Federal-Style Apartment
For Sale
$610,000
127 Miami Street, Urbana, OH 43078
MULTI_FAMILY - Federal - Urbana, OH
Property Size7,954 SF
Price / SF$76.69
Days on Market204
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 4, Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 5, Bathroom 1, Bedroom 2, Bathroom 6, Bedroom 5, Bathroom 7, Bedroom 4, Bedroom 1
Parking features
None
Patio and Porch features
Patio
Fireplace
1
Basement
Partially Finished, Full, Walk-Out Access
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
Steam, Natural Gas, Hot Water(Heating)
Cooling system
Window Unit(s)
Amenities
shared main-level laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Flooring type
Carpet, Wood, Vinyl
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) 890-9111
Added: Jan 21
Changed: Aug 5
Last Checked: Aug 13 at 12:06PM
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.
Located in Downtown Urbana, this Federal-style brick, two-and-a-half-story apartment building is part of the nationally recognized Dr. Adam Mosgrove House historic landmark, built in 1833 and listed on the National Register of Historic Places. The property is zoned B-3 and includes five one-bedroom apartments with shared main-level laundry. An unfinished top-floor unit offers expansion potential. A walk-out lower-level commercial unit addressed as 109 W Walnut Street is currently occupied by a plumbing business that has operated at the location for 72 years.
The building also includes an additional vacant lot. Interior features include wood, carpet, and vinyl flooring, and the property offers appliances including a washer, dryer, refrigerator, and range. Heating is provided by steam, hot water (heating), and natural gas, with cooling via window unit(s). The home includes a patio and an on-site fireplace.
For buyers seeking a mixed residential and commercial configuration within a historic Federal-style structure, this layout combines multiple apartment units with an active street-level-adjacent commercial component.
The building also includes an additional vacant lot. Interior features include wood, carpet, and vinyl flooring, and the property offers appliances including a washer, dryer, refrigerator, and range. Heating is provided by steam, hot water (heating), and natural gas, with cooling via window unit(s). The home includes a patio and an on-site fireplace.
For buyers seeking a mixed residential and commercial configuration within a historic Federal-style structure, this layout combines multiple apartment units with an active street-level-adjacent commercial component.
Key Highlights
- Zoned B‑3 Federal‑style brick, two‑and‑a‑half‑story apartment building
- Five one‑bedroom apartments with shared main‑level laundry
- Unfinished top‑floor unit with expansion potential
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
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
516
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Zoned B-3 Federal-style brick building with five one-bedroom units, shared main-level laundry, and a walk-out commercial tenant 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: Zoned B‑3 Federal‑style brick, two‑and‑a‑half‑story apartment building; Five one‑bedroom apartments with shared main‑level laundry; Unfinished top‑floor unit with expansion potential
