Renovated Duplex with Private
For Sale
$374,900
360 North Garfield Avenue Unit 362, Columbus, OH 43203
Fully renovated, fully vacant duplex with updated AC, roof, and windows, offering private balcony access off primary bedrooms.
Property Size2,460 SF
Price / SF$152.40
Days on Market129
Property Features for 360 North Garfield Avenue Unit 362
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Multi-Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,947
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1890
Listing Agency:
Reafco
(380) 222-6485
Listed By:
Jeremy Melloul · License #2023005866
(380) 222-6485
Source:
Compass
Added: Apr 24
Changed: Aug 28
Last Checked: Aug 29 at 3:38PM
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 Reafco
Investment Insights
Based on property information with market context.
This fully renovated, fully vacant duplex offers a functional layout configured as a 3/1 per side, for a total of 6 bedrooms and 2 bathrooms across the property. Each unit has been updated with major capital improvements already addressed, including new AC, a newer roof, and updated windows. A standout feature is the private balcony off the primary bedroom, adding outdoor space directly accessible from each unit.
The property is located at 360 N Garfield Avenue #362 in Columbus, Ohio, in the King-Lincoln Bronzeville area. With both units vacant, the property is ready for immediate rental setup, and the public remarks note strong local rental demand, with average rents cited around $1,452 per unit.
For buyers seeking flexibility, the duplex is described as suitable for either owner-occupancy in one unit while renting the other, or leasing both sides, depending on the buyer’s strategy.
The property is located at 360 N Garfield Avenue #362 in Columbus, Ohio, in the King-Lincoln Bronzeville area. With both units vacant, the property is ready for immediate rental setup, and the public remarks note strong local rental demand, with average rents cited around $1,452 per unit.
For buyers seeking flexibility, the duplex is described as suitable for either owner-occupancy in one unit while renting the other, or leasing both sides, depending on the buyer’s strategy.
Key Highlights
- 1890‑built 3/1 duplex (6/2 total) that is fully renovated and fully vacant
- Each unit updated with new AC, newer roof, and updated windows
- Average rents around $1,452 per unit, based on the listing’s stated rental demand
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
$20,947
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
5.59%
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%
$418,940
$418.9K
Cap Rate 7%
$299,243
$299.2K
Cap Rate 9%
$232,744
$232.7K
Market Conditions
NOI Build-Up for 2,460 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
$32.2K $13.08/SF
− Vacancy
−$2.3K −$0.92/SF
EGI
$29.9K $12.16/SF
− OpEx
−$9.0K −$3.65/SF
NOI
$20.9K $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%
$418,940
Cap Rate 7%
$299,243
Cap Rate 9%
$232,744
Alternative Uses
Best Use
Multifamily LT 5
$299.2K
$261.8K – $349.1K
NOI $20,947 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$240.7K
$210.6K – $280.9K
NOI $16,851 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$512.7K
$448.6K – $598.1K
NOI $35,887 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,007
Businesses Nearby
Explore this area
Business Placement
Demographics for 43203, OH
8,726
Population
5,301
Households
1.6
Avg Household Size
32
Median Age
30%
College-Educated
88%
High-School Grad
1.4 sq mi
ZIP Area
6,233
Density / Sq Mi
$44,099
Median Household Income
$36,918
Median Earnings
$930
Median Rent
$282,100
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 - Fully renovated, fully vacant duplex with updated AC, roof, and windows, offering private balcony access off primary bedrooms.
Where is this duplex located?
The property is located at 360 North Garfield Avenue Unit 362 Columbus, OH.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1890‑built 3/1 duplex (6/2 total) that is fully renovated and fully vacant; Each unit updated with new AC, newer roof, and updated windows; Average rents around $1,452 per unit, based on the listing’s stated rental demand
