Duplex with Workshop
For Sale
$249,900
427 S Union Ave, Alliance, OH 44601
Two-unit property with adaptable living areas, original wood details, and substantial garage-workshop space subject to commercial-use variance.
Property Size2,436 SF
Price / SF$102.59
Days on Market38
Property Features for 427 S Union Ave
General Information
Standard status
Active
Size
2,436 SF
Property subtype
Multi-Family
Building Details
Year Built
1902
Listing Agency:
REMAX Diversity Real Estate Group LLC
(234) 334-7116
Listed By:
Jennifer L Dockery · License #SAL.2017001242
Source:
Theacclaimedrealty
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 25 at 5:36AM
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 REMAX Diversity Real Estate Group LLC
Investment Insights
Based on property information with market context.
This 1902 duplex contains 2,430 square feet of living area arranged across three levels. The first-floor residence features oak flooring, tall ceilings, crown molding, a stone fireplace, and sliding doors, with an interior connection to a 24-by-82-foot garage and workshop. That work area includes partial natural-stone flooring, an office section, and two overhead doors beneath a metal roof installed approximately 5 years ago.
The upper levels provide a second-floor residence with three bedrooms, one full bathroom, and an equipped kitchen, while the renovated third floor adds a fourth bedroom or flexible living, office, or studio area. Access to the second floor is available from both inside and outside. Located at 427 S Union Avenue in Alliance, the property is zoned Multi-Family. Any commercial use requires the buyer to obtain an approved commercial-use variance.
The upper levels provide a second-floor residence with three bedrooms, one full bathroom, and an equipped kitchen, while the renovated third floor adds a fourth bedroom or flexible living, office, or studio area. Access to the second floor is available from both inside and outside. Located at 427 S Union Avenue in Alliance, the property is zoned Multi-Family. Any commercial use requires the buyer to obtain an approved commercial-use variance.
Key Highlights
- Two‑unit duplex with 2,430 sq ft of living area across three levels
- 24x82 garage/workshop with office area, partial nature stone flooring, and two overhead doors
- Metal roof approximately 5 years old
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
$20,377
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
8.15%
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%
$407,540
$407.5K
Cap Rate 7%
$291,100
$291.1K
Cap Rate 9%
$226,411
$226.4K
Market Conditions
NOI Build-Up for 2,436 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
$30.1K $12.36/SF
− Vacancy
−$1,000 −$0.41/SF
EGI
$29.1K $11.95/SF
− OpEx
−$8.7K −$3.58/SF
NOI
$20.4K $8.36/SF
Area
Stark County, OH
Vacancy
3.32%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
30.00%
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%
$407,540
Cap Rate 7%
$291,100
Cap Rate 9%
$226,411
Alternative Uses
Best Use
Office B
$420.5K
$367.9K – $490.6K
NOI $29,433 @ 7.0% cap · market cap 11.78%
Second Best
Multifamily LT 5
$291.1K
$254.7K – $339.6K
NOI $20,377 @ 7.0% cap · market cap 8.15%
Theoretical Best
Retail
$636.0K
$556.5K – $742.0K
NOI $44,521 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 44601, OH
33,688
Population
14,532
Households
2.3
Avg Household Size
41
Median Age
17%
College-Educated
90%
High-School Grad
82.0 sq mi
ZIP Area
411
Density / Sq Mi
$61,887
Median Household Income
$33,773
Median Earnings
$803
Median Rent
$142,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with adaptable living areas, original wood details, and substantial garage-workshop space subject to commercial-use variance.
Where is this duplex located?
The property is located at 427 S Union Ave Alliance, OH.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,430 sq ft of living area across three levels; 24x82 garage/workshop with office area, partial nature stone flooring, and two overhead doors; Metal roof approximately 5 years old
