Side-by-Side Duplex with
For Sale
$214,900
Pending
201-203 S Prospect Street, Kent, OH 44240
ResidentialIncome, Kent, OH
Property Size1,728 SF
Lot Size0.22 Acres
Days on Market49
Property Features for 201-203 S Prospect Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Laundry Room, Basement, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
Paved or Surfaced, Alley, Driveway, Garage
Exterior features
PrivateYard
Appliances
Range, Refrigerator
Subdivision
Kent
Lot features
Back Yard
View
City
Elementary school district
Kent CSD - 6705
Middle school district
Kent CSD - 6705
High school district
Kent CSD - 6705
Directions
State Route 59 to S. Prospect. Home will be on the right.
Standard status
Pending
APN
17-025-20-00-109-000
Size
1,728 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KENT 2 C LOT 24 F 60.00
Tax Annual Amount
2987
Legal Description
KENT 2 C LOT 24 F 60.00
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Wall Unit(s), Window Unit(s)
Water source
Public
Amenities
detached garage
outbuilding
Building Details
Year built
1920
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Keller Williams Chervenic Rlty · Keller Williams Realty
(330) 686-1644
Listed By:
Jodi L Mignano · License #2005004349
(330) 338-9047
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 30 at 6:06PM
MLS# 5226426
Copyright © 2026 MLS Now. 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 side-by-side duplex contains 1,728 square feet across two residential units, with each unit arranged as a two-bedroom, one-bath layout. Living areas are located on the main level, while bedrooms and bathrooms are positioned upstairs. The property also includes a detached garage and a separate outbuilding, along with paved parking, driveway access, and alley access. Both units have newer furnaces, and some windows have been replaced. Built in 1920, the property sits on 0.2204 acres and is served by public water and public sewer.
The property is located near downtown Kent and Kent State University, with restaurants, shopping, entertainment, and community events nearby. Existing leases run through 7/31/2027, and tenants pay all utilities. Appliances include ranges and refrigerators.
The property is located near downtown Kent and Kent State University, with restaurants, shopping, entertainment, and community events nearby. Existing leases run through 7/31/2027, and tenants pay all utilities. Appliances include ranges and refrigerators.
Key Highlights
- Two‑unit side‑by‑side duplex with 1,728 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Detached garage plus a second outbuilding
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
$15,042
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
7.00%
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%
$300,840
$300.8K
Cap Rate 7%
$214,886
$214.9K
Cap Rate 9%
$167,133
$167.1K
Market Conditions
NOI Build-Up for 1,728 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
$22.8K $13.20/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$21.5K $12.44/SF
− OpEx
−$6.4K −$3.73/SF
NOI
$15.0K $8.71/SF
Area
Portage County, OH
Vacancy
5.79%
Lease Rate
$13.20 /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%
$300,840
Cap Rate 7%
$214,886
Cap Rate 9%
$167,133
Alternative Uses
Best Use
Multifamily LT 5
$214.9K
$188.0K – $250.7K
NOI $15,042 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$198.9K
$174.0K – $232.0K
NOI $13,922 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$348.1K
$304.6K – $406.1K
NOI $24,364 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
Explore this area
Business Placement
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
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 - Two separately configured units offer private bedrooms, full baths, on-site parking, and additional storage.
Where is this duplex located?
The property is located at 201-203 S Prospect Street Kent, OH.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with 1,728 square feet; Each unit includes 2 bedrooms and 1 full bath; Detached garage plus a second outbuilding
