Turn-Key 2-Unit
For Sale
$485,000
Pending
992-994 South Wall Street, Columbus, OH 43206
Fully-rented duplex with two updated 2BR/1.5BA units, in-unit laundry, basements, and off-street parking.
Property Size1,850 SF
Days on Market105
Property Features for 992-994 South Wall Street
General Information
Standard status
Pending
Size
1,850 SF
Property subtype
Multi-Family / Duplex
Occupancy
100%
Net Operating Income
$32,984
Additional Details
Business Included
Yes
Multifamily Units
2
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1906
Tenancy
Multi
Listing Agency:
Homes that Click Advantage LLC
Listed By:
Tina Goodman · License #2002005093
(614) 439-3551
Source:
Compass
Added: May 27
Changed: Aug 7
Last Checked: Jul 25 at 11:51AM
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 Homes that Click Advantage LLC
Investment Insights
Based on property information with market context.
This fully-rented 2-unit duplex offers two well-maintained residences, each with two bedrooms and 1.5 bathrooms. Interiors include modern updates such as hardwood floors, updated kitchens and bathrooms, in-unit laundry, and full basements. Off-street parking supports tenant convenience, and the property is being offered as turn-key.
The duplex is located at 992-994 South Wall Street in the Brewery District of Columbus, OH 43206. It is described as just minutes from German Village, Schiller Park, and downtown Columbus, with access to local dining and entertainment.
The current tenant profile is characterized as long term, with reliable tenants already in place. For investors or owner-occupants looking for a simple, ready-to-manage multi-family option, this duplex presents an income-producing setup with both in-unit laundry and full basement space included. The seller will participate in a 1031 exchange. Please do not disturb tenants.
The duplex is located at 992-994 South Wall Street in the Brewery District of Columbus, OH 43206. It is described as just minutes from German Village, Schiller Park, and downtown Columbus, with access to local dining and entertainment.
The current tenant profile is characterized as long term, with reliable tenants already in place. For investors or owner-occupants looking for a simple, ready-to-manage multi-family option, this duplex presents an income-producing setup with both in-unit laundry and full basement space included. The seller will participate in a 1031 exchange. Please do not disturb tenants.
Key Highlights
- Fully‑rented 2‑unit duplex in Columbus’ Brewery District
- Each unit offers 2 bedrooms and 1.5 bathrooms
- Modern updates including hardwood floors, updated kitchens and 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
$15,753
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
3.25%
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%
$315,060
$315.1K
Cap Rate 7%
$225,043
$225.0K
Cap Rate 9%
$175,033
$175.0K
Market Conditions
NOI Build-Up for 1,850 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
$24.2K $13.08/SF
− Vacancy
−$1.7K −$0.92/SF
EGI
$22.5K $12.16/SF
− OpEx
−$6.8K −$3.65/SF
NOI
$15.8K $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%
$315,060
Cap Rate 7%
$225,043
Cap Rate 9%
$175,033
Alternative Uses
Best Use
Multifamily LT 5
$225.0K
$196.9K – $262.6K
NOI $15,753 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$181.0K
$158.4K – $211.2K
NOI $12,672 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$385.5K
$337.4K – $449.8K
NOI $26,988 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
970
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 - Fully-rented duplex with two updated 2BR/1.5BA units, in-unit laundry, basements, and off-street parking.
Where is this duplex located?
The property is located at 992-994 South Wall Street Columbus, OH.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Fully‑rented 2‑unit duplex in Columbus’ Brewery District; Each unit offers 2 bedrooms and 1.5 bathrooms; Modern updates including hardwood floors, updated kitchens and bathrooms
