Brick Duplex with Attached
For Sale
$262,000
Pending
1233-1235 Heritage Drive, Troy, OH 45373
MULTI_FAMILY - Troy, OH
Property Size2,058 SF
Lot Size0.20 Acres
Days on Market49
Property Features for 1233-1235 Heritage Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multiple
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1
Elementary school district
5509 Troy CSD
Middle school district
5509 Troy CSD
High school district
5509 Troy CSD
Directions
Rt on Stonyridge Ave, Lt on Heritage
Subdivision
701 Troy
Standard status
Pending
APN
D08057935
Size
2,058 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Building Details
Year built
1976
Number of units
2
Building materials
Brick
Listing Agency:
Coldwell Banker Heritage Realtors
(937) 665-1800
Listed By:
Lindsey Chaney
(937) 665-1800
Added: Jul 1
Changed: Aug 5
Last Checked: Aug 18 at 5:06PM
MLS# 1046788
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick duplex at 1233-1235 Heritage Drive, Troy, OH 45373 offers two separate residential units under one roof. The combined living area is approximately 2,058 square feet, with a three-bedroom layout on one side and a two-bedroom layout on the other. Each side includes 1 bathroom, a living room, and an eat-in kitchen, along with practical space for everyday living.
Built in 1976, the property is served by public sewer and uses baseboard heating. Parking is provided via an attached 1-car garage. The duplex sits on a lot sized at 0.2 acres, with convenient access to shopping, dining, schools, parks, and major commuter routes.
Designed for flexibility, the layout supports tenant occupancy in both units, or an owner-occupant arrangement where one unit is lived in while the other generates rental income.
Built in 1976, the property is served by public sewer and uses baseboard heating. Parking is provided via an attached 1-car garage. The duplex sits on a lot sized at 0.2 acres, with convenient access to shopping, dining, schools, parks, and major commuter routes.
Designed for flexibility, the layout supports tenant occupancy in both units, or an owner-occupant arrangement where one unit is lived in while the other generates rental income.
Key Highlights
- Approximately 2,058 SF combined living area
- Two units: 3 bed on one side and 2 bed on the other
- Each unit has 1 bathroom plus living room and eat‑in kitchen
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
$18,654
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
7.12%
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%
$373,080
$373.1K
Cap Rate 7%
$266,486
$266.5K
Cap Rate 9%
$207,267
$207.3K
Market Conditions
NOI Build-Up for 2,058 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
$28.4K $13.80/SF
− Vacancy
−$1.8K −$0.85/SF
EGI
$26.6K $12.95/SF
− OpEx
−$8.0K −$3.88/SF
NOI
$18.7K $9.06/SF
Area
Miami County, OH
Vacancy
6.17%
Lease Rate
$13.80 /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%
$373,080
Cap Rate 7%
$266,486
Cap Rate 9%
$207,267
Alternative Uses
Best Use
Multifamily LT 5
$266.5K
$233.2K – $310.9K
NOI $18,654 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$232.2K
$203.2K – $270.9K
NOI $16,256 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$419.4K
$367.0K – $489.4K
NOI $29,361 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 45373, OH
36,863
Population
15,691
Households
2.3
Avg Household Size
41
Median Age
33%
College-Educated
93%
High-School Grad
87.7 sq mi
ZIP Area
420
Density / Sq Mi
$78,278
Median Household Income
$47,859
Median Earnings
$933
Median Rent
$234,400
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 - Brick duplex built in 1976 featuring two units, baseboard heat, and an attached 1-car garage for parking.
Where is this duplex located?
The property is located at 1233-1235 Heritage Drive Troy, OH.
What is the asking price?
The asking price for this property is $262,000.
What are key features of this property?
This property features: Approximately 2,058 SF combined living area; Two units: 3 bed on one side and 2 bed on the other; Each unit has 1 bathroom plus living room and eat‑in kitchen
