Brick Two-Unit
For Sale
$214,900
405 N Main Street, Georgetown, OH 45121
Residential Income, Georgetown, OH
Property Size1,697 SF
Lot Size0.14 Acres
Price / SF$126.64
Days on Market342
Property Features for 405 N Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway, On Street
Window features
Vinyl Frames, Aluminum Frames
Patio and Porch features
Patio, Porch
Exterior features
Patio, Porch
View
City
High school district
Georgetown Ex Vill S
Directions
125 to Georgetown L on N Main St. to property
Subdivision
Brown-E11
Standard status
Active
APN
330671920000
Size
1,697 SF
Lot size
0.14 Acres
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1968
Number of units
2
Building materials
Brick, Vinyl Siding
Roof type
Membrane, Shingle
Listing Agency:
Ring Real Estate Co., Georgeto
Listed By:
Tony Ring
(937) 378-3800
Added: Oct 2, 2025
Changed: Sep 2
Last Checked: Sep 8 at 9:06PM
MLS# 1853467
Copyright © 2026 MLS of Greater Cincinnati, 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.
Built in 1968, this 1,697-square-foot brick ranch contains two residential units. Each residence has two bedrooms, one full bathroom, and hardwood flooring in the living room and bedrooms. The property also includes a porch, patio, driveway, off-street parking, and on-street parking. Electric baseboard heating serves the building, which has both membrane and shingle roofing elements.
The duplex occupies 0.1364 acres at 405 N Main Street in Georgetown, Ohio, within Brown County and ZIP code 45121. Both units are currently rented, providing an existing occupancy profile for the next owner. The two-unit layout may also accommodate future owner-occupancy, subject to applicable requirements.
The duplex occupies 0.1364 acres at 405 N Main Street in Georgetown, Ohio, within Brown County and ZIP code 45121. Both units are currently rented, providing an existing occupancy profile for the next owner. The two-unit layout may also accommodate future owner-occupancy, subject to applicable requirements.
Key Highlights
- Two‑unit duplex with 1,697 square feet of building area
- Each unit includes 2 bedrooms and 1 full bathroom
- Both units are currently rented
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
$7,516
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
3.50%
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%
$150,320
$150.3K
Cap Rate 7%
$107,371
$107.4K
Cap Rate 9%
$83,511
$83.5K
Market Conditions
NOI Build-Up for 1,697 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
$11.6K $6.84/SF
− Vacancy
−$871 −$0.51/SF
EGI
$10.7K $6.33/SF
− OpEx
−$3.2K −$1.90/SF
NOI
$7.5K $4.43/SF
Area
Brown County, OH
Vacancy
7.50%
Lease Rate
$6.84 /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%
$150,320
Cap Rate 7%
$107,371
Cap Rate 9%
$83,511
Alternative Uses
Best Use
Multifamily LT 5
$107.4K
$94.0K – $125.3K
NOI $7,516 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$99.7K
$87.2K – $116.3K
NOI $6,979 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$335.5K
$293.6K – $391.5K
NOI $23,487 @ 7.0% cap · market cap 10.93%
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
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 45121, OH
8,927
Population
4,243
Households
2.1
Avg Household Size
43
Median Age
19%
College-Educated
86%
High-School Grad
106.8 sq mi
ZIP Area
84
Density / Sq Mi
$57,274
Median Household Income
$34,907
Median Earnings
$680
Median Rent
$150,800
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 - Both residences are leased and include hardwood flooring, outdoor features, and off-street parking.
Where is this duplex located?
The property is located at 405 N Main Street Georgetown, 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 duplex with 1,697 square feet of building area; Each unit includes 2 bedrooms and 1 full bathroom; Both units are currently rented
