Two-Unit Duplex
For Sale
$229,000
2793 Ohio Street, Grove City, OH 43123
Two residential units share one parcel and are occupied by established tenants without written leases.
Property Size1,709 SF
Price / SF$133
Days on Market747
Property Features for 2793 Ohio Street
General Information
Standard status
Active
Size
1,709 SF
Property subtype
Multi-Family / Apartment
Net Operating Income
$1,597
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,940
Amenities
Central Air
Forced Air
Other
Yes
Building Details
Year Built
1906
Tenancy
Multi
Listing Agency:
Dove Realty
Listed By:
Jenny Eversole · License #0000269136
(614) 582-5139
Source:
Compass
Added: Aug 17, 2024
Changed: Aug 29
Last Checked: Aug 29 at 3:10PM
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 Dove Realty
Investment Insights
Based on property information with market context.
This duplex includes two residential units totaling 1,709 SF on a single parcel that cannot be divided. The front unit contains 1,045 SF and uses propane heat, while the rear unit measures 664 SF and has electric heat. Both units are described as being in nice condition and include a range and refrigerator; washers and dryers are excluded.
The property was built in 1906 and includes central air and forced-air features. Both units have long-term tenants, with occupancy not governed by written leases. Showings require 24 hours’ notice.
The property was built in 1906 and includes central air and forced-air features. Both units have long-term tenants, with occupancy not governed by written leases. Showings require 24 hours’ notice.
Key Highlights
- Two residential units totaling 1,709 SF
- Single parcel cannot be divided
- Front unit measures 1,045 SF with propane heating
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
$18,120
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%
$362,400
$362.4K
Cap Rate 7%
$258,857
$258.9K
Cap Rate 9%
$201,333
$201.3K
Market Conditions
NOI Build-Up for 1,709 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
$27.7K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$25.9K $15.15/SF
− OpEx
−$7.8K −$4.54/SF
NOI
$18.1K $10.60/SF
Area
Franklin County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$362,400
Cap Rate 7%
$258,857
Cap Rate 9%
$201,333
Alternative Uses
Best Use
Multifamily LT 5
$258.9K
$226.5K – $302.0K
NOI $18,120 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$252.3K
$220.8K – $294.3K
NOI $17,660 @ 7.0% cap · market cap 7.71%
Theoretical Best
Specialty Retail
$348.4K
$304.9K – $406.5K
NOI $24,389 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 43123, OH
66,188
Population
27,876
Households
2.4
Avg Household Size
39
Median Age
31%
College-Educated
91%
High-School Grad
59.7 sq mi
ZIP Area
1,109
Density / Sq Mi
$87,883
Median Household Income
$49,747
Median Earnings
$1,279
Median Rent
$262,400
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 - Two residential units share one parcel and are occupied by established tenants without written leases.
Where is this duplex located?
The property is located at 2793 Ohio Street Grove City, OH.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Two residential units totaling 1,709 SF; Single parcel cannot be divided; Front unit measures 1,045 SF with propane heating
