28-Unit Apartment
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For Sale
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3656 SEABROOK AVE, Columbus, OH 43227
Multifamily property situated within a designated apartment residential district.
Property Size23,040 SF
Price / SF$99.61
Days on Market3
Property Features for 3656 SEABROOK AVE
General Information
Standard status
Active
Size
23,040 SF
Class
C
Total Parking Spaces
28
Property subtype
Multifamily
Zoning
Multi Family Apartment Residential District
Occupancy
96%
Investment Type
Value Add
Net Operating Income
$175,151
Additional Details
Multifamily Units
28
Building Details
Year Built
1960
Buildings
2
Stories
2
Units
28
Tenancy
Multi
Listing Agency:
Forge Real Estate Advisors
Listed By:
Zeke Liston · License #2026002602
(614) 665-5793
Source:
Crexi
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 1:56PM
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 Forge Real Estate Advisors
Investment Insights
Based on property information with market context.
This multifamily apartment building contains 28 units within 23,040 square feet of property. Constructed in 1960, the asset is classified for apartment residential use under the Multi Family Apartment Residential District zoning designation.
Key Highlights
- 28 apartment units
- 23,040 SF of property
- Constructed in 1960
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
Property Profile
Current Use
Lease Details
28
Residential units
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 - Multifamily property situated within a designated apartment residential district.
Where is this apartment building located?
The property is located at 3656 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 apartment units; 23,040 SF of property; Constructed in 1960
