24-Unit Multifamily Apartment
For Sale
Contact for pricing
4443 Mobile Drive, Columbus, OH 43220
Built in 1973, this stabilized 24-unit property offers convenient connectivity to major retail, healthcare, and transportation corridors.
Property Size23,040 SF
Lot Size1.48 Acres
Price / SF$149.74
Days on Market66
Property Features for 4443 Mobile Drive
General Information
Standard status
Active
Size
23,040 SF
Class
B
Lot size
1.48 Acres
Property subtype
Multifamily
Zoning
Commercial
Investment Type
Value Add
Additional Details
Highway Access
Yes
Multifamily Units
24
Building Details
Year Built
1973
Year Renovated
2023
Buildings
1
Stories
3
Units
24
Listing Agency:
Colliers - Columbus, Ohio
Listed By:
Cody J. Carey · License #2019002920
Source:
Crexi
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 9 at 11:51AM
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 Colliers - Columbus, Ohio
Investment Insights
Based on property information with market context.
Hancock Park is a 24-unit multifamily apartment asset built in 1973. The property is situated on approximately 1.48 acres and is presented as a stabilized residential investment. It offers a straightforward, income-focused configuration consistent with garden-style multifamily living.
Located at 4443 Mobile Drive in Northwest Columbus, the community provides direct access to major retail corridors, healthcare institutions, educational anchors, and regional transportation routes. The immediate area includes daily-needs retail, grocery options, parks, medical services, and employment centers, while remaining in a residential neighborhood setting. Nearby roadway connectivity references Bethel Road, Henderson Road, Kenny Road, SR-315, US-33, I-270, and I-71.
For investors seeking a stabilized residential asset, Hancock Park offers an established multifamily platform in the Upper Arlington submarket of Central Ohio. Its combination of 24 units, long-standing building vintage, and convenient access to employment and services supports a practical fit for buyers evaluating a multifamily hold in a well-connected location.
Located at 4443 Mobile Drive in Northwest Columbus, the community provides direct access to major retail corridors, healthcare institutions, educational anchors, and regional transportation routes. The immediate area includes daily-needs retail, grocery options, parks, medical services, and employment centers, while remaining in a residential neighborhood setting. Nearby roadway connectivity references Bethel Road, Henderson Road, Kenny Road, SR-315, US-33, I-270, and I-71.
For investors seeking a stabilized residential asset, Hancock Park offers an established multifamily platform in the Upper Arlington submarket of Central Ohio. Its combination of 24 units, long-standing building vintage, and convenient access to employment and services supports a practical fit for buyers evaluating a multifamily hold in a well-connected location.
Key Highlights
- 24‑unit multifamily property built in 1973
- Situated on approximately 1.48 acres
- Located at 4443 Mobile Dr in Northwest Columbus
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
$157,820
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
4.57%
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%
$3,156,400
$3.2M
Cap Rate 7%
$2,254,571
$2.3M
Cap Rate 9%
$1,753,556
$1.8M
Market Conditions
NOI Build-Up for 23,040 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
$306.9K $13.32/SF
− Vacancy
−$19.9K −$0.87/SF
EGI
$286.9K $12.45/SF
− OpEx
−$129.1K −$5.60/SF
NOI
$157.8K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$3,156,400
Cap Rate 7%
$2,254,571
Cap Rate 9%
$1,753,556
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.63M
NOI $157,820 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $336,116 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Explore this area
Business Placement
Demographics for 43220, OH
27,736
Population
14,157
Households
2
Avg Household Size
37
Median Age
63%
College-Educated
96%
High-School Grad
6.6 sq mi
ZIP Area
4,202
Density / Sq Mi
$77,090
Median Household Income
$49,863
Median Earnings
$1,202
Median Rent
$463,200
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?
Apartment building - Built in 1973, this stabilized 24-unit property offers convenient connectivity to major retail, healthcare, and transportation corridors.
Where is this apartment building located?
The property is located at 4443 Mobile Drive Columbus, OH.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 24‑unit multifamily property built in 1973; Situated on approximately 1.48 acres; Located at 4443 Mobile Dr in Northwest Columbus
