Two-Home Duplex
For Sale
$209,900
115 2nd St, North Baltimore, OH 45872
Single-parcel property with two residences, updated finishes in the larger home, and tenant-paid utilities.
Property Size2,246 SF
Price / SF$93.46
Days on Market119
Property Features for 115 2nd St
General Information
Standard status
Active
Size
2,246 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Key Realty, LTD
(419) 889-3712
Listed By:
Alexia Corron
(419) 889-3712
Source:
Exprealty
Added: May 4
Changed: Aug 29
Last Checked: Aug 29 at 5:46PM
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 Key Realty, LTD
Investment Insights
Based on property information with market context.
This duplex property comprises one parcel with two separate homes totaling 2246 SF. The larger residence has received updates including interior paint, carpeting, and replacement interior doors. The smaller home provides a second residential component on the same site.
The property is located at 115 2nd St in North Baltimore, Ohio. Residents are responsible for their own utilities, while the landlord currently covers trash service. The two-home configuration offers an established residential income setup with distinct residences under one ownership structure.
The property is located at 115 2nd St in North Baltimore, Ohio. Residents are responsible for their own utilities, while the landlord currently covers trash service. The two-home configuration offers an established residential income setup with distinct residences under one ownership structure.
Key Highlights
- Two residences on one parcel
- 2246 SF total property size
- Larger home updated with paint, carpeting, and interior doors
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
$18,720
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
8.92%
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%
$374,400
$374.4K
Cap Rate 7%
$267,429
$267.4K
Cap Rate 9%
$208,000
$208.0K
Market Conditions
NOI Build-Up for 2,246 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
$28.3K $12.60/SF
− Vacancy
−$1.6K −$0.69/SF
EGI
$26.7K $11.91/SF
− OpEx
−$8.0K −$3.57/SF
NOI
$18.7K $8.33/SF
Area
Wood County, OH
Vacancy
5.50%
Lease Rate
$12.60 /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%
$374,400
Cap Rate 7%
$267,429
Cap Rate 9%
$208,000
Alternative Uses
Best Use
Multifamily LT 5
$267.4K
$234.0K – $312.0K
NOI $18,720 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$247.4K
$216.5K – $288.7K
NOI $17,321 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$523.1K
$457.8K – $610.3K
NOI $36,620 @ 7.0% cap · market cap 17.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 45872, OH
4,120
Population
2,025
Households
2
Avg Household Size
40
Median Age
12%
College-Educated
92%
High-School Grad
30.7 sq mi
ZIP Area
134
Density / Sq Mi
$62,380
Median Household Income
$34,234
Median Earnings
$732
Median Rent
$113,300
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?
Duplex - Single-parcel property with two residences, updated finishes in the larger home, and tenant-paid utilities.
Where is this duplex located?
The property is located at 115 2nd St North Baltimore, OH.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two residences on one parcel; 2246 SF total property size; Larger home updated with paint, carpeting, and interior doors
