Duplex with Updated
For Sale
$274,900
304 North State Street, Marion, OH 43302
Two similarly configured units offer flexible owner-occupant and rental use with refreshed finishes throughout.
Property Size2,816 SF
Price / SF$97.62
Days on Market118
Property Features for 304 North State Street
General Information
Standard status
Active
Size
2,816 SF
Property subtype
Multi-Family / Duplex
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$986
Amenities
privacy fence
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Coldwell Banker Realty
(614) 600-6049
Listed By:
Sara W Elford · License #2015002859
(614) 600-6049
Source:
Compass
Added: May 6
Changed: Aug 29
Last Checked: Aug 30 at 11:32PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This duplex contains two four-bedroom, two-bath units, each with an open floor plan and updated interior finishes. Improvements include granite countertops, stainless steel appliances, tile bathroom work, LVP flooring on the first floor, and new carpet upstairs. Central air, forced air, and gas service are provided. The property was built in 1920 and includes 2,816 square feet.
Outdoor features include a privacy fence, room for entertaining, and parking for 4+ cars. Located at 304 North State Street in Marion, Ohio, the layout supports living in one unit while renting the other, subject to applicable requirements.
Outdoor features include a privacy fence, room for entertaining, and parking for 4+ cars. Located at 304 North State Street in Marion, Ohio, the layout supports living in one unit while renting the other, subject to applicable requirements.
Key Highlights
- Two four‑bedroom, two‑bath units
- 2,816 square feet in a duplex built in 1920
- Updated interiors with granite countertops and stainless steel appliances
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
$9,558
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
3.48%
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%
$191,160
$191.2K
Cap Rate 7%
$136,543
$136.5K
Cap Rate 9%
$106,200
$106.2K
Market Conditions
NOI Build-Up for 2,816 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
$14.9K $5.28/SF
− Vacancy
−$1.2K −$0.43/SF
EGI
$13.7K $4.85/SF
− OpEx
−$4.1K −$1.45/SF
NOI
$9.6K $3.39/SF
Area
Marion County, OH
Vacancy
8.17%
Lease Rate
$5.28 /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%
$191,160
Cap Rate 7%
$136,543
Cap Rate 9%
$106,200
Alternative Uses
Best Use
Multifamily LT 5
$136.5K
$119.5K – $159.3K
NOI $9,558 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$118.3K
$103.5K – $138.0K
NOI $8,281 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$568.4K
$497.4K – $663.2K
NOI $39,791 @ 7.0% cap · market cap 14.47%
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
978
Businesses Nearby
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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 similarly configured units offer flexible owner-occupant and rental use with refreshed finishes throughout.
Where is this duplex located?
The property is located at 304 North State Street Marion, OH.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two four‑bedroom, two‑bath units; 2,816 square feet in a duplex built in 1920; Updated interiors with granite countertops and stainless steel appliances
