Quadplexes Near Ohio University
For Sale
$750,000
253 W Union St, Athens, OH 45701
Multi Family, 4+ Units, Athens, OH
Property Size6,746 SF
Price / SF$111.18
Days on Market95
Property Features for 253 W Union St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 10, Bedroom 7, Bathroom 4, Bedroom 9, Bathroom 1, Bathroom 5, Bedroom 4, Bathroom 2, Bedroom 5, Bathroom 3, Bathroom 6, Bedroom 3, Bedroom 2, Bedroom 12, Bedroom 6, Bedroom 11, Bedroom 8
Interior features
Flooring- Carpet, Flooring- Linoleum
Lot features
Porch- Covered
Standard status
Active
APN
A027250001800, 1900,
Size
6,746 SF
Taxes and HOA fees
Tax Annual Amount
11350
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
e-Merge Real Estate
(614) 678-5505
Listed By:
Dan Abdella · License #0000441791
(740) 591-7797
Added: Jun 10
Changed: Sep 6
Last Checked: Sep 12 at 8:06AM
MLS# 2434848
Copyright © 2026 Athens County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes four adjacent residential properties at 253, 255, 257, and 259 W Union St, totaling 6,746 square feet. The homes date to 1900 and include carpet and linoleum flooring, forced-air natural gas heating, central air, and shingle roofs. The property is zoned Multi-Family and is positioned for continued residential use, improvements, or redevelopment subject to city approvals.
The properties are within walking distance of the Ohio University campus and near historic Court Street, the OhioHealth O'Bleness Hospital complex, and the city bus line. Two existing curb cuts serve the site from Union St and ATO. The property is outside the floodplain and includes a broad bedroom and bathroom configuration across the existing homes.
The properties are within walking distance of the Ohio University campus and near historic Court Street, the OhioHealth O'Bleness Hospital complex, and the city bus line. Two existing curb cuts serve the site from Union St and ATO. The property is outside the floodplain and includes a broad bedroom and bathroom configuration across the existing homes.
Key Highlights
- Four adjacent properties at 253, 255, 257, and 259 W Union St
- 6,746 square feet across the offering
- Zoned Multi‑Family
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
$59,321
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
7.91%
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%
$1,186,420
$1.2M
Cap Rate 7%
$847,443
$847.4K
Cap Rate 9%
$659,122
$659.1K
Market Conditions
NOI Build-Up for 6,746 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
$99.6K $14.76/SF
− Vacancy
−$14.8K −$2.20/SF
EGI
$84.7K $12.56/SF
− OpEx
−$25.4K −$3.77/SF
NOI
$59.3K $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%
$1,186,420
Cap Rate 7%
$847,443
Cap Rate 9%
$659,122
Alternative Uses
Best Use
Multifamily LT 5
$847.4K
$741.5K – $988.7K
NOI $59,321 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$777.8K
$680.5K – $907.4K
NOI $54,443 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,847 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four adjacent homes offer multi-family zoning, two curb cuts, and proximity to campus and downtown Athens destinations.
Where is this quadplex located?
The property is located at 253 W Union St Athens, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Four adjacent properties at 253, 255, 257, and 259 W Union St; 6,746 square feet across the offering; Zoned Multi‑Family
