Updated Triplex with Three
For Sale
$425,000
2640-2642 W Broad Street, Columbus, OH 43204
Three leased units feature private laundry hookups, basement storage, and extensive recent improvements.
Property Size4,200 SF
Price / SF$101.19
Days on Market17
Property Features for 2640-2642 W Broad Street
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$44,400
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,598
Amenities
basement storage
washer/dryer hookups
laundry hookups
security doors
fencing
rear deck
Building Details
Year Built
1903
Units
3
Tenancy
Multi
Listing Agency:
EXP Realty, LLC
(614) 226-1039
Listed By:
Rhiannon M Ferrari · License #2009003178
Source:
Hcblandrealty
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1903, this triplex at 2640-2642 W Broad Street comprises two approximately 1,700-square-foot units and a separate below-grade apartment of approximately 800 square feet. Each larger residence includes three bedrooms, two full bathrooms, basement storage, and private washer and dryer hookups. The lower-level unit has one bedroom, one bathroom, and dedicated laundry hookups. All three units are currently leased.
Recent property work includes a 2022 roof, a new main water line, exterior foundation sealing, rebuilt front steps, a newer rear deck, updated flooring, fresh paint, modern light fixtures, and new thermostats. Unit-level improvements include remodeled kitchens, newer appliances, security doors, garbage disposals, fencing, an upstairs AC unit, a newer furnace, and a sump pump. Total unit space exceeds 4,200 square feet.
Recent property work includes a 2022 roof, a new main water line, exterior foundation sealing, rebuilt front steps, a newer rear deck, updated flooring, fresh paint, modern light fixtures, and new thermostats. Unit-level improvements include remodeled kitchens, newer appliances, security doors, garbage disposals, fencing, an upstairs AC unit, a newer furnace, and a sump pump. Total unit space exceeds 4,200 square feet.
Key Highlights
- Three‑unit triplex with all units currently leased
- Two approximately 1,700‑square‑foot units with 3 bedrooms and 2 full bathrooms each
- Separate below‑grade apartment with approximately 800 square feet, 1 bedroom, and 1 bathroom
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
$35,763
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
8.41%
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%
$715,260
$715.3K
Cap Rate 7%
$510,900
$510.9K
Cap Rate 9%
$397,367
$397.4K
Market Conditions
NOI Build-Up for 4,200 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
$54.9K $13.08/SF
− Vacancy
−$3.8K −$0.92/SF
EGI
$51.1K $12.16/SF
− OpEx
−$15.3K −$3.65/SF
NOI
$35.8K $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%
$715,260
Cap Rate 7%
$510,900
Cap Rate 9%
$397,367
Alternative Uses
Best Use
Multifamily LT 5
$510.9K
$447.0K – $596.1K
NOI $35,763 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$411.0K
$359.6K – $479.5K
NOI $28,769 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$875.3K
$765.9K – $1.02M
NOI $61,271 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
249
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased units feature private laundry hookups, basement storage, and extensive recent improvements.
Where is this triplex located?
The property is located at 2640-2642 W Broad Street Columbus, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three‑unit triplex with all units currently leased; Two approximately 1,700‑square‑foot units with 3 bedrooms and 2 full bathrooms each; Separate below‑grade apartment with approximately 800 square feet, 1 bedroom, and 1 bathroom
