Corner Mixed-Use
For Sale
$1,100,000
256 E Whittier St, Columbus, OH 43206
Two vacant apartments sit above commercial space in a corner-lot building serving German Village.
Property Size6,761 SF
Price / SF$162.70
Days on Market32
Property Features for 256 E Whittier St
General Information
Standard status
Active
Size
6,761 SF
Additional Details
Corner Location
Yes
Building Details
Year Built
1923
Listing Agency:
Carleton Realty, LLC
(614) 891-0000
Listed By:
William C Hinterschied
Source:
Thelorilynngroup
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 25 at 5:41AM
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 Carleton Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1923, this mixed-use property combines commercial space with two rental apartments located above. Both apartments are currently vacant, offering a clear existing residential component alongside the business-oriented portion of the building.
The property occupies a corner lot at 256 E. Whittier Street in Columbus’s German Village. Schiller Park is nearby, along with restaurants and other businesses that contribute to the surrounding commercial and community setting.
The property occupies a corner lot at 256 E. Whittier Street in Columbus’s German Village. Schiller Park is nearby, along with restaurants and other businesses that contribute to the surrounding commercial and community setting.
Key Highlights
- Mixed‑use building constructed in 1923
- Two rental apartments positioned above the commercial space
- Both apartments are currently vacant
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
$77,948
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
7.09%
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%
$1,558,960
$1.6M
Cap Rate 7%
$1,113,543
$1.1M
Cap Rate 9%
$866,089
$866.1K
Market Conditions
NOI Build-Up for 6,761 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
$121.7K $18.00/SF
− Vacancy
−$10.3K −$1.53/SF
EGI
$111.4K $16.47/SF
− OpEx
−$33.4K −$4.94/SF
NOI
$77.9K $11.53/SF
Area
Columbus, OH
Vacancy
8.50%
Lease Rate
$18.00 /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%
$1,558,960
Cap Rate 7%
$1,113,543
Cap Rate 9%
$866,089
Alternative Uses
Best Use
Retail
$1.11M
$974.4K – $1.30M
NOI $77,948 @ 7.0% cap · market cap 7.09%
Second Best
Mixed Use
$1.11M
$969.8K – $1.29M
NOI $77,582 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,632 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Retail in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two vacant apartments sit above commercial space in a corner-lot building serving German Village.
Where is this mixed-use property located?
The property is located at 256 E Whittier St Columbus, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Mixed‑use building constructed in 1923; Two rental apartments positioned above the commercial space; Both apartments are currently vacant
