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    Renovated Triplex Investment Opportunity

    500 Eastern Avenue New Lexington, OH 43764

    Claim this Listing
    For Sale
    $297,000

    MULTI_FAMILY - New Lexington, OH

    Property size:
    2,500 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $118/SF
    Added:
    Aug 22, 2025
    Days on Market:
    325
    Last Refresh:
    Jul 12 at 6:06 am

    Property Features for 500 Eastern Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bedroom 6, Bedroom 5, Bedroom 3, Basement, Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 1, Laundry Room, Bedroom 2, Bathroom 1
    Interior features
    CeilingFans
    Appliances
    Dryer, Refrigerator, Washer
    Standard status
    Active
    APN
    270003010000
    Size
    2,500 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    WHOLE LOT 1847VANATTAS FI RST ADD SEC 09
    Tax Annual Amount
    1238

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air, Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1991
    Floors in Building
    2
    Building materials
    VinylSiding
    Roof type
    Metal

    Listing agent Joan Elflein License #386319

    Listing office Ohio Broker Direct 2665 Spangler Road, Columbus, OH

    Listing date Aug 22, 2025

    MLS# 5149912 Listing URL

    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.

    Located in New Lexington, Ohio, this fully renovated 3-unit property presents an income-generating opportunity. The turnkey investment features a duplex and a rear cottage-style unit, each with its own character. Renovated two years ago, all units include new HVAC systems, modern finishes, and updated utilities. All three units have been continuously leased since the renovation, and three active leases are currently in place. Side A of the duplex will become available at the end of August, presenting an opportunity to re-rent for additional income or for owner occupancy. Each unit is individually metered for gas, water, and electric, simplifying expense management. The property spans two parcels, one for the duplex and one for the cottage, offering flexibility for future development or resale. Situated near schools, a public park, basketball court, and swimming pool, this property is attractive to families and long-term tenants. The property size is 2500 square feet and the lot size is 0.15 acres.

    Key Highlights

    • Fully renovated 3‑unit property (duplex plus rear cottage‑style unit); renovated about two years ago
    • All units have brand‑new HVAC systems, with natural gas heating and central air plus window A/C units
    • Each unit is individually metered for gas, water, and electric to simplify expense management

    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 $40.5k $16.20
    − Vacancy −$2.6k −$1.05
    EGI $37.9k $15.15
    − OpEx −$11.4k −$4.54
    NOI $26.5k $10.60
    2,500 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $378.7K
    $331.3K – $441.8K (±1% cap)
    NOI $26,507 @ 7.0% cap · market cap 8.92%
    Second Best
    Apartment 5plus
    $369.1K
    $322.9K – $430.6K (±1% cap)
    NOI $25,834 @ 7.0% cap · market cap 8.70%
    Theoretical Best
    Warehouse
    $503.9K
    $440.9K – $587.9K (±1% cap)
    NOI $35,272 @ 7.0% cap · market cap 11.88%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store Furniture & Home Goods (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Storage Facility Carpet & Flooring Store Accounting Firm

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

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    FAQs

    What type of property is this?
    Triplex - Fully renovated 3-unit property in New Lexington, Ohio.
    Where is this triplex located?
    The property is located at 500 Eastern Avenue New Lexington, OH.
    What is the asking price?
    The asking price for this property is $297,000.
    What are key features of this property?
    This property features: Fully renovated 3‑unit property (duplex plus rear cottage‑style unit); renovated about two years ago; All units have brand‑new HVAC systems, with natural gas heating and central air plus window A/C units; Each unit is individually metered for gas, water, and electric to simplify expense management
    Contact an agent
    (614) 989-7215
    We can help!
    Contact an agent
    Joan Elflein
    Joan Elflein
    Real Estate License ID: 386319
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