Value-Add Triplex
For Sale
$250,000
Pending
942 North Cassady Avenue, Columbus, OH 43219
Triplex with three 2-bedroom, 1-bath units on flexible month-to-month leases.
Property Size2,295 SF
Days on Market69
Property Features for 942 North Cassady Avenue
General Information
Standard status
Pending
Size
2,295 SF
Property subtype
Multi-Family / Apartment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,700
Amenities
Forced Air
Gas
No
Building Details
Year Built
1962
Tenancy
Multi
Listing Agency:
Red 1 Realty
(614) 665-5793
Listed By:
Zeke Liston · License #2019005269
(614) 665-5793
Source:
Compass
Added: Jun 7
Changed: Aug 8
Last Checked: Jul 24 at 12:47PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
This value-add triplex includes three separate units, each offering a functional 2-bedroom, 1-bath layout. All three units are currently on flexible month-to-month leases. Unit A is rented at $990 per month, Unit B at $1,000 per month, and Unit C at $500 per month.
The property is located at 942 North Cassady Avenue in Columbus, Ohio, near downtown Columbus, within a high-demand rental pocket.
For buyers seeking a residential income asset with immediate repositioning opportunities, the staggered current rents provide a clear path to aligning income with market levels through updated leasing and unit performance.
The property is located at 942 North Cassady Avenue in Columbus, Ohio, near downtown Columbus, within a high-demand rental pocket.
For buyers seeking a residential income asset with immediate repositioning opportunities, the staggered current rents provide a clear path to aligning income with market levels through updated leasing and unit performance.
Key Highlights
- Triplex with 3 units, each offering a 2‑bedroom, 1‑bath layout
- All units are on flexible month‑to‑month leases
- Current rents: Unit A $990/mo, Unit B $1,000/mo, Unit C $500/mo
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
$19,542
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
7.82%
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%
$390,840
$390.8K
Cap Rate 7%
$279,171
$279.2K
Cap Rate 9%
$217,133
$217.1K
Market Conditions
NOI Build-Up for 2,295 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
$30.0K $13.08/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$27.9K $12.16/SF
− OpEx
−$8.4K −$3.65/SF
NOI
$19.5K $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%
$390,840
Cap Rate 7%
$279,171
Cap Rate 9%
$217,133
Alternative Uses
Best Use
Multifamily LT 5
$279.2K
$244.3K – $325.7K
NOI $19,542 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$224.6K
$196.5K – $262.0K
NOI $15,720 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$478.3K
$418.5K – $558.0K
NOI $33,480 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
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?
Triplex - Triplex with three 2-bedroom, 1-bath units on flexible month-to-month leases.
Where is this triplex located?
The property is located at 942 North Cassady Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Triplex with 3 units, each offering a 2‑bedroom, 1‑bath layout; All units are on flexible month‑to‑month leases; Current rents: Unit A $990/mo, Unit B $1,000/mo, Unit C $500/mo
