Updated Six-Bedroom
New
For Sale
$549,900
444-446 E 15th Ave, Columbus, OH 43201
Two-unit property near Ohio State with refreshed interiors, off-street parking, and short-term rental operating history.
Property Size2,430 SF
Price / SF$226.30
Days on Market2
Property Features for 444-446 E 15th Ave
General Information
Standard status
Active
Size
2,430 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BD/1BA, 1 x 4BD/1BA
Multifamily Units
2
Amenities
in-unit laundry
large backyard
Building Details
Year Built
1915
Listing Agency:
Mark Graham, Countrytyme Realty, LLC
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 20 at 8:06AM
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 Mark Graham, Countrytyme Realty, LLC
Investment Insights
Based on property information with market context.
This 2,430-square-foot duplex, built in 1915, offers a two-bedroom, one-bath first-floor unit and a four-bedroom, one-bath upper unit. Recent improvements include a new furnace and A/C, LVP flooring, updated lighting, fresh paint, renovated vanities, tile, hardware, and accent walls. The first floor also includes in-unit laundry, while the property provides a large backyard and 4+ off-street parking spots.
Located at 444-446 E 15th Ave, the property is two blocks from Ohio State campus and near Ohio Stadium, the Ohio State Fairgrounds, the Convention Center, Short North, and downtown Columbus. It has operated as a short-term rental since 2019 and was relaunched under professional management in 2026. A 15-year, 100% tax abatement has been approved.
Located at 444-446 E 15th Ave, the property is two blocks from Ohio State campus and near Ohio Stadium, the Ohio State Fairgrounds, the Convention Center, Short North, and downtown Columbus. It has operated as a short-term rental since 2019 and was relaunched under professional management in 2026. A 15-year, 100% tax abatement has been approved.
Key Highlights
- 2,430 SF duplex with six bedrooms and two bathrooms
- First‑floor 2BD/1BA unit; upstairs 4BD/1BA unit
- New furnace and A/C, LVP flooring, paint, lighting, tile, vanities, and hardware
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
$20,692
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
3.76%
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%
$413,840
$413.8K
Cap Rate 7%
$295,600
$295.6K
Cap Rate 9%
$229,911
$229.9K
Market Conditions
NOI Build-Up for 2,430 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
$31.8K $13.08/SF
− Vacancy
−$2.2K −$0.92/SF
EGI
$29.6K $12.16/SF
− OpEx
−$8.9K −$3.65/SF
NOI
$20.7K $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%
$413,840
Cap Rate 7%
$295,600
Cap Rate 9%
$229,911
Alternative Uses
Best Use
Multifamily LT 5
$295.6K
$258.7K – $344.9K
NOI $20,692 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$237.8K
$208.1K – $277.4K
NOI $16,645 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$506.4K
$443.1K – $590.8K
NOI $35,450 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property near Ohio State with refreshed interiors, off-street parking, and short-term rental operating history.
Where is this duplex located?
The property is located at 444-446 E 15th Ave Columbus, OH.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2,430 SF duplex with six bedrooms and two bathrooms; First‑floor 2BD/1BA unit; upstairs 4BD/1BA unit; New furnace and A/C, LVP flooring, paint, lighting, tile, vanities, and hardware
