Four-Unit Residential Income
488 North Jay Street West Milton, OH 45383
For Sale
$425,000
Low-maintenance four-unit building offers four 2-bedroom apartments with in-unit washer/dryer hookups and updated electrical components.
Property Size1,854 SF
Price / SF$229.23
Days on Market612
Property Features for 488 North Jay Street
General Information
- Standard status
- Active
- Size
- 1,854 SF
- Property subtype
- Multi-Family / Townhouse
Building Details
- Year Built
- 1963
Listing Agency:
Roby Realty
(614) 419-2668
Listed By:
Andrew C Wade · License #2016002338
(614) 419-2668
Source:
Compass
Added: Nov 19, 2024
Changed: Jul 23
Last Checked: Jul 23 at 2:06PM
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 Roby Realty
Investment Insights
Based on property information with market context.
This low-maintenance four-unit residential income property includes four spacious 2-bedroom apartments, each with in-unit washer/dryer hookups. The building is currently fully occupied with mostly long-term tenants. Tenants are responsible for all utilities except trash. Recent updates include three brand-new electric panels and full electrical updates brought to code as of April 2023, along with a full roof tear-off and replacement and newer gutters installed on the rear side. A new concrete parking pad was poured in 2022. Additional improvements over time include updated windows, sliding glass doors, and blown-in attic insulation for improved energy efficiency. One unit was fully renovated in 2025.
The property is offered for sale in as-is condition.
The property is offered for sale in as-is condition.
Key Highlights
- Four‑unit building with four 2‑bedroom apartments, all with in‑unit washer/dryer hookups
- Currently fully occupied; gross total rental income of $3,500/month
- Tenants pay all utilities except trash
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $25.6k | $13.80 |
| − Vacancy | −$1.6k | −$0.85 |
| EGI | $24.0k | $12.95 |
| − OpEx | −$7.2k | −$3.88 |
| NOI | $16.8k | $9.06 |
1,854 SF · lease $13.80/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$240.1K
$210.1K – $280.1K
NOI $16,805 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$209.2K
$183.1K – $244.1K
NOI $14,645 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$377.9K
$330.6K – $440.8K
NOI $26,450 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
T&M Services Property ...
Landscaping
FAQs
What type of property is this?
Quadplex - Low-maintenance four-unit building offers four 2-bedroom apartments with in-unit washer/dryer hookups and updated electrical components.
Where is this quadplex located?
The property is located at 488 North Jay Street West Milton, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit building with four 2‑bedroom apartments, all with in‑unit washer/dryer hookups; Currently fully occupied; gross total rental income of $3,500/month; Tenants pay all utilities except trash
