Mixed-Use Building with Apartment
For Sale
Contact for pricing
458 Miller Avenue, Columbus, OH 43205
Two-story mixed-use building with a six-unit apartment complex.
Property Size10,004 SF
Price / SF$119.45
Days on Market110
Property Features for 458 Miller Avenue
General Information
Standard status
Active
Size
10,004 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
2113-2024 mixed use, UCT8/28/24, H-N/A
Occupancy
98%
Investment Type
Owner/User
Net Operating Income
$18,124
Building Details
Year Built
1912
Buildings
2
Units
10
Tenancy
Multi
Listing Agency:
Carriage Trade Realty, Inc.
(614) 296-5784
Listed By:
Nina Masseria · License #448904
Source:
Crexi
Added: May 13
Changed: Aug 28
Last Checked: Aug 28 at 9:03PM
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 Carriage Trade Realty, Inc.
Investment Insights
Based on property information with market context.
This is a solid brick, two-story mixed-use building that includes a six-unit apartment complex. The units and exterior have been recently renovated and are in turnkey condition. The property size is 10004 square feet.
Key Highlights
- Solid brick construction ensures durability.
- Mixed‑use commercial and residential building offers diverse income potential.
- Six‑unit apartment complex provides steady rental income.
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
$68,525
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
5.73%
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%
$1,370,500
$1.4M
Cap Rate 7%
$978,929
$978.9K
Cap Rate 9%
$761,389
$761.4K
Market Conditions
NOI Build-Up for 10,004 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
$133.3K $13.32/SF
− Vacancy
−$8.7K −$0.87/SF
EGI
$124.6K $12.45/SF
− OpEx
−$56.1K −$5.60/SF
NOI
$68.5K $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%
$1,370,500
Cap Rate 7%
$978,929
Cap Rate 9%
$761,389
Alternative Uses
Best Use
Mixed Use
$1.64M
$1.43M – $1.91M
NOI $114,796 @ 7.0% cap · market cap 9.61%
Second Best
Apartment 5plus
$978.9K
$856.6K – $1.14M
NOI $68,525 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,942 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
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?
Mixed-use property - Two-story mixed-use building with a six-unit apartment complex.
Where is this mixed-use property located?
The property is located at 458 Miller Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Solid brick construction ensures durability.; Mixed‑use commercial and residential building offers diverse income potential.; Six‑unit apartment complex provides steady rental income.
