Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Well-Maintained Duplex with Garage Title is generated by Realmo AI

    4251 Spruce Street, New Boston, OH 45662

    View on Map
    Claim this Listing
    New
    For Sale
    $299,900

    MULTI_FAMILY - New Boston, OH

    Property size:
    2,001 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $149/SF
    Added:
    May 29, 2026
    Days on Market:
    2
    Last Refresh:
    May 30 at 1:06 pm

    Property Features for 4251 Spruce Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 4
    Window features
    Double Pane Windows, Vinyl Frames
    Patio and Porch features
    Patio
    Interior features
    Ceiling Fan(s), Garage Opener, Pantry, Vaulted Ceilings, Wall to Wall Carpet
    Exterior features
    Fenced Yard, Garage Opener, Patio, Paved Drive, Paved Street, Shed
    Fencing
    Fenced
    Standard status
    Active
    APN
    28-0718.000 & 28-0719.000
    Size
    2,001 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2961

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1999
    Floors in Building
    1
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Roger Goddard
    Roger Goddard

    Listing agent Roger Goddard

    Listing office Goddard Realty Group, LLC 8520 Ohio River Rd Ste C, Wheelersburg, OH

    Listing date May 29, 2026

    MLS# 155542 Listing URL

    Copyright © 2026 Greater Portsmouth Area Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Meticulously maintained duplex with two spacious units, each featuring 2 bedrooms and 2 full bathrooms.
    • Separate utility connections for each unit, providing convenience and flexibility.
    • New roof and gutters installed in 2024.
    • Unit A has a 2‑car attached garage; Unit B has a 1‑car attached garage.
    • Open concept living areas with vaulted ceilings create a bright and airy feel.
    • Private side patios offer outdoor entertaining or relaxation space.

    Overview

    This meticulously maintained brick and vinyl duplex presents an exceptional investment opportunity. Each of the two spacious units features 2 bedrooms and 2 full bathrooms, along with separate utility connections. The units offer open-concept living areas with vaulted ceilings that create a bright and airy feel, flowing seamlessly into the kitchens. Unit A includes a 2-car attached garage, while Unit B offers a 1-car attached garage. Private side patios provide space for outdoor entertaining or relaxing. The property features a new roof and new gutters installed in 2024. Unit B has been occupied by the same tenant since February 2020. Situated on a 0.238-acre lot, this 2,001 square foot property is located in New Boston, Ohio. With attractive curb appeal, quality construction, and a desirable layout, this property is ideal for investors or owner occupants alike.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $27.1k $13.56
    − Vacancy −$2.1k −$1.03
    EGI $25.1k $12.53
    − OpEx −$7.5k −$3.76
    NOI $17.5k $8.77
    2,001 SF · lease $13.56/SF/yr · vacancy 7.60% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $250.7K
    $219.4K – $292.5K (±1% cap)
    NOI $17,550 @ 7.0% cap · market cap 5.85%
    Second Best
    Apartment 5plus
    $230.9K
    $202.0K – $269.3K (±1% cap)
    NOI $16,160 @ 7.0% cap · market cap 5.39%
    Theoretical Best
    Office A
    $425.8K
    $372.6K – $496.8K (±1% cap)
    NOI $29,808 @ 7.0% cap · market cap 9.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Boston
    County
    Scioto
    State
    Ohio
    Longitude
    -82.930962
    Latitude
    38.757267

    Nearby Similar for Sale

    • $450,000
      11,300 SF

      Retail Property in New Boston, OH

      11,300 SF retail space on 0.7022 acres for sale.
      3972 Gallia Street, New Boston, OH 45662
      View Details
    • $450,000
      2,400 SF

      Jade East Restaurant For Sale

      Well-known restaurant in New Boston, OH with great potential.
      3556 Rhodes Ave, New Boston, OH 45662
      View Details
    • $159,900
      2,100 SF

      Freestanding Brick Building on Gallia

      Commercial building on Gallia Street with high visibility.
      4302 Gallia Street, New Boston, OH 45662
      View Details

    FAQs

    What type of property is this?
    Duplex - Two spacious units, new roof, great investment opportunity.
    Where is this duplex located?
    The property is located at 4251 Spruce Street New Boston, OH.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: Meticulously maintained duplex with two spacious units, each featuring 2 bedrooms and 2 full bathrooms.; Separate utility connections for each unit, providing convenience and flexibility.; **New roof and gutters installed in 2024.**
    (740) 357-5806
    We can help!
    Listing Contact
    Roger Goddard
    Roger Goddard
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4251 Spruce Street, New Boston, OH 45662
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!