Two-Unit Duplex with
New
For Sale
$159,000
153 Lake St, Lancaster, OH 43130
Residential income property with flexible two-unit layout, alley-accessed parking, covered porches, and a rear yard.
Property Size1,315 SF
Price / SF$120.91
Days on Market6
Property Features for 153 Lake St
General Information
Standard status
Active
Size
1,315 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
off street parking
covered front porches
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Mark Graham, Countrytyme Realty, LLC
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 21 at 6:58AM
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 Mark Graham, Countrytyme Realty, LLC
Investment Insights
Based on property information with market context.
This duplex contains 1,315 square feet and was built in 1900. The configuration includes one two-bedroom, one-bath residence and a separate one-bedroom, one-bath residence, providing distinct living spaces within the same building.
Off-street parking is available from the alley. Covered front porches serve both units, and the property includes a sizable backyard. The unit mix, outdoor areas, and parking arrangement are the primary physical features of this two-unit residential income property.
Off-street parking is available from the alley. Covered front porches serve both units, and the property includes a sizable backyard. The unit mix, outdoor areas, and parking arrangement are the primary physical features of this two-unit residential income property.
Key Highlights
- Two‑unit duplex with 1,315 square feet
- Unit mix includes one 2 BR/1 Bath and one 1 BR/1 Bath residence
- Off‑street parking accessed from the alley
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
$12,824
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
8.07%
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%
$256,480
$256.5K
Cap Rate 7%
$183,200
$183.2K
Cap Rate 9%
$142,489
$142.5K
Market Conditions
NOI Build-Up for 1,315 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
$19.7K $15.00/SF
− Vacancy
−$1.4K −$1.07/SF
EGI
$18.3K $13.93/SF
− OpEx
−$5.5K −$4.18/SF
NOI
$12.8K $9.75/SF
Area
Fairfield County, OH
Vacancy
7.12%
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%
$256,480
Cap Rate 7%
$183,200
Cap Rate 9%
$142,489
Alternative Uses
Best Use
Multifamily LT 5
$183.2K
$160.3K – $213.7K
NOI $12,824 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$166.3K
$145.5K – $194.0K
NOI $11,641 @ 7.0% cap · market cap 7.32%
Theoretical Best
Warehouse
$265.0K
$231.9K – $309.2K
NOI $18,553 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
Median Home Value
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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 - Residential income property with flexible two-unit layout, alley-accessed parking, covered porches, and a rear yard.
Where is this duplex located?
The property is located at 153 Lake St Lancaster, OH.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,315 square feet; Unit mix includes one 2 BR/1 Bath and one 1 BR/1 Bath residence; Off‑street parking accessed from the alley
