Renovated Two-Unit
For Sale
$285,000
Pending
272-274 Hilliard Rome Road, Columbus, OH 43228
One unit is currently rented through 4/30/27, while the other offers ready space for a house hacker or investor.
Property Size1,760 SF
Days on Market116
Property Features for 272-274 Hilliard Rome Road
General Information
Standard status
Pending
Size
1,760 SF
Property subtype
Multi-Family / Duplex
Net Operating Income
$17,688
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,414
Amenities
Central Air
Hot Water
Yes
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
Red 1 Realty
Listed By:
Bradley Clarizio · License #2018002068
(614) 309-2158
Source:
Compass
Added: May 13
Changed: Aug 8
Last Checked: Jul 24 at 1:07PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
272-274 Hilliard Rome Road presents a well-kept duplex in Southwestern City Schools, configured as two separate 2-bedroom units. Both units feature redone bathrooms and hardwood floors. Low-maintenance updates include vinyl windows and newer HVAC, helping keep ongoing upkeep straightforward.
The property offers flexibility for different ownership strategies, since Unit 272 is already rented through 4/30/27 for $1,474 per month. Unit 274 is described as open, giving an owner the option to occupy one side while using the other unit for rental income, or to position both units for a later lease-up approach.
For tenants, this layout can appeal to households looking for traditional finishes like hardwood floors paired with updated bathrooms and efficient mechanicals. For buyers, the dual-unit structure and current in-place tenancy can support a hands-on “house hack” plan or an investment purchase that starts with one unit secured and the second unit available to control for the next step.
The property offers flexibility for different ownership strategies, since Unit 272 is already rented through 4/30/27 for $1,474 per month. Unit 274 is described as open, giving an owner the option to occupy one side while using the other unit for rental income, or to position both units for a later lease-up approach.
For tenants, this layout can appeal to households looking for traditional finishes like hardwood floors paired with updated bathrooms and efficient mechanicals. For buyers, the dual-unit structure and current in-place tenancy can support a hands-on “house hack” plan or an investment purchase that starts with one unit secured and the second unit available to control for the next step.
Key Highlights
- Duplex in Southwestern City Schools with 2 units and 2 bedrooms per unit
- One unit (272) is rented through 4/30/27 for $1,474 total rent per month
- Both units feature redone bathrooms and hardwood floors
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
$17,094
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
6.00%
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%
$341,880
$341.9K
Cap Rate 7%
$244,200
$244.2K
Cap Rate 9%
$189,933
$189.9K
Market Conditions
NOI Build-Up for 1,760 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
$26.4K $15.00/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$24.4K $13.88/SF
− OpEx
−$7.3K −$4.16/SF
NOI
$17.1K $9.71/SF
Area
ZIP 43228
Vacancy
7.50%
Lease Rate
$15.00 /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%
$341,880
Cap Rate 7%
$244,200
Cap Rate 9%
$189,933
Alternative Uses
Best Use
Multifamily LT 5
$244.2K
$213.7K – $284.9K
NOI $17,094 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$218.7K
$191.3K – $255.1K
NOI $15,307 @ 7.0% cap · market cap 5.37%
Theoretical Best
Warehouse
$374.7K
$327.9K – $437.2K
NOI $26,231 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 43228, OH
58,465
Population
25,623
Households
2.3
Avg Household Size
32
Median Age
26%
College-Educated
86%
High-School Grad
19.9 sq mi
ZIP Area
2,938
Density / Sq Mi
$60,895
Median Household Income
$40,211
Median Earnings
$1,169
Median Rent
$204,000
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 - One unit is currently rented through 4/30/27, while the other offers ready space for a house hacker or investor.
Where is this duplex located?
The property is located at 272-274 Hilliard Rome Road Columbus, OH.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Duplex in Southwestern City Schools with 2 units and 2 bedrooms per unit; One unit (272) is rented through 4/30/27 for $1,474 total rent per month; Both units feature redone bathrooms and hardwood floors
