Three-Unit Apartment
For Sale
$330,000
3244 E 5th Avenue, Columbus, OH 43219
Residential income property with one-, two-, and three-bedroom floor plans near the airport and downtown Columbus.
Property Size2,484 SF
Price / SF$132.85
Days on Market46
Property Features for 3244 E 5th Avenue
General Information
Standard status
Active
Size
2,484 SF
Property subtype
Multi-family
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Site & Location
Neighborhood
East Columbus
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Building Details
Buildings
1
Listing Agency:
Forge Real Estate Advisors
(614) 665-5793
Listed By:
David Spurlock · License #2022005415
(614) 656-1316
Source:
Maryhatem
Added: Sep 15
Changed: Oct 25
Last Checked: Oct 28 at 9:01AM
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 Forge Real Estate Advisors
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Investment Insights
Based on property information with market context.
Located at 3244 E 5th Avenue in Columbus, Ohio, this three-unit apartment property contains 2,484 finished square feet. The unit mix includes one 1-bedroom, 1-bath apartment; one 2-bedroom, 1-bath apartment; and one 3-bedroom, 1-bath apartment. The building is occupied by long-term tenants and offers an established multifamily configuration.
The property sits near John Glenn Columbus International Airport and its expansion and redevelopment project, with access to downtown Columbus and major employment hubs. Its location supports continued relevance for long-term rental use and places the building near ongoing airport-area investment and infrastructure activity.
The property sits near John Glenn Columbus International Airport and its expansion and redevelopment project, with access to downtown Columbus and major employment hubs. Its location supports continued relevance for long-term rental use and places the building near ongoing airport-area investment and infrastructure activity.
Key Highlights
- Three‑unit apartment property with 2,484 finished square feet
- Unit mix includes one 1bed/1ba, one 2bed/1ba, and one 3bed/1ba
- Occupied by long‑term tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,151
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,020
$423.0K
Cap Rate 7%
$302,157
$302.2K
Cap Rate 9%
$235,011
$235.0K
Market Conditions
NOI Build-Up for 2,484 SF
Gross rent
$32.5K $13.08/SF
− Vacancy
−$2.3K −$0.92/SF
EGI
$30.2K $12.16/SF
− OpEx
−$9.1K −$3.65/SF
NOI
$21.2K $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 Rate 5%
$423,020
Cap Rate 7%
$302,157
Cap Rate 9%
$235,011
Alternative Uses
Best Use
Multifamily LT 5
$302.2K
$264.4K – $352.5K
NOI $21,151 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$243.1K
$212.7K – $283.6K
NOI $17,015 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$517.7K
$453.0K – $604.0K
NOI $36,237 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
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Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with one-, two-, and three-bedroom floor plans near the airport and downtown Columbus.
Where is this triplex located?
The property is located at 3244 E 5th Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Three‑unit apartment property with 2,484 finished square feet; Unit mix includes one 1bed/1ba, one 2bed/1ba, and one 3bed/1ba; Occupied by long‑term tenants
