6-Unit Apartment
For Sale
$299,900
Pending
1107 S 3rd Street, Ironton, OH 45638
MULTI-DWELLING FAMILY, Ironton, OH
Property Size3,872 SF
Lot Size0.13 Acres
Days on Market262
Property Features for 1107 S 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Elementary school
Ironton
Middle school
Ironton
High school
Ironton
Directions
S 3rd St in Ironton directly across the street from the Moose Lodge
Subdivision
30 - Ironton Ohio
Standard status
Pending
APN
35-037-1000.000
Size
3,872 SF
Lot size
0.13 Acres
Building Details
Year built
1920
Listing Agency:
Geneva Properties
Listed By:
Gennie Craigmiles
(606) 744-3335
Added: Dec 20, 2025
Changed: Sep 8
Last Checked: Sep 8 at 10:06AM
MLS# 182855
Copyright © 2026 Huntington Board of 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.
This 3,872-square-foot apartment building in Ironton contains six units arranged across two levels, with three residences upstairs and three downstairs. One of the lower units was previously used for commercial purposes and could be returned to that type of use. The property was built in 1920 and occupies a 0.13-acre lot.
Located at 1107 S 3rd Street in Ironton, Ohio, the building offers a combination of residential configuration and a unit with prior commercial use. Its six-unit layout places all residences within one structure, while the lower-level commercial history adds flexibility for future occupancy planning.
Located at 1107 S 3rd Street in Ironton, Ohio, the building offers a combination of residential configuration and a unit with prior commercial use. Its six-unit layout places all residences within one structure, while the lower-level commercial history adds flexibility for future occupancy planning.
Key Highlights
- Six apartment units in one building
- 3,872 square feet on a 0.13‑acre lot
- Three upstairs units and three downstairs units
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
$24,022
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
8.01%
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%
$480,440
$480.4K
Cap Rate 7%
$343,171
$343.2K
Cap Rate 9%
$266,911
$266.9K
Market Conditions
NOI Build-Up for 3,872 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
$46.5K $12.00/SF
− Vacancy
−$2.8K −$0.72/SF
EGI
$43.7K $11.28/SF
− OpEx
−$19.7K −$5.08/SF
NOI
$24.0K $6.20/SF
Area
Lawrence County, OH
Vacancy
6.00%
Lease Rate
$12.00 /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%
$480,440
Cap Rate 7%
$343,171
Cap Rate 9%
$266,911
Alternative Uses
Best Use
Apartment 5plus
$343.2K
$300.3K – $400.4K
NOI $24,022 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$881.4K
$771.2K – $1.03M
NOI $61,697 @ 7.0% cap · market cap 20.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 45638, OH
20,114
Population
9,039
Households
2.2
Avg Household Size
43
Median Age
16%
College-Educated
90%
High-School Grad
76.9 sq mi
ZIP Area
262
Density / Sq Mi
$49,544
Median Household Income
$34,972
Median Earnings
$782
Median Rent
$118,500
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?
Apartment building - Two-level property with three upper units and a lower unit offering potential commercial reuse.
Where is this apartment building located?
The property is located at 1107 S 3rd Street Ironton, OH.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Six apartment units in one building; 3,872 square feet on a 0.13‑acre lot; Three upstairs units and three downstairs units
