Tenant-Occupied
New
For Sale
$199,000
2967-2969 Hiawatha St, Columbus, OH 43224
Leased duplex offered in as-is condition with curb offers only.
Property Size1,152 SF
Price / SF$172.74
Days on Market2
Property Features for 2967-2969 Hiawatha St
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$15,300
Multifamily Units
2
Building Details
Year Built
1961
Listing Agency:
Connor Johnson, Best Homes Real Estate Ltd
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Sep 6
Last Checked: Sep 7 at 7:27AM
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 Connor Johnson, Best Homes Real Estate Ltd
Investment Insights
Based on property information with market context.
This duplex contains 1,152 square feet and was built in 1961. The property is currently occupied by leased tenants and is being offered in as-is condition. Curb offers only are being considered for 2967-2969 Hiawatha St in Columbus, Ohio.
Key Highlights
- Duplex with 1,152 square feet
- Built in 1961
- Currently occupied by leased tenants
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
$9,809
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
4.93%
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%
$196,180
$196.2K
Cap Rate 7%
$140,129
$140.1K
Cap Rate 9%
$108,989
$109.0K
Market Conditions
NOI Build-Up for 1,152 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
$15.1K $13.08/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$14.0K $12.16/SF
− OpEx
−$4.2K −$3.65/SF
NOI
$9.8K $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%
$196,180
Cap Rate 7%
$140,129
Cap Rate 9%
$108,989
Alternative Uses
Best Use
Multifamily LT 5
$140.1K
$122.6K – $163.5K
NOI $9,809 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$112.7K
$98.6K – $131.5K
NOI $7,891 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$240.1K
$210.1K – $280.1K
NOI $16,806 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 43224, OH
43,544
Population
19,238
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
79%
High-School Grad
8.3 sq mi
ZIP Area
5,246
Density / Sq Mi
$50,934
Median Household Income
$34,966
Median Earnings
$1,025
Median Rent
$159,800
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 - Leased duplex offered in as-is condition with curb offers only.
Where is this duplex located?
The property is located at 2967-2969 Hiawatha St Columbus, OH.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Duplex with 1,152 square feet; Built in 1961; Currently occupied by leased tenants
