Side-by-Side Duplex with
For Sale
$214,900
201-203 S Prospect Street, Kent, OH 44240
Two connected residences include a detached garage and separate outbuilding for added storage.
Property Size1,728 SF
Days on Market49
Property Features for 201-203 S Prospect Street
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,987
Building Details
Building Size
1,728 SF
Year Built
1920
Buildings
3
Listing Agency:
Keller Williams Chervenic Rlty
(330) 338-9047
Listed By:
Jodi L Mignano · License #2005004349
(330) 338-9047
Source:
Carolgoffrealestate
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 29 at 5:17PM
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 Chervenic Rlty
Investment Insights
Based on property information with market context.
Built in 1920, this side-by-side duplex offers two residential units with a practical layout. Each unit contains two bedrooms and one full bath, with living space on the main level and the bedrooms and bathroom upstairs. Both residences have newer furnaces, and some windows have also been replaced. A detached garage and an additional outbuilding provide storage and functional support space.
The property is located at 201-203 S Prospect Street in Kent, near downtown Kent and Kent State University. The units are leased through 7/31/2027, and tenants pay all utilities, providing an established occupancy arrangement for the current ownership period.
The property is located at 201-203 S Prospect Street in Kent, near downtown Kent and Kent State University. The units are leased through 7/31/2027, and tenants pay all utilities, providing an established occupancy arrangement for the current ownership period.
Key Highlights
- Two‑unit side‑by‑side duplex with 2 bedrooms and 1 full bath in each unit
- Leased through 7/31/2027
- Detached garage plus a second outbuilding
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
$15,042
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
7.00%
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%
$300,840
$300.8K
Cap Rate 7%
$214,886
$214.9K
Cap Rate 9%
$167,133
$167.1K
Market Conditions
NOI Build-Up for 1,728 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
$22.8K $13.20/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$21.5K $12.44/SF
− OpEx
−$6.4K −$3.73/SF
NOI
$15.0K $8.71/SF
Area
Portage County, OH
Vacancy
5.79%
Lease Rate
$13.20 /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%
$300,840
Cap Rate 7%
$214,886
Cap Rate 9%
$167,133
Alternative Uses
Best Use
Multifamily LT 5
$214.9K
$188.0K – $250.7K
NOI $15,042 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$198.9K
$174.0K – $232.0K
NOI $13,922 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$348.1K
$304.6K – $406.1K
NOI $24,364 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
Explore this area
Business Placement
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
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?
Duplex - Two connected residences include a detached garage and separate outbuilding for added storage.
Where is this duplex located?
The property is located at 201-203 S Prospect Street Kent, OH.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with 2 bedrooms and 1 full bath in each unit; Leased through 7/31/2027; Detached garage plus a second outbuilding
