New Construction Duplex With
For Sale
$599,900
901-903 Miller Avenue, Columbus, OH 43206
Multi-Family, Columbus, OH
Property Size3,125 SF
Lot Size0.10 Acres
Price / SF$191.97
Days on Market48
Property Features for 901-903 Miller Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 5
Parking features
Open
Subdivision
Driving Park
Elementary school district
COLUMBUS CSD 2503 FRA CO.
Middle school district
COLUMBUS CSD 2503 FRA CO.
High school district
COLUMBUS CSD 2503 FRA CO.
Standard status
Active
APN
010-055283
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
fenced rear yards
concrete patios
landscaped front yards
Building Details
Year built
2026
Number of units
2
Listing Agency:
Keller Williams Capital Ptnrs · Keller Williams Realty
(614) 888-1000
Listed By:
Ric Smith · License #2009002512
(614) 402-9451
Added: Jul 20
Changed: Sep 5
Last Checked: Sep 5 at 3:06PM
MLS# 226027096
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex is under construction for 2026 completion and contains two separate three-level residences. Each side includes three bedrooms, three and one-half bathrooms, an open living area, luxury vinyl plank flooring, recessed lighting, and a first-floor half bath with a pocket door. The kitchens feature stainless steel appliances, gas ranges, granite countertops, bar seating, pendant lighting, and USB-equipped pop-up outlets.
Two bedroom suites are located on the upper level, with laundry nearby. The lower level adds a third bedroom suite with a private bathroom and egress window. Both residences also include front porches, fenced rear yards, concrete patios, ceiling fans, designer light fixtures, landscaped front yards, radon mitigation systems, and garages. The property has approximately 3,125 total square feet of living space on a 0.1-acre lot, with forced-air heating, central air, public water, and public sewer. It is located at 901-903 Miller Avenue in Columbus, near downtown Columbus.
Two bedroom suites are located on the upper level, with laundry nearby. The lower level adds a third bedroom suite with a private bathroom and egress window. Both residences also include front porches, fenced rear yards, concrete patios, ceiling fans, designer light fixtures, landscaped front yards, radon mitigation systems, and garages. The property has approximately 3,125 total square feet of living space on a 0.1-acre lot, with forced-air heating, central air, public water, and public sewer. It is located at 901-903 Miller Avenue in Columbus, near downtown Columbus.
Key Highlights
- Two three‑level residences with 3 bedrooms and 3.5 bathrooms per unit
- Approximately 3,125 total square feet of living space on a 0.1‑acre lot
- Upper‑level bedroom suites and lower‑level suites with private 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
$26,610
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
4.44%
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%
$532,200
$532.2K
Cap Rate 7%
$380,143
$380.1K
Cap Rate 9%
$295,667
$295.7K
Market Conditions
NOI Build-Up for 3,125 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
$40.9K $13.08/SF
− Vacancy
−$2.9K −$0.92/SF
EGI
$38.0K $12.16/SF
− OpEx
−$11.4K −$3.65/SF
NOI
$26.6K $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%
$532,200
Cap Rate 7%
$380,143
Cap Rate 9%
$295,667
Alternative Uses
Best Use
Multifamily LT 5
$380.1K
$332.6K – $443.5K
NOI $26,610 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$305.8K
$267.6K – $356.8K
NOI $21,406 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$651.3K
$569.9K – $759.8K
NOI $45,589 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
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 multi-level residences offer private bedroom suites, modern kitchens, fenced yards, patios, and garage parking.
Where is this duplex located?
The property is located at 901-903 Miller Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two three‑level residences with 3 bedrooms and 3.5 bathrooms per unit; Approximately 3,125 total square feet of living space on a 0.1‑acre lot; Upper‑level bedroom suites and lower‑level suites with private bathrooms
