Four-Unit Residential Income
For Sale
$650,000
Pending
2838-2842 Sherwood Road, Columbus, OH 43209
Four well-configured units with private basements and tenant-paid utilities, offered fully occupied on two parcels.
Property Size5,184 SF
Days on Market101
Property Features for 2838-2842 Sherwood Road
General Information
Standard status
Pending
Size
5,184 SF
Property subtype
Multi-Family / Townhouse
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,242
Amenities
Central Air, Window Unit(s)
Forced Air
Gas
Yes
Building Details
Year Built
1941
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Mark Kraus · License #382282
(614) 306-6195
Source:
Compass
Added: May 31
Changed: Aug 8
Last Checked: Jul 24 at 3:09PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property combines two 2-bedroom units and two 3-bedroom units, with a layout that includes interior access from each unit to its own private basement. The home’s character features elements described as 1940s architectural details, including arched doorways, oak floors, and sunken living rooms with wrought-iron balustrades. The exterior is described as low-maintenance brick with modern windows, and a new garage roof was completed in 2022.
The property is located in Central Eastmoor, described as close to Bexley and near the coming Cols. LinkUS/Main St commuter buslines. The remarks also note walkability to various places of worship and parochial schools, as well as proximity to Top Restaurant, Bexley shops and restaurants, and several educational and healthcare destinations including Capital University and OSU East and Grant Hospitals. The listing also specifies curb offers only.
The building is fully occupied, and tenants are reported to pay all utilities. The occupancy is described as three long-term tenants on month-to-month terms, with one lease renewable in August. Although the property involves two separate parcels, the parcels are stated to be sold together.
The property is located in Central Eastmoor, described as close to Bexley and near the coming Cols. LinkUS/Main St commuter buslines. The remarks also note walkability to various places of worship and parochial schools, as well as proximity to Top Restaurant, Bexley shops and restaurants, and several educational and healthcare destinations including Capital University and OSU East and Grant Hospitals. The listing also specifies curb offers only.
The building is fully occupied, and tenants are reported to pay all utilities. The occupancy is described as three long-term tenants on month-to-month terms, with one lease renewable in August. Although the property involves two separate parcels, the parcels are stated to be sold together.
Key Highlights
- 4‑unit property built in 1941 with 2 two‑bedroom units and 2 three‑bedroom units
- Fully occupied; tenants pay for all utilities
- Each unit has interior access to a private basement
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
$44,142
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
6.79%
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%
$882,840
$882.8K
Cap Rate 7%
$630,600
$630.6K
Cap Rate 9%
$490,467
$490.5K
Market Conditions
NOI Build-Up for 5,184 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
$67.8K $13.08/SF
− Vacancy
−$4.7K −$0.92/SF
EGI
$63.1K $12.16/SF
− OpEx
−$18.9K −$3.65/SF
NOI
$44.1K $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%
$882,840
Cap Rate 7%
$630,600
Cap Rate 9%
$490,467
Alternative Uses
Best Use
Multifamily LT 5
$630.6K
$551.8K – $735.7K
NOI $44,142 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$507.3K
$443.9K – $591.8K
NOI $35,509 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.08M
$945.3K – $1.26M
NOI $75,626 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
686
Businesses Nearby
Explore this area
Business Placement
Demographics for 43209, OH
27,727
Population
12,689
Households
2.2
Avg Household Size
37
Median Age
57%
College-Educated
96%
High-School Grad
6.1 sq mi
ZIP Area
4,545
Density / Sq Mi
$88,155
Median Household Income
$48,128
Median Earnings
$1,105
Median Rent
$373,500
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?
Quadplex - Four well-configured units with private basements and tenant-paid utilities, offered fully occupied on two parcels.
Where is this quadplex located?
The property is located at 2838-2842 Sherwood Road Columbus, OH.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4‑unit property built in 1941 with 2 two‑bedroom units and 2 three‑bedroom units; Fully occupied; tenants pay for all utilities; Each unit has interior access to a private basement
