Turnkey 3-Unit Apartment
For Sale
$350,000
3244 E 5th Ave, Columbus, OH 43219
Turnkey three-unit multifamily with one-, two-, and three-bedroom units and long-term tenancy near a major airport redevelopment project.
Property Size2,484 SF
Price / SF$140.90
Days on Market88
Property Features for 3244 E 5th Ave
General Information
Standard status
Active
Size
2,484 SF
Property subtype
Residential Income
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,336
Building Details
Tenancy
Multi
Listing Agency:
Forge Real Estate Advisors LLC
(614) 656-1316
Listed By:
David Spurlock · License #2022005415
(614) 656-1316
Source:
Exprealty
Added: Jun 4
Changed: Aug 28
Last Checked: Aug 29 at 11:30AM
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 LLC
Investment Insights
Based on property information with market context.
This turnkey 3-unit apartment building offers 2,484 finished square feet configured as one 1-bedroom/1-bath unit rented at $800, one 2-bedroom/1-bath unit rented at $832, and one 3-bedroom/1-bath unit rented at $1,325. The property is presented with minimal deferred maintenance and is positioned for investors or operators seeking a manageable, income-producing residential asset.
Located at 3244 East 5th Avenue in Columbus, the property is positioned directly near the transformational $2 billion John Glenn Columbus International Airport expansion and redevelopment project. The surrounding area is described as part of a growing east-side corridor benefiting from ongoing infrastructure improvements and increased demand associated with the airport redevelopment.
With long-term tenants and an excellent payment history noted in the public remarks, the building provides immediate occupancy and steady rental income. The three-unit mix can also support tenant flexibility across different household sizes. For buyers evaluating a stabilized multifamily investment close to a major infrastructure initiative, this asset combines in-place cash flow with a straightforward unit layout and turnkey presentation.
Located at 3244 East 5th Avenue in Columbus, the property is positioned directly near the transformational $2 billion John Glenn Columbus International Airport expansion and redevelopment project. The surrounding area is described as part of a growing east-side corridor benefiting from ongoing infrastructure improvements and increased demand associated with the airport redevelopment.
With long-term tenants and an excellent payment history noted in the public remarks, the building provides immediate occupancy and steady rental income. The three-unit mix can also support tenant flexibility across different household sizes. For buyers evaluating a stabilized multifamily investment close to a major infrastructure initiative, this asset combines in-place cash flow with a straightforward unit layout and turnkey presentation.
Key Highlights
- Turnkey 3‑unit apartment building with long‑term tenants and an excellent payment history
- 2,484 finished SF with unit mix: one 1 bed/1 ba ($800), one 2 bed/1 ba ($832), and one 3 bed/1 ba ($1,325)
- Built in 1920 multifamily property
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
$21,151
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
6.04%
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%
$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
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
$32.5K $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 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%
$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 6.04%
Second Best
Apartment 5plus
$243.1K
$212.7K – $283.6K
NOI $17,015 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$517.7K
$453.0K – $604.0K
NOI $36,237 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Turnkey three-unit multifamily with one-, two-, and three-bedroom units and long-term tenancy near a major airport redevelopment project.
Where is this triplex located?
The property is located at 3244 E 5th Ave Columbus, OH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Turnkey 3‑unit apartment building with long‑term tenants and an excellent payment history; 2,484 finished SF with unit mix: one 1 bed/1 ba ($800), one 2 bed/1 ba ($832), and one 3 bed/1 ba ($1,325); Built in 1920 multifamily property
