The Book House
For Sale
$1,385,000
43-45 W Markison Avenue, Columbus, OH 43207
Multi-Family, Columbus, OH
Property Size4,536 SF
Lot Size0.12 Acres
Price / SF$305.34
Days on Market53
Property Features for 43-45 W Markison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential
Parking
2
Subdivision
Merion Village Area
Elementary school district
COLUMBUS CSD 2503 FRA CO.
Middle school district
COLUMBUS CSD 2503 FRA CO.
High school district
COLUMBUS CSD 2503 FRA CO.
Standard status
Active
APN
010-018361
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
23200
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2022
Number of units
2
Listing Agency:
Keller Williams Capital Ptnrs · Keller Williams Realty
(614) 888-1000
Listed By:
Jeff A Mahler · License #2007005702
(614) 832-7139
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 30 at 5:06PM
MLS# 226025487
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2022, this two-unit duplex provides 4,536 square feet with eight bedrooms, six bathrooms, and sleeping capacity for up to 24 guests. The property was created for group gatherings and entertaining, with central air, forced-air heating, public water, and public sewer. Its interior includes floor-to-ceiling bookcases, library ladders, and more than 7,000 hardcover books distributed throughout the building. The property sits on a 0.12-acre lot and presents a distinctive book-themed design with modern finishes.
The two units are currently occupied under leases extending through 10/15/26 and 9/1/26. The property is located near Children’s Hospital, German Village, Merion Village, and Downtown Columbus attractions.
The two units are currently occupied under leases extending through 10/15/26 and 9/1/26. The property is located near Children’s Hospital, German Village, Merion Village, and Downtown Columbus attractions.
Key Highlights
- 4,536‑square‑foot duplex completed in 2022
- Two units with 8 bedrooms and 6 bathrooms
- Sleeping capacity for up to 24 guests
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
3.69%
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 3.69%
Second Best
Apartment 5plus
$669.6K
$585.9K – $781.2K
NOI $46,873 @ 7.0% cap · market cap 3.38%
Theoretical Best
Warehouse
$914.2K
$800.0K – $1.07M
NOI $63,997 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
548
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 - Recently built duplex configured for entertaining, furnished interiors, and short-term rental operations.
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 $1,385,000.
What are key features of this property?
This property features: 4,536‑square‑foot duplex completed in 2022; Two units with 8 bedrooms and 6 bathrooms; Sleeping capacity for up to 24 guests
