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    63 Russell St Columbus, OH 43215

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    63 Russell St Columbus, OH 43215

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    • Small apartment buildings
    Off-Market
    Property ID
    US66-2322736
    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 63 Russell St

    Year built
    1900
    Property type
    Small apartment buildings

    Description

    Attention investors! This exceptional four-unit apartment building, located at 63 E Russell Street in Columbus, Ohio, presents a lucrative investment opportunity. Situated just one block from the vibrant Short North Arts District, this property enjoys unparalleled proximity to popular destinations such as Marcellas, The Guild House, and Hyde Park. The convenient location also offers easy walkability or biking distance to the convention center, Goodale Park, and the Arena District. Built in 1900 and extensively renovated in 2020, this property boasts four fully remodeled two-bedroom units, each featuring upscale finishes. Kitchens are equipped with quartz and granite countertops, high-end appliances, and custom cabinetry. Beautiful wood floors, brick accent walls, and custom showers add to the sophisticated aesthetic. Modern conveniences include stackable washer/dryer units in each unit. Residents also enjoy private patios, yards, and the added benefit of off-street parking. The property sits on an 8,276.4 square foot lot and currently enjoys 100% occupancy. With a list price of $1,500,000 and a price per square foot of $312.11, this multifamily investment offers a compelling return on investment. The property's prime location, modern amenities, and high occupancy rate make it an ideal addition to any investment portfolio. All units are move-in ready, minimizing vacancy periods and maximizing rental income. This is a rare opportunity to acquire a turnkey property in one of Columbus's most desirable neighborhoods. The zip code is 43215.

    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
    -83.0013973
    Latitude
    39.9757193

    Comparable in this City

    • $4,100,000
      13,670 SF

      Short North Mixed-Use Asset

      Mixed-use property in Short North Arts District with income potential.
      842 N High St, Columbus, OH 43215
      View Details
    • $9,500,000
      Pending

      Refurbished Mixed-Use Building in Columbus

      Historical building with luxury apartments, commercial units, and development potential.
      309 S 4Th St, Columbus, OH 43215
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    • $840,000

      Arena District Townhome with Amenities

      Two-story townhome near Arena District with tax abatement and amenities.
      250 W Spring St, Columbus, OH 43215
      View Details
    • Contact for pricing

      Downtown Columbus Live-Work-Play Landmark

      31-story building with office, hotel, residential, and retail spaces.
      475 N Wall St, Columbus, OH 43215
      View Details
    • Contact for pricing
      6,200 SF

      Columbus Multifamily Investment Opportunity

      Four-unit multifamily property in Columbus, Ohio.
      615-619 Oak St, Columbus, OH 43215
      View Details

    Similar Nearby for Sale

    • $4,100,000
      13,670 SF

      Short North Mixed-Use Asset

      Mixed-use property in Short North Arts District with income potential.
      842 N High St, Columbus, OH 43215
      View Details
    • $9,500,000
      Pending

      Refurbished Mixed-Use Building in Columbus

      Historical building with luxury apartments, commercial units, and development potential.
      309 S 4Th St, Columbus, OH 43215
      View Details
    • $840,000

      Arena District Townhome with Amenities

      Two-story townhome near Arena District with tax abatement and amenities.
      250 W Spring St, Columbus, OH 43215
      View Details
    • Contact for pricing

      Downtown Columbus Live-Work-Play Landmark

      31-story building with office, hotel, residential, and retail spaces.
      475 N Wall St, Columbus, OH 43215
      View Details
    • Contact for pricing

      Victorian Village Four-Unit Investment Property

      Four-unit property near Goodale Park with income and ADU potential.
      217 W Hubbard Ave, Columbus, OH 43215
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      1,969 SF

      Retail Space in Olde Towne

      Corner retail space in a vibrant, growing neighborhood.
      122-138 Parsons Ave, Columbus, OH 43215
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      Mixed-Use Development Leasing Opportunity

      New mixed-use development in Downtown Columbus: retail, office, residential.
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    • $26 SF/Yr
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      High Street Retail Opportunity

      Columbus, OH: Prime Short North Retail Space
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      315,000 SF

      High Street Retail Gem

      Columbus, Ohio: Prime Retail Space
      250 High St, Columbus, OH 43215
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    • $4,000 /Mo
      4,792 SF

      Commercial Property with Vehicle Repair

      Commercial space with offices, kitchen, and vehicle repair garage.
      342 South Washington Ave, Columbus, OH 43215
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    • Contact for pricing

      Multi-Tenant Commercial Building for Lease

      Versatile commercial building suitable for office, retail, and medical tenants.
      415 E Broad St, Columbus, OH 43215
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    Columbus, OH 43215
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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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