Updated Duplex with Long-Term
For Sale
$299,999
Pending
631-633 Thurman Avenue, Columbus, OH 43206
Meticulously maintained duplex with long-term rental income and modern updates.
Property Size2,016 SF
Days on Market104
Property Features for 631-633 Thurman Avenue
General Information
Standard status
Pending
Size
2,016 SF
Property subtype
Multi-Family / Duplex
Net Operating Income
$22,600
Taxes and HOA fees
Annual Taxes
$4,000
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1947
Listing Agency:
Real Estate Opportunity
(740) 361-4839
Listed By:
Brett Gregory · License #2023001914
(740) 361-4839
Source:
Compass
Added: May 21
Changed: Aug 8
Last Checked: Jul 24 at 2:31PM
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 Real Estate Opportunity
Investment Insights
Based on property information with market context.
The property at 631-633 Thurman Ave is a meticulously maintained and extensively updated duplex. It offers long-term rental income and modern comfort throughout. Both units have been thoughtfully improved. Major updates include kitchen appliances, washers and dryers in each unit, hot water tanks, a roof on the house and garage, and fresh interior paint throughout. The units feature large main bedrooms, offering comfortable living space. A two-car garage provides off-street parking and storage. Unit 631 Thurman is rented at $1,250 per month, leased through April 30, 2027. Unit 633 Thurman is rented at $1,300 per month, leased through July 31, 2026. The property size is 2,016 square feet.
Key Highlights
- Strong, long‑term rental income from two units.
- Both units are leased through 2027 and 2026 respectively, providing immediate cash flow.
- Meticulously maintained and extensively updated duplex.
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
$17,166
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
5.72%
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%
$343,320
$343.3K
Cap Rate 7%
$245,229
$245.2K
Cap Rate 9%
$190,733
$190.7K
Market Conditions
NOI Build-Up for 2,016 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
$26.4K $13.08/SF
− Vacancy
−$1.8K −$0.92/SF
EGI
$24.5K $12.16/SF
− OpEx
−$7.4K −$3.65/SF
NOI
$17.2K $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%
$343,320
Cap Rate 7%
$245,229
Cap Rate 9%
$190,733
Alternative Uses
Best Use
Multifamily LT 5
$245.2K
$214.6K – $286.1K
NOI $17,166 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$197.3K
$172.6K – $230.2K
NOI $13,809 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$420.1K
$367.6K – $490.2K
NOI $29,410 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
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 - Meticulously maintained duplex with long-term rental income and modern updates.
Where is this duplex located?
The property is located at 631-633 Thurman Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Strong, long‑term rental income from two units.; Both units are leased through 2027 and 2026 respectively, providing immediate cash flow.; Meticulously maintained and extensively updated duplex.
