Five One-Bedroom Apartment
New
For Sale
$399,999
117 Monroe Street, Port Clinton, OH 43452
MULTI_FAMILY - Other - Port Clinton, OH
Property Size3,234 SF
Lot Size0.06 Acres
Price / SF$123.69
Days on Market7
Property Features for 117 Monroe Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Garage - Attached
Elementary school district
Port Clinton
Middle school district
Port Clinton
High school district
Port Clinton
Standard status
Active
APN
0211810329024000
Size
3,234 SF
Lot size
0.06 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Building materials
Stucco
Architectural style
Other
Listing Agency:
Weichert, Realtors-Morgan Realty Group
(419) 732-0941
Listed By:
Alex M Johnson · License #2007005635
(419) 732-0941
Added: Aug 2
Last Checked: Aug 8 at 10:06PM
MLS# 20263018
Copyright © 2026 Firelands MLS. 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 apartment building includes five one-bedroom apartments, all recently renovated and currently occupied by long-term tenants. The property also offers three attached single-car garages, which can support tenant storage needs or provide potential for additional revenue uses subject to applicable rules.
Built in 1940, the exterior is constructed with stucco. The building is heated with forced air, and the property is served by public water and public sewer.
The current tenant situation is subject to tenant rights and showings must be scheduled in advance. Overall, the configuration provides a focused multi-unit setup with dedicated garage space.
Built in 1940, the exterior is constructed with stucco. The building is heated with forced air, and the property is served by public water and public sewer.
The current tenant situation is subject to tenant rights and showings must be scheduled in advance. Overall, the configuration provides a focused multi-unit setup with dedicated garage space.
Key Highlights
- Five one‑bedroom apartments, recently renovated
- All units occupied by long‑term tenants
- Three attached single‑car garages
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
$27,028
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
6.76%
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%
$540,560
$540.6K
Cap Rate 7%
$386,114
$386.1K
Cap Rate 9%
$300,311
$300.3K
Market Conditions
NOI Build-Up for 3,234 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
$52.4K $16.20/SF
− Vacancy
−$3.2K −$1.00/SF
EGI
$49.1K $15.20/SF
− OpEx
−$22.1K −$6.84/SF
NOI
$27.0K $8.36/SF
Area
Ottawa County, OH
Vacancy
6.20%
Lease Rate
$16.20 /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%
$540,560
Cap Rate 7%
$386,114
Cap Rate 9%
$300,311
Alternative Uses
Best Use
Apartment 5plus
$386.1K
$337.9K – $450.5K
NOI $27,028 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.15M
$1.01M – $1.34M
NOI $80,676 @ 7.0% cap · market cap 20.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 43452, OH
13,443
Population
10,859
Households
1.2
Avg Household Size
52
Median Age
28%
College-Educated
93%
High-School Grad
46.2 sq mi
ZIP Area
291
Density / Sq Mi
$63,815
Median Household Income
$43,782
Median Earnings
$937
Median Rent
$206,800
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 - Five recently renovated one-bedroom units are all occupied by long-term tenants, with attached garage space for storage.
Where is this apartment building located?
The property is located at 117 Monroe Street Port Clinton, OH.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Five one‑bedroom apartments, recently renovated; All units occupied by long‑term tenants; Three attached single‑car garages
