF
EGI
$19.7K $12.16/SF
− OpEx
−$5.9K −$3.65/SF
NOI
$13.8K $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%
$275,200
Cap Rate 7%
$196,571
Cap Rate 9%
$152,889
Alternative Uses
Best Use
Multifamily LT 5
$196.6K
$172.0K – $229.3K
NOI $13,760 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$158.1K
$138.4K – $184.5K
NOI $11,069 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$336.8K
$294.7K – $392.9K
NOI $23,575 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
Demographics for 43202, OH
20,427
Population
10,055
Households
2
Avg Household Size
29
Median Age
62%
College-Educated
95%
High-School Grad
2.5 sq mi
ZIP Area
8,171
Density / Sq Mi
$65,689
Median Household Income
$36,412
Median Earnings
$1,170
Median Rent
$317,000
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-unit property in the heart of the North University area.
Where is this duplex located?
The property is located at 2478-2480 Deming Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Prime location in the desirable North University area on the Medary‑Deming loop.; Two separate units, each with two bedrooms, one full bath, living room, dining room, and full basement.; Strong rental income potential with existing rents of $1050 and $1105 per unit.
