Renovated Triplex with
For Sale
$419,500
237 N Pine Street, Saint Marys, OH 45885
Converted church property with residential units, included appliances, and access to both on-site and street parking.
Property Size2,700 SF
Price / SF$155.37
Days on Market17
Property Features for 237 N Pine Street
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Listing Agency:
Closing Time Realty
(419) 305-9845
Listed By:
Kassandra Gilbert
(419) 305-9845
Source:
Exprealty
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 30 at 5:42PM
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 Closing Time Realty
Investment Insights
Based on property information with market context.
This triplex is housed within a converted church and includes two described residential configurations. The 237 and 239 N Pine St portion measures approximately 1,300 square feet with three bedrooms and one and a half baths. The 241 N Pine St portion measures approximately 1,400 square feet and offers three bedrooms and one bathroom. Refrigerators, stoves, microwaves, washers, and dryers remain with the units.
Renovation work was completed during 2023-2024. Parking is available on site and along the street, while the property is positioned near shopping and schools. Showings require 24-hour notice.
Renovation work was completed during 2023-2024. Parking is available on site and along the street, while the property is positioned near shopping and schools. Showings require 24-hour notice.
Key Highlights
- Triplex conversion from a church building
- Approximately 1,300 square feet at 237 and 239 N Pine St
- Approximately 1,400 square feet at 241 N Pine St
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
$18,509
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
4.41%
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%
$370,180
$370.2K
Cap Rate 7%
$264,414
$264.4K
Cap Rate 9%
$205,656
$205.7K
Market Conditions
NOI Build-Up for 2,700 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
$27.5K $10.20/SF
− Vacancy
−$1.1K −$0.41/SF
EGI
$26.4K $9.79/SF
− OpEx
−$7.9K −$2.94/SF
NOI
$18.5K $6.86/SF
Area
Auglaize County, OH
Vacancy
3.99%
Lease Rate
$10.20 /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%
$370,180
Cap Rate 7%
$264,414
Cap Rate 9%
$205,656
Alternative Uses
Best Use
Multifamily LT 5
$264.4K
$231.4K – $308.5K
NOI $18,509 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$231.7K
$202.7K – $270.3K
NOI $16,218 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$543.8K
$475.9K – $634.5K
NOI $38,069 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Explore this area
Business Placement
Demographics for 45885, OH
12,863
Population
5,734
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
95%
High-School Grad
72.4 sq mi
ZIP Area
178
Density / Sq Mi
$75,054
Median Household Income
$43,812
Median Earnings
$882
Median Rent
$153,900
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 - Converted church property with residential units, included appliances, and access to both on-site and street parking.
Where is this triplex located?
The property is located at 237 N Pine Street Saint Marys, OH.
What is the asking price?
The asking price for this property is $419,500.
What are key features of this property?
This property features: Triplex conversion from a church building; Approximately 1,300 square feet at 237 and 239 N Pine St; Approximately 1,400 square feet at 241 N Pine St
