Historic Urbana Apartment Building For
For Sale
Contact for pricing
127 Miami St, Urbana, OH 43078
Nationally recognized historic landmark with five apartments and commercial space.
Property Size7,954 SF
Price / SF$76.69
Days on Market163
Property Features for 127 Miami St
General Information
Standard status
Active
Size
7,954 SF
Property subtype
Multifamily
Zoning
B-3
Occupancy
100%
Net Operating Income
$57,900
Building Details
Year Built
1900
Buildings
1
Stories
2
Units
6
Listing Agency:
Keller Williams Home Town Realty
(937) 499-0390
Listed By:
Kristann Wages · License #2016005155
Source:
Crexi
Added: Mar 12
Changed: Aug 13
Last Checked: Aug 20 at 8:23PM
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 Home Town Realty
Investment Insights
Based on property information with market context.
Located in downtown Urbana, the Dr. Adam Mosgrove House at 127 Miami Street is a nationally recognized historic landmark built in 1833 and listed on the National Register of Historic Places. The property is a Federal-style brick, two-and-a-half-story apartment building featuring five one-bedroom apartments. Tenant convenience is provided by a shared main-level laundry. There is an unfinished top-floor unit with expansion potential. The property includes an additional vacant lot with parcel # K48-25-00-01-16-028-00. The walk-out lower-level commercial unit, addressed as 109 W Walnut Street, is currently occupied by a plumbing business that has operated at this location for 72 years. The property is zoned B-3 and has a size of 7954 square feet.
Key Highlights
- Nationally recognized historic landmark (Dr. Adam Mosgrove House).
- Zoned B‑3, offering diverse usage possibilities.
- Includes a walk‑out lower‑level commercial unit at 109 W Walnut Street with a long‑term tenant.
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
$23,391
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
3.83%
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%
$467,820
$467.8K
Cap Rate 7%
$334,157
$334.2K
Cap Rate 9%
$259,900
$259.9K
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
$46.5K $5.85/SF
− Vacancy
−$4.0K −$0.50/SF
EGI
$42.5K $5.35/SF
− OpEx
−$19.1K −$2.41/SF
NOI
$23.4K $2.94/SF
Area
Champaign County, OH
Vacancy
8.60%
Lease Rate
$5.85 /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%
$467,820
Cap Rate 7%
$334,157
Cap Rate 9%
$259,900
Alternative Uses
Best Use
Apartment 5plus
$334.2K
$292.4K – $389.9K
NOI $23,391 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
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
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 - Nationally recognized historic landmark with five apartments and commercial space.
Where is this apartment building located?
The property is located at 127 Miami St 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: Nationally recognized historic landmark (Dr. Adam Mosgrove House).; Zoned B‑3, offering diverse usage possibilities.; Includes a walk‑out lower‑level commercial unit at 109 W Walnut Street with a long‑term tenant.
