Updated
For Sale
$159,900
231 E Mary St, Bucyrus, OH 44820
Three leased units comprise one efficiency and two two-bedroom, one-bath residences through 2027.
Property Size2,239 SF
Price / SF$71.42
Days on Market43
Property Features for 231 E Mary St
General Information
Standard status
Active
Size
2,239 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x efficiency, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$23,640
Taxes and HOA fees
Annual Taxes
$1,392
Building Details
Tenancy
Multi
Listing Agency:
I Heart Real Estate
(567) 216-0044
Listed By:
Kaleb Packer
(567) 216-0044
Source:
Exprealty
Added: Jul 1
Changed: Aug 11
Last Checked: Aug 11 at 5:25AM
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 I Heart Real Estate
Investment Insights
Based on property information with market context.
This updated triplex contains 2,239 square feet across three residential units: one efficiency and two two-bedroom, one-bath units. All three units are leased through 2027, providing an established occupancy profile for the property.
Located at 231 E Mary St in Bucyrus, Ohio, the building offers a straightforward unit mix for multifamily ownership. The landlord pays electric and gas, while residents are responsible for water, sewer, and trash. Recent updates have been completed, although specific improvement details are not provided.
Located at 231 E Mary St in Bucyrus, Ohio, the building offers a straightforward unit mix for multifamily ownership. The landlord pays electric and gas, while residents are responsible for water, sewer, and trash. Recent updates have been completed, although specific improvement details are not provided.
Key Highlights
- 2,239‑square‑foot triplex with three residential units
- Unit mix includes one efficiency and two 2‑bedroom, 1‑bath units
- All units are leased through 2027
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
$14,039
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
8.78%
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%
$280,780
$280.8K
Cap Rate 7%
$200,557
$200.6K
Cap Rate 9%
$155,989
$156.0K
Market Conditions
NOI Build-Up for 2,239 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
$26.9K $12.00/SF
− Vacancy
−$1.3K −$0.60/SF
EGI
$25.5K $11.40/SF
− OpEx
−$11.5K −$5.13/SF
NOI
$14.0K $6.27/SF
Area
Crawford County, OH
Vacancy
5.00%
Lease Rate
$12.00 /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%
$280,780
Cap Rate 7%
$200,557
Cap Rate 9%
$155,989
Alternative Uses
Best Use
Multifamily LT 5
$215.8K
$188.8K – $251.8K
NOI $15,107 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$200.6K
$175.5K – $234.0K
NOI $14,039 @ 7.0% cap · market cap 8.78%
Theoretical Best
Specialty Retail
$438.9K
$384.1K – $512.1K
NOI $30,724 @ 7.0% cap · market cap 19.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
Explore this area
Business Placement
Demographics for 44820, OH
17,114
Population
7,982
Households
2.1
Avg Household Size
45
Median Age
14%
College-Educated
91%
High-School Grad
160.6 sq mi
ZIP Area
107
Density / Sq Mi
$56,942
Median Household Income
$38,073
Median Earnings
$742
Median Rent
$134,100
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?
Triplex - Three leased units comprise one efficiency and two two-bedroom, one-bath residences through 2027.
Where is this triplex located?
The property is located at 231 E Mary St Bucyrus, OH.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: 2,239‑square‑foot triplex with three residential units; Unit mix includes one efficiency and two 2‑bedroom, 1‑bath units; All units are leased through 2027
