Side-by-Side
For Sale
$195,000
Pending
255-257 S Eureka Ave, Columbus, OH 43204
Two recently turned-over units offer immediate possession for new tenants.
Property Size2,464 SF
Days on Market12
Property Features for 255-257 S Eureka Ave
General Information
Standard status
Pending
Size
2,464 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Tonya Fisher, Key Realty
Listed By:
Rhiannon Ferrari · License #2009003178
(614) 226-1039
Source:
Ferrarihomegroup
Added: Sep 9
Changed: Sep 20
Last Checked: Sep 20 at 8:48AM
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 Tonya Fisher, Key Realty
Investment Insights
Based on property information with market context.
This 2,464-square-foot duplex contains two side-by-side residences, each with three bedrooms and one bathroom. Both units have recently been prepared for occupancy, providing immediate possession for incoming tenants. The property was built in 1924 and has maintained rental history.
Significant capital improvements include vinyl siding installed in 2012, electrical panel replacements completed in 2020 and 2021, and new furnaces added in 2022. The front porch was rebuilt in 2022, followed by a new roof and complete wood-sheathing replacement in 2023. The property is located at 255-257 S Eureka Ave in Columbus, Ohio 43204.
Significant capital improvements include vinyl siding installed in 2012, electrical panel replacements completed in 2020 and 2021, and new furnaces added in 2022. The front porch was rebuilt in 2022, followed by a new roof and complete wood-sheathing replacement in 2023. The property is located at 255-257 S Eureka Ave in Columbus, Ohio 43204.
Key Highlights
- Two side‑by‑side units, each with 3 bedrooms and 1 bathroom
- 2,464 square feet of total property size
- Both units recently prepared for occupancy with immediate possession
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
$16,878
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
8.66%
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%
$337,560
$337.6K
Cap Rate 7%
$241,114
$241.1K
Cap Rate 9%
$187,533
$187.5K
Market Conditions
NOI Build-Up for 2,464 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
$32.8K $13.32/SF
− Vacancy
−$2.1K −$0.87/SF
EGI
$30.7K $12.45/SF
− OpEx
−$13.8K −$5.60/SF
NOI
$16.9K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$337,560
Cap Rate 7%
$241,114
Cap Rate 9%
$187,533
Alternative Uses
Best Use
Multifamily LT 5
$299.7K
$262.3K – $349.7K
NOI $20,981 @ 7.0% cap · market cap 10.76%
Second Best
Apartment 5plus
$241.1K
$211.0K – $281.3K
NOI $16,878 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$513.5K
$449.3K – $599.1K
NOI $35,946 @ 7.0% cap · market cap 18.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
619
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two recently turned-over units offer immediate possession for new tenants.
Where is this duplex located?
The property is located at 255-257 S Eureka Ave Columbus, OH.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 3 bedrooms and 1 bathroom; 2,464 square feet of total property size; Both units recently prepared for occupancy with immediate possession
