Mixed-Use Office and
For Sale
$250,000
3019 Cleveland Avenue, Columbus, OH 43224
Mixed-use building with main-level office layout and an upstairs residence, plus an unfinished basement for storage or future build-out.
Property Size1,720 SF
Price / SF$145.35
Days on Market141
Property Features for 3019 Cleveland Avenue
General Information
Standard status
Active
Size
1,720 SF
Property subtype
General Commercial
Units
Multifamily Units
1
Office Units
3
Taxes and HOA fees
Annual Taxes
$2,343
Amenities
3
Building Details
Year Built
1937
Listing Agency:
Coldwell Banker Realty
(614) 670-1986
Listed By:
Jannette Adewunmi · License #2024004038
(614) 670-1986
Source:
Xome
Added: Apr 8
Changed: Aug 25
Last Checked: Aug 26 at 6:34AM
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 mixed-use property combines a commercial office layout with an upper-level residential space. The main level includes a reception area, a spacious lobby or waiting area, a kitchenette, and three private office suites. The upper level is set up for residential use with three bedrooms, a full bathroom, a full kitchen, and a living room area. A large, unfinished basement provides storage and offers space for future build-out.
The building has previously been utilized as an auto dealership and office complex. The property is being sold as-is, and buyers should verify all zoning, permitted uses, and square footage.
The configuration can support up to six individual office units, either for multi-tenant leasing or for a single office operation with room to expand, depending on how the space is reconfigured and approved.
The building has previously been utilized as an auto dealership and office complex. The property is being sold as-is, and buyers should verify all zoning, permitted uses, and square footage.
The configuration can support up to six individual office units, either for multi-tenant leasing or for a single office operation with room to expand, depending on how the space is reconfigured and approved.
Key Highlights
- 1937 mixed‑use building with main‑level commercial space and an upstairs residential unit
- Main level includes reception area, lobby/waiting area, kitchenette, and three private office suites
- Upper level is set up for residential use with 3 bedrooms, full bathroom, full kitchen, and living room area
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
$19,872
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
7.95%
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%
$397,440
$397.4K
Cap Rate 7%
$283,886
$283.9K
Cap Rate 9%
$220,800
$220.8K
Market Conditions
NOI Build-Up for 1,720 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
$34.1K $19.80/SF
− Vacancy
−$7.6K −$4.40/SF
EGI
$26.5K $15.40/SF
− OpEx
−$6.6K −$3.85/SF
NOI
$19.9K $11.55/SF
Area
Columbus, OH
Vacancy
22.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$397,440
Cap Rate 7%
$283,886
Cap Rate 9%
$220,800
Alternative Uses
Best Use
Office B
$283.9K
$248.4K – $331.2K
NOI $19,872 @ 7.0% cap · market cap 7.95%
Second Best
Mixed Use
$282.0K
$246.7K – $329.0K
NOI $19,737 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$358.5K
$313.7K – $418.2K
NOI $25,092 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
701
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 Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Mixed-use building with main-level office layout and an upstairs residence, plus an unfinished basement for storage or future build-out.
Where is this live-work space located?
The property is located at 3019 Cleveland Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1937 mixed‑use building with main‑level commercial space and an upstairs residential unit; Main level includes reception area, lobby/waiting area, kitchenette, and three private office suites; Upper level is set up for residential use with 3 bedrooms, full bathroom, full kitchen, and living room area
