Renovated Historic Brick
For Sale
Contact for pricing
507 S FOURTH ST, Columbus, OH 43206
Two townhouse-style units feature flexible three-level layouts and current short-term rental use.
Property Size3,193 SF
Price / SF$280.30
Days on Market145
Property Features for 507 S FOURTH ST
General Information
Standard status
Active
Size
3,193 SF
Property subtype
Multifamily
Building Details
Year Built
1880
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Best Corporate Real Estate
Listed By:
Randy Best · License #311236
(614) 559-3350
Source:
Crexi
Added: Apr 11
Changed: Sep 1
Last Checked: Aug 31 at 9:48PM
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 Best Corporate Real Estate
Investment Insights
Based on property information with market context.
This historic duplex at 507 S 4th St includes two all-brick townhouse units that have been recently renovated. Each residence offers a living room, dining area, kitchen, and half bath on the first level, with a rear patio and two bedrooms plus a full bath upstairs. The third floor provides adaptable space currently arranged as a third bedroom for short-term rental use, with potential for a home office, gym, or artist studio. Basement access is available from the first floor.
The property is in German Village, within walking distance of shops, restaurants, and Schiller Park. Both sides are currently operated as short-term rentals, and the existing management arrangement can be retained. Regular deep cleaning and ongoing care are also part of the current operation.
The property is in German Village, within walking distance of shops, restaurants, and Schiller Park. Both sides are currently operated as short-term rentals, and the existing management arrangement can be retained. Regular deep cleaning and ongoing care are also part of the current operation.
Key Highlights
- Two‑unit duplex with all‑brick exterior and recent renovations
- Each side includes 2 bedrooms, 1 full bath, and a first‑floor half bath
- Three‑level layouts include flexible third‑floor space
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
$27,189
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
3.04%
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%
$543,780
$543.8K
Cap Rate 7%
$388,414
$388.4K
Cap Rate 9%
$302,100
$302.1K
Market Conditions
NOI Build-Up for 3,193 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
$41.8K $13.08/SF
− Vacancy
−$2.9K −$0.92/SF
EGI
$38.8K $12.16/SF
− OpEx
−$11.7K −$3.65/SF
NOI
$27.2K $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%
$543,780
Cap Rate 7%
$388,414
Cap Rate 9%
$302,100
Alternative Uses
Best Use
Multifamily LT 5
$388.4K
$339.9K – $453.2K
NOI $27,189 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$312.4K
$273.4K – $364.5K
NOI $21,871 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$665.4K
$582.3K – $776.4K
NOI $46,581 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,294
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 townhouse-style units feature flexible three-level layouts and current short-term rental use.
Where is this duplex located?
The property is located at 507 S FOURTH ST Columbus, OH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two‑unit duplex with all‑brick exterior and recent renovations; Each side includes 2 bedrooms, 1 full bath, and a first‑floor half bath; Three‑level layouts include flexible third‑floor space
