Updated Two-Unit
New
For Sale
$289,000
643-645 S Burgess Ave, Columbus, OH 43204
Both residences offer three bedrooms, a full basement, and refreshed kitchens and bathrooms.
Property Size2,184 SF
Price / SF$132.33
Days on Market2
Property Features for 643-645 S Burgess Ave
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
decorative fireplace
full basement with washer/dryer hookups
privacy fence
Building Details
Year Built
1926
Year Renovated
2024
Buildings
1
Listing Agency:
Tonya Fisher, Key Realty
Listed By:
Rhiannon Ferrari
(614) 226-1039
Source:
Ferrarihomegroup
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 2 at 7:26PM
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 Tonya Fisher, Key Realty
Investment Insights
Based on property information with market context.
This Columbus duplex contains two townhome-style residences totaling 2,184 square feet. Each unit has three bedrooms, one bathroom, a living room, dining area, and kitchen with an eating nook. Full basements include washer and dryer hookups, and each home has a decorative fireplace with mantel. The backyard is enclosed by a privacy fence.
Work completed in 2024 included kitchen and bathroom renovations, plumbing and electrical updates, replacement windows, and refinished floors. Exterior electrical boxes were also replaced, and the basements were seal-coated. Unit 643 additionally has a new furnace and electrical box. The property overlooks John Burroughs Park and is offered in as-is condition.
Work completed in 2024 included kitchen and bathroom renovations, plumbing and electrical updates, replacement windows, and refinished floors. Exterior electrical boxes were also replaced, and the basements were seal-coated. Unit 643 additionally has a new furnace and electrical box. The property overlooks John Burroughs Park and is offered in as-is condition.
Key Highlights
- Two townhome‑style units, each with 3 bedrooms and 1 bathroom
- 2,184 square feet across both residences
- 2024 improvements include renovated kitchens and bathrooms, new plumbing and electrical work, replacement windows, and refinished floors
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
$18,597
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
6.43%
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%
$371,940
$371.9K
Cap Rate 7%
$265,671
$265.7K
Cap Rate 9%
$206,633
$206.6K
Market Conditions
NOI Build-Up for 2,184 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
$28.6K $13.08/SF
− Vacancy
−$2.0K −$0.92/SF
EGI
$26.6K $12.16/SF
− OpEx
−$8.0K −$3.65/SF
NOI
$18.6K $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%
$371,940
Cap Rate 7%
$265,671
Cap Rate 9%
$206,633
Alternative Uses
Best Use
Multifamily LT 5
$265.7K
$232.5K – $310.0K
NOI $18,597 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$213.7K
$187.0K – $249.3K
NOI $14,960 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$455.2K
$398.3K – $531.0K
NOI $31,861 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 43204, OH
42,315
Population
19,286
Households
2.2
Avg Household Size
35
Median Age
25%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
4,502
Density / Sq Mi
$59,158
Median Household Income
$38,610
Median Earnings
$1,206
Median Rent
$170,900
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 - Both residences offer three bedrooms, a full basement, and refreshed kitchens and bathrooms.
Where is this duplex located?
The property is located at 643-645 S Burgess Ave Columbus, OH.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two townhome‑style units, each with 3 bedrooms and 1 bathroom; 2,184 square feet across both residences; 2024 improvements include renovated kitchens and bathrooms, new plumbing and electrical work, replacement windows, and refinished floors
