Building Details

Buildings 2

Construction brick

Tenancy Multi

Listing Agency: Key Realty LTD Show Phone

Listed By: Sean M Siwa Show Phone

Source: Exprealty

Added: Aug 24 Changed: Sep 5 Last Checked: Sep 6 at 12:33PM

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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 offering includes two all-brick twinplex buildings containing four rental units. Each residence provides two bedrooms, one full bathroom, an eat-in kitchen, and a deep one-car garage with additional storage. The buildings are positioned on separate one-acre parcels, providing substantial individual lot area for each duplex. The property address is 29454 Millbury Rd in Millbury, Ohio.

Lease terms include three units occupied on month-to-month agreements and one unit with approximately 11 months remaining. The package combines durable brick construction, attached garage space, storage, and a four-unit configuration across two parcels. Current ownership has maintained the properties and is retiring from the rental business.

Key Highlights

• Four rental units across two all‑brick twinplex buildings
• Each duplex occupies 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

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Restaurant Auto Parts Store Auto Repair Shop 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

100%

Occupancy

Multi-tenant

Tenancy

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 duplexes 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?

Duplex - Two all-brick duplex buildings offer garages, storage, and spacious individual lots.

Where is this duplex located?

The property is located at 29454 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 twinplex buildings; Each duplex occupies its own one‑acre parcel; Every unit includes 2 bedrooms and 1 full bath