Duplex Near Ohio
For Sale
$279,900
Pending
226 West Union Street, Athens, OH 45701
Duplex near Ohio University, great investment or owner-occupant opportunity.
Property Size1,892 SF
Days on Market125
Property Features for 226 West Union Street
General Information
Standard status
Pending
Size
1,892 SF
Property subtype
Multi-Family / Duplex
Taxes and HOA fees
Annual Taxes
$3,277
Amenities
Central Air
Yes
Building Details
Year Built
1900
Listing Agency:
e-Merge Real Estate Excellence
(740) 412-6040
Listed By:
Heather Dalessandri · License #2012001207
(740) 412-6040
Source:
Compass
Added: Apr 28
Changed: Aug 8
Last Checked: Jul 24 at 1:13PM
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 e-Merge Real Estate Excellence
Investment Insights
Based on property information with market context.
This duplex is located near Ohio University in Athens and offers investment or owner-occupant potential. The main floor unit features 2 bedrooms, a spacious living room, a kitchen, and 1 full bath. The upper unit includes 2 bedrooms, a kitchen, 1 full bath, and a small living room that could serve as a possible 3rd bedroom or office. The property is conveniently located near campus, shopping, dining, and local amenities. It offers a rental opportunity in a desirable location. The property size is 1892 square feet.
Key Highlights
- Excellent investment opportunity or owner‑occupant potential.
- Located near Ohio University and local amenities.
- Strong rental opportunity in a desirable location.
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
$16,637
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
5.94%
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%
$332,740
$332.7K
Cap Rate 7%
$237,671
$237.7K
Cap Rate 9%
$184,856
$184.9K
Market Conditions
NOI Build-Up for 1,892 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
$27.9K $14.76/SF
− Vacancy
−$4.2K −$2.20/SF
EGI
$23.8K $12.56/SF
− OpEx
−$7.1K −$3.77/SF
NOI
$16.6K $8.79/SF
Area
Athens County, OH
Vacancy
14.89%
Lease Rate
$14.76 /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%
$332,740
Cap Rate 7%
$237,671
Cap Rate 9%
$184,856
Alternative Uses
Best Use
Multifamily LT 5
$237.7K
$208.0K – $277.3K
NOI $16,637 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$218.1K
$190.9K – $254.5K
NOI $15,269 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$432.1K
$378.1K – $504.1K
NOI $30,247 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 45701, OH
33,705
Population
13,230
Households
2.5
Avg Household Size
27
Median Age
57%
College-Educated
95%
High-School Grad
148.6 sq mi
ZIP Area
227
Density / Sq Mi
$49,604
Median Household Income
$13,495
Median Earnings
$1,018
Median Rent
$217,700
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 - Duplex near Ohio University, great investment or owner-occupant opportunity.
Where is this duplex located?
The property is located at 226 West Union Street Athens, OH.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Excellent investment opportunity or owner‑occupant potential.; Located near Ohio University and local amenities.; Strong rental opportunity in a desirable location.
