Renovated 28-Unit Apartment
New
For Sale
$2,295,000
3656-3670 Seabrook Ave, Columbus, OH 43227
Two three-story brick buildings contain a primarily renovated unit mix with on-site surface parking.
Property Size23,040 SF
Price / SF$99.61
Days on Market2
Property Features for 3656-3670 Seabrook Ave
General Information
Standard status
Active
Size
23,040 SF
Property subtype
Multi-Family
Occupancy
96%
Units
Unit Mix
16 x 1BR/1BA, 12 x 2BR/1BA
Multifamily Units
28
Additional Details
Asking Price
$2,295,000
Highway Access
Yes
Building Details
Year Built
1960
Buildings
2
Stories
3
Construction
brick
Listing Agency:
Jacob Silvermetz, Silvermetz Real Estate Corp
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Sep 1
Last Checked: Sep 1 at 5:05PM
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 Jacob Silvermetz, Silvermetz Real Estate Corp
Investment Insights
Based on property information with market context.
This multifamily property includes 28 apartments in two adjoining three-story brick buildings. The unit mix comprises 16 one-bedroom, one-bath flats and 12 two-bedroom, one-bath flats, encompassing 23,040 SF. Twenty-seven apartments are occupied, representing 96.4% occupancy. On-site surface parking serves the buildings.
Capital improvements include replacement electrical panels, entry doors, concrete landings, and substantial roof work. Most interiors feature shaker cabinetry, stone-look countertops, gas ranges, refreshed bathrooms, and newer flooring. Common areas have received updated flooring, paint, stairwell finishes, lighting, and doors, while the parking lot, fencing, and landscaping have also been improved. Each apartment is submetered for individual water billing.
The property is positioned in southeast Columbus near the Livingston Avenue and Hamilton Road corridors, with access to I-70 and approximately seven miles from downtown Columbus.
Capital improvements include replacement electrical panels, entry doors, concrete landings, and substantial roof work. Most interiors feature shaker cabinetry, stone-look countertops, gas ranges, refreshed bathrooms, and newer flooring. Common areas have received updated flooring, paint, stairwell finishes, lighting, and doors, while the parking lot, fencing, and landscaping have also been improved. Each apartment is submetered for individual water billing.
The property is positioned in southeast Columbus near the Livingston Avenue and Hamilton Road corridors, with access to I-70 and approximately seven miles from downtown Columbus.
Key Highlights
- 28 apartments across two adjoining three‑story brick buildings
- Unit mix includes 16 one‑bedroom/one‑bath and 12 two‑bedroom/one‑bath flats
- 23,040 SF with 96.4% occupancy, or 27 of 28 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
$157,820
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
6.88%
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%
$3,156,400
$3.2M
Cap Rate 7%
$2,254,571
$2.3M
Cap Rate 9%
$1,753,556
$1.8M
Market Conditions
NOI Build-Up for 23,040 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
$306.9K $13.32/SF
− Vacancy
−$19.9K −$0.87/SF
EGI
$286.9K $12.45/SF
− OpEx
−$129.1K −$5.60/SF
NOI
$157.8K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$3,156,400
Cap Rate 7%
$2,254,571
Cap Rate 9%
$1,753,556
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.63M
NOI $157,820 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $336,116 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28
Residential units
96.4%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 43227, OH
25,041
Population
10,874
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
6,108
Density / Sq Mi
$45,314
Median Household Income
$32,338
Median Earnings
$1,105
Median Rent
$134,300
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?
Apartment building - Two three-story brick buildings contain a primarily renovated unit mix with on-site surface parking.
Where is this apartment building located?
The property is located at 3656-3670 Seabrook Ave Columbus, OH.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 28 apartments across two adjoining three‑story brick buildings; Unit mix includes 16 one‑bedroom/one‑bath and 12 two‑bedroom/one‑bath flats; 23,040 SF with 96.4% occupancy, or 27 of 28 units
