10-Unit Apartment Property with Covered
For Sale
$950,000
203 E Maple St, Hartville, OH 44632
Two-building multifamily asset with functional layouts, covered parking, and established tenant occupancy.
Property Size8,120 SF
Price / SF$116
Days on Market52
Property Features for 203 E Maple St
General Information
Standard status
Active
Size
8,120 SF
Occupancy
90%
Additional Details
Gross Income
$92,280
Multifamily Units
10
Amenities
covered parking
Building Details
Year Built
1900
Buildings
2
Listing Agency:
Keller Williams Legacy Group Realty
(330) 571-1217
Listed By:
Kristy Trentman · License #2019003291
Source:
Theacclaimedrealty
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 25 at 5:36AM
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 Legacy Group Realty
Investment Insights
Based on property information with market context.
This 10-unit apartment property comprises two separate buildings, configured as one 4-unit structure and one 6-unit structure. Built in 1900, the asset includes covered parking, functional apartment layouts, and an established rental history. Occupancy is reported at 90%, with long-term tenants in place.
The property is located in Hartville, Ohio, within a quiet residential setting and near local shopping, dining, and major routes. Its unit distribution across two buildings provides a straightforward multifamily configuration, while covered parking adds a practical amenity for residents.
The property is located in Hartville, Ohio, within a quiet residential setting and near local shopping, dining, and major routes. Its unit distribution across two buildings provides a straightforward multifamily configuration, while covered parking adds a practical amenity for residents.
Key Highlights
- 10 total apartment units across two buildings
- Unit mix includes one 4‑unit building and one 6‑unit building
- 90% occupied with long‑term tenants
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
$59,474
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
6.26%
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%
$1,189,480
$1.2M
Cap Rate 7%
$849,629
$849.6K
Cap Rate 9%
$660,822
$660.8K
Market Conditions
NOI Build-Up for 8,120 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
$112.1K $13.80/SF
− Vacancy
−$3.9K −$0.48/SF
EGI
$108.1K $13.32/SF
− OpEx
−$48.7K −$5.99/SF
NOI
$59.5K $7.32/SF
Area
Stark County, OH
Vacancy
3.50%
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%
$1,189,480
Cap Rate 7%
$849,629
Cap Rate 9%
$660,822
Alternative Uses
Best Use
Apartment 5plus
$849.6K
$743.4K – $991.2K
NOI $59,474 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.12M
$1.86M – $2.47M
NOI $148,404 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 44632, OH
10,047
Population
4,066
Households
2.5
Avg Household Size
43
Median Age
32%
College-Educated
93%
High-School Grad
27.8 sq mi
ZIP Area
361
Density / Sq Mi
$88,448
Median Household Income
$48,777
Median Earnings
$999
Median Rent
$259,200
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 - Two-building multifamily asset with functional layouts, covered parking, and established tenant occupancy.
Where is this apartment building located?
The property is located at 203 E Maple St Hartville, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 10 total apartment units across two buildings; Unit mix includes one 4‑unit building and one 6‑unit building; 90% occupied with long‑term tenants
