Six-Unit Apartment
For Sale
Contact for pricing
786-792 Thomas Ave, Columbus, OH 43223
Multifamily property with six residential units and multi-family zoning.
Property Size5,400 SF
Price / SF$127
Days on Market184
Property Features for 786-792 Thomas Ave
General Information
Standard status
Active
Size
5,400 SF
Total Parking Spaces
12
Property subtype
Multifamily
Zoning
Multi-family
Additional Details
Multifamily Units
6
Building Details
Year Built
2026
Units
6
Listing Agency:
Platz Realty Group
(614) 975-7311
Listed By:
Gregg Divelbiss · License #OH2024000896
Source:
Crexi
Added: Feb 28
Changed: Aug 29
Last Checked: Aug 29 at 4:31PM
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 Platz Realty Group
Investment Insights
Based on property information with market context.
This apartment building contains six units within 5400 square feet of property size. The asset carries a multi-family zoning designation and was built in 2026, providing a recently constructed multifamily configuration for residential income use.
The property is located at 786-792 Thomas Ave in Columbus, Ohio 43223. Its address identifies a single multifamily asset serving the local residential market.
The property is located at 786-792 Thomas Ave in Columbus, Ohio 43223. Its address identifies a single multifamily asset serving the local residential market.
Key Highlights
- Six‑unit apartment building
- 5400 square feet of property size
- Multi‑family zoning designation
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
$36,989
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
5.39%
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%
$739,780
$739.8K
Cap Rate 7%
$528,414
$528.4K
Cap Rate 9%
$410,989
$411.0K
Market Conditions
NOI Build-Up for 5,400 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
$71.9K $13.32/SF
− Vacancy
−$4.7K −$0.87/SF
EGI
$67.3K $12.45/SF
− OpEx
−$30.3K −$5.60/SF
NOI
$37.0K $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%
$739,780
Cap Rate 7%
$528,414
Cap Rate 9%
$410,989
Alternative Uses
Best Use
Apartment 5plus
$528.4K
$462.4K – $616.5K
NOI $36,989 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$984.7K – $1.31M
NOI $78,777 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 43223, OH
27,951
Population
10,662
Households
2.6
Avg Household Size
35
Median Age
11%
College-Educated
77%
High-School Grad
10.0 sq mi
ZIP Area
2,795
Density / Sq Mi
$45,902
Median Household Income
$32,509
Median Earnings
$1,063
Median Rent
$113,600
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 - Multifamily property with six residential units and multi-family zoning.
Where is this apartment building located?
The property is located at 786-792 Thomas Ave Columbus, OH.
What is the asking price?
The asking price for this property is $685,800.
What are key features of this property?
This property features: Six‑unit apartment building; 5400 square feet of property size; Multi‑family zoning designation
