Duplex Investment
For Sale
$185,000
116 Bellaire Ave, Dayton, OH 45420
Two leased units offer basement access, laundry areas, and a detached garage.
Property Size1,725 SF
Price / SF$107.25
Days on Market43
Property Features for 116 Bellaire Ave
General Information
Standard status
Active
Size
1,725 SF
Property subtype
Residential Income
Listing Agency:
Keller Williams Community Part
(937) 260-0498
Listed By:
Catherine A Cable · License #2011000162
(937) 260-0498
Source:
Exprealty
Added: Jul 10
Changed: Aug 20
Last Checked: Aug 21 at 12:42PM
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 Keller Williams Community Part
Investment Insights
Based on property information with market context.
This duplex at 116 Bellaire Ave includes 1,725 square feet with two fully leased units, each configured with 2 bedrooms and 1 bathroom. Both residences provide living and dining areas, full basement access, and laundry facilities. A detached 2-car garage serves the property. Improvements include a 2025 roof, 2026 concrete entrance steps, 2022 replacement of the main plumbing stack and sewer line, and 2022 cosmetic and bathroom updates in the upper unit. Tenants pay their own utilities, while ownership covers water and trash.
The property is 1 mile from the University of Dayton, Miami Valley Hospital, and Brown Street dining. Access to US-35, I-75, and WPAFB, located 7.4 miles away, supports connectivity throughout the area. The property is professionally managed and reports a 7.3% cap rate and 8.8 GRM.
The property is 1 mile from the University of Dayton, Miami Valley Hospital, and Brown Street dining. Access to US-35, I-75, and WPAFB, located 7.4 miles away, supports connectivity throughout the area. The property is professionally managed and reports a 7.3% cap rate and 8.8 GRM.
Key Highlights
- Two fully leased 2‑bed, 1‑bath units
- 1,725 SF duplex with full basement access and laundry facilities
- Detached 2‑car garage included
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
$16,945
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
9.16%
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%
$338,900
$338.9K
Cap Rate 7%
$242,071
$242.1K
Cap Rate 9%
$188,278
$188.3K
Market Conditions
NOI Build-Up for 1,725 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
$32.7K $18.96/SF
− Vacancy
−$1.9K −$1.10/SF
EGI
$30.8K $17.86/SF
− OpEx
−$13.9K −$8.04/SF
NOI
$16.9K $9.82/SF
Area
Dayton, OH
Vacancy
5.80%
Lease Rate
$18.96 /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%
$338,900
Cap Rate 7%
$242,071
Cap Rate 9%
$188,278
Alternative Uses
Best Use
Multifamily LT 5
$264.1K
$231.1K – $308.1K
NOI $18,484 @ 7.0% cap · market cap 9.99%
Second Best
Apartment 5plus
$242.1K
$211.8K – $282.4K
NOI $16,945 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$367.6K
$321.7K – $428.9K
NOI $25,734 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 45420, OH
25,045
Population
12,391
Households
2
Avg Household Size
39
Median Age
27%
College-Educated
92%
High-School Grad
6.4 sq mi
ZIP Area
3,913
Density / Sq Mi
$56,670
Median Household Income
$41,156
Median Earnings
$918
Median Rent
$116,200
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 - Two leased units offer basement access, laundry areas, and a detached garage.
Where is this duplex located?
The property is located at 116 Bellaire Ave Dayton, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two fully leased 2‑bed, 1‑bath units; 1,725 SF duplex with full basement access and laundry facilities; Detached 2‑car garage included
