Duplex with Attached
New
For Sale
$429,900
14 Music Circle, Springboro, OH 45066
Two separately metered residences offer independent utility billing and multi-level living space.
Property Size2,885 SF
Price / SF$149.01
Days on Market3
Property Features for 14 Music Circle
General Information
Standard status
Active
Size
2,885 SF
Property subtype
Multi-Family
Units
Multifamily Units
2
Parking per Unit
2
Amenities
fireplace
Building Details
Year Built
1988
Buildings
1
Listing Agency:
Keller Williams Home Town Rlty
(937) 890-9111
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 2 at 8:25PM
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 Keller Williams Home Town Rlty
Investment Insights
Based on property information with market context.
Built in 1988, this duplex contains two residences with nearly 2,900 square feet of finished living area in total. Each unit has three bedrooms, two full baths, and an attached two-car garage. The main floor includes a kitchen, dining area, and great room with vaulted ceilings and a fireplace. One bedroom and full bath are upstairs; two additional bedrooms or flexible-use rooms and another full bath are on the lower level.
Utilities are separately metered for the two units.
Utilities are separately metered for the two units.
Key Highlights
- Two units with nearly 2,900 square feet of finished living space combined
- Each residence has 3 bedrooms, 2 full baths, and a 2‑car attached garage
- Separate utility meters for each unit
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
$26,653
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
6.20%
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%
$533,060
$533.1K
Cap Rate 7%
$380,757
$380.8K
Cap Rate 9%
$296,144
$296.1K
Market Conditions
NOI Build-Up for 2,885 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
$40.5K $14.04/SF
− Vacancy
−$2.4K −$0.84/SF
EGI
$38.1K $13.20/SF
− OpEx
−$11.4K −$3.96/SF
NOI
$26.7K $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%
$533,060
Cap Rate 7%
$380,757
Cap Rate 9%
$296,144
Alternative Uses
Best Use
Multifamily LT 5
$380.8K
$333.2K – $444.2K
NOI $26,653 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$340.4K
$297.9K – $397.2K
NOI $23,830 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$644.4K
$563.9K – $751.8K
NOI $45,108 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Explore this area
Business Placement
Demographics for 45066, OH
26,399
Population
9,747
Households
2.7
Avg Household Size
40
Median Age
57%
College-Educated
98%
High-School Grad
20.4 sq mi
ZIP Area
1,294
Density / Sq Mi
$122,208
Median Household Income
$64,298
Median Earnings
$1,387
Median Rent
$362,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer independent utility billing and multi-level living space.
Where is this duplex located?
The property is located at 14 Music Circle Springboro, OH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two units with nearly 2,900 square feet of finished living space combined; Each residence has 3 bedrooms, 2 full baths, and a 2‑car attached garage; Separate utility meters for each unit
