Mixed-Use Commercial Income
For Sale
$349,900
Pending
119 N Detroit St, West Liberty, OH
Well-maintained building includes three apartments and a separately rented main-floor shop.
Property Size6,000 SF
Days on Market112
Property Features for 119 N Detroit St
General Information
Standard status
Pending
Size
6,000 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Listing Agency:
Howard Hanna Real Estate Services
Listed By:
Robbin Kramer
(937) 592-9498
Source:
Exprealty
Added: May 20
Changed: Sep 8
Last Checked: Aug 24 at 4:06AM
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 Howard Hanna Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained commercial building includes three apartments: two one-bedroom units and one two-bedroom unit. Tenants pay their own utilities except for water, which is paid by the landlord. A pre-existing shop is also rented on the main floor, providing an additional income stream; the business itself is not for sale, only the real estate.
The property is located in the heart of West Liberty. For showings, please allow 48 hours' notice.
The building’s mix of residential units and a leased ground-floor shop supports a straightforward income structure with tenant-paid utilities (excluding water) for the apartments.
The property is located in the heart of West Liberty. For showings, please allow 48 hours' notice.
The building’s mix of residential units and a leased ground-floor shop supports a straightforward income structure with tenant-paid utilities (excluding water) for the apartments.
Key Highlights
- Commercial building in the heart of West Liberty includes 3 apartments (two 1BR and one 2BR).
- Main floor includes a pre‑existing shop that is separately rented; business is not for sale—only the real estate.
- Tenants pay their own utilities except water; landlord pays water.
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
$25,474
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
7.28%
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%
$509,480
$509.5K
Cap Rate 7%
$363,914
$363.9K
Cap Rate 9%
$283,044
$283.0K
Market Conditions
NOI Build-Up for 6,000 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
$38.9K $6.48/SF
− Vacancy
−$2.5K −$0.41/SF
EGI
$36.4K $6.07/SF
− OpEx
−$10.9K −$1.82/SF
NOI
$25.5K $4.25/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$6.48 /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%
$509,480
Cap Rate 7%
$363,914
Cap Rate 9%
$283,044
Alternative Uses
Best Use
Multifamily LT 5
$835.9K
$731.4K – $975.2K
NOI $58,514 @ 7.0% cap · market cap 16.72%
Second Best
Apartment 5plus
$769.2K
$673.1K – $897.4K
NOI $53,846 @ 7.0% cap · market cap 15.39%
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $83,042 @ 7.0% cap · market cap 23.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
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 - Well-maintained building includes three apartments and a separately rented main-floor shop.
Where is this triplex located?
The property is located at 119 N Detroit St West Liberty, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Commercial building in the heart of West Liberty includes 3 apartments (two 1BR and one 2BR).; Main floor includes a pre‑existing shop that is separately rented; business is not for sale—only the real estate.; Tenants pay their own utilities except water; landlord pays water.
