Two-Unit Duplex with Separate
For Sale
$215,000
500 W Wyoming Avenue, Lockland, OH 45215
MULTI_FAMILY - Lockland, OH
Property Size2,496 SF
Lot Size0.19 Acres
Price / SF$86.14
Days on Market13
Property Features for 500 W Wyoming Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Window features
Vinyl Frames
Fireplace
1
High school district
Lockland City SD
Directions
Wayne Anthony to east on Wyoming to corner of Washington.
Subdivision
Hamilton-E03
Standard status
Active
APN
6410005012000
Size
2,496 SF
Lot size
0.19 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1880
Number of units
2
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 766-9200
Listed By:
Christopher Secaur
(513) 766-9200
Added: Jul 28
Changed: Aug 7
Last Checked: Aug 9 at 2:06PM
MLS# 1888426
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.
This wood-sided duplex contains approximately 2,496 square feet and was built in 1880. The property is configured as two separate residences, each with three bedrooms; one includes two baths and the other includes one bath. Separate utility service supports independent unit operation, while natural-gas forced-air heating serves the building. A fireplace is also present.
Recent capital work includes a shingle roof approximately 4 years old, water heaters less than 2 years old, and furnaces less than 12 months old. Four off-street parking spaces are located at the rear on the 0.186-acre parcel. The property is in Lockland, Ohio, and the source information reports a 12% net ROI.
Recent capital work includes a shingle roof approximately 4 years old, water heaters less than 2 years old, and furnaces less than 12 months old. Four off-street parking spaces are located at the rear on the 0.186-acre parcel. The property is in Lockland, Ohio, and the source information reports a 12% net ROI.
Key Highlights
- Two‑unit duplex totaling approximately 2,496 square feet
- Unit mix includes two 3‑bedroom residences with 2‑bath and 1‑bath layouts
- Separate utilities for the two units
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
$18,545
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
8.63%
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%
$370,900
$370.9K
Cap Rate 7%
$264,929
$264.9K
Cap Rate 9%
$206,056
$206.1K
Market Conditions
NOI Build-Up for 2,496 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
$35.6K $14.28/SF
− Vacancy
−$1.9K −$0.77/SF
EGI
$33.7K $13.51/SF
− OpEx
−$15.2K −$6.08/SF
NOI
$18.5K $7.43/SF
Area
ZIP 45215
Vacancy
5.40%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
45.00%
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%
$370,900
Cap Rate 7%
$264,929
Cap Rate 9%
$206,056
Alternative Uses
Best Use
Multifamily LT 5
$298.8K
$261.4K – $348.6K
NOI $20,913 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$264.9K
$231.8K – $309.1K
NOI $18,545 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$539.9K
$472.4K – $629.9K
NOI $37,795 @ 7.0% cap · market cap 17.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 45215, OH
30,993
Population
13,735
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
2,583
Density / Sq Mi
$71,949
Median Household Income
$45,976
Median Earnings
$954
Median Rent
$200,100
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 - Well-maintained income property with two spacious units, separate utilities, and rear off-street parking.
Where is this duplex located?
The property is located at 500 W Wyoming Avenue Lockland, OH.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑unit duplex totaling approximately 2,496 square feet; Unit mix includes two 3‑bedroom residences with 2‑bath and 1‑bath layouts; Separate utilities for the two units
