Renovated Up-Down
For Sale
$274,900
445-447 Thurman Avenue, Columbus, OH 43206
Two renovated 1-bedroom units with shared laundry and a detached three-car garage.
Property Size1,792 SF
Price / SF$153.40
Days on Market89
Property Features for 445-447 Thurman Avenue
General Information
Standard status
Active
Size
1,792 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Duplex
Net Operating Income
$23,006
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,794
Amenities
Forced Air
Gas
Building Details
Year Built
1900
Year Renovated
2025
Tenancy
Multi
Listing Agency:
Cutler Real Estate
(614) 679-2814
Listed By:
Eric W Gledhill · License #2005008010
(614) 679-2814
Source:
Compass
Added: May 26
Changed: Aug 8
Last Checked: Aug 8 at 7:46AM
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 Cutler Real Estate
Investment Insights
Based on property information with market context.
This up-and-down duplex at 445-447 Thurman Avenue offers two separate 1 bedroom, 1 bath units, each approximately 900 square feet. Unit 445 was renovated in June 2022, while unit 447 received a new bath in 2019, a new kitchen in 2021, and new flooring in 2025. Laundry is shared in the back on the lower level. Exterior and major system updates include new gutters installed in 2019 and basement waterproofing completed in 2023 with a lifetime transferable warranty ($75 per year). A detached 3-car garage with a new concrete floor (installed around 2018) adds practical storage and off-street parking.
The property is located at 445-447 Thurman Avenue in Columbus, Ohio 43206.
With two independently laid-out units, this building can work well for an owner-occupant seeking a house-hack setup, or for an investor looking for a straightforward duplex structure. The recent in-unit improvements and documented property updates may also be attractive to buyers who want to reduce near-term maintenance concerns while maintaining a simple rental configuration.
The property is located at 445-447 Thurman Avenue in Columbus, Ohio 43206.
With two independently laid-out units, this building can work well for an owner-occupant seeking a house-hack setup, or for an investor looking for a straightforward duplex structure. The recent in-unit improvements and documented property updates may also be attractive to buyers who want to reduce near-term maintenance concerns while maintaining a simple rental configuration.
Key Highlights
- Up/down duplex at 445‑447 Thurman Ave with two 1 bed, 1 bath units
- Approx. 900 SF per unit; shared laundry located on the lower level
- Unit 445 renovations include June 2022 updates
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
$15,259
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
5.55%
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%
$305,180
$305.2K
Cap Rate 7%
$217,986
$218.0K
Cap Rate 9%
$169,544
$169.5K
Market Conditions
NOI Build-Up for 1,792 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
$23.4K $13.08/SF
− Vacancy
−$1.6K −$0.92/SF
EGI
$21.8K $12.16/SF
− OpEx
−$6.5K −$3.65/SF
NOI
$15.3K $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%
$305,180
Cap Rate 7%
$217,986
Cap Rate 9%
$169,544
Alternative Uses
Best Use
Multifamily LT 5
$218.0K
$190.7K – $254.3K
NOI $15,259 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$175.4K
$153.4K – $204.6K
NOI $12,275 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$373.5K
$326.8K – $435.7K
NOI $26,142 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,008
Businesses Nearby
Explore this area
Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
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 renovated 1-bedroom units with shared laundry and a detached three-car garage.
Where is this duplex located?
The property is located at 445-447 Thurman Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Up/down duplex at 445‑447 Thurman Ave with two 1 bed, 1 bath units; Approx. 900 SF per unit; shared laundry located on the lower level; Unit 445 renovations include June 2022 updates
