20-Unit Apartment Building with Covered
For Sale
Contact for pricing
3677 Indianola Ave, Columbus, OH 43214
Twenty one-bedroom units averaging 650 SF with covered parking and on-site storage.
Property Size16,610 SF
Price / SF$144.49
Days on Market159
Property Features for 3677 Indianola Ave
General Information
Standard status
Active
Size
16,610 SF
Class
C
Property subtype
Multifamily
Additional Details
Multifamily Units
20
Amenities
covered parking
on-site storage
Building Details
Year Built
1966
Buildings
1
Units
20
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Joey Miller · License #2021000671
Source:
Crexi
Added: Mar 31
Changed: Aug 8
Last Checked: Jul 23 at 7:17AM
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 Matthews
Investment Insights
Based on property information with market context.
This 20-unit multifamily property offers all one-bedroom apartments, with each unit averaging approximately 650 square feet. Covered parking and on-site storage are built into the property’s income approach, supporting both tenant convenience and additional revenue opportunities.
Located at 3677 Indianola Ave in Columbus, Ohio, the building is described in the offering as having strong occupancy and proven performance in a highly desirable location. This combination of unit mix, parking, and storage makes the property a straightforward fit for buyers seeking a consistent residential income asset.
The building is for sale as a 20-unit residential income property in the Columbus market.
Located at 3677 Indianola Ave in Columbus, Ohio, the building is described in the offering as having strong occupancy and proven performance in a highly desirable location. This combination of unit mix, parking, and storage makes the property a straightforward fit for buyers seeking a consistent residential income asset.
The building is for sale as a 20-unit residential income property in the Columbus market.
Key Highlights
- 20‑unit multifamily with 1‑bedroom units averaging 650 SF each
- Built in 1966 multifamily property in Clintonville, Columbus
- Covered parking and on‑site storage add to potential income
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
$113,775
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
4.74%
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%
$2,275,500
$2.3M
Cap Rate 7%
$1,625,357
$1.6M
Cap Rate 9%
$1,264,167
$1.3M
Market Conditions
NOI Build-Up for 16,610 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
$221.2K $13.32/SF
− Vacancy
−$14.4K −$0.87/SF
EGI
$206.9K $12.45/SF
− OpEx
−$93.1K −$5.60/SF
NOI
$113.8K $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%
$2,275,500
Cap Rate 7%
$1,625,357
Cap Rate 9%
$1,264,167
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.42M – $1.90M
NOI $113,775 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,313 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 43214, OH
26,805
Population
14,343
Households
1.9
Avg Household Size
41
Median Age
65%
College-Educated
98%
High-School Grad
6.8 sq mi
ZIP Area
3,942
Density / Sq Mi
$92,838
Median Household Income
$60,164
Median Earnings
$1,189
Median Rent
$371,200
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 - Twenty one-bedroom units averaging 650 SF with covered parking and on-site storage.
Where is this apartment building located?
The property is located at 3677 Indianola Ave Columbus, OH.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 20‑unit multifamily with 1‑bedroom units averaging 650 SF each; Built in 1966 multifamily property in Clintonville, Columbus; Covered parking and on‑site storage add to potential income
