Mixed-Use Property with Retail
For Sale
$339,900
6399 Germantown Road, Middletown, OH 45042
ResidentialIncome, Madison Twp, OH
Property Size6,516 SF
Lot Size1.95 Acres
Price / SF$52.16
Days on Market24
Property Features for 6399 Germantown Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential,Commercial
Zoning description
Residential, Commercial
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Basement, Bathroom 2
Parking features
Garage, Parking Lot
Patio and Porch features
Porch
Interior features
LaminateCounters
Exterior features
Porch
Appliances
Range, Refrigerator, ElectricWaterHeater
Elementary school district
Madison
Middle school district
Madison
High school district
Madison
Standard status
Active
APN
E2210-020-000-027
Size
6,516 SF
Lot size
1.95 Acres
Taxes and HOA fees
Tax Description
4 2 11 CTR PT E SIDE LESS R/W
Legal Description
4 2 11 CTR PT E SIDE LESS R/W
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1917
Floors in Building
2
Number of units
3
Building materials
AluminumSiding
Listing Agency:
eXp Realty
(866) 212-4991
Listed By:
Andrew Gaydosh · License #2001008598
(937) 305-9570
Added: Aug 5
Changed: Aug 27
Last Checked: Aug 28 at 7:06PM
MLS# 965649
Copyright © 2026 Dayton Realtors. 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 at 6399 Germantown Road in Madison Twp, Ohio, this 6,516-square-foot mixed-use property sits on 1.948 acres and includes approximately 1,080 square feet of retail area alongside three residential apartments. The property is fully occupied and includes a detached garage, parking lot, and pole barn used for storage.
Built in 1917, the improvements feature aluminum siding, a porch, baseboard heating, window-unit cooling, and public water service. The property carries Residential,Commercial zoning and fronts a high-traffic roadway, supporting visibility for the commercial component. Interior amenities include laminate counters, ranges, refrigerators, and electric water heaters.
Built in 1917, the improvements feature aluminum siding, a porch, baseboard heating, window-unit cooling, and public water service. The property carries Residential,Commercial zoning and fronts a high-traffic roadway, supporting visibility for the commercial component. Interior amenities include laminate counters, ranges, refrigerators, and electric water heaters.
Key Highlights
- 6,516‑square‑foot mixed‑use property on 1.948 acres
- Approximately 1,080 square feet of retail space
- Three residential apartments included
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
$27,665
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
8.14%
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%
$553,300
$553.3K
Cap Rate 7%
$395,214
$395.2K
Cap Rate 9%
$307,389
$307.4K
Market Conditions
NOI Build-Up for 6,516 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
$42.2K $6.48/SF
− Vacancy
−$2.7K −$0.41/SF
EGI
$39.5K $6.07/SF
− OpEx
−$11.9K −$1.82/SF
NOI
$27.7K $4.25/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$6.48 /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%
$553,300
Cap Rate 7%
$395,214
Cap Rate 9%
$307,389
Alternative Uses
Best Use
Multifamily LT 5
$907.8K
$794.3K – $1.06M
NOI $63,547 @ 7.0% cap · market cap 18.70%
Second Best
Apartment 5plus
$835.4K
$731.0K – $974.6K
NOI $58,477 @ 7.0% cap · market cap 17.20%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,184 @ 7.0% cap · market cap 26.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 45042, OH
26,972
Population
12,324
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
91%
High-School Grad
49.2 sq mi
ZIP Area
548
Density / Sq Mi
$66,732
Median Household Income
$41,800
Median Earnings
$950
Median Rent
$192,400
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?
Mixed-use property - Fully occupied property combines commercial and residential components with on-site storage improvements.
Where is this mixed-use property located?
The property is located at 6399 Germantown Road Middletown, OH.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 6,516‑square‑foot mixed‑use property on 1.948 acres; Approximately 1,080 square feet of retail space; Three residential apartments included
