Fully Occupied Triplex with Garage
For Sale
$295,000
1015 Milldale Road, Portsmouth, OH 45662
Residential Income, 2 Story, Portsmouth, OH
Property Size2,912 SF
Lot Size1.34 Acres
Price / SF$101.30
Days on Market54
Property Features for 1015 Milldale Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Basement, Bathroom 3
Window features
Double Pane Windows, Vinyl Frames
Patio and Porch features
Deck
Interior features
Cable, Ceiling Fan(s), Hardwood Floors, Walk In Closet, Wall to Wall Carpet
Exterior features
Deck, Gravel Drive, Paved Drive, Paved Street
Subdivision
East
Standard status
Active
APN
34-0936 34-1320 34-1319.001
Size
2,912 SF
Lot size
1.34 Acres
Taxes and HOA fees
Tax Annual Amount
2554
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Wall Furnace
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Goddard Realty Group, LLC
(740) 574-3300
Listed By:
Roger Goddard
(740) 357-5806
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 21 at 6:06PM
MLS# 155644
Copyright © 2026 Greater Portsmouth Area Multiple Listing Service. 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 fully occupied three-unit triplex provides two distinct living configurations under one roof. The two-story single-family home includes a living room, office, eat-in kitchen, a full bath, and two upstairs bedrooms. The duplex portion was built in 2018 and contains two modern one-bedroom units, each with an open-concept great room, a laundry area, a walk-in closet, and a full bath.
The property sits on 1.34 acres and is recorded at 2,912 square feet, with the overall year built listed as 1930. Outdoor space includes a deck, and the exterior features paved drive and paved street access with a gravel drive. Heating is provided by natural gas wall furnace, with cooling via central air and window unit(s). The home has public water and public sewer.
For day-to-day convenience and storage, the property includes a three-car garage, an additional one-car garage, a two-car carport, and a block storage building.
The property sits on 1.34 acres and is recorded at 2,912 square feet, with the overall year built listed as 1930. Outdoor space includes a deck, and the exterior features paved drive and paved street access with a gravel drive. Heating is provided by natural gas wall furnace, with cooling via central air and window unit(s). The home has public water and public sewer.
For day-to-day convenience and storage, the property includes a three-car garage, an additional one-car garage, a two-car carport, and a block storage building.
Key Highlights
- Fully occupied three‑unit triplex with separate single‑family and duplex layouts
- Two‑story single‑family home: living room, office, eat‑in kitchen, full bath, two upstairs bedrooms
- Duplex built in 2018: two modern one‑bedroom units with open‑concept great rooms, laundry areas, walk‑in closets, full baths
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
$25,540
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
8.66%
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%
$510,800
$510.8K
Cap Rate 7%
$364,857
$364.9K
Cap Rate 9%
$283,778
$283.8K
Market Conditions
NOI Build-Up for 2,912 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
$39.5K $13.56/SF
− Vacancy
−$3.0K −$1.03/SF
EGI
$36.5K $12.53/SF
− OpEx
−$10.9K −$3.76/SF
NOI
$25.5K $8.77/SF
Area
Scioto 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%
$510,800
Cap Rate 7%
$364,857
Cap Rate 9%
$283,778
Alternative Uses
Best Use
Multifamily LT 5
$364.9K
$319.3K – $425.7K
NOI $25,540 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$336.0K
$294.0K – $392.0K
NOI $23,517 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$619.7K
$542.2K – $723.0K
NOI $43,379 @ 7.0% cap · market cap 14.70%
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
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 45662, OH
27,718
Population
12,955
Households
2.1
Avg Household Size
39
Median Age
17%
College-Educated
87%
High-School Grad
55.5 sq mi
ZIP Area
499
Density / Sq Mi
$37,345
Median Household Income
$30,399
Median Earnings
$756
Median Rent
$98,100
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?
Triplex - Triplex with central air, natural gas heating, public water and sewer, plus multiple garages and deck.
Where is this triplex located?
The property is located at 1015 Milldale Road Portsmouth, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Fully occupied three‑unit triplex with separate single‑family and duplex layouts; Two‑story single‑family home: living room, office, eat‑in kitchen, full bath, two upstairs bedrooms; Duplex built in 2018: two modern one‑bedroom units with open‑concept great rooms, laundry areas, walk‑in closets, full baths
