Three-Building Apartment
For Sale
$1,150,000
147-167 Shields Road, Boardman, OH 44512
Brick multifamily property with diverse unit layouts, updated laundry facilities, and full occupancy in the Boardman School District.
Property Size14,592 SF
Days on Market290
Property Features for 147-167 Shields Road
General Information
Standard status
Active
Size
14,592 SF
Total Parking Spaces
36
Property subtype
Commercial
Zoning
Multi-Family
Taxes and HOA fees
Annual Taxes
$12,333
Building Details
Building Size
14,592 SF
Year Built
1970
Buildings
3
Stories
1
Units
18
Listing Agency:
Gonatas Real Estate LLC
(330) 501-8300
Listed By:
Dennis D Gonatas Sr. · License #BRKP.2023000272
(330) 501-8300
Source:
Carolgoffrealestate
Added: Nov 14, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:34AM
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 Gonatas Real Estate LLC
Investment Insights
Based on property information with market context.
This multifamily offering comprises three brick buildings at 147, 157, and 167 Shields Road, with 18 total apartments. The unit mix includes four one-bedroom, one-bath residences and two studio apartments in each building. The property was built in 1970 and is zoned Multi-Family.
Recent capital improvements include high-efficiency boilers, refreshed flooring in the shared laundry areas, and new coin-operated laundry machines. The complex also provides ample parking for residents and visitors. All units are currently occupied, and the property is located within the Boardman School District, with shopping, dining, schools, and major roadways described as minutes away.
Recent capital improvements include high-efficiency boilers, refreshed flooring in the shared laundry areas, and new coin-operated laundry machines. The complex also provides ample parking for residents and visitors. All units are currently occupied, and the property is located within the Boardman School District, with shopping, dining, schools, and major roadways described as minutes away.
Key Highlights
- Three brick six‑plex buildings totaling 18 units
- Each building includes 4 one‑bedroom, one‑bath units and 2 studio apartments
- 100% occupied
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
$90,548
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
7.87%
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%
$1,810,960
$1.8M
Cap Rate 7%
$1,293,543
$1.3M
Cap Rate 9%
$1,006,089
$1.0M
Market Conditions
NOI Build-Up for 14,592 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
$175.1K $12.00/SF
− Vacancy
−$10.5K −$0.72/SF
EGI
$164.6K $11.28/SF
− OpEx
−$74.1K −$5.08/SF
NOI
$90.5K $6.21/SF
Area
Mahoning County, OH
Vacancy
5.98%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,810,960
Cap Rate 7%
$1,293,543
Cap Rate 9%
$1,006,089
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,548 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,754 @ 7.0% cap · market cap 16.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 44512, OH
33,282
Population
15,770
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
94%
High-School Grad
17.0 sq mi
ZIP Area
1,958
Density / Sq Mi
$62,311
Median Household Income
$38,828
Median Earnings
$788
Median Rent
$158,800
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?
Apartment building - Brick multifamily property with diverse unit layouts, updated laundry facilities, and full occupancy in the Boardman School District.
Where is this apartment building located?
The property is located at 147-167 Shields Road Boardman, OH.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three brick six‑plex buildings totaling 18 units; Each building includes 4 one‑bedroom, one‑bath units and 2 studio apartments; 100% occupied
