Building Details

Year built 1993

Floors in Building 1

Building materials Vinyl Siding

Architectural style Other

Listing Agency: Century 21 Bolte Real Estate - Bellevue · Century 21 Real Estate p***@phillipbolte.com Show Phone

Listed By: Vivian Benedict Show Phone

Added: Sep 10 Changed: Sep 24 Last Checked: Sep 24 at 7:06PM

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MLS# 20263647

Copyright © 2026 Firelands MLS. 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 single-level triplex, constructed in 1993, contains three unoccupied residences totaling 1,680 square feet. Each unit offers two bedrooms, one full bathroom, an open kitchen and living area, a separate laundry room, and an individual hot water heater. Interior updates include new LVP flooring, fresh paint, newer or professionally cleaned carpet, updated vanities and toilets, kitchen faucets, and ranges. The left unit has a NEW HWH '26. Vinyl siding, baseboard heating, newer attic vents and insulation, and updated exterior lighting are also included.

The property is located at 26 Hayes Street in Willard, Ohio, with public water and public sewer service. Concrete off-street parking accommodates 4+ vehicles, and separate electric meters are positioned at the rear of the property. The roof is approximately 10 years old.

Key Highlights

• Three‑unit property with 1,680 square feet of total space
• Each residence includes 2 bedrooms and 1 full bathroom
• New LVP flooring and fresh paint in each open kitchen/living area

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

$14,735

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

8.93%

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%

$294,700 $294.7K

Cap Rate 7%

$210,500 $210.5K

Cap Rate 9%

$163,722 $163.7K

Market Conditions

NOI Build-Up for 1,680 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 $13.56/SF

− Vacancy

−$1.7K −$1.03/SF

EGI

$21.0K $12.53/SF

− OpEx

−$6.3K −$3.76/SF

NOI

$14.7K $8.77/SF

Area

Huron County, OH

Vacancy

7.60%

Lease Rate

$13.56 /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%

$294,700

Cap Rate 7%

$210,500

Cap Rate 9%

$163,722

Alternative Uses

Best Use

Multifamily LT 5

$210.5K

$184.2K – $245.6K (±1% cap)

NOI $14,735 @ 7.0% cap · market cap 8.93%

Second Best

Apartment 5plus

$193.8K

$169.6K – $226.1K (±1% cap)

NOI $13,567 @ 7.0% cap · market cap 8.22%

Theoretical Best

Specialty Retail

$349.2K

$305.5K – $407.4K (±1% cap)

NOI $24,442 @ 7.0% cap · market cap 14.81%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Dental Office HVAC Service Electrical Service Real Estate Agency Plumbing Service Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

177

Businesses Nearby

Explore this area Business Placement

Demographics for 44890, OH

10,759

Population

4,705

Households

2.3

Avg Household Size

41

Median Age

16%

College-Educated

90%

High-School Grad

84.7 sq mi

ZIP Area

127

Density / Sq Mi

$64,971

Median Household Income

$39,490

Median Earnings

$834

Median Rent

$136,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three vacant residences feature refreshed interiors, individual laundry areas, and separate electric metering.

Where is this triplex located?

The property is located at 26 Hayes Street Willard, OH.

What is the asking price?

The asking price for this property is $165,000.

What are key features of this property?

This property features: Three‑unit property with 1,680 square feet of total space; Each residence includes 2 bedrooms and 1 full bathroom; New LVP flooring and fresh paint in each open kitchen/living area