Building Details

Year Built 1900

Buildings 1

Listing Agency: Keller Williams Elevate c***@kw.com Show Phone

Listed By: Cindy Otonoga · License #2017002649 Show Phone

Source: Carolgoffrealestate

Added: Jun 20 Changed: Aug 30 Last Checked: Aug 30 at 3:45PM

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Investment Insights

Based on property information with market context.

Built in 1900, this duplex contains two vertically arranged residences with two bedrooms and one full bath in each unit. The property provides nearly 2,000 square feet of living space, separate living areas, a full basement, multiple covered porches, and outdoor space on a 0.50-acre lot. Ample parking is available on the grounds.

Both furnaces, central air conditioning units, hot water tanks, and the roof are approximately 10 years old. An Aprilaire whole-house air filtration and humidity control system is also installed. Separate gas and electric meters help distinguish utility use between the units.

The property is located at 25468 Royalton Road in Columbia Station, near shopping, dining, parks, and major highways. Its two-unit configuration supports rental occupancy or a multi-generational living arrangement.

Key Highlights

• Two units, each with 2 bedrooms and 1 full bath
• Nearly 2,000 square feet of living space on a 0.50‑acre lot
• Full basement, multiple covered porches, and outdoor space

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

$18,870

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

6.29%

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%

$377,400 $377.4K

Cap Rate 7%

$269,571 $269.6K

Cap Rate 9%

$209,667 $209.7K

Market Conditions

NOI Build-Up for 2,000 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

$28.6K $14.28/SF

− Vacancy

−$1.6K −$0.80/SF

EGI

$27.0K $13.48/SF

− OpEx

−$8.1K −$4.04/SF

NOI

$18.9K $9.44/SF

Area

Hamilton County, OH

Vacancy

5.61%

Lease Rate

$14.28 /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%

$377,400

Cap Rate 7%

$269,571

Cap Rate 9%

$209,667

Alternative Uses

Best Use

Multifamily LT 5

$269.6K

$235.9K – $314.5K (±1% cap)

NOI $18,870 @ 7.0% cap · market cap 6.29%

Second Best

Apartment 5plus

$246.6K

$215.8K – $287.8K (±1% cap)

NOI $17,265 @ 7.0% cap · market cap 5.76%

Theoretical Best

Office A

$358.6K

$313.7K – $418.3K (±1% cap)

NOI $25,099 @ 7.0% cap · market cap 8.37%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Hair Salon Spa & Massage Center Nail Salon Electrical Service Accounting Firm Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

120

Businesses Nearby

Explore this area Business Placement

Demographics for 44028, OH

8,931

Population

3,907

Households

2.3

Avg Household Size

48

Median Age

32%

College-Educated

93%

High-School Grad

33.6 sq mi

ZIP Area

266

Density / Sq Mi

$86,991

Median Household Income

$55,761

Median Earnings

$1,438

Median Rent

$313,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate residences offer private living areas, basement storage, covered porches, and dedicated gas and electric metering.

Where is this duplex located?

The property is located at 25468 Royalton Road Columbia Station, OH.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: Two units, each with 2 bedrooms and 1 full bath; Nearly 2,000 square feet of living space on a 0.50‑acre lot; Full basement, multiple covered porches, and outdoor space