Building Details

Buildings 1

Listing Agency: Plum Tree Realty t***@gmail.com Show Phone

Listed By: Troy Kutcha · License #2024000279 Show Phone

Source: Exprealty

Added: Aug 13 Changed: Aug 23 Last Checked: Aug 23 at 6:56AM

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Investment Insights

Based on property information with market context.

This duplex contains 1,168 square feet across two residential units. Both residences have updated finishes, and the HVAC system was replaced in 2024. One unit is leased, while the other is vacant and ready for a new occupant.

The owner covers water service and lawn care; residents are responsible for electric and gas. The property is in the Kings Local School District in South Lebanon, with access to I-71 and proximity to Kings Island and the Little Miami Bike Trail. Mason, Loveland, and Cincinnati are also accessible from the property.

Key Highlights

• Two‑unit duplex totaling 1,168 square feet
• Updated finishes in both units
• HVAC replaced in 2024

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

$10,790

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

3.93%

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%

$215,800 $215.8K

Cap Rate 7%

$154,143 $154.1K

Cap Rate 9%

$119,889 $119.9K

Market Conditions

NOI Build-Up for 1,168 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

$16.4K $14.04/SF

− Vacancy

−$984 −$0.84/SF

EGI

$15.4K $13.20/SF

− OpEx

−$4.6K −$3.96/SF

NOI

$10.8K $9.24/SF

Area

Warren County, OH

Vacancy

6.00%

Lease Rate

$14.04 /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%

$215,800

Cap Rate 7%

$154,143

Cap Rate 9%

$119,889

Alternative Uses

Best Use

Multifamily LT 5

$154.1K

$134.9K – $179.8K (±1% cap)

NOI $10,790 @ 7.0% cap · market cap 3.93%

Second Best

Apartment 5plus

$137.8K

$120.6K – $160.8K (±1% cap)

NOI $9,648 @ 7.0% cap · market cap 3.51%

Theoretical Best

Office A

$260.9K

$228.3K – $304.4K (±1% cap)

NOI $18,262 @ 7.0% cap · market cap 6.64%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Plumbing Service Auto Parts Store

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

2

Residential units

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

140

Businesses Nearby

Explore this area Business Placement

Demographics for 45065, OH

6,725

Population

2,527

Households

2.7

Avg Household Size

35

Median Age

46%

College-Educated

93%

High-School Grad

2.9 sq mi

ZIP Area

2,319

Density / Sq Mi

$107,222

Median Household Income

$49,045

Median Earnings

$1,011

Median Rent

$313,100

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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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with refreshed interiors, recent HVAC replacement, and one residence available for occupancy.

Where is this duplex located?

The property is located at 199 Mckinley St South Lebanon, OH.

What is the asking price?

The asking price for this property is $274,900.

What are key features of this property?

This property features: Two‑unit duplex totaling 1,168 square feet; Updated finishes in both units; HVAC replaced in 2024