27-Unit Multifamily Property For
For Sale
Contact for pricing
6523 Dorothy's Creek, Columbus, OH 43110
27 units with community pool and clubhouse in Columbus, Ohio.
Property Size33,065 SF
Price / SF$119.46
Days on Market401
Property Features for 6523 Dorothy's Creek
General Information
Standard status
Active
Size
33,065 SF
Property subtype
Multifamily
Zoning
Multi-Family
Building Details
Year Built
2003
Buildings
4
Stories
2
Units
27
Listing Agency:
Best Corporate Real Estate
Listed By:
Valerie Tivin · License #2019002160
(614) 559-3350
Source:
Crexi
Added: Jul 30, 2025
Changed: Sep 2
Last Checked: Aug 31 at 8:00PM
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 multifamily property features 27 units and 4 garages. The unit mix includes 25 units with 2 bedrooms and 2 bathrooms, and 2 units with 3 bedrooms and 2 bathrooms. There are four different floor plans available. A condo association is in place with a total of 48 units for the complex. Residents have access to a community swimming pool and clubhouse with a gym. The property is located within the Groveport Madison School District. The property size is 33,065 square feet.
Key Highlights
- 27 Units For Sale featuring a mix of 2‑bed, 2‑bath and 3‑bed, 2‑bath layouts.
- Enjoy the community swimming pool and clubhouse with gym.
- Condo Association in Place (48 Units total).
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
$226,489
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
5.73%
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%
$4,529,780
$4.5M
Cap Rate 7%
$3,235,557
$3.2M
Cap Rate 9%
$2,516,544
$2.5M
Market Conditions
NOI Build-Up for 33,065 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
$440.4K $13.32/SF
− Vacancy
−$28.6K −$0.87/SF
EGI
$411.8K $12.45/SF
− OpEx
−$185.3K −$5.60/SF
NOI
$226.5K $6.85/SF
Area
Columbus, OH
Vacancy
6.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$4,529,780
Cap Rate 7%
$3,235,557
Cap Rate 9%
$2,516,544
Alternative Uses
Best Use
Apartment 5plus
$3.24M
$2.83M – $3.77M
NOI $226,489 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.89M
$6.03M – $8.04M
NOI $482,364 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Explore this area
Business Placement
Demographics for 43110, OH
40,953
Population
17,352
Households
2.4
Avg Household Size
35
Median Age
36%
College-Educated
93%
High-School Grad
46.7 sq mi
ZIP Area
877
Density / Sq Mi
$76,334
Median Household Income
$48,216
Median Earnings
$1,218
Median Rent
$284,300
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?
Apartment building - 27 units with community pool and clubhouse in Columbus, Ohio.
Where is this apartment building located?
The property is located at 6523 Dorothy's Creek Columbus, OH.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 27 Units For Sale featuring a mix of 2‑bed, 2‑bath and 3‑bed, 2‑bath layouts.; Enjoy the community swimming pool and clubhouse with gym.; Condo Association in Place (48 Units total).
