Building Details

Year Built 1941

Listing Agency: eXp Realty t***@gmail.com Show Phone

Listed By: Brittany Drake · License #2014000013 Show Phone

Source: Compass

Added: Jun 24 Changed: Aug 22 Last Checked: Aug 22 at 6:11AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty

Investment Insights

Based on property information with market context.

This 9-unit apartment property contains 7,775 square feet and dates to 1941. Several residences have been remodeled or updated, and each unit includes a range and refrigerator. Window units and forced-air heating are among the listed building features.

The property is fully occupied, with multiple long-term tenants in place. Ownership covers water and trash service, while residents pay their own gas and electric expenses. Located at 1 West Main Street in South Vienna, Ohio, the property is positioned near-70 for commuting access.

Key Highlights

• 9‑unit apartment building with 7,775 SF
• Fully occupied with several long‑term tenants
• Several units remodeled and updated

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

$22,865

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

3.63%

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%

$457,300 $457.3K

Cap Rate 7%

$326,643 $326.6K

Cap Rate 9%

$254,056 $254.1K

Market Conditions

NOI Build-Up for 7,775 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

$45.5K $5.85/SF

− Vacancy

−$3.9K −$0.50/SF

EGI

$41.6K $5.35/SF

− OpEx

−$18.7K −$2.41/SF

NOI

$22.9K $2.94/SF

Area

Clark County, OH

Vacancy

8.60%

Lease Rate

$5.85 /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%

$457,300

Cap Rate 7%

$326,643

Cap Rate 9%

$254,056

Alternative Uses

Best Use

Apartment 5plus

$326.6K

$285.8K – $381.1K (±1% cap)

NOI $22,865 @ 7.0% cap · market cap 3.63%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $151,807 @ 7.0% cap · market cap 24.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Auto Repair Shop Storage Facility Real Estate Agency Computer & Electronic Repair Tech Support Center Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

9

Residential units

100%

Occupancy

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

44

Businesses Nearby

Explore this area Business Placement

Demographics for 45369, OH

3,576

Population

1,690

Households

2.1

Avg Household Size

43

Median Age

23%

College-Educated

92%

High-School Grad

42.8 sq mi

ZIP Area

84

Density / Sq Mi

$96,500

Median Household Income

$41,531

Median Earnings

$912

Median Rent

$205,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied property with updated residences and included range-and-refrigerator packages.

Where is this apartment building located?

The property is located at 1 West Main Street South Vienna, OH.

What is the asking price?

The asking price for this property is $630,000.

What are key features of this property?

This property features: 9‑unit apartment building with 7,775 SF; Fully occupied with several long‑term tenants; Several units remodeled and updated