Brick Triplex with In-Unit
For Sale
$229,900
1120 Hopley Ave, Bucyrus, OH 44820
Three leased residential units offer flexible month-to-month occupancy, in-unit laundry, and a brick exterior.
Property Size1,817 SF
Price / SF$126.53
Days on Market50
Property Features for 1120 Hopley Ave
General Information
Standard status
Active
Size
1,817 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$23,580
Taxes and HOA fees
Annual Taxes
$2,075
Amenities
in-unit laundry
Building Details
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
I Heart Real Estate
(567) 216-0044
Listed By:
Kaleb Packer
(567) 216-0044
Source:
Exprealty
Added: Jun 24
Changed: Aug 12
Last Checked: Aug 12 at 5:26AM
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 I Heart Real Estate
Investment Insights
Based on property information with market context.
This 1817 SF brick triplex contains three residential units: two one-bedroom, one-bath apartments and one two-bedroom, one-bath apartment. Each unit includes in-unit laundry, and the property is fully rented under month-to-month leases. Recent exterior work includes updated landscaping and new downspouts.
Located at 1120 Hopley Ave in Bucyrus, the property is within the Bucyrus City School District. Tenants pay their own electric utilities, while the owner covers water. The unit configuration, established tenancy, and flexible lease terms provide a clear operating profile for a residential income property.
Located at 1120 Hopley Ave in Bucyrus, the property is within the Bucyrus City School District. Tenants pay their own electric utilities, while the owner covers water. The unit configuration, established tenancy, and flexible lease terms provide a clear operating profile for a residential income property.
Key Highlights
- Three‑unit brick multifamily property totaling 1817 SF
- Unit mix includes two 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- Fully rented with all leases on a month‑to‑month basis
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
$12,260
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
5.33%
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%
$245,200
$245.2K
Cap Rate 7%
$175,143
$175.1K
Cap Rate 9%
$136,222
$136.2K
Market Conditions
NOI Build-Up for 1,817 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
$18.5K $10.20/SF
− Vacancy
−$1.0K −$0.56/SF
EGI
$17.5K $9.64/SF
− OpEx
−$5.3K −$2.89/SF
NOI
$12.3K $6.75/SF
Area
Crawford County, OH
Vacancy
5.50%
Lease Rate
$10.20 /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%
$245,200
Cap Rate 7%
$175,143
Cap Rate 9%
$136,222
Alternative Uses
Best Use
Multifamily LT 5
$175.1K
$153.3K – $204.3K
NOI $12,260 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$162.8K
$142.4K – $189.9K
NOI $11,393 @ 7.0% cap · market cap 4.96%
Theoretical Best
Specialty Retail
$356.2K
$311.7K – $415.6K
NOI $24,933 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 44820, OH
17,114
Population
7,982
Households
2.1
Avg Household Size
45
Median Age
14%
College-Educated
91%
High-School Grad
160.6 sq mi
ZIP Area
107
Density / Sq Mi
$56,942
Median Household Income
$38,073
Median Earnings
$742
Median Rent
$134,100
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 - Three leased residential units offer flexible month-to-month occupancy, in-unit laundry, and a brick exterior.
Where is this triplex located?
The property is located at 1120 Hopley Ave Bucyrus, OH.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Three‑unit brick multifamily property totaling 1817 SF; Unit mix includes two 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; Fully rented with all leases on a month‑to‑month basis
