6-Unit Apartment
For Sale
Contact for pricing
786 792 THOMAS AVE COLUMBUS OH 43223, Columbus, OH 43223
Six residential units offer a consistent two-bedroom, two-bath layout within a multi-family property.
Property Size5,400 SF
Price / SF$110.19
Days on Market24
Property Features for 786 792 THOMAS AVE COLUMBUS OH 43223
General Information
Standard status
Active
Size
5,400 SF
Total Parking Spaces
12
Property subtype
Multifamily
Zoning
Multi-family
Building Details
Year Renovated
2026
Units
6
Tenancy
Multi
Listing Agency:
Platz Realty Group
(614) 975-7311
Listed By:
Gregg Divelbiss · License #OH2024000896
Source:
Crexi
Added: Aug 7
Changed: Aug 18
Last Checked: Aug 29 at 11:14PM
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 multi-family property contains 6 apartment units totaling 5,400 square feet. Each residence is configured with 2 bedrooms and 2 bathrooms, creating a uniform unit mix across the building. The property is designated for Multi-family use.
Located at 786 792 Thomas Ave in Columbus, Ohio, the asset is positioned south of downtown in the Franklinton area. The surrounding neighborhood is described as historic, arts-focused, and undergoing revitalization, with an urban-suburban character.
Located at 786 792 Thomas Ave in Columbus, Ohio, the asset is positioned south of downtown in the Franklinton area. The surrounding neighborhood is described as historic, arts-focused, and undergoing revitalization, with an urban-suburban character.
Key Highlights
- 6 apartment units totaling 5,400 square feet
- Every unit includes 2 bedrooms and 2 bathrooms
- Multi‑family zoning
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
6.22%
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 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$984.7K – $1.31M
NOI $78,777 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Six residential units offer a consistent two-bedroom, two-bath layout within a multi-family property.
Where is this apartment building located?
The property is located at 786 792 THOMAS AVE COLUMBUS OH 43223 Columbus, OH.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 6 apartment units totaling 5,400 square feet; Every unit includes 2 bedrooms and 2 bathrooms; Multi‑family zoning
