Renovated Brick
For Sale
Contact for pricing
415-417 Morrison Avenue, Columbus, OH 43205
Tax-abated, fully leased property with two spacious four-bedroom units in Columbus’s Olde Towne East neighborhood.
Property Size3,348 SF
Price / SF$183.69
Days on Market163
Property Features for 415-417 Morrison Avenue
General Information
Standard status
Active
Size
3,348 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
2 x 4BR/1.5BA
Multifamily Units
2
Additional Details
Gross Income
$43,560
Building Details
Year Built
1900
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
Engel & Volkers
Listed By:
Brad Winter · License #2019006196
(614) 935-0545
Source:
Crexi
Added: Mar 25
Changed: Sep 2
Last Checked: Sep 1 at 12:27PM
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 Engel & Volkers
Investment Insights
Based on property information with market context.
This renovated brick duplex contains 3,348 square feet across two residential units, each configured with 4 bedrooms and 1.5 bathrooms. Both units are occupied, and the property carries tax abatement. A concrete pad at the rear provides a defined site feature for a potential future garage, subject to applicable approvals.
The property is located at 415-417 Morrison Avenue in Columbus, Ohio’s Olde Towne East neighborhood. The area is described as walkable, historically established, close to Downtown Columbus, and supported by rental demand. The two-unit layout offers separately configured residences within a single income-producing property.
The property is located at 415-417 Morrison Avenue in Columbus, Ohio’s Olde Towne East neighborhood. The area is described as walkable, historically established, close to Downtown Columbus, and supported by rental demand. The two-unit layout offers separately configured residences within a single income-producing property.
Key Highlights
- 3,348‑square‑foot renovated brick duplex
- Two units, each with 4 bedrooms and 1.5 bathrooms
- Both units are currently rented
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
$28,508
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
4.64%
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%
$570,160
$570.2K
Cap Rate 7%
$407,257
$407.3K
Cap Rate 9%
$316,756
$316.8K
Market Conditions
NOI Build-Up for 3,348 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
$43.8K $13.08/SF
− Vacancy
−$3.1K −$0.92/SF
EGI
$40.7K $12.16/SF
− OpEx
−$12.2K −$3.65/SF
NOI
$28.5K $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%
$570,160
Cap Rate 7%
$407,257
Cap Rate 9%
$316,756
Alternative Uses
Best Use
Multifamily LT 5
$407.3K
$356.4K – $475.1K
NOI $28,508 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$327.6K
$286.7K – $382.2K
NOI $22,933 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$697.7K
$610.5K – $814.0K
NOI $48,842 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
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 - Tax-abated, fully leased property with two spacious four-bedroom units in Columbus’s Olde Towne East neighborhood.
Where is this duplex located?
The property is located at 415-417 Morrison Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 3,348‑square‑foot renovated brick duplex; Two units, each with 4 bedrooms and 1.5 bathrooms; Both units are currently rented
