New Construction Duplex With Carriage
For Sale
$709,000
3294-3298 Rose Avenue 3294, Grove City, OH 43123
Two-bedroom units feature modern finishes, dedicated parking, and additional finished-space potential above the detached carriage house.
Property Size2,916 SF
Price / SF$243.14
Days on Market15
Property Features for 3294-3298 Rose Avenue 3294
General Information
Standard status
Active
Size
2,916 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$889
Building Details
Year Built
2026
Buildings
2
Listing Agency:
Howard Hanna Real Estate Svcs
(614) 402-4973
Listed By:
Kenneth Spangler
(614) 402-4973
Source:
Vutech-ruff
Added: Jul 24
Changed: Aug 4
Last Checked: Aug 7 at 2:02AM
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 Howard Hanna Real Estate Svcs
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex property contains 2,916 square feet across two residential units. Each unit provides two bedrooms and two full bathrooms, with stainless steel appliances and granite countertops. The detached carriage house supplies dedicated parking for both units and includes an upper-level bonus area with a separate address. Plumbing and electrical infrastructure are already in place within the carriage house.
The property is located in Grove City, Ohio, and qualifies for the Grove City CRA tax abatement, providing 15 years of tax savings. The combination of new construction, two-bedroom layouts, contemporary interior finishes, dedicated parking, and additional space above the carriage house supports both residential occupancy and income-producing use.
The property is located in Grove City, Ohio, and qualifies for the Grove City CRA tax abatement, providing 15 years of tax savings. The combination of new construction, two-bedroom layouts, contemporary interior finishes, dedicated parking, and additional space above the carriage house supports both residential occupancy and income-producing use.
Key Highlights
- 2026 construction with 2,916 SF across two duplex units
- Each unit includes 2 bedrooms and 2 full bathrooms
- Stainless steel appliances and granite countertops in both units
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
$30,918
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
4.36%
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%
$618,360
$618.4K
Cap Rate 7%
$441,686
$441.7K
Cap Rate 9%
$343,533
$343.5K
Market Conditions
NOI Build-Up for 2,916 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
$47.2K $16.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$44.2K $15.15/SF
− OpEx
−$13.3K −$4.54/SF
NOI
$30.9K $10.60/SF
Area
Franklin County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$618,360
Cap Rate 7%
$441,686
Cap Rate 9%
$343,533
Alternative Uses
Best Use
Multifamily LT 5
$441.7K
$386.5K – $515.3K
NOI $30,918 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$430.5K
$376.7K – $502.2K
NOI $30,133 @ 7.0% cap · market cap 4.25%
Theoretical Best
Specialty Retail
$594.5K
$520.2K – $693.6K
NOI $41,614 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
831
Businesses Nearby
Explore this area
Business Placement
Demographics for 43123, OH
66,188
Population
27,876
Households
2.4
Avg Household Size
39
Median Age
31%
College-Educated
91%
High-School Grad
59.7 sq mi
ZIP Area
1,109
Density / Sq Mi
$87,883
Median Household Income
$49,747
Median Earnings
$1,279
Median Rent
$262,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units feature modern finishes, dedicated parking, and additional finished-space potential above the detached carriage house.
Where is this duplex located?
The property is located at 3294-3298 Rose Avenue 3294 Grove City, OH.
What is the asking price?
The asking price for this property is $709,000.
What are key features of this property?
This property features: 2026 construction with 2,916 SF across two duplex units; Each unit includes 2 bedrooms and 2 full bathrooms; Stainless steel appliances and granite countertops in both units
