Listing Agency: RE/MAX Preferred Associates a***@tolmetro.com Show Phone

Listed By: Justin D Annis · License #6501461924 Show Phone

Source: Exprealty

Added: Aug 31 Changed: Sep 12 Last Checked: Sep 12 at 2:38PM

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Investment Insights

Based on property information with market context.

This 1,742-square-foot duplex in Waterville, Ohio, offers two residential units within one property. The configuration supports multiple occupancy approaches, including living in one unit while renting the other or leasing both units.

Key Highlights

• Two‑unit duplex configuration
• 1,742 square feet of building area
• Located at 215 N 2nd St in Waterville, OH

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

$14,027

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

5.61%

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%

$280,540 $280.5K

Cap Rate 7%

$200,386 $200.4K

Cap Rate 9%

$155,856 $155.9K

Market Conditions

NOI Build-Up for 1,742 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

$21.5K $12.36/SF

− Vacancy

−$1.5K −$0.86/SF

EGI

$20.0K $11.50/SF

− OpEx

−$6.0K −$3.45/SF

NOI

$14.0K $8.05/SF

Area

Lucas County, OH

Vacancy

6.93%

Lease Rate

$12.36 /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%

$280,540

Cap Rate 7%

$200,386

Cap Rate 9%

$155,856

Alternative Uses

Best Use

Multifamily LT 5

$200.4K

$175.3K – $233.8K (±1% cap)

NOI $14,027 @ 7.0% cap · market cap 5.61%

Second Best

Apartment 5plus

$175.1K

$153.2K – $204.3K (±1% cap)

NOI $12,257 @ 7.0% cap · market cap 4.90%

Theoretical Best

Specialty Retail

$318.8K

$279.0K – $372.0K (±1% cap)

NOI $22,318 @ 7.0% cap · market cap 8.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm HVAC Service Real Estate Agency Big Box & Wholesale Store Parking Lot & Garage Plumbing Service

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

Location Intelligence

Trade Area within ½ mile

200

Businesses Nearby

Explore this area Business Placement

Demographics for 43566, OH

8,371

Population

3,594

Households

2.3

Avg Household Size

43

Median Age

46%

College-Educated

98%

High-School Grad

18.4 sq mi

ZIP Area

455

Density / Sq Mi

$108,497

Median Household Income

$57,413

Median Earnings

$1,378

Median Rent

$283,500

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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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?

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Frequently Asked Questions

What type of property is this?

Duplex - Duplex configuration supports owner occupancy or rental of both units.

Where is this duplex located?

The property is located at 215 N 2nd St Waterville, OH.

What is the asking price?

The asking price for this property is $249,900.

What are key features of this property?

This property features: Two‑unit duplex configuration; 1,742 square feet of building area; Located at 215 N 2nd St in Waterville, OH