Renovated Duplex with Rear
For Sale
$139,900
2815 S 4th St, Ironton, OH 45638
MULTI-DWELLING FAMILY, Two Story, Ironton, OH
Property Size1,588 SF
Lot Size0.12 Acres
Price / SF$88.10
Days on Market47
Property Features for 2815 S 4th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Deck, Porch
Exterior features
Porch, Deck
Lot features
Level
Directions
Take first Ironton Exit to South 3rd street. Turn Right on Ashtabula. Turn Left on South 4th and property will be on the Right.
Subdivision
30 - Ironton Ohio
Standard status
Active
APN
36-103-1600.000
Size
1,588 SF
Lot size
0.12 Acres
Amenities
rear decks
Building Details
Year built
1925
Floors in Building
2
Building materials
Vinyl
Roof type
Metal
Architectural style
Other
Listing Agency:
BUNCH REAL ESTATE ASSOCIATES
(740) 886-7214
Listed By:
Todd Jenkins
(304) 544-2929
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 6 at 7:06AM
MLS# 184438
Copyright © 2026 Huntington 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 renovated duplex contains two residential units, each arranged with 2 bedrooms and 1 full bathroom. The 1,588-square-foot property includes mini-split HVAC systems throughout, rear decks for both units, and a detached two-car garage for storage. Vinyl siding and a metal roof complete the exterior improvements.
Built in 1925, the property occupies 0.12 acres at 2815 S 4th St in Ironton, Ohio. Its configuration provides two separate living spaces within one residential income property, with outdoor deck areas and garage storage included.
Built in 1925, the property occupies 0.12 acres at 2815 S 4th St in Ironton, Ohio. Its configuration provides two separate living spaces within one residential income property, with outdoor deck areas and garage storage included.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- 1,588 square feet on 0.12 acres
- Recently renovated with mini‑split HVAC systems throughout
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
$10,601
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
7.58%
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%
$212,020
$212.0K
Cap Rate 7%
$151,443
$151.4K
Cap Rate 9%
$117,789
$117.8K
Market Conditions
NOI Build-Up for 1,588 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
$16.2K $10.20/SF
− Vacancy
−$1.1K −$0.66/SF
EGI
$15.1K $9.54/SF
− OpEx
−$4.5K −$2.86/SF
NOI
$10.6K $6.68/SF
Area
Lawrence County, OH
Vacancy
6.50%
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%
$212,020
Cap Rate 7%
$151,443
Cap Rate 9%
$117,789
Alternative Uses
Best Use
Multifamily LT 5
$151.4K
$132.5K – $176.7K
NOI $10,601 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$140.7K
$123.2K – $164.2K
NOI $9,852 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$361.5K
$316.3K – $421.7K
NOI $25,303 @ 7.0% cap · market cap 18.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Explore this area
Business Placement
Demographics for 45638, OH
20,114
Population
9,039
Households
2.2
Avg Household Size
43
Median Age
16%
College-Educated
90%
High-School Grad
76.9 sq mi
ZIP Area
262
Density / Sq Mi
$49,544
Median Household Income
$34,972
Median Earnings
$782
Median Rent
$118,500
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 - Both residential units include mini-split HVAC systems, functional layouts, and rear decks for outdoor space.
Where is this duplex located?
The property is located at 2815 S 4th St Ironton, OH.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit; 1,588 square feet on 0.12 acres; Recently renovated with mini‑split HVAC systems throughout
