Updated Duplex with Two
New
For Sale
$219,000
47 Penney Ave, Newark, OH 43055
Two-unit property with refreshed kitchens, flooring, furnaces, and plumbing, plus laundry hookups in each residence.
Property Size1,900 SF
Price / SF$115.26
Days on Market2
Property Features for 47 Penney Ave
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Amenities
washer/dryer hookups
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Kellie Barter, Weichert, Realtors - R.E. 1790
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Sep 4
Last Checked: Sep 5 at 7:12AM
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 Kellie Barter, Weichert, Realtors - R.E. 1790
Investment Insights
Based on property information with market context.
This duplex contains approximately 1,900 square feet across two residential units and was built in 1920. Interior improvements include updated kitchens and flooring, along with new furnaces and plumbing updates. Both units include washer and dryer hookups, supporting convenient in-unit laundry installation.
The first-floor residence offers three bedrooms, while the upper unit provides two bedrooms. Located at 47 Penney Ave in Newark, Ohio, the property presents an owner-occupant configuration with the ability to live in one unit while leasing the other, as supported by the existing two-unit layout.
The first-floor residence offers three bedrooms, while the upper unit provides two bedrooms. Located at 47 Penney Ave in Newark, Ohio, the property presents an owner-occupant configuration with the ability to live in one unit while leasing the other, as supported by the existing two-unit layout.
Key Highlights
- Two‑unit duplex with approximately 1,900 square feet
- First‑floor unit includes 3 bedrooms
- Upper unit includes 2 bedrooms
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
$19,136
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
8.74%
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%
$382,720
$382.7K
Cap Rate 7%
$273,371
$273.4K
Cap Rate 9%
$212,622
$212.6K
Market Conditions
NOI Build-Up for 1,900 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
$28.5K $15.00/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$27.3K $14.39/SF
− OpEx
−$8.2K −$4.32/SF
NOI
$19.1K $10.07/SF
Area
Licking County, OH
Vacancy
4.08%
Lease Rate
$15.00 /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%
$382,720
Cap Rate 7%
$273,371
Cap Rate 9%
$212,622
Alternative Uses
Best Use
Multifamily LT 5
$273.4K
$239.2K – $318.9K
NOI $19,136 @ 7.0% cap · market cap 8.74%
Second Best
Apartment 5plus
$248.6K
$217.5K – $290.0K
NOI $17,401 @ 7.0% cap · market cap 7.95%
Theoretical Best
Flex RnD
$1.53M
$1.34M – $1.78M
NOI $106,815 @ 7.0% cap · market cap 48.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
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?
Duplex - Two-unit property with refreshed kitchens, flooring, furnaces, and plumbing, plus laundry hookups in each residence.
Where is this duplex located?
The property is located at 47 Penney Ave Newark, OH.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,900 square feet; First‑floor unit includes 3 bedrooms; Upper unit includes 2 bedrooms
