Building Details

Year Built 1989

Listing Agency: Collins Real Estate Services Show Phone

Listed By: Streetlight Realty Show Phone

Source: Streetlightrealtors

Added: Aug 16 Changed: Aug 30 Last Checked: Aug 30 at 1:49AM

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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 Collins Real Estate Services

Investment Insights

Based on property information with market context.

Built in 1989, this 3,752-square-foot quadplex contains four townhouse-style units. Each residence includes two bedrooms and two full bathrooms, with a living room, eat-in kitchen, and full bath on the main level. The upper floor adds two bedrooms and another full bathroom, creating a consistent two-story configuration throughout the property.

Every unit includes washer/dryer hookups, off-street parking, and an outdoor storage closet. Property updates include light fixtures, towel bars, bath fans, toilets, wall heaters, window A/C units, bathroom vanities, a main water supply valve, fresh paint, blinds, smoke detectors, and a garbage disposal, with specific improvements completed at 1855, 1857, and 1861. The property is located at 1855-1861 N Lakeman Dr in Bellbrook, Ohio.

Key Highlights

• Four townhouse‑style units, each with 2 bedrooms and 2 full bathrooms
• 3,752 SF quadplex constructed in 1989
• Two‑story floor plans with living room, eat‑in kitchen, and full bathrooms on the main level

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

$34,729

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

5.34%

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%

$694,580 $694.6K

Cap Rate 7%

$496,129 $496.1K

Cap Rate 9%

$385,878 $385.9K

Market Conditions

NOI Build-Up for 3,752 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

$51.8K $13.80/SF

− Vacancy

−$2.2K −$0.58/SF

EGI

$49.6K $13.22/SF

− OpEx

−$14.9K −$3.97/SF

NOI

$34.7K $9.26/SF

Area

Greene County, OH

Vacancy

4.18%

Lease Rate

$13.80 /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%

$694,580

Cap Rate 7%

$496,129

Cap Rate 9%

$385,878

Alternative Uses

Best Use

Multifamily LT 5

$496.1K

$434.1K – $578.8K (±1% cap)

NOI $34,729 @ 7.0% cap · market cap 5.34%

Second Best

Apartment 5plus

$456.6K

$399.5K – $532.7K (±1% cap)

NOI $31,959 @ 7.0% cap · market cap 4.92%

Theoretical Best

Office B

$705.5K

$617.3K – $823.1K (±1% cap)

NOI $49,383 @ 7.0% cap · market cap 7.60%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick Law Firm Real Estate Agency HVAC Service Hair Salon Barber Shop Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

499

Businesses Nearby

Explore this area Business Placement

Demographics for 45305, OH

11,470

Population

4,466

Households

2.6

Avg Household Size

41

Median Age

52%

College-Educated

96%

High-School Grad

13.8 sq mi

ZIP Area

831

Density / Sq Mi

$119,129

Median Household Income

$62,873

Median Earnings

$1,241

Median Rent

$314,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Quadplex - Four individually configured residences provide two-story layouts, in-unit laundry hookups, off-street parking, and private storage.

Where is this quadplex located?

The property is located at 1855-1861 N Lakeman Dr Bellbrook, OH.

What is the asking price?

The asking price for this property is $649,900.

What are key features of this property?

This property features: Four townhouse‑style units, each with 2 bedrooms and 2 full bathrooms; 3,752 SF quadplex constructed in 1989; Two‑story floor plans with living room, eat‑in kitchen, and full bathrooms on the main level