Brick Duplex with
New
For Sale
$128,900
Pending
1808 Stewart Boulevard, Fairborn, OH 45324
ResidentialIncome, Fairborn, OH
Property Size1,296 SF
Lot Size0.03 Acres
Days on Market3
Property Features for 1808 Stewart Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Zoning description
Residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Parking features
Garage
Subdivision
Wright View Heights
Elementary school district
Fairborn
Middle school district
Fairborn
High school district
Fairborn
Standard status
Pending
APN
A02-0002-0015-0-0500-00
Size
1,296 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
W V HEIGHTS ALL LOT 1026 1808-1810 STEWART BLVD
Legal Description
W V HEIGHTS ALL LOT 1026 1808-1810 STEWART BLVD
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1968
Floors in Building
1
Number of units
2
Building materials
Brick
Listing Agency:
Keller Williams Community Part · Keller Williams Realty
(937) 530-4904
Listed By:
Brandon Harris
(513) 438-0722
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 14 at 1:06AM
MLS# 968294
Copyright © 2026 Dayton Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 1,296 square feet across two residential units, with each side configured with one bedroom and one bathroom. The brick building was constructed in 1968 and includes garage parking, forced-air natural gas heating, and window-unit cooling. One unit is currently tenant occupied, providing an existing residential tenancy at the property.
Located at 1808 Stewart Boulevard in Fairborn, the property is positioned near shopping, dining, schools, and major roadways. The 0.0298-acre lot supports a compact residential footprint within a Residential-zoned setting.
Located at 1808 Stewart Boulevard in Fairborn, the property is positioned near shopping, dining, schools, and major roadways. The 0.0298-acre lot supports a compact residential footprint within a Residential-zoned setting.
Key Highlights
- Duplex with 1,296 square feet of total property size
- Each unit includes 1 bedroom and 1 bathroom
- One unit is currently tenant occupied
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
$11,039
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
8.56%
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%
$220,780
$220.8K
Cap Rate 7%
$157,700
$157.7K
Cap Rate 9%
$122,656
$122.7K
Market Conditions
NOI Build-Up for 1,296 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
$21.0K $16.20/SF
− Vacancy
−$924 −$0.71/SF
EGI
$20.1K $15.49/SF
− OpEx
−$9.0K −$6.97/SF
NOI
$11.0K $8.52/SF
Area
Greene County, OH
Vacancy
4.40%
Lease Rate
$16.20 /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%
$220,780
Cap Rate 7%
$157,700
Cap Rate 9%
$122,656
Alternative Uses
Best Use
Multifamily LT 5
$171.4K
$150.0K – $199.9K
NOI $11,996 @ 7.0% cap · market cap 9.31%
Second Best
Apartment 5plus
$157.7K
$138.0K – $184.0K
NOI $11,039 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office B
$243.7K
$213.2K – $284.3K
NOI $17,058 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 45324, OH
40,449
Population
19,729
Households
2.1
Avg Household Size
34
Median Age
30%
College-Educated
92%
High-School Grad
33.1 sq mi
ZIP Area
1,222
Density / Sq Mi
$59,861
Median Household Income
$37,348
Median Earnings
$989
Median Rent
$177,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one occupied unit and natural gas forced-air heat.
Where is this duplex located?
The property is located at 1808 Stewart Boulevard Fairborn, OH.
What is the asking price?
The asking price for this property is $128,900.
What are key features of this property?
This property features: Duplex with 1,296 square feet of total property size; Each unit includes 1 bedroom and 1 bathroom; One unit is currently tenant occupied
