Listing Agency: eXp Realty, LLC k***@exprealty.net Show Phone

Listed By: Mark Rankin · License #OH2006002409 Show Phone

Source: Exprealty

Added: Aug 21 Changed: Sep 11 Last Checked: Sep 15 at 1:42PM

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Investment Insights

Based on property information with market context.

This Dayton duplex contains approximately 1,700 square feet across two 2-bedroom, 1-bath units. Both residences are vacant, allowing the next owner to determine leasing or occupancy plans. Completed work includes new windows, roof improvements, mechanical updates, electrical updates, and a newer water heater. A large backyard adds outdoor space to the property.

Located at 206 3rd Avenue in Dayton, KY, the property is near Fairfield Avenue and Manhattan Harbour, with Downtown Cincinnati described as just minutes away. The two-unit layout supports several ownership approaches, including renting both residences or occupying one while leasing the other.

Key Highlights

• Approximately 1,700 square feet across two units
• Two 2‑bedroom, 1‑bath residences
• Both units currently vacant

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

$15,311

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

6.66%

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%

$306,220 $306.2K

Cap Rate 7%

$218,729 $218.7K

Cap Rate 9%

$170,122 $170.1K

Market Conditions

NOI Build-Up for 1,700 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

$23.9K $14.04/SF

− Vacancy

−$2.0K −$1.17/SF

EGI

$21.9K $12.87/SF

− OpEx

−$6.6K −$3.86/SF

NOI

$15.3K $9.01/SF

Area

Campbell County, KY

Vacancy

8.36%

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%

$306,220

Cap Rate 7%

$218,729

Cap Rate 9%

$170,122

Alternative Uses

Best Use

Multifamily LT 5

$218.7K

$191.4K – $255.2K (±1% cap)

NOI $15,311 @ 7.0% cap · market cap 6.66%

Second Best

Apartment 5plus

$201.7K

$176.5K – $235.4K (±1% cap)

NOI $14,121 @ 7.0% cap · market cap 6.14%

Theoretical Best

Office A

$466.3K

$408.0K – $544.0K (±1% cap)

NOI $32,640 @ 7.0% cap · market cap 14.20%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Kitchen & Bath Showroom Plumbing Service (Bike/Boat/Book/etc) Store Auto Parts Store Computer & Electronic Repair

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

Location Intelligence

Trade Area within ½ mile

873

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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

Frequently Asked Questions

What type of property is this?

Duplex - Vacant residences provide flexibility for leasing, owner occupancy, or repositioning.

Where is this duplex located?

The property is located at 206 3rd Ave Dayton, KY.

What is the asking price?

The asking price for this property is $229,900.

What are key features of this property?

This property features: Approximately 1,700 square feet across two units; Two 2‑bedroom, 1‑bath residences; Both units currently vacant