Historic Apartment Building with Commercial
For Sale
$610,000
127 Miami Street, Urbana, OH 43078
ResidentialIncome, Urbana, OH
Property Size7,954 SF
Lot Size0.14 Acres
Price / SF$76.69
Days on Market281
Property Features for 127 Miami Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial,Historic,Multi
Zoning description
Commercial, Historic, Multiple
Bedrooms
5
Bathrooms
7
Full bathrooms
5
Half bathrooms
2
Rooms
Bathroom 4, Bathroom 6, Bedroom 4, Bathroom 5, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 7, Bathroom 2, Bedroom 2, Bathroom 1, Bathroom 3, Basement
Parking features
On Street, Garage
Patio and Porch features
Patio
Exterior features
Patio
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Urban
Elementary school district
Urbana
Middle school district
Urbana
High school district
Urbana
Standard status
Active
APN
K482500011602700
Size
7,954 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
RTS 00-00-00 ORIGINAL PLAT NW PT LOT 50
Legal Description
RTS 00-00-00 ORIGINAL PLAT NW PT LOT 50
Utilities
Cooling system
Window Unit(s)
Water source
Public
Amenities
shared main-level laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Building materials
Brick, Block
Listing Agency:
Keller Williams Home Town Rlty · Keller Williams Realty
(937) 890-9111
Listed By:
Kristann Wages
(937) 499-0390
Added: Jan 19
Changed: Oct 20
Last Checked: Oct 27 at 9:06AM
MLS# 950919
Copyright © 2026 Dayton Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
The Dr. Adam Mosgrove House is a Federal-style brick apartment property totaling 7,954 square feet. The two-and-a-half-story building contains five one-bedroom apartments, shared laundry on the main level, and an unfinished top-floor unit that adds expansion potential. The property also includes a patio, window-unit cooling, kitchen appliances, a garage, and an additional vacant lot.
A walk-out lower level provides commercial space addressed as 109 W Walnut Street. That unit is occupied by a plumbing business that has operated at the location for 72 years. The property is located at 127 Miami Street in Downtown Urbana and is recognized as a historic landmark listed on the National Register of Historic Places.
A walk-out lower level provides commercial space addressed as 109 W Walnut Street. That unit is occupied by a plumbing business that has operated at the location for 72 years. The property is located at 127 Miami Street in Downtown Urbana and is recognized as a historic landmark listed on the National Register of Historic Places.
Key Highlights
- Five one‑bedroom apartments in a 7,954‑square‑foot building
- Two‑and‑a‑half‑story Federal‑style brick construction
- Unfinished top‑floor unit and additional vacant lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,626
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments share main-level laundry, with an unfinished upper unit and 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 in a 7,954‑square‑foot building; Two‑and‑a‑half‑story Federal‑style brick construction; Unfinished top‑floor unit and additional vacant lot
