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    3006 Cleveland Ave Columbus, OH 43224

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    3006 Cleveland Ave Columbus, OH 43224

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    • Small apartment buildings
    • 2,468 SF
    • 0.13 lot acres
    Off-Market
    Property ID
    US66-6005771
    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 3006 Cleveland Ave

    Lot size
    0.13 lot acres
    Property size
    2,468 SF
    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents a fully renovated duplex located at 3006-3008 Cleveland Ave, Columbus, Ohio, 43224, in Franklin County. The property, encompassing 2,468 square feet on a 0.13-acre lot, offers significant potential for strong returns. Currently 100% occupied, the duplex boasts two units generating substantial rental income. Unit 3006 commands a monthly rent of $1297, while Unit 3008 rents for $1250 per month. Recent renovations have enhanced the property's appeal and functionality, contributing to its high occupancy rate. The asking price of $225,000 reflects a recent appraisal, providing a solid foundation for investment decisions. Additional features include a large, fenced backyard, providing tenants with ample outdoor space, and convenient rear parking. This multifamily property is classified as both an apartment building and commercial property, offering flexibility and potential for future growth. The property's prime location in Columbus, Ohio, ensures strong tenant demand and long-term value appreciation. This is a rare opportunity to acquire a well-maintained, high-performing duplex in a desirable area.

    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
    -82.9639769
    Latitude
    40.0289023

    Comparable in this City

    • $900,000

      North Linden Multifamily Investment Opportunity

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      Four-Unit Multifamily Investment Property

      Four-unit property with two-bedroom apartments, ideal for investment.
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      North Columbus Brick Duplex

      Brick duplex in North Columbus with tenant in place.
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    • $95,000

      Vacant Land on Cleveland Avenue

      Vacant land with high traffic and bus line access.
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    • $1,500,000
      11.00 Acres

      Columbus Residential Development Land

      11 acres of residential development land in Columbus, Ohio.
      2781 Innis Rd, Columbus, OH 43224
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      6,835 SF

      Fully Leased Multi-Tenant Retail Property

      Fully leased retail property with diverse tenant mix.
      3708-3710 Cleveland Ave, Columbus, OH 43224
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    Similar Nearby for Sale

    • $900,000

      North Linden Multifamily Investment Opportunity

      Well-maintained 8-unit apartment building with strong rental income in Columbus.
      1501 Oakland Park Ave, Columbus, OH 43224
      View Details
    • Contact for pricing

      Four-Unit Multifamily Investment Property

      Four-unit property with two-bedroom apartments, ideal for investment.
      2872 Howey Rd, Columbus, OH 43224
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    • Contact for pricing

      North Columbus Brick Duplex

      Brick duplex in North Columbus with tenant in place.
      4231 Glenmawr Ave, Columbus, OH 43224
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    • $95,000

      Vacant Land on Cleveland Avenue

      Vacant land with high traffic and bus line access.
      1770 Eddystone Ave, Columbus, OH 43224
      View Details
    • $1,500,000
      11.00 Acres

      Columbus Residential Development Land

      11 acres of residential development land in Columbus, Ohio.
      2781 Innis Rd, Columbus, OH 43224
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      6,835 SF

      Fully Leased Multi-Tenant Retail Property

      Fully leased retail property with diverse tenant mix.
      3708-3710 Cleveland Ave, Columbus, OH 43224
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Lease

      Retail spaces available for lease in Columbus, OH.
      3349-3561 Cleveland Ave, Columbus, OH 43224
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    • $9 SF/Yr
      6,528 SF

      Versatile Commercial Space in Columbus

      6,528 sqft flex space with office and warehouse components.
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      Retail Units in Shopping Center

      Two retail units available in neighborhood shopping center.
      1482 Oakland Park Ave, Columbus, OH 43224
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    • $25 SF/Yr
      2,400 SF

      Freestanding Retail Building For Lease

      2,400 SF retail building with private parking lot.
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      2,500 SF

      Retail Space in High-Traffic Area

      Retail space with national tenants and high visibility.
      3531-3553 Cleveland Ave, Columbus, OH 43224
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      Retail Space Available For Rent

      7,330 SqFt retail space available for rent.
      4401 Cleveland Ave, Columbus, OH 43224
      View Details
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    Columbus, OH 43224
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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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    3006 Cleveland Ave, Columbus, OH, 43224

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