7-Unit Apartment
For Sale
$269,900
196 W Main St, Wilmington, OH 45177
Fully occupied rental property with on-site management, enclosed porch, fenced yard, and detached garage space.
Property Size2,600 SF
Price / SF$103.81
Days on Market19
Property Features for 196 W Main St
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
7
Amenities
on-site manager
front enclosed porch
fenced-in backyard
garage
Building Details
Year Built
1922
Listing Agency:
Here To Serve Real Estate Prof
(937) 728-4222
Listed By:
Matthew Thompson
Source:
Finn-team
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 25 at 4:34AM
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 Here To Serve Real Estate Prof
Investment Insights
Based on property information with market context.
This apartment building contains 7 rental units and is fully occupied, with an on-site manager supporting day-to-day property operations. The improvements include an enclosed front porch, a fenced backyard, and a 28-by-19-foot garage that provides additional storage or tenant-use space.
Built in 1922, the property has a metal roof installed 2 years ago. The building is located at 196 W Main St in Wilmington, Ohio, and offers a defined multifamily configuration with existing occupancy and on-site management in place.
Built in 1922, the property has a metal roof installed 2 years ago. The building is located at 196 W Main St in Wilmington, Ohio, and offers a defined multifamily configuration with existing occupancy and on-site management in place.
Key Highlights
- 7 rental units with full occupancy
- On‑site manager supports property operations
- 28x19 garage provides additional storage or tenant‑use space
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
$18,451
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
6.84%
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%
$369,020
$369.0K
Cap Rate 7%
$263,586
$263.6K
Cap Rate 9%
$205,011
$205.0K
Market Conditions
NOI Build-Up for 2,600 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
$35.9K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$33.5K $12.90/SF
− OpEx
−$15.1K −$5.81/SF
NOI
$18.5K $7.10/SF
Area
Clinton County, OH
Vacancy
6.50%
Lease Rate
$13.80 /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%
$369,020
Cap Rate 7%
$263,586
Cap Rate 9%
$205,011
Alternative Uses
Best Use
Apartment 5plus
$263.6K
$230.6K – $307.5K
NOI $18,451 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$676.9K
$592.3K – $789.7K
NOI $47,381 @ 7.0% cap · market cap 17.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 45177, OH
22,349
Population
9,870
Households
2.3
Avg Household Size
40
Median Age
26%
College-Educated
94%
High-School Grad
170.0 sq mi
ZIP Area
131
Density / Sq Mi
$70,483
Median Household Income
$36,980
Median Earnings
$933
Median Rent
$209,400
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?
Apartment building - Fully occupied rental property with on-site management, enclosed porch, fenced yard, and detached garage space.
Where is this apartment building located?
The property is located at 196 W Main St Wilmington, OH.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 7 rental units with full occupancy; On‑site manager supports property operations; 28x19 garage provides additional storage or tenant‑use space
