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    1644 Frank Rd Columbus, OH 43223
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    1644 Frank Rd, Columbus, OH 43223

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    • Small apartment buildings
    Off-Market
    Property ID
    US66-2442881
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 1644 Frank Rd

    Year built
    1954
    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents a fully occupied, two-unit apartment building located at 1644 Frank Road in Columbus, Ohio, within the desirable Southwestern Schools district. Built in 1954, this duplex sits on a generous 7,405.2 square foot lot and offers convenient access to major roadways including Rt 62, I-270, I-71, and Rt 104. Each unit boasts two bedrooms and one bathroom, providing comfortable living spaces for tenants. The property features a fenced yard and ample off-street parking, enhancing its appeal and functionality. Currently operating at 100% occupancy with month-to-month tenants, this property offers immediate cash flow. Tenants are responsible for their own utilities, minimizing landlord responsibilities. The asking price is $185,000, translating to $101.87 per square foot. This is a turnkey investment, ideal for those seeking a stable and profitable addition to their portfolio. Serious inquiries only; curb offers are requested. Please do not disturb the tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0462273
    Latitude
    39.9186497

    Comparable in this City

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      Columbus Multifamily Property For Sale

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      Hilltop Duplex Near Downtown Columbus

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    Similar Nearby for Sale

    • New
      $244,900
      0.13 Acres

      Vacant Franklinton Duplex with Garage

      Two 3-bedroom units offer flexible living and income potential, with updates and an oversized two-car garage.
      208-210 Dana Ave, Columbus, OH 43223
      View Details
    • Contact for pricing

      Ranch Duplex Near Downtown Columbus

      Ranch duplex with updated units, ideal for investors/owner-occupants.
      1642-1644 Elmer St, Columbus, OH 43223
      View Details
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      12,760 SF

      Updated Duplex Community Near Downtown

      Renovated apartment community near downtown Columbus with long-term upside.
      1773-1821 W Mound St, Columbus, OH 43223
      View Details
    • $365,000
      2,868 SF

      Renovated Two-Unit Home

      Fully renovated two-unit home with six beds and six baths.
      107 Midland Ave, Columbus, OH 43223
      View Details
    • $175,000
      1,172 SF

      Columbus Multifamily Property For Sale

      Multifamily property in Columbus, OH with tax abatement.
      345 Dakota Ave, Columbus, OH 43223
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      Hilltop Duplex Near Downtown Columbus

      Duplex west of Downtown Columbus with large bedrooms and full basement.
      401 Catherine St, Columbus, OH 43223
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    Similar Nearby for Lease

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      Industrial Outdoor Storage Opportunity

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      Versatile Flex Space for Rent

      1,200 SF unit with office and warehouse space available.
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      Freestanding Flex Building with Overhead Doors

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      Freestanding Building in Redevelopment Location

      Freestanding building with ample parking and easy highway access.
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      Retail Space in Southwest Square

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      Commercial Land on Harrisburg Pike

      0.88 acre commercial land for rent in retail corridor.
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    Columbus, OH 43223
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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