Building Details

Buildings 2

Construction all-brick

Listing Agency: Key Realty LTD Show Phone

Listed By: Sean M Siwa Show Phone

Source: Exprealty

Added: Aug 24 Changed: Sep 8 Last Checked: Sep 11 at 5:13PM

Report an Issue

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 Key Realty LTD

Investment Insights

Based on property information with market context.

This multifamily package includes two all-brick twinplexes containing four rental units on two separate one-acre parcels. Each unit offers 2 bedrooms, 1 full bath, an eat-in kitchen, and a deep one-car garage with additional storage space. The buildings were constructed and maintained by the current owner, who is retiring from the rental business.

Three units are occupied under month-to-month leases, while the remaining unit has approximately 11 months left on its lease. The properties are located in Millbury, Ohio, and are being offered together with 29454 Millbury Rd.

Key Highlights

• Four rental units across two all‑brick twinplexes
• Each building sits on its own one‑acre parcel
• Every unit includes 2 bedrooms and 1 full bath

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

$15,753

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

9.01%

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%

$315,060 $315.1K

Cap Rate 7%

$225,043 $225.0K

Cap Rate 9%

$175,033 $175.0K

Market Conditions

NOI Build-Up for 1,890 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

$23.8K $12.60/SF

− Vacancy

−$1.3K −$0.69/SF

EGI

$22.5K $11.91/SF

− OpEx

−$6.8K −$3.57/SF

NOI

$15.8K $8.33/SF

Area

Wood County, OH

Vacancy

5.50%

Lease Rate

$12.60 /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%

$315,060

Cap Rate 7%

$225,043

Cap Rate 9%

$175,033

Alternative Uses

Best Use

Multifamily LT 5

$225.0K

$196.9K – $262.6K (±1% cap)

NOI $15,753 @ 7.0% cap · market cap 9.01%

Second Best

Apartment 5plus

$208.2K

$182.2K – $242.9K (±1% cap)

NOI $14,576 @ 7.0% cap · market cap 8.33%

Theoretical Best

Office A

$440.2K

$385.2K – $513.6K (±1% cap)

NOI $30,816 @ 7.0% cap · market cap 17.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Duplexes

Suggested Use

Top Pick Restaurant Auto Repair Shop Auto Parts Store Big Box & Wholesale Store Garden Center (Bike/Boat/Book/etc) Store

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

4

Residential units

Location Intelligence

Trade Area within ½ mile

45

Businesses Nearby

Explore this area Business Placement

Demographics for 43447, OH

3,343

Population

1,402

Households

2.4

Avg Household Size

45

Median Age

26%

College-Educated

96%

High-School Grad

17.3 sq mi

ZIP Area

193

Density / Sq Mi

$81,786

Median Household Income

$48,030

Median Earnings

$1,052

Median Rent

$208,400

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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

Frequently Asked Questions

What type of property is this?

Multifamily property - Two all-brick twinplexes provide four rental units across separate one-acre parcels in Millbury, Ohio.

Where is this multifamily property located?

The property is located at 29432 Millbury Rd Millbury, OH.

What is the asking price?

The asking price for this property is $174,900.

What are key features of this property?

This property features: Four rental units across two all‑brick twinplexes; Each building sits on its own one‑acre parcel; Every unit includes 2 bedrooms and 1 full bath