Mixed-Use Building with Office
For Sale
$414,900
Pending
4308 East Main Street Unit 1, Columbus, OH 43213
Seven recently renovated studio units sit behind a front office/commercial space with road signage.
Property Size2,207 SF
Days on Market144
Property Features for 4308 East Main Street Unit 1
General Information
Standard status
Pending
Size
2,207 SF
Property subtype
Multi-Family / Mixed Use
Net Operating Income
$10,000
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$4,132
Amenities
Other
Electric
Yes
Building Details
Year Built
1953
Listing Agency:
Coldwell Banker Realty
(614) 440-5800
Listed By:
Zack W Linder · License #2021001068
(614) 440-5800
Source:
Compass
Added: Apr 2
Changed: Aug 23
Last Checked: Jul 24 at 6:53AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This mixed-use property at 4308 E Main Street includes a ready-to-build front office/commercial space paired with seven recently renovated studio units located in the rear of the building. Each studio unit is configured as a 1 bedroom, 1 bath layout. The building was originally constructed as a motel and is currently operating as rental units, producing approximately $625 per month per unit.
The front office/commercial space was previously rented for $2,000 per month and features highly visible road signage. The property is positioned along East Main Street and is described as having convenient access to downtown Columbus, Bexley, Whitehall, and major highways.
The flexible design supports continuing operations as rental units with a commercial front, or repositioning the office/commercial space for a range of small business and service-oriented concepts.
The front office/commercial space was previously rented for $2,000 per month and features highly visible road signage. The property is positioned along East Main Street and is described as having convenient access to downtown Columbus, Bexley, Whitehall, and major highways.
The flexible design supports continuing operations as rental units with a commercial front, or repositioning the office/commercial space for a range of small business and service-oriented concepts.
Key Highlights
- Built in 1953 mixed‑use property at 4308 E Main Street with front office/commercial space plus seven private studio units in the rear.
- Seven recently renovated 1 bed/1 bath studio units currently generate approximately $625 per month per unit.
- Front office/commercial space previously rented for $2,000 per month and includes highly visible road signage.
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
$25,498
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
6.15%
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%
$509,960
$510.0K
Cap Rate 7%
$364,257
$364.3K
Cap Rate 9%
$283,311
$283.3K
Market Conditions
NOI Build-Up for 2,207 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
$43.7K $19.80/SF
− Vacancy
−$9.7K −$4.40/SF
EGI
$34.0K $15.40/SF
− OpEx
−$8.5K −$3.85/SF
NOI
$25.5K $11.55/SF
Area
Columbus, OH
Vacancy
22.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$509,960
Cap Rate 7%
$364,257
Cap Rate 9%
$283,311
Alternative Uses
Best Use
Office B
$364.3K
$318.7K – $425.0K
NOI $25,498 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$216.0K
$189.0K – $252.0K
NOI $15,118 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$459.9K
$402.5K – $536.6K
NOI $32,196 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 43213, OH
35,105
Population
17,069
Households
2.1
Avg Household Size
37
Median Age
23%
College-Educated
90%
High-School Grad
10.3 sq mi
ZIP Area
3,408
Density / Sq Mi
$53,908
Median Household Income
$37,753
Median Earnings
$1,107
Median Rent
$197,700
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven recently renovated studio units sit behind a front office/commercial space with road signage.
Where is this apartment building located?
The property is located at 4308 East Main Street Unit 1 Columbus, OH.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Built in 1953 mixed‑use property at 4308 E Main Street with front office/commercial space plus seven private studio units in the rear.; Seven recently renovated 1 bed/1 bath studio units currently generate approximately $625 per month per unit.; Front office/commercial space previously rented for $2,000 per month and includes highly visible road signage.
