Three-Unit Multifamily
For Sale
$275,000
Pending
318 N Pardee Street, Wadsworth, OH 44281
ResidentialIncome, Wadsworth, OH
Property Size2,124 SF
Lot Size0.12 Acres
Days on Market20
Property Features for 318 N Pardee Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Basement, Laundry Room, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Off Street
Subdivision
City/Wadsworth
Elementary school district
Wadsworth CSD - 5207
Middle school district
Wadsworth CSD - 5207
High school district
Wadsworth CSD - 5207
Directions
Off Baldwin
Standard status
Pending
APN
040-20A-12-284
Size
2,124 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1357 WH .000A
Tax Annual Amount
1667
Legal Description
LOT 1357 WH .000A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
shared laundry
Building Details
Year built
1900
Floors in Building
2
Building materials
Stone
Roof type
Asphalt, Fiberglass
Listing Agency:
Ohio Broker Direct
(614) 989-7215
Listed By:
Joan Elflein · License #386319
(614) 989-7215
Added: Aug 10
Changed: Aug 26
Last Checked: Aug 29 at 2:06PM
MLS# 5234948
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 2,124-square-foot triplex contains three self-contained residential units: a studio, a one-bedroom apartment, and a two-bedroom apartment. Each unit includes a private full bathroom. The property also provides shared laundry in the basement and six dedicated off-street parking spaces. Stone construction, forced-air heating, public water, public sewer, and an asphalt and fiberglass roof are among the documented improvements. Built in 1900, the building offers a compact multifamily configuration with varied unit sizes.
The property is located at 318 N Pardee Street in Wadsworth, Ohio, within Medina County. It is positioned minutes from downtown Wadsworth, where restaurants, shopping, professional services, entertainment, local businesses, seasonal events, and community activities are located. Wadsworth Community Center, local parks, and the Wadsworth City School District are also identified in the surrounding area. Cleveland and Akron are approximately 30 minutes away.
The property is located at 318 N Pardee Street in Wadsworth, Ohio, within Medina County. It is positioned minutes from downtown Wadsworth, where restaurants, shopping, professional services, entertainment, local businesses, seasonal events, and community activities are located. Wadsworth Community Center, local parks, and the Wadsworth City School District are also identified in the surrounding area. Cleveland and Akron are approximately 30 minutes away.
Key Highlights
- Three self‑contained units: studio, one‑bedroom, and two‑bedroom apartments
- 2,124 square feet on a 0.1218‑acre lot
- Private full bathroom in each residential unit
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
$19,252
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%
$385,040
$385.0K
Cap Rate 7%
$275,029
$275.0K
Cap Rate 9%
$213,911
$213.9K
Market Conditions
NOI Build-Up for 2,124 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
$29.3K $13.80/SF
− Vacancy
−$1.8K −$0.85/SF
EGI
$27.5K $12.95/SF
− OpEx
−$8.3K −$3.88/SF
NOI
$19.3K $9.06/SF
Area
Medina 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%
$385,040
Cap Rate 7%
$275,029
Cap Rate 9%
$213,911
Alternative Uses
Best Use
Multifamily LT 5
$275.0K
$240.7K – $320.9K
NOI $19,252 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$239.7K
$209.7K – $279.6K
NOI $16,777 @ 7.0% cap · market cap 6.10%
Theoretical Best
Specialty Retail
$592.4K
$518.4K – $691.2K
NOI $41,471 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
Demographics for 44281, OH
33,241
Population
14,298
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
47.8 sq mi
ZIP Area
695
Density / Sq Mi
$88,128
Median Household Income
$46,653
Median Earnings
$1,031
Median Rent
$262,200
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?
Triplex - Stone-built residential property with private bathrooms, basement laundry, and dedicated off-street parking.
Where is this triplex located?
The property is located at 318 N Pardee Street Wadsworth, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three self‑contained units: studio, one‑bedroom, and two‑bedroom apartments; 2,124 square feet on a 0.1218‑acre lot; Private full bathroom in each residential unit
