Turnkey 3-Unit Apartment
3244 East 5th Avenue Columbus, OH 43219
3244 East 5th Avenue, Columbus, OH, 43219
$350,000
For Sale
$350,000
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 East 5th Avenue
General Information
- Standard status
- Active
- Size
- 2,484 SF
- Property subtype
- Multi-Family / Mixed Use
Building Details
- Year Built
- 1920
Listing agency
Red 1 Realty
(614) 656-1316
Listed by
David Spurlock · License #2022005415
(614) 656-1316
Source
Compass
Added: Apr 26 Updated: Jul 10 at 1:53PM Checked: Jul 21 at 6:48AM
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 Red 1 Realty
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.5k | $13.08 |
| − Vacancy | −$2.3k | −$0.92 |
| EGI | $30.2k | $12.16 |
| − OpEx | −$9.1k | −$3.65 |
| NOI | $21.2k | $8.52 |
2,484 SF · lease $13.08/SF/yr · vacancy 7.00% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
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 East 5th Avenue 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
