Versatile Commercial Building Near
For Sale
Contact for pricing
24 East Street, Columbus, OH 43228
Adaptable commercial building suitable for various uses near OhioHealth.
Property Size5,000 SF
Price / SF$106
Days on Market991
Property Features for 24 East Street
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Office, Industrial
Zoning
I
Building Details
Year Built
1959
Listing Agency:
ReMax Revealty
(380) 208-0761
Listed By:
Steve Beaver · License #2003001721
Source:
Crexi
Added: Dec 4, 2023
Changed: Aug 15
Last Checked: Aug 20 at 6:58AM
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 ReMax Revealty
Investment Insights
Based on property information with market context.
This commercial building presents a versatile opportunity, situated within a short walking distance of OhioHealth and across from Norton Middle School. The all-brick building offers access to both West Broad Street and Norton Road, making it suitable for a range of potential uses, including medical offices, school-related programs, warehouse space, or condo/apartment conversions. The seller invested $225,000 in a new roof six years ago. The property also features two newer 2.5-ton heating systems. Its location is less than 1.5 miles from Interstates 270, 70, and 71. The property has a size of 5,000 square feet.
Key Highlights
- Prime location: Walking distance to Ohio Health and across from Norton Middle School.
- Versatile commercial opportunity: Suitable for medical offices, school programs, warehouse, or condo/apartments.
- Durable all‑brick building.
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
$47,775
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
9.01%
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%
$955,500
$955.5K
Cap Rate 7%
$682,500
$682.5K
Cap Rate 9%
$530,833
$530.8K
Market Conditions
NOI Build-Up for 5,000 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
$84.0K $16.80/SF
− Vacancy
−$7.6K −$1.51/SF
EGI
$76.4K $15.29/SF
− OpEx
−$28.7K −$5.73/SF
NOI
$47.8K $9.56/SF
Area
ZIP 43228
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$955,500
Cap Rate 7%
$682,500
Cap Rate 9%
$530,833
Alternative Uses
Best Use
Warehouse
$1.06M
$931.5K – $1.24M
NOI $74,519 @ 7.0% cap · market cap 14.06%
Second Best
Industrial
$872.1K
$763.1K – $1.02M
NOI $61,047 @ 7.0% cap · market cap 11.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 43228, OH
58,465
Population
25,623
Households
2.3
Avg Household Size
32
Median Age
26%
College-Educated
86%
High-School Grad
19.9 sq mi
ZIP Area
2,938
Density / Sq Mi
$60,895
Median Household Income
$40,211
Median Earnings
$1,169
Median Rent
$204,000
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Adaptable commercial building suitable for various uses near OhioHealth.
Where is this mixed-use property located?
The property is located at 24 East Street Columbus, OH.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Prime location: Walking distance to Ohio Health and across from Norton Middle School.; Versatile commercial opportunity: Suitable for medical offices, school programs, warehouse, or condo/apartments.; Durable all‑brick building.
