Triplex with Updated Unit
New
For Sale
$185,000
10 S Old State Road, Norwalk, OH 44857
Flexible three-unit property with refreshed interiors, in-unit laundry, and owner-occupant potential.
Property Size1,800 SF
Price / SF$102.78
Days on Market6
Property Features for 10 S Old State Road
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,279
Listing Agency:
Berkshire Hathaway HomeServices Pro. - Sandusky
(419) 625-7888
Listed By:
Heather Fraelich
(216) 319-2202
Source:
Exprealty
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 9:07PM
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 Berkshire Hathaway HomeServices Pro. - Sandusky
Investment Insights
Based on property information with market context.
This Norwalk triplex contains nearly 1,800 square feet across three separate units. Unit A is vacant and configured with two or three bedrooms and one bath; its bathroom has remodeled finishes, updated plumbing, and a new electrical panel completed in 2025. The unit also includes an in-unit washer and dryer. Unit B offers three bedrooms and one bath with updated flooring and bathroom improvements, while Unit C includes one bedroom and one bath and received a replacement water heater in 2025. Each residence is equipped with a stove and refrigerator.
The property supports multiple occupancy approaches, including living in one unit while renting the others or adding a three-unit asset to a rental portfolio. Its Norwalk location provides access to commuting routes, dining, shopping, and everyday amenities.
The property supports multiple occupancy approaches, including living in one unit while renting the others or adding a three-unit asset to a rental portfolio. Its Norwalk location provides access to commuting routes, dining, shopping, and everyday amenities.
Key Highlights
- Nearly 1,800 square feet divided among 3 distinct units
- Vacant Unit A offers 2/3 bedrooms and 1 bath
- Unit A bathroom remodeled with updated plumbing and new electrical panel completed in 2025
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
$15,787
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
8.53%
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%
$315,740
$315.7K
Cap Rate 7%
$225,529
$225.5K
Cap Rate 9%
$175,411
$175.4K
Market Conditions
NOI Build-Up for 1,800 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
$24.4K $13.56/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$22.6K $12.53/SF
− OpEx
−$6.8K −$3.76/SF
NOI
$15.8K $8.77/SF
Area
Huron County, OH
Vacancy
7.60%
Lease Rate
$13.56 /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%
$315,740
Cap Rate 7%
$225,529
Cap Rate 9%
$175,411
Alternative Uses
Best Use
Multifamily LT 5
$225.5K
$197.3K – $263.1K
NOI $15,787 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$207.7K
$181.7K – $242.3K
NOI $14,536 @ 7.0% cap · market cap 7.86%
Theoretical Best
Specialty Retail
$374.1K
$327.4K – $436.5K
NOI $26,188 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 44857, OH
23,619
Population
10,579
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
93%
High-School Grad
81.6 sq mi
ZIP Area
289
Density / Sq Mi
$62,227
Median Household Income
$42,100
Median Earnings
$795
Median Rent
$170,400
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?
Triplex - Flexible three-unit property with refreshed interiors, in-unit laundry, and owner-occupant potential.
Where is this triplex located?
The property is located at 10 S Old State Road Norwalk, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Nearly 1,800 square feet divided among 3 distinct units; Vacant Unit A offers 2/3 bedrooms and 1 bath; Unit A bathroom remodeled with updated plumbing and new electrical panel completed in 2025
