Furnished Split-Level Office
For Sale
$599,000
53 W 3rd Ave, Columbus, OH 43201
Flexible professional layout with private offices, conference space, storage, and dedicated off-street parking.
Property Size3,164 SF
Price / SF$189.32
Days on Market12
Property Features for 53 W 3rd Ave
General Information
Standard status
Active
Size
3,164 SF
Building Details
Year Built
1956
Listing Agency:
Street Sotheby's International
(614) 235-1100
Listed By:
Jan Kanas
Source:
Thelorilynngroup
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 8:44PM
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 Street Sotheby's International
Investment Insights
Based on property information with market context.
This 3,164-square-foot office building is arranged across two levels and conveys fully furnished. The upper floor includes a reception and waiting area, an executive office, three additional private offices, and a half-bath. The lower level adds a conference room, two private offices, another half-bath, and a substantial rear storage area suitable for records, equipment, supplies, or inventory. A brick exterior, insulated windows, custom blinds, and a newer roof are among the property improvements.
The building is located at 53 W 3rd Avenue in Columbus, Ohio’s Short North and is currently zoned for office use. Nine dedicated off-street parking spaces are positioned at the rear, with direct access from the storage area. The configuration supports a range of professional office or medical office operations while providing separate work, meeting, reception, and storage areas.
The building is located at 53 W 3rd Avenue in Columbus, Ohio’s Short North and is currently zoned for office use. Nine dedicated off-street parking spaces are positioned at the rear, with direct access from the storage area. The configuration supports a range of professional office or medical office operations while providing separate work, meeting, reception, and storage areas.
Key Highlights
- 3,164 SF split‑level office building with fully furnished interior
- Upper level has reception, waiting area, executive office, 3 private offices, and half‑bath
- Lower level includes conference room, 2 private offices, half‑bath, and rear storage
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
$37,725
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
6.30%
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%
$754,500
$754.5K
Cap Rate 7%
$538,929
$538.9K
Cap Rate 9%
$419,167
$419.2K
Market Conditions
NOI Build-Up for 3,164 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
$68.3K $21.60/SF
− Vacancy
−$5.5K −$1.73/SF
EGI
$62.9K $19.87/SF
− OpEx
−$25.2K −$7.95/SF
NOI
$37.7K $11.92/SF
Area
Columbus, OH
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$754,500
Cap Rate 7%
$538,929
Cap Rate 9%
$419,167
Alternative Uses
Best Use
Healthcare Medical
$538.9K
$471.6K – $628.8K
NOI $37,725 @ 7.0% cap · market cap 6.30%
Second Best
Office B
$522.2K
$456.9K – $609.3K
NOI $36,555 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,906
Businesses Nearby
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible professional layout with private offices, conference space, storage, and dedicated off-street parking.
Where is this office building located?
The property is located at 53 W 3rd Ave Columbus, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,164 SF split‑level office building with fully furnished interior; Upper level has reception, waiting area, executive office, 3 private offices, and half‑bath; Lower level includes conference room, 2 private offices, half‑bath, and rear storage
