Well-Maintained Four-Unit
For Sale
$400,000
Pending
1708 Graylock Street, Lancaster, OH 43130
Each unit includes in-unit washer and dryer, with tenants paying separately metered electric and water.
Property Size3,600 SF
Days on Market60
Property Features for 1708 Graylock Street
General Information
Standard status
Pending
Size
3,600 SF
Property subtype
Multi-Family / Townhouse
Occupancy
100%
Net Operating Income
$26,052
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,354
Amenities
in-unit washer and dryer
Central Air
Heat Pump
Electric
Yes
Building Details
Year Built
1994
Tenancy
Multi
Listing Agency:
Keller Williams Consultants
Listed By:
Jeffrey A Messmer · License #2012000287
(614) 565-6858
Source:
Compass
Added: Jul 9
Changed: Aug 21
Last Checked: Aug 14 at 7:56AM
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 Keller Williams Consultants
Investment Insights
Based on property information with market context.
Well-maintained four-unit quadplex offered for sale, with each unit featuring two bedrooms, one bathroom, and in-unit washer and dryer. The property’s electric and water services are separately metered for tenant billing, and tenants are responsible for all utilities. The building has been consistently maintained, with many major mechanical updates completed within the past five years.
The property has remained fully occupied, with a waiting list reported whenever a unit becomes available, indicating steady rental demand. Current rents are stated at $800 per month per unit, with leases converting to month-to-month at the end of August 2026. The listing also notes potential for increased income, citing comparable two-bedroom units leasing between $1,000 and $1,200 per month in the area.
Located at 1708 Graylock Street in Lancaster, OH, showings are allowed within 48 hours of accepted offer.
The property has remained fully occupied, with a waiting list reported whenever a unit becomes available, indicating steady rental demand. Current rents are stated at $800 per month per unit, with leases converting to month-to-month at the end of August 2026. The listing also notes potential for increased income, citing comparable two-bedroom units leasing between $1,000 and $1,200 per month in the area.
Located at 1708 Graylock Street in Lancaster, OH, showings are allowed within 48 hours of accepted offer.
Key Highlights
- Four‑unit property built in 1994 with 2BR/1BA units
- Each unit offers 900 SF of living space and includes in‑unit washer and dryer
- Tenants pay separately metered electric and water service
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
$35,109
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
8.78%
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%
$702,180
$702.2K
Cap Rate 7%
$501,557
$501.6K
Cap Rate 9%
$390,100
$390.1K
Market Conditions
NOI Build-Up for 3,600 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
$54.0K $15.00/SF
− Vacancy
−$3.8K −$1.07/SF
EGI
$50.2K $13.93/SF
− OpEx
−$15.0K −$4.18/SF
NOI
$35.1K $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%
$702,180
Cap Rate 7%
$501,557
Cap Rate 9%
$390,100
Alternative Uses
Best Use
Multifamily LT 5
$501.6K
$438.9K – $585.2K
NOI $35,109 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$455.3K
$398.4K – $531.1K
NOI $31,868 @ 7.0% cap · market cap 7.97%
Theoretical Best
Warehouse
$725.6K
$634.9K – $846.5K
NOI $50,791 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
517
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Each unit includes in-unit washer and dryer, with tenants paying separately metered electric and water.
Where is this quadplex located?
The property is located at 1708 Graylock Street Lancaster, OH.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Four‑unit property built in 1994 with 2BR/1BA units; Each unit offers 900 SF of living space and includes in‑unit washer and dryer; Tenants pay separately metered electric and water service
