Flex Space with Private
For Sale
$260,000
Pending
253 Chittenden Avenue, Columbus, OH 43201
Private offices, reception, restroom, and a service door support varied commercial use.
Property Size1,200 SF
Days on Market14
Property Features for 253 Chittenden Avenue
General Information
Standard status
Pending
Size
1,200 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,284
Amenities
3
6 Parking Spaces.
Building Details
Year Built
1951
Listing Agency:
(614) 316-2294
Listed By:
Keller Williams Capital Ptnrs
(614) 316-2294
Source:
Xome
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 9 at 5:08AM
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 1,200-square-foot flex property includes two private offices, a reception area, and a restroom. The work area has 9-foot ceilings, and a rear service door connects to a gated gravel parking area with space for 6 vehicles. Built in 1951, the property supports office, retail, or workshop use.
The property is located at 253 Chittenden Avenue in Columbus, near campus and Weinland Park. Its combination of office areas, functional work space, service access, and on-site parking accommodates a range of commercial operations.
The property is located at 253 Chittenden Avenue in Columbus, near campus and Weinland Park. Its combination of office areas, functional work space, service access, and on-site parking accommodates a range of commercial operations.
Key Highlights
- 1,200 SF flex property near campus and Weinland Park
- Two private offices plus a reception area
- 9‑foot ceilings in the work area
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
$13,864
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
5.33%
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%
$277,280
$277.3K
Cap Rate 7%
$198,057
$198.1K
Cap Rate 9%
$154,044
$154.0K
Market Conditions
NOI Build-Up for 1,200 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
$23.8K $19.80/SF
− Vacancy
−$5.3K −$4.40/SF
EGI
$18.5K $15.40/SF
− OpEx
−$4.6K −$3.85/SF
NOI
$13.9K $11.55/SF
Area
Columbus, OH
Vacancy
22.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$277,280
Cap Rate 7%
$198,057
Cap Rate 9%
$154,044
Alternative Uses
Best Use
Office B
$198.1K
$173.3K – $231.1K
NOI $13,864 @ 7.0% cap · market cap 5.33%
Second Best
Retail
$197.6K
$172.9K – $230.6K
NOI $13,835 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$250.1K
$218.8K – $291.8K
NOI $17,506 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,212
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Private offices, reception, restroom, and a service door support varied commercial use.
Where is this flex space located?
The property is located at 253 Chittenden Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,200 SF flex property near campus and Weinland Park; Two private offices plus a reception area; 9‑foot ceilings in the work area
