Three-Unit Apartment
For Sale
$449,500
16 Watt St, Athens, OH 45701
Corner-lot multifamily property with a two-car garage, full basement, metal roofing, and a spacious covered front porch.
Property Size2,173 SF
Price / SF$206.86
Days on Market36
Property Features for 16 Watt St
General Information
Standard status
Active
Size
2,173 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Additional Details
Asking Price
$449,500
Taxes and HOA fees
Annual Taxes
$4,845
Amenities
full basement
front porch
Building Details
Buildings
1
Listing Agency:
Grueser Realty & Building
(740) 591-3015
Listed By:
Larry Conrath
(740) 591-3015
Source:
Exprealty
Added: Jul 17
Changed: Aug 21
Last Checked: Aug 21 at 5:58AM
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 Grueser Realty & Building
Investment Insights
Based on property information with market context.
This multifamily property contains three one-bedroom apartments within a 2,173-square-foot building. The layout supports separate residential units, while the full basement provides additional storage. Exterior features include metal roofs and a large front porch, with a two-car garage situated on the corner lot.
The property is located at 16 Watt St in Athens, Ohio, approximately two blocks from Kindred Market & Cafe. Its three-unit configuration, accessory storage, garage parking, and porch create a straightforward apartment asset with multiple residential spaces and useful supporting improvements.
The property is located at 16 Watt St in Athens, Ohio, approximately two blocks from Kindred Market & Cafe. Its three-unit configuration, accessory storage, garage parking, and porch create a straightforward apartment asset with multiple residential spaces and useful supporting improvements.
Key Highlights
- Three one‑bedroom apartments in a triplex configuration
- 2,173‑square‑foot multifamily building
- Corner lot with a two‑car garage
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
$19,108
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
4.25%
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%
$382,160
$382.2K
Cap Rate 7%
$272,971
$273.0K
Cap Rate 9%
$212,311
$212.3K
Market Conditions
NOI Build-Up for 2,173 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
$32.1K $14.76/SF
− Vacancy
−$4.8K −$2.20/SF
EGI
$27.3K $12.56/SF
− OpEx
−$8.2K −$3.77/SF
NOI
$19.1K $8.79/SF
Area
Athens County, OH
Vacancy
14.89%
Lease Rate
$14.76 /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%
$382,160
Cap Rate 7%
$272,971
Cap Rate 9%
$212,311
Alternative Uses
Best Use
Multifamily LT 5
$273.0K
$238.9K – $318.5K
NOI $19,108 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$250.5K
$219.2K – $292.3K
NOI $17,537 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$496.3K
$434.2K – $579.0K
NOI $34,739 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 45701, OH
33,705
Population
13,230
Households
2.5
Avg Household Size
27
Median Age
57%
College-Educated
95%
High-School Grad
148.6 sq mi
ZIP Area
227
Density / Sq Mi
$49,604
Median Household Income
$13,495
Median Earnings
$1,018
Median Rent
$217,700
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?
Triplex - Corner-lot multifamily property with a two-car garage, full basement, metal roofing, and a spacious covered front porch.
Where is this triplex located?
The property is located at 16 Watt St Athens, OH.
What is the asking price?
The asking price for this property is $449,500.
What are key features of this property?
This property features: Three one‑bedroom apartments in a triplex configuration; 2,173‑square‑foot multifamily building; Corner lot with a two‑car garage
