Ranch Duplex with Finished
For Sale
$439,500
Pending
659-661 South Champion Avenue, Columbus, OH 43205
Two separate 2-bedroom units with finished basements and a 3-car garage, suited to flexible owner-occupant or investor strategies.
Property Size2,764 SF
Days on Market77
Property Features for 659-661 South Champion Avenue
General Information
Standard status
Pending
Size
2,764 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Duplex
Net Operating Income
$45,720
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,799
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1964
Tenancy
Multi
Listing Agency:
MODERN OHIO REALTY
(614) 571-2314
Listed By:
David E Tweet · License #2017000756
(614) 571-2314
Source:
Compass
Added: May 29
Changed: Aug 8
Last Checked: Jul 24 at 2:21PM
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 MODERN OHIO REALTY
Investment Insights
Based on property information with market context.
This ranch double features two units, each with finished basements. Unit 659 includes 2 bedrooms and 1.5 bathrooms, while unit 661 includes 2 bedrooms and 1 bathroom. The property is presented as two separate sides for shows, and the interior photos and floorplan provided are for the 659 side. A 3-car garage and a covered back porch are part of the improvements, and there is a huge fenced yard.
The property is located in the historic Old Oaks neighborhood of Columbus, Ohio, at 659–661 South Champion Avenue. The 659 side is available for showings per the remarks, with the 661 side noted as vacant for showings.
The layout can fit different ownership approaches, including an owner occupant living in one unit while the other unit provides rental support, or a house-hacker scenario where buyers can have their own separate home on its own parcel. Investors may also consider the current gross rents figure cited in the remarks for 2025. With the flexible two-side configuration, the duplex is designed to support practical, income-oriented use or multi-home occupancy within one property.
The property is located in the historic Old Oaks neighborhood of Columbus, Ohio, at 659–661 South Champion Avenue. The 659 side is available for showings per the remarks, with the 661 side noted as vacant for showings.
The layout can fit different ownership approaches, including an owner occupant living in one unit while the other unit provides rental support, or a house-hacker scenario where buyers can have their own separate home on its own parcel. Investors may also consider the current gross rents figure cited in the remarks for 2025. With the flexible two-side configuration, the duplex is designed to support practical, income-oriented use or multi-home occupancy within one property.
Key Highlights
- Ranch double on separate parcels in the historic Old Oaks neighborhood, offering two 2‑bedroom units (659 and 661).
- Each side has finished basements; 1350+ SF per side, with interior photos and floorplan provided for the 659 side.
- 659 unit: 2 bedrooms and 1.5 bathrooms.
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
$23,536
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
5.36%
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%
$470,720
$470.7K
Cap Rate 7%
$336,229
$336.2K
Cap Rate 9%
$261,511
$261.5K
Market Conditions
NOI Build-Up for 2,764 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
$36.2K $13.08/SF
− Vacancy
−$2.5K −$0.92/SF
EGI
$33.6K $12.16/SF
− OpEx
−$10.1K −$3.65/SF
NOI
$23.5K $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%
$470,720
Cap Rate 7%
$336,229
Cap Rate 9%
$261,511
Alternative Uses
Best Use
Multifamily LT 5
$336.2K
$294.2K – $392.3K
NOI $23,536 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$270.5K
$236.7K – $315.6K
NOI $18,933 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$576.0K
$504.0K – $672.0K
NOI $40,322 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,879
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
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 - Two separate 2-bedroom units with finished basements and a 3-car garage, suited to flexible owner-occupant or investor strategies.
Where is this duplex located?
The property is located at 659-661 South Champion Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $439,500.
What are key features of this property?
This property features: Ranch double on separate parcels in the historic Old Oaks neighborhood, offering two 2‑bedroom units (659 and 661).; Each side has finished basements; 1350+ SF per side, with interior photos and floorplan provided for the 659 side.; 659 unit: 2 bedrooms and 1.5 bathrooms.
