Updated Brick Duplex with
For Sale
$460,000
Pending
31-33 Linwood Avenue, Columbus, OH 43205
Two renovated residences each offer multiple living areas, three bedrooms, and dedicated off-street parking.
Property Size5,662 SF
Days on Market91
Property Features for 31-33 Linwood Avenue
General Information
Standard status
Pending
Size
5,662 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Duplex
Additional Details
Multifamily Units
2
Amenities
Central Air
Forced Air
Electric
Yes
Building Details
Year Built
1920
Stories
3
Listing Agency:
Street Sotheby's International
(614) 314-6931
Listed By:
Gregory S Kullman · License #2025001108
(614) 314-6931
Source:
Compass
Added: Jun 2
Changed: Aug 8
Last Checked: Jul 24 at 1:05PM
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 Street Sotheby's International
Investment Insights
Based on property information with market context.
This updated brick duplex features two separate residences, each with three bedrooms and one full plus one half bath. Both units include spacious living and dining areas, renovated kitchens and refreshed baths, and historic-style details such as exposed brick accents, decorative fireplaces, oversized windows, and soaring ceilings. Additional flexibility is provided by expansive third-floor spaces that can support extra living, work-from-home, or guest accommodations. Unfinished basements add storage capacity, while each home benefits from a welcoming covered front porch.
The property is located at 31-33 Linwood Avenue in Olde Towne East, offering access to central Columbus destinations including Downtown Columbus, Franklin Park Conservatory, Nationwide Children’s Hospital, and John Glenn Columbus International Airport. A generous rear yard provides additional outdoor space, and there are four off-street parking spaces total, with two dedicated to each residence.
With two well-appointed units, this property suits buyers seeking a duplex with updated interiors, separate parking, and adaptable upper-floor space. The unfinished basements and rear yard add practical utility for day-to-day living and storage, while the third-floor areas can support a range of household needs or multi-purpose uses.
The property is located at 31-33 Linwood Avenue in Olde Towne East, offering access to central Columbus destinations including Downtown Columbus, Franklin Park Conservatory, Nationwide Children’s Hospital, and John Glenn Columbus International Airport. A generous rear yard provides additional outdoor space, and there are four off-street parking spaces total, with two dedicated to each residence.
With two well-appointed units, this property suits buyers seeking a duplex with updated interiors, separate parking, and adaptable upper-floor space. The unfinished basements and rear yard add practical utility for day-to-day living and storage, while the third-floor areas can support a range of household needs or multi-purpose uses.
Key Highlights
- Updated brick duplex in Olde Towne East built in 1920, offering historic character and modern renovations.
- Two residences, each with 3 bedrooms plus one full and one half bath.
- Central air cooling and electric forced‑air heating in the duplex.
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
$38,784
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
8.43%
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%
$775,680
$775.7K
Cap Rate 7%
$554,057
$554.1K
Cap Rate 9%
$430,933
$430.9K
Market Conditions
NOI Build-Up for 5,662 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
$75.4K $13.32/SF
− Vacancy
−$4.9K −$0.87/SF
EGI
$70.5K $12.45/SF
− OpEx
−$31.7K −$5.60/SF
NOI
$38.8K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$775,680
Cap Rate 7%
$554,057
Cap Rate 9%
$430,933
Alternative Uses
Best Use
Multifamily LT 5
$688.7K
$602.7K – $803.5K
NOI $48,212 @ 7.0% cap · market cap 10.48%
Second Best
Apartment 5plus
$554.1K
$484.8K – $646.4K
NOI $38,784 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,599 @ 7.0% cap · market cap 17.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,450
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
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 - Two renovated residences each offer multiple living areas, three bedrooms, and dedicated off-street parking.
Where is this duplex located?
The property is located at 31-33 Linwood Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Updated brick duplex in Olde Towne East built in 1920, offering historic character and modern renovations.; Two residences, each with 3 bedrooms plus one full and one half bath.; Central air cooling and electric forced‑air heating in the duplex.
