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    Updated Duplex with Long-Term Leases Title is generated by Realmo AI

    631-633 Thurman Avenue, Columbus, OH 43206

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    For Sale
    $299,999

    Meticulously maintained duplex with long-term rental income and modern updates.

    Type:Multi-Family / Duplex
    Property size:
    2,016 SF
    Price / SF:
    $148/SF
    Added:
    May 21, 2026
    Days on Market:
    12
    Last Refresh:
    May 27 at 1:22 pm

    Property Features for 631-633 Thurman Avenue

    General Information

    Standard status
    Active
    Size
    2,016 SF
    Property subtype
    Multi-Family / Duplex

    Building Details

    Year Built
    1947

    We can help!

    Listing Contact
    Brett Gregory

    Listing agent Brett Gregory License #2023001914

    Listing office Real Estate Opportunity

    Listing date May 21, 2026

    Source Compass

    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

    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.
    • Major updates throughout, including kitchen appliances, washers and dryers in each unit, and hot water tanks.
    • Two‑car garage, providing valuable off‑street parking and storage.
    • Large main bedrooms in both units.

    Overview

    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.

    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 $26.4k $13.08
    − Vacancy −$1.8k −$0.92
    EGI $24.5k $12.16
    − OpEx −$7.4k −$3.65
    NOI $17.2k $8.52
    2,016 SF · lease $13.08/SF/yr · vacancy 7.00% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $245.2K
    $214.6K – $286.1K (±1% cap)
    NOI $17,166 @ 7.0% cap · market cap 5.72%
    Second Best
    Apartment 5plus
    $197.3K
    $172.6K – $230.2K (±1% cap)
    NOI $13,809 @ 7.0% cap · market cap 4.60%
    Theoretical Best
    Office A
    $420.1K
    $367.6K – $490.2K (±1% cap)
    NOI $29,410 @ 7.0% cap · market cap 9.80%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9788794
    Latitude
    39.9387415

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    FAQs

    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.
    (740) 361-4839
    We can help!
    Listing Contact
    Brett Gregory
    Real Estate License ID: 2023001914
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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