Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1685 Franklin Ave Columbus, OH 43205

    • Small apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5643634
    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.

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 1685 Franklin Ave

    Year built
    1900
    Property type
    Small apartment buildings

    Description

    This charming 2-unit brick duplex, located at 1685 Franklin Avenue in Columbus, Ohio's historic Olde Town East neighborhood, presents a fantastic investment opportunity. Built in 1900 and extensively renovated in 2023, this property boasts 100% occupancy with both units currently leased. The upper unit (1687) commands a monthly rent of $1695 on a 12-month lease commencing August 1, 2024. The lower unit (1685) is currently leased for $1520 per month through February 2025. The property sits on a 5,662.8 square foot lot and features updated electrical and plumbing systems, along with new furnaces and hot water tanks. Each sun-filled unit retains its original character with vintage woodwork and hardwood floors, offering a blend of historic charm and modern convenience. The asking price is $514,900, translating to $199.88 per square foot. This turnkey property offers immediate cash flow and significant potential for long-term appreciation in a desirable and historically rich Columbus neighborhood. The property's zip code is 43205, and it is located in Franklin County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9547138
    Latitude
    39.9610454

    Comparable in this City

    • $1,000,000

      Prime Olde Towne East Multifamily

      Four-unit building, newly renovated, high ROI.
      121-125 Wilson Ave, Columbus, OH 43205
      View Details
    • $525,000

      Columbus Duplex: Prime Airbnb Investment

      Turnkey Duplex, High Returns, Fully Furnished
      266 Miller Ave, Columbus, OH 43205
      View Details
    • $875,000
      5,427 SF

      Prime Columbus Multifamily Investment

      Two-unit building, high-potential, C4 zoning.
      374 Wilson Ave, Columbus, OH 43205
      View Details
    • $420,000

      Prime Columbus Duplex - $420K

      Renovated Duplex, 2 Units, Huge Lot
      1786-1788 Rich St, Columbus, OH 43205
      View Details
    • $545,000

      Columbus Duplex: Prime Location

      Renovated Duplex, 2 Units, Tax Abatement
      516-518 Champion Ave, Columbus, OH 43205
      View Details
    • $299,900

      Prime Columbus Duplex - $299,900

      Historic Charm, Updated Units, High Rental Income
      1811 Rich St, Columbus, OH 43205
      View Details

    Similar Nearby for Sale

    • $1,000,000

      Prime Olde Towne East Multifamily

      Four-unit building, newly renovated, high ROI.
      121-125 Wilson Ave, Columbus, OH 43205
      View Details
    • $525,000

      Columbus Duplex: Prime Airbnb Investment

      Turnkey Duplex, High Returns, Fully Furnished
      266 Miller Ave, Columbus, OH 43205
      View Details
    • $875,000
      5,427 SF

      Prime Columbus Multifamily Investment

      Two-unit building, high-potential, C4 zoning.
      374 Wilson Ave, Columbus, OH 43205
      View Details
    • $875,000

      Franklin Avenue Duplex - Columbus, OH

      Prime Columbus Duplex, High ROI Potential
      1033-1035 Franklin Ave, Columbus, OH 43205
      View Details
    • $429,900

      Kelton Avenue Duplex - Columbus, OH

      Renovated Duplex, Prime Columbus Location
      764-766 Kelton Ave, Columbus, OH 43205
      View Details
    • $419,000

      Columbus Duplex - Prime Location

      Renovated Duplex, 2 Units, Huge Lot
      1786 Rich St, Columbus, OH 43205
      View Details

    Similar Nearby for Lease

    • $1,995 /Mo

      Stylish Apartment in Olde Towne

      2-bedroom, 2-bath apartment in historic Olde Towne East.
      1185 Gustavus Ln, Columbus, OH 43205
      View Details
    • $475,000
      3,504 SF

      Mixed-Use Retail With Renovated Apartment

      Mixed-use property featuring retail space and a renovated apartment.
      1029 E Livingston Ave, Columbus, OH 43205
      View Details
    • $3,000 /Mo
      800 SF

      Renovated Office Space in Historic Building

      Modern office space with utilities included in Olde Towne East.
      1223-1227 E Main St, Columbus, OH 43205
      View Details
    • $10 SF/Yr
      6,240 SF

      Industrial Space with Office

      6,240 SF industrial space featuring a second-floor office.
      1956 E Walnut St, Columbus, OH 43205
      View Details
    • $14 SF/Yr
      1,300 SF

      Medical Office Space Available

      1300 SF medical office space for immediate occupancy.
      881 E Main St, Columbus, OH 43205
      View Details
    • $16 SF/Yr
      5,624 SF

      Prime Columbus Flex Space

      5,624 SF Retail/Industrial Opportunity
      156 Ohio Ave, Columbus, OH 43205
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1685 Franklin Ave
    Columbus, OH 43205
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.