15-Unit Apartment
For Sale
Contact for pricing
15 Grant Street, Dennison, OH 44621
Two-story multifamily property with exterior walkways, tenant-paid utilities, and updated finishes in select apartments.
Property Size6,705 SF
Price / SF$104.25
Days on Market9
Property Features for 15 Grant Street
General Information
Standard status
Active
Size
6,705 SF
Property subtype
Multifamily
Occupancy
73%
Investment Type
Stabilized
Net Operating Income
$64,083
Financials
Gross Income
$93,053
Average Monthly Rent
$711
Additional Details
Multifamily Units
15
Building Details
Buildings
1
Stories
2
Units
15
Tenancy
Multi
Listing Agency:
Elite Exit Advisors
Listed By:
Natalie Luneva · License #9016902-BB
Source:
Crexi
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 4:55PM
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 Elite Exit Advisors
Investment Insights
Based on property information with market context.
This 15-unit apartment property contains 6,705 square feet across two stories, with exterior walkway access serving the units. Eleven apartments are occupied, while four remain vacant and have prior finish standards. Updated interiors feature luxury vinyl plank flooring, fresh paint, oak trim, and refreshed cabinetry. Utilities are paid by tenants, and the property recorded a 31 percent expense ratio in 2025.
The property is located in Dennison, a village in Tuscarawas County positioned roughly midway between Pittsburgh and Columbus. Trinity Hospital Twin City is in the village, and Kent State University's Tuscarawas campus is seven miles away. Canton provides a larger employment base to the north. Dennison developed as a railroad town following the Pennsylvania Railroad's placement of shops and yards there in 1865; its historic depot is a National Historic Landmark.
The property is located in Dennison, a village in Tuscarawas County positioned roughly midway between Pittsburgh and Columbus. Trinity Hospital Twin City is in the village, and Kent State University's Tuscarawas campus is seven miles away. Canton provides a larger employment base to the north. Dennison developed as a railroad town following the Pennsylvania Railroad's placement of shops and yards there in 1865; its historic depot is a National Historic Landmark.
Key Highlights
- 15 apartment units across 6,705 square feet
- 11 of 15 units occupied; 4 units vacant
- 10.4% stabilized cap rate
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
$49,121
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
7.03%
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%
$982,420
$982.4K
Cap Rate 7%
$701,729
$701.7K
Cap Rate 9%
$545,789
$545.8K
Market Conditions
NOI Build-Up for 6,705 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
$96.6K $14.40/SF
− Vacancy
−$7.2K −$1.08/SF
EGI
$89.3K $13.32/SF
− OpEx
−$40.2K −$5.99/SF
NOI
$49.1K $7.33/SF
Area
Tuscarawas County, OH
Vacancy
7.50%
Lease Rate
$14.40 /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%
$982,420
Cap Rate 7%
$701,729
Cap Rate 9%
$545,789
Alternative Uses
Best Use
Apartment 5plus
$701.7K
$614.0K – $818.7K
NOI $49,121 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,463 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 44621, OH
4,606
Population
1,992
Households
2.3
Avg Household Size
40
Median Age
13%
College-Educated
90%
High-School Grad
32.1 sq mi
ZIP Area
143
Density / Sq Mi
$55,000
Median Household Income
$35,777
Median Earnings
$825
Median Rent
$119,100
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 - Two-story multifamily property with exterior walkways, tenant-paid utilities, and updated finishes in select apartments.
Where is this apartment building located?
The property is located at 15 Grant Street Dennison, OH.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 15 apartment units across 6,705 square feet; 11 of 15 units occupied; 4 units vacant; 10.4% stabilized cap rate
