All-Brick Duplex with
For Sale
$599,000
848850 848-850 Franklin Ave, Columbus, OH 43205
Two residences offer updated kitchens, private entrances, and separate garage access.
Property Size2,508 SF
Price / SF$238.84
Days on Market12
Property Features for 848850 848-850 Franklin Ave
General Information
Standard status
Active
Size
2,508 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
hardwood flooring
fireplace
fenced backyard
high ceilings
updated kitchen
stainless steel appliances
Building Details
Year Built
1920
Buildings
1
Construction
brick
Listing Agency:
Howard Hanna Real Estate Svcs
Listed By:
Nick J Vlasidis · License #2006000722
(614) 562-2539
Source:
Thetomlinson
Added: Sep 9
Changed: Sep 17
Last Checked: Sep 20 at 1:39PM
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 Howard Hanna Real Estate Svcs
Investment Insights
Based on property information with market context.
Built in 1920, this all-brick duplex contains approximately 2,508 square feet across two residences. Unit 848 is a two-level, 2-bedroom, 2-bath home with 14-foot ceilings, hardwood floors, a fireplace, stainless steel appliances, in-unit laundry, and a loft-style upper bedroom suite with its own full bath. Unit 850 provides 1 bedroom and 1 bath, along with an updated kitchen, hardwood floors, a fireplace, and basement laundry space.
Each residence has its own two-car garage, creating four total garage spaces, while the fenced backyard connects to both garages. Separate front and rear entrances serve the units. Improvements include the roof, replacement windows, furnaces, central air conditioners, water heaters, kitchens, flooring, bathrooms, and interior paint. The property is at 848-850 Franklin Ave in Columbus, near Oak Street, Franklin Park, East Market, Downtown Columbus, Nationwide Children’s Hospital, Bexley, and John Glenn Columbus International Airport, with highway access nearby.
Each residence has its own two-car garage, creating four total garage spaces, while the fenced backyard connects to both garages. Separate front and rear entrances serve the units. Improvements include the roof, replacement windows, furnaces, central air conditioners, water heaters, kitchens, flooring, bathrooms, and interior paint. The property is at 848-850 Franklin Ave in Columbus, near Oak Street, Franklin Park, East Market, Downtown Columbus, Nationwide Children’s Hospital, Bexley, and John Glenn Columbus International Airport, with highway access nearby.
Key Highlights
- Approximately 2,508 square feet in an all‑brick duplex built in 1920
- Unit 848: 2 bedrooms, 2 full bathrooms, and a two‑level layout
- Unit 850: 1 bedroom, 1 bath, updated kitchen, and basement laundry area
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
$21,356
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
3.57%
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%
$427,120
$427.1K
Cap Rate 7%
$305,086
$305.1K
Cap Rate 9%
$237,289
$237.3K
Market Conditions
NOI Build-Up for 2,508 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
$32.8K $13.08/SF
− Vacancy
−$2.3K −$0.92/SF
EGI
$30.5K $12.16/SF
− OpEx
−$9.2K −$3.65/SF
NOI
$21.4K $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%
$427,120
Cap Rate 7%
$305,086
Cap Rate 9%
$237,289
Alternative Uses
Best Use
Multifamily LT 5
$305.1K
$267.0K – $355.9K
NOI $21,356 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$245.4K
$214.7K – $286.3K
NOI $17,179 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$522.7K
$457.4K – $609.8K
NOI $36,588 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
283
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 residences offer updated kitchens, private entrances, and separate garage access.
Where is this duplex located?
The property is located at 848850 848-850 Franklin Ave Columbus, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Approximately 2,508 square feet in an all‑brick duplex built in 1920; Unit 848: 2 bedrooms, 2 full bathrooms, and a two‑level layout; Unit 850: 1 bedroom, 1 bath, updated kitchen, and basement laundry area
