Building Details

Tenancy Multi

Listing Agency: Keller Williams Advisors j***@kw.com Show Phone

Listed By: John M. Bissman · License #2013003960 Show Phone

Source: Exprealty

Added: May 14 Changed: Aug 23 Last Checked: Aug 22 at 11:49AM

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Investment Insights

Based on property information with market context.

This income-producing duplex is configured as two residential units with separate entrances. The property includes two 1-bedroom units, and both are currently occupied. It also features off-street parking, two detached garages, and a partial basement.

Located at 137 South Main Street in Waynesville, the property is positioned for convenient access to downtown shops, dining, parks, and community events.

The buyer should verify all zoning, leases, rents, square footage, taxes, and permitted uses.

Key Highlights

• Income‑producing duplex at 137 S Main St, built in 1906, currently configured as two residential units with separate entrances
• Two 1‑bedroom units with separate entrances; both units currently occupied
• Approx. 1,636 total sq ft total with off‑street parking

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

$15,114

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

3.78%

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%

$302,280 $302.3K

Cap Rate 7%

$215,914 $215.9K

Cap Rate 9%

$167,933 $167.9K

Market Conditions

NOI Build-Up for 1,636 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

$23.0K $14.04/SF

− Vacancy

−$1.4K −$0.84/SF

EGI

$21.6K $13.20/SF

− OpEx

−$6.5K −$3.96/SF

NOI

$15.1K $9.24/SF

Area

Warren County, OH

Vacancy

6.00%

Lease Rate

$14.04 /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%

$302,280

Cap Rate 7%

$215,914

Cap Rate 9%

$167,933

Alternative Uses

Best Use

Multifamily LT 5

$215.9K

$188.9K – $251.9K (±1% cap)

NOI $15,114 @ 7.0% cap · market cap 3.78%

Second Best

Apartment 5plus

$193.1K

$168.9K – $225.2K (±1% cap)

NOI $13,514 @ 7.0% cap · market cap 3.38%

Theoretical Best

Office A

$365.4K

$319.8K – $426.3K (±1% cap)

NOI $25,580 @ 7.0% cap · market cap 6.40%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Big Box & Wholesale Store Auto Parts Store Dental Office Storage Facility Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

319

Businesses Nearby

Explore this area Business Placement

Demographics for 45068, OH

11,911

Population

4,605

Households

2.6

Avg Household Size

43

Median Age

43%

College-Educated

96%

High-School Grad

70.6 sq mi

ZIP Area

169

Density / Sq Mi

$95,040

Median Household Income

$55,262

Median Earnings

$1,252

Median Rent

$325,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Duplex offered for sale with two separate entrances, each containing a 1-bedroom unit and off-street parking.

Where is this duplex located?

The property is located at 137 Main St Waynesville, OH.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: Income‑producing duplex at 137 S Main St, built in 1906, currently configured as two residential units with separate entrances; Two 1‑bedroom units with separate entrances; both units currently occupied; Approx. 1,636 total sq ft total with off‑street parking