Duplex with Updated
New
For Sale
$169,900
224 Superior St, Marion, OH 43302
Both residences are occupied under month-to-month leases.
Property Size1,498 SF
Price / SF$113.42
Days on Market4
Property Features for 224 Superior St
General Information
Standard status
Active
Size
1,498 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$18,900
Multifamily Units
2
Building Details
Year Built
1928
Tenancy
Multi
Listing Agency:
Ryan Ruehle, Exp Realty, LLC
Listed By:
Real Estate Showcase RES
(740) 389-2000
Source:
Resmarion
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 14 at 10:37PM
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 Ryan Ruehle, Exp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1928, this 1,498-square-foot duplex contains two income-producing units. Both are tenant-occupied on month-to-month leases. Improvements include a replacement roof, gutters, siding, flooring, doors, toilet, and gas line, along with a rerouted sewer line.
Central air conditioning and a furnace were installed in 2017. Electrical work completed in 2018 included a new panel and updated wiring, outlets, and switches; all windows were also replaced in 2018.
Central air conditioning and a furnace were installed in 2017. Electrical work completed in 2018 included a new panel and updated wiring, outlets, and switches; all windows were also replaced in 2018.
Key Highlights
- Two tenant‑occupied units with month‑to‑month leases
- 1,498‑square‑foot duplex built in 1928
- Roof, gutters, and siding replaced; sewer line rerouted
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,084
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$101,680
$101.7K
Cap Rate 7%
$72,629
$72.6K
Cap Rate 9%
$56,489
$56.5K
Market Conditions
NOI Build-Up for 1,498 SF
Gross rent
$7.9K $5.28/SF
− Vacancy
−$646 −$0.43/SF
EGI
$7.3K $4.85/SF
− OpEx
−$2.2K −$1.45/SF
NOI
$5.1K $3.39/SF
Area
Marion County, OH
Vacancy
8.17%
Lease Rate
$5.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$101,680
Cap Rate 7%
$72,629
Cap Rate 9%
$56,489
Alternative Uses
Best Use
Multifamily LT 5
$72.6K
$63.6K – $84.7K
NOI $5,084 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$62.9K
$55.1K – $73.4K
NOI $4,405 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$302.4K
$264.6K – $352.8K
NOI $21,167 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied under month-to-month leases.
Where is this duplex located?
The property is located at 224 Superior St Marion, OH.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two tenant‑occupied units with month‑to‑month leases; 1,498‑square‑foot duplex built in 1928; Roof, gutters, and siding replaced; sewer line rerouted
