Brick Duplex with Updated
For Sale
$189,900
Pending
3160 Sullivant Avenue, Columbus, OH 43204
Solid brick duplex offers two 2-bedroom, 1-bath units with a shared divided basement and updated roof.
Property Size2,436 SF
Days on Market160
Property Features for 3160 Sullivant Avenue
General Information
Standard status
Pending
Size
2,436 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Duplex
Net Operating Income
$11,664
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,612
Amenities
Forced Air
Gas
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
Hart Real Estate Agency LLC
Listed By:
J. Gregory Hart · License #301937
(614) 738-8384
Source:
Compass
Added: Apr 2
Changed: Aug 8
Last Checked: Jul 24 at 2:17PM
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 Hart Real Estate Agency LLC
Investment Insights
Based on property information with market context.
Solid brick duplex in the Westgate area featuring two units, each with two bedrooms and one full bath. The property includes a shared divided basement and a two-car block garage. The roof has been updated.
The duplex is located on the bus line, and the current tenancy is described as long term, with tenants in place for 20+ years.
This offering is presented as a priced-for-updates opportunity for buyers seeking a residential income property with established occupancy.
The duplex is located on the bus line, and the current tenancy is described as long term, with tenants in place for 20+ years.
This offering is presented as a priced-for-updates opportunity for buyers seeking a residential income property with established occupancy.
Key Highlights
- Solid brick duplex in the Westgate area on the bus line
- Two units: each offers 2 bedrooms and 1 full bath
- Shared divided basement with parking in a 2‑car block garage
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
$16,686
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
8.79%
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%
$333,720
$333.7K
Cap Rate 7%
$238,371
$238.4K
Cap Rate 9%
$185,400
$185.4K
Market Conditions
NOI Build-Up for 2,436 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
$32.4K $13.32/SF
− Vacancy
−$2.1K −$0.87/SF
EGI
$30.3K $12.45/SF
− OpEx
−$13.7K −$5.60/SF
NOI
$16.7K $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%
$333,720
Cap Rate 7%
$238,371
Cap Rate 9%
$185,400
Alternative Uses
Best Use
Multifamily LT 5
$296.3K
$259.3K – $345.7K
NOI $20,743 @ 7.0% cap · market cap 10.92%
Second Best
Apartment 5plus
$238.4K
$208.6K – $278.1K
NOI $16,686 @ 7.0% cap · market cap 8.79%
Theoretical Best
Office A
$507.7K
$444.2K – $592.3K
NOI $35,537 @ 7.0% cap · market cap 18.71%
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
360
Businesses Nearby
Explore this area
Business Placement
Demographics for 43204, OH
42,315
Population
19,286
Households
2.2
Avg Household Size
35
Median Age
25%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
4,502
Density / Sq Mi
$59,158
Median Household Income
$38,610
Median Earnings
$1,206
Median Rent
$170,900
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 - Solid brick duplex offers two 2-bedroom, 1-bath units with a shared divided basement and updated roof.
Where is this duplex located?
The property is located at 3160 Sullivant Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Solid brick duplex in the Westgate area on the bus line; Two units: each offers 2 bedrooms and 1 full bath; Shared divided basement with parking in a 2‑car block garage
