Renovated Mixed-Use
1044 Central Avenue, Middletown, OH 45044
For Sale
$550,000
The building contains two apartments and one retail space.
Property Size5,000 SF
Price / SF$110
Days on Market94
Property Features for 1044 Central Avenue
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Mixed-Use Components
Amenities
New roof with white, TPO and insulation (40 yrs)
New windows
New systems in each unit
New appliances & gas stoves
New CCTV system and access control
Oversized exterior lighting
New & updated awnings
One of a kind mural by artist Joshua Stout
Building Details
Year Built
Buildings
Stories
Listing Agency:
Drake & Madison LLC
Listed By:
Kelly A Meyer · License #2015001119
(513) 235-9090
Source:
Falgnerrealty
Added: Aug 7
Changed: Nov 7
Last Checked: Nov 7 at 2:09PM
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 Drake & Madison LLC
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Investment Insights
Based on property information with market context.
Built in 1845 and renovated, this two-story, 5,000-square-foot mixed-use building combines two apartments with one retail space. Each apartment measures 1,200 square feet and has two bedrooms and 1.5 bathrooms. Exposed 12-foot ceilings and modern finishes are among the interior features, and the retail space is also available for lease.
Updates include a TPO roof with insulation, new windows, and new systems in each unit. The property also has new appliances, gas stoves, CCTV, controlled access, exterior lighting, and updated awnings. A mural by artist Joshua Stout adds a distinctive feature to the building. Zoning is listed as Residential, Office.
Updates include a TPO roof with insulation, new windows, and new systems in each unit. The property also has new appliances, gas stoves, CCTV, controlled access, exterior lighting, and updated awnings. A mural by artist Joshua Stout adds a distinctive feature to the building. Zoning is listed as Residential, Office.
Key Highlights
- 5,000‑square‑foot, two‑story mixed‑use building built in 1845
- Two 1,200‑square‑foot apartments, each with 2 bedrooms and 1.5 bathrooms
- One retail space; also available for lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,872
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$897,440
$897.4K
Cap Rate 7%
$641,029
$641.0K
Cap Rate 9%
$498,578
$498.6K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$88.2K $17.64/SF
− Vacancy
−$6.6K −$1.32/SF
EGI
$81.6K $16.32/SF
− OpEx
−$36.7K −$7.34/SF
NOI
$44.9K $8.97/SF
Area
Butler County, OH
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$897,440
Cap Rate 7%
$641,029
Cap Rate 9%
$498,578
Alternative Uses
Best Use
Apartment 5plus
$641.0K
$560.9K – $747.9K
NOI $44,872 @ 7.0% cap · market cap 8.16%
Second Best
Retail
$303.3K
$265.4K – $353.8K
NOI $21,228 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$988.6K
$865.0K – $1.15M
NOI $69,202 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
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Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The building contains two apartments and one retail space.
Where is this mixed-use property located?
The property is located at 1044 Central Avenue Middletown, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 5,000‑square‑foot, two‑story mixed‑use building built in 1845; Two 1,200‑square‑foot apartments, each with 2 bedrooms and 1.5 bathrooms; One retail space; also available for lease
