Updated Duplex with Rear
New
For Sale
$284,500
305 Madison Ave, Lancaster, OH 43130
Two separate dwellings provide distinct kitchens, laundry facilities, and outdoor areas.
Property Size2,464 SF
Price / SF$115.46
Days on Market2
Property Features for 305 Madison Ave
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Sonji Cooke, Realty One Elements
Listed By:
Rhiannon Ferrari
(614) 226-1039
Source:
Ferrarihomegroup
Added: Oct 4
Last Checked: Oct 4 at 8:28AM
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 Sonji Cooke, Realty One Elements
Investment Insights
Based on property information with market context.
This 2,464-square-foot duplex pairs a main home with a separate rear residence. The main home offers 3–4 bedrooms, two full baths, living and dining rooms, and a flexible main-level room. Its 2024 updates include an improved kitchen and baths, new flooring, interior paint, furnace, A/C, lighting, outlets, and ceiling fans. The rear dwelling has a full kitchen, living room, 1–2 bedrooms, its own washer and dryer, a deck, and a firepit area. A privacy fence, patios, pergola, landscaped areas, and storage shed are also part of the property.
The property is at 305 Madison Ave in Lancaster, minutes from Rising Park, a bike path, the Fairfield County Fairgrounds, shopping, and dining. The main home’s washer and dryer remain with the property.
The property is at 305 Madison Ave in Lancaster, minutes from Rising Park, a bike path, the Fairfield County Fairgrounds, shopping, and dining. The main home’s washer and dryer remain with the property.
Key Highlights
- 2,464‑square‑foot duplex with a separate rear dwelling
- Main home has 3–4 bedrooms and 2 full baths
- Rear residence includes 1–2 bedrooms, a full kitchen, and its own washer and dryer
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
$24,030
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
8.45%
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%
$480,600
$480.6K
Cap Rate 7%
$343,286
$343.3K
Cap Rate 9%
$267,000
$267.0K
Market Conditions
NOI Build-Up for 2,464 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
$37.0K $15.00/SF
− Vacancy
−$2.6K −$1.07/SF
EGI
$34.3K $13.93/SF
− OpEx
−$10.3K −$4.18/SF
NOI
$24.0K $9.75/SF
Area
Fairfield County, OH
Vacancy
7.12%
Lease Rate
$15.00 /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%
$480,600
Cap Rate 7%
$343,286
Cap Rate 9%
$267,000
Alternative Uses
Best Use
Multifamily LT 5
$343.3K
$300.4K – $400.5K
NOI $24,030 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$311.6K
$272.7K – $363.5K
NOI $21,812 @ 7.0% cap · market cap 7.67%
Theoretical Best
Warehouse
$496.6K
$434.6K – $579.4K
NOI $34,764 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate dwellings provide distinct kitchens, laundry facilities, and outdoor areas.
Where is this duplex located?
The property is located at 305 Madison Ave Lancaster, OH.
What is the asking price?
The asking price for this property is $284,500.
What are key features of this property?
This property features: 2,464‑square‑foot duplex with a separate rear dwelling; Main home has 3–4 bedrooms and 2 full baths; Rear residence includes 1–2 bedrooms, a full kitchen, and its own washer and dryer
