Brick Up-and-Down
For Sale
$154,900
500 E Chillicothe Avenue, Bellefontaine, OH 43311
Multi-Family, Bellefontaine, OH
Property Size1,456 SF
Lot Size0.08 Acres
Price / SF$106.39
Days on Market71
Property Features for 500 E Chillicothe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multiple
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Parking features
None
Basement
Block
Lot features
Residential Lot
Elementary school district
4601 Bellefontaine CSD
Middle school district
4601 Bellefontaine CSD
High school district
4601 Bellefontaine CSD
Directions
Main to Chillicothe to Address
Subdivision
901 Bellefontaine
Standard status
Active
APN
170921303002000
Size
1,456 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1920
Number of units
2
Building materials
Brick
Listing Agency:
Zimmerman Realty Ltd.
(937) 592-4896
Listed By:
Kyle Springs · License #2005015645
(937) 592-4896
Added: Jun 13
Changed: Aug 19
Last Checked: Aug 22 at 10:06PM
MLS# 1046381
Copyright © 2026 Western Regional Information System & Technology, 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.
Brick up-and-down duplex on a 0.08-acre lot, built in 1920. The lower unit has two bedrooms and one bathroom and is currently rented. The upper unit has one bedroom and one bathroom and is currently vacant. The property features updated electricity and gas meters.
Heating is natural gas forced air, with window unit air conditioning. Public sewer service is in place.
The layout provides two separate living spaces within one building, making it well suited for an owner-occupant or investor looking for a duplex configuration with one unit currently generating rental occupancy.
Heating is natural gas forced air, with window unit air conditioning. Public sewer service is in place.
The layout provides two separate living spaces within one building, making it well suited for an owner-occupant or investor looking for a duplex configuration with one unit currently generating rental occupancy.
Key Highlights
- Brick duplex on a 0.08‑acre lot
- Lower unit: two bedrooms, one bathroom, currently rented
- Upper unit: one bedroom, one bathroom, currently vacant
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
$4,942
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
3.19%
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%
$98,840
$98.8K
Cap Rate 7%
$70,600
$70.6K
Cap Rate 9%
$54,911
$54.9K
Market Conditions
NOI Build-Up for 1,456 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
$7.7K $5.28/SF
− Vacancy
−$628 −$0.43/SF
EGI
$7.1K $4.85/SF
− OpEx
−$2.1K −$1.45/SF
NOI
$4.9K $3.39/SF
Area
Logan County, OH
Vacancy
8.17%
Lease Rate
$5.28 /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%
$98,840
Cap Rate 7%
$70,600
Cap Rate 9%
$54,911
Alternative Uses
Best Use
Multifamily LT 5
$70.6K
$61.8K – $82.4K
NOI $4,942 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$61.2K
$53.5K – $71.4K
NOI $4,282 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$293.9K
$257.2K – $342.9K
NOI $20,574 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex on a small lot with two natural gas forced-air units, updated gas and electric meters, and public sewer.
Where is this duplex located?
The property is located at 500 E Chillicothe Avenue Bellefontaine, OH.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Brick duplex on a 0.08‑acre lot; Lower unit: two bedrooms, one bathroom, currently rented; Upper unit: one bedroom, one bathroom, currently vacant
