Duplex with Upside
For Sale
$225,000
3276 Sullivant Avenue, Columbus, OH 43204
Side-by-side duplex with strong upside potential and convenient location.
Property Size1,848 SF
Price / SF$121.75
Days on Market192
Property Features for 3276 Sullivant Avenue
General Information
Standard status
Active
Size
1,848 SF
Property subtype
Multi-Family / Duplex
Taxes and HOA fees
Annual Taxes
$3,980
Amenities
Forced Air
Gas
No
Building Details
Year Built
1954
Listing Agency:
Best Homes Real Estate Ltd.
(614) 632-3938
Listed By:
Maria E Pingue · License #2001004579
(614) 632-3938
Source:
Compass
Added: Feb 19
Changed: Aug 28
Last Checked: Aug 29 at 3:33PM
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 Best Homes Real Estate Ltd.
Investment Insights
Based on property information with market context.
This side-by-side duplex presents a solid investment opportunity with strong upside potential. Both units are currently rented on month-to-month leases, providing flexibility for rent increases or future repositioning. The property features a brick exterior, ensuring low maintenance. A 3-car garage and ample off-street parking are included. The rear parking area and backyard are situated on a quiet dead-end street, enhancing privacy and tenant appeal. The property benefits from a central location and convenient access to public transportation. Recent updates include new electric panels and furnaces planned for 2025, some new flooring also planned for 2025, and newer hot water tanks. The roof is approximately 10 years old. Current rents are below market, offering potential for increased returns.
Key Highlights
- Strong upside potential due to below‑market rents.
- New electric panels and furnaces (2025).
- 3‑car garage plus ample off‑street parking.
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
$15,736
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
6.99%
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%
$314,720
$314.7K
Cap Rate 7%
$224,800
$224.8K
Cap Rate 9%
$174,844
$174.8K
Market Conditions
NOI Build-Up for 1,848 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
$24.2K $13.08/SF
− Vacancy
−$1.7K −$0.92/SF
EGI
$22.5K $12.16/SF
− OpEx
−$6.7K −$3.65/SF
NOI
$15.7K $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%
$314,720
Cap Rate 7%
$224,800
Cap Rate 9%
$174,844
Alternative Uses
Best Use
Multifamily LT 5
$224.8K
$196.7K – $262.3K
NOI $15,736 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$180.8K
$158.2K – $211.0K
NOI $12,658 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$385.1K
$337.0K – $449.3K
NOI $26,959 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
346
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 - Side-by-side duplex with strong upside potential and convenient location.
Where is this duplex located?
The property is located at 3276 Sullivant Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Strong upside potential due to below‑market rents.; New electric panels and furnaces (2025).; 3‑car garage plus ample off‑street parking.
