Historic Apartment Building with Commercial
For Sale
$610,000
127 Miami Street, Urbana, OH 43078
Multi-Family, Urbana, OH
Property Size7,954 SF
Price / SF$76.69
Days on Market247
Property Features for 127 Miami Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial, Historical, Multiple
Bedrooms
5
Bathrooms
6
Full bathrooms
5
Half bathrooms
2
Rooms
Bathroom 3, Bathroom 4, Bathroom 7, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 6, Bathroom 5
Parking features
None
Patio and Porch features
Patio
Fireplace
1
Basement
Full, Walk-Out Access, Partially Finished
Appliances
Dryer, Range, Refrigerator, Washer
Elementary school district
1104 Urbana CSD
Middle school district
1104 Urbana CSD
High school district
1104 Urbana CSD
Directions
I-75 to I-70 E, OH-4 E and US-68 N to W Reynolds St in Urbana, continue on W Reynolds St, turn right onto S High St, turn right onto Miami St, the destination 127 Miami St will be on the right.
Subdivision
330 S OF US 36 AND W OF US 68
Standard status
Active
APN
K482500011602700
Size
7,954 SF
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Steam, Natural Gas
Cooling system
Window Unit(s)
Amenities
shared laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Flooring type
Vinyl, Carpet, Wood
Building materials
Brick
Architectural style
Federal
Listing Agency:
Keller Williams Home Town Realty · Keller Williams Realty
(937) 890-9111
Listed By:
Kristann Wages · License #2016005155
(937) 499-0390
Added: Jan 21
Changed: Sep 13
Last Checked: Sep 25 at 5:06AM
MLS# 1043434
Copyright © 2026 Western Regional Information System & Technology, Inc. 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 7,954-square-foot Federal-style brick building is arranged as a two-and-a-half-story apartment property with five one-bedroom residences. Tenants share main-level laundry, while an unfinished top-floor unit provides additional interior space. The property also includes a vacant lot and a walk-out lower level configured as a commercial unit.
The commercial space is occupied by a plumbing business that has operated at the location for 72 years. The building is zoned B-3 and includes a patio, fireplace, public sewer service, natural-gas heating, window-unit cooling, and a combination of carpet, vinyl, and wood flooring. The property is identified as the Dr. Adam Mosgrove House, a Federal-style landmark listed on the National Register of Historic Places.
The commercial space is occupied by a plumbing business that has operated at the location for 72 years. The building is zoned B-3 and includes a patio, fireplace, public sewer service, natural-gas heating, window-unit cooling, and a combination of carpet, vinyl, and wood flooring. The property is identified as the Dr. Adam Mosgrove House, a Federal-style landmark listed on the National Register of Historic Places.
Key Highlights
- Five one‑bedroom apartments within a 7,954‑square‑foot building
- Walk‑out lower‑level commercial unit occupied by a plumbing business operating there for 72 years
- Unfinished top‑floor unit and additional vacant lot 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
$26,626
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
4.36%
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%
$532,520
$532.5K
Cap Rate 7%
$380,371
$380.4K
Cap Rate 9%
$295,844
$295.8K
Market Conditions
NOI Build-Up for 7,954 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
$46.6K $5.86/SF
− Vacancy
−$4.0K −$0.50/SF
EGI
$42.6K $5.36/SF
− OpEx
−$16.0K −$2.01/SF
NOI
$26.6K $3.35/SF
Area
Champaign County, OH
Vacancy
8.60%
Lease Rate
$5.86 /SF/Yr
Expense Ratio
37.50%
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%
$532,520
Cap Rate 7%
$380,371
Cap Rate 9%
$295,844
Alternative Uses
Best Use
Mixed Use
$380.4K
$332.8K – $443.8K
NOI $26,626 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$334.2K
$292.4K – $389.9K
NOI $23,391 @ 7.0% cap · market cap 3.83%
Theoretical Best
Specialty Retail
$2.22M
$1.94M – $2.59M
NOI $155,302 @ 7.0% cap · market cap 25.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Federal-style brick property combines apartments, shared laundry, and a lower-level commercial space.
Where is this apartment building located?
The property is located at 127 Miami Street Urbana, OH.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Five one‑bedroom apartments within a 7,954‑square‑foot building; Walk‑out lower‑level commercial unit occupied by a plumbing business operating there for 72 years; Unfinished top‑floor unit and additional vacant lot included
