Two-Unit Apartment
For Sale
$259,000
333 E 9th Avenue, Columbus, OH 43201
Two one-bedroom apartments total approximately 1,540 square feet, offered for sale as a single property.
Property Size1,540 SF
Price / SF$168.18
Days on Market181
Property Features for 333 E 9th Avenue
General Information
Standard status
Active
Size
1,540 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,443
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Best Corporate Real Estate
Listed By:
Randy J Best · License #311236
(614) 397-8380
Source:
Camtaylor
Added: Mar 12
Changed: Aug 25
Last Checked: Sep 7 at 8:56AM
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 Corporate Real Estate
Investment Insights
Based on property information with market context.
This two-unit apartment building contains two one-bedroom apartments with approximately 1,540 square feet total across the entire property. The listing notes that rents are below market for the one-bedroom units, and that entry is subject to coordination with tenants.
The property is located close to Ohio State University, Historic Crew Stadium, and the Ohio State Fairgrounds, all described as within walkable distance. It is also approximately 0.8 miles from Interstate-71 northbound and southbound, providing connectivity to Downtown Columbus and I-270.
Per the remarks, curb offers only apply, with additional details referenced in A2A remarks.
The property is located close to Ohio State University, Historic Crew Stadium, and the Ohio State Fairgrounds, all described as within walkable distance. It is also approximately 0.8 miles from Interstate-71 northbound and southbound, providing connectivity to Downtown Columbus and I-270.
Per the remarks, curb offers only apply, with additional details referenced in A2A remarks.
Key Highlights
- Two‑unit apartment building built in 1920
- Includes two 1‑bedroom apartments totaling approximately 1,540 SF
- Rents are below market for the 1‑bedroom 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
$13,113
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
5.06%
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%
$262,260
$262.3K
Cap Rate 7%
$187,329
$187.3K
Cap Rate 9%
$145,700
$145.7K
Market Conditions
NOI Build-Up for 1,540 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
$20.1K $13.08/SF
− Vacancy
−$1.4K −$0.92/SF
EGI
$18.7K $12.16/SF
− OpEx
−$5.6K −$3.65/SF
NOI
$13.1K $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%
$262,260
Cap Rate 7%
$187,329
Cap Rate 9%
$145,700
Alternative Uses
Best Use
Multifamily LT 5
$187.3K
$163.9K – $218.6K
NOI $13,113 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$150.7K
$131.9K – $175.8K
NOI $10,549 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$320.9K
$280.8K – $374.4K
NOI $22,466 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,429
Businesses Nearby
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
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 - Two one-bedroom apartments total approximately 1,540 square feet, offered for sale as a single property.
Where is this duplex located?
The property is located at 333 E 9th Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Two‑unit apartment building built in 1920; Includes two 1‑bedroom apartments totaling approximately 1,540 SF; Rents are below market for the 1‑bedroom units
