The Book House
For Sale
$1,395,000
43-45 W Markison Avenue, Columbus, OH 43207
Two-unit residential property configured for short-term lodging and group entertaining.
Property Size4,536 SF
Price / SF$307.54
Days on Market37
Property Features for 43-45 W Markison Avenue
General Information
Standard status
Active
Size
4,536 SF
Property subtype
Multi Family Home
Zoning
Residential
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$23,200
Amenities
floor to ceiling bookshelves with library ladders
Building Details
Year Built
2022
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Capital Ptnrs
(614) 832-7139
Listed By:
Jeff A Mahler · License #2007005702
Source:
Hcblandrealty
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 7:16PM
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 Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
Completed in 2022, this residential duplex contains 4,536 square feet across two units with a combined eight bedrooms and six bathrooms. The property is arranged to accommodate up to 24 guests and includes finishes and furnishings tailored to group gatherings. Floor-to-ceiling bookcases, library ladders, and more than 7,000 hardcover books create a distinctive interior throughout the building.
The property is positioned near Children’s Hospital, German Village, Merion Village, and downtown Columbus attractions. Both units are currently occupied, with Unit 43 leased through 10/15/26 and Unit 45 leased through 9/1/26. Zoning is Residential.
The property is positioned near Children’s Hospital, German Village, Merion Village, and downtown Columbus attractions. Both units are currently occupied, with Unit 43 leased through 10/15/26 and Unit 45 leased through 9/1/26. Zoning is Residential.
Key Highlights
- Two‑unit duplex totaling 4,536 SF, constructed in 2022
- Eight bedrooms and six bathrooms with capacity for 24 guests
- Interior collection includes 7,000+ hardcover books
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
$51,105
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
3.66%
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%
$1,022,100
$1.0M
Cap Rate 7%
$730,071
$730.1K
Cap Rate 9%
$567,833
$567.8K
Market Conditions
NOI Build-Up for 4,536 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
$78.9K $17.40/SF
− Vacancy
−$5.9K −$1.31/SF
EGI
$73.0K $16.10/SF
− OpEx
−$21.9K −$4.83/SF
NOI
$51.1K $11.27/SF
Area
ZIP 43207
Vacancy
7.50%
Lease Rate
$17.40 /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%
$1,022,100
Cap Rate 7%
$730,071
Cap Rate 9%
$567,833
Alternative Uses
Best Use
Multifamily LT 5
$730.1K
$638.8K – $851.8K
NOI $51,105 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$669.6K
$585.9K – $781.2K
NOI $46,873 @ 7.0% cap · market cap 3.36%
Theoretical Best
Warehouse
$914.2K
$800.0K – $1.07M
NOI $63,997 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 43207, OH
46,853
Population
21,242
Households
2.2
Avg Household Size
38
Median Age
16%
College-Educated
85%
High-School Grad
23.1 sq mi
ZIP Area
2,028
Density / Sq Mi
$61,307
Median Household Income
$40,037
Median Earnings
$1,115
Median Rent
$156,200
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?
Duplex - Two-unit residential property configured for short-term lodging and group entertaining.
Where is this duplex located?
The property is located at 43-45 W Markison Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 4,536 SF, constructed in 2022; Eight bedrooms and six bathrooms with capacity for 24 guests; Interior collection includes 7,000+ hardcover books
