Four-Unit Residential Income
497 East Oakland Avenue Columbus, OH 43202
497 East Oakland Avenue, Columbus, OH, 43202
$475,000
Pending
For Sale
$475,000
Pending
Fully occupied four-unit building with individually sub-metered utilities and recent exterior and unit updates.
Property Size3,120 SF
Days on Market86
Property Features for 497 East Oakland Avenue
General Information
- Standard status
- Pending
- Size
- 3,120 SF
- Property subtype
- Multi-Family / Midrise
Building Details
- Year Built
- 1969
Listing agency
ERA Real Solutions Realty
(614) 406-5302
Listed by
Matthew Piper · License #2015002192
(614) 406-5302
Source
Compass
Added: Apr 28 Updated: Jul 10 at 1:52PM Checked: Jul 21 at 8:36AM
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 ERA Real Solutions Realty
Investment Insights
Based on property information with market context.
This fully occupied four-unit residential income property features four separate 2-bedroom, 1-bath units. Each unit is separately sub-metered for all utilities, including water, supporting straightforward expense control for ownership. The property includes off-street parking and recent improvements such as new fencing with gated access, new gutters with leaf guards, and updates throughout the building.
Located near Ohio State University and the Ohio Expo Center & State Fair, the property benefits from convenient access to nearby dining, shopping, entertainment, and major employers in Columbus.
For buyers seeking a turnkey fourplex, the current occupancy and unit-by-unit utility sub-metering can simplify ongoing operations and tenant billing. Recent exterior work and property-wide updates may also reduce near-term maintenance concerns while providing a solid baseline for managing a multi-unit rental asset.
Located near Ohio State University and the Ohio Expo Center & State Fair, the property benefits from convenient access to nearby dining, shopping, entertainment, and major employers in Columbus.
For buyers seeking a turnkey fourplex, the current occupancy and unit-by-unit utility sub-metering can simplify ongoing operations and tenant billing. Recent exterior work and property-wide updates may also reduce near-term maintenance concerns while providing a solid baseline for managing a multi-unit rental asset.
Key Highlights
- Fully occupied 4‑unit building with four 2‑bedroom, 1‑bath units
- Each unit has separate sub‑metering for utilities, including water, for ownership expense control
- Forced‑air gas heating
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.8k | $13.08 |
| − Vacancy | −$2.9k | −$0.92 |
| EGI | $38.0k | $12.16 |
| − OpEx | −$11.4k | −$3.65 |
| NOI | $26.6k | $8.52 |
3,120 SF · lease $13.08/SF/yr · vacancy 7.00% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$379.5K
$332.1K – $442.8K
NOI $26,567 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$305.3K
$267.1K – $356.2K
NOI $21,371 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$650.2K
$569.0K – $758.6K
NOI $45,516 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fully occupied four-unit building with individually sub-metered utilities and recent exterior and unit updates.
Where is this quadplex located?
The property is located at 497 East Oakland Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Fully occupied 4‑unit building with four 2‑bedroom, 1‑bath units; Each unit has separate sub‑metering for utilities, including water, for ownership expense control; Forced‑air gas heating
