Updated Duplex with Fenced
For Sale
$219,900
16015 Kellogg Rd, Bowling Green, OH 43402
Two-unit property with refreshed interiors, appliance packages, and recent exterior improvements.
Property Size1,761 SF
Price / SF$124.87
Days on Market10
Property Features for 16015 Kellogg Rd
General Information
Standard status
Active
Size
1,761 SF
Property subtype
Residential Income
Amenities
patios
Listing Agency:
Newlove Realty
(419) 352-5161
Listed By:
Katherine A. Newlove
(419) 308-3422
Source:
Exprealty
Added: Sep 14
Changed: Sep 19
Last Checked: Sep 22 at 10:13PM
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 Newlove Realty
Investment Insights
Based on property information with market context.
This 1,761-property-size duplex includes improvements to both residences. Side B has new luxury vinyl flooring, while side A features newer carpet. Both kitchens are fully equipped with appliances, and the interiors have been freshly painted. A walk-in closet adds storage within the property.
Major recent work includes a new roof and siding in 2021, a new boiler, some replacement windows, and new laundry equipment. Exterior updates include new blacktop and privacy fencing around the patios. The property is located at 16015 Kellogg Rd in Bowling Green, OH.
Major recent work includes a new roof and siding in 2021, a new boiler, some replacement windows, and new laundry equipment. Exterior updates include new blacktop and privacy fencing around the patios. The property is located at 16015 Kellogg Rd in Bowling Green, OH.
Key Highlights
- Roof and siding replaced in 2021
- New luxury vinyl flooring in side B
- New boiler and some new windows
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
$14,678
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
6.67%
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%
$293,560
$293.6K
Cap Rate 7%
$209,686
$209.7K
Cap Rate 9%
$163,089
$163.1K
Market Conditions
NOI Build-Up for 1,761 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
$22.2K $12.60/SF
− Vacancy
−$1.2K −$0.69/SF
EGI
$21.0K $11.91/SF
− OpEx
−$6.3K −$3.57/SF
NOI
$14.7K $8.33/SF
Area
Wood County, OH
Vacancy
5.50%
Lease Rate
$12.60 /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%
$293,560
Cap Rate 7%
$209,686
Cap Rate 9%
$163,089
Alternative Uses
Best Use
Multifamily LT 5
$209.7K
$183.5K – $244.6K
NOI $14,678 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$194.0K
$169.8K – $226.4K
NOI $13,581 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$410.2K
$358.9K – $478.5K
NOI $28,712 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
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Business Placement
Demographics for 43402, OH
31,459
Population
14,784
Households
2.1
Avg Household Size
31
Median Age
45%
College-Educated
96%
High-School Grad
110.7 sq mi
ZIP Area
284
Density / Sq Mi
$56,245
Median Household Income
$26,393
Median Earnings
$875
Median Rent
$230,500
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 - Two-unit property with refreshed interiors, appliance packages, and recent exterior improvements.
Where is this duplex located?
The property is located at 16015 Kellogg Rd Bowling Green, OH.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Roof and siding replaced in 2021; New luxury vinyl flooring in side B; New boiler and some new windows
