Four-Unit Ranch
For Sale
$419,000
Pending
305 North Elm Street, Prospect, OH 43342
Separate ranch-style residences offer private garages, in-unit laundry areas, and long-term occupancy near the Scioto River.
Property Size3,840 SF
Days on Market140
Property Features for 305 North Elm Street
General Information
Standard status
Pending
Size
3,840 SF
Property subtype
Multi-Family / Apartment
Net Operating Income
$33,639
Taxes and HOA fees
Annual Taxes
$7,027
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1989
Listing Agency:
Keller Williams Consultants
(937) 243-0682
Listed By:
Matthew R Williams · License #2016005974
(937) 243-0682
Source:
Compass
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 29 at 2:44PM
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 Keller Williams Consultants
Investment Insights
Based on property information with market context.
This quadplex consists of four detached ranch-style rental residences, each offering 960 square feet with two bedrooms, one bathroom, a living room, kitchen, dinette area, and laundry room. Every unit includes an attached one-car garage. The property was built in 1989 and is equipped with central air, forced-air heating, and gas service.
Set on approximately 0.7 acres, the property overlooks the Scioto River and is located on North Elm Street in Prospect, Ohio. All four residences are occupied by long-term tenants. Unit 305 1/2 received a new roof in 2024.
Set on approximately 0.7 acres, the property overlooks the Scioto River and is located on North Elm Street in Prospect, Ohio. All four residences are occupied by long-term tenants. Unit 305 1/2 received a new roof in 2024.
Key Highlights
- Four separate ranch‑style rental units
- Each residence contains 960 square feet, 2 bedrooms, and 1 bath
- Attached 1‑car garage included with every unit
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
$13,033
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
3.11%
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%
$260,660
$260.7K
Cap Rate 7%
$186,186
$186.2K
Cap Rate 9%
$144,811
$144.8K
Market Conditions
NOI Build-Up for 3,840 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
$20.3K $5.28/SF
− Vacancy
−$1.7K −$0.43/SF
EGI
$18.6K $4.85/SF
− OpEx
−$5.6K −$1.45/SF
NOI
$13.0K $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%
$260,660
Cap Rate 7%
$186,186
Cap Rate 9%
$144,811
Alternative Uses
Best Use
Multifamily LT 5
$186.2K
$162.9K – $217.2K
NOI $13,033 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$161.3K
$141.2K – $188.2K
NOI $11,293 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$775.1K
$678.3K – $904.3K
NOI $54,260 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 43342, OH
3,256
Population
1,532
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
96%
High-School Grad
42.7 sq mi
ZIP Area
76
Density / Sq Mi
$71,667
Median Household Income
$41,453
Median Earnings
$993
Median Rent
$168,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Separate ranch-style residences offer private garages, in-unit laundry areas, and long-term occupancy near the Scioto River.
Where is this quadplex located?
The property is located at 305 North Elm Street Prospect, OH.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Four separate ranch‑style rental units; Each residence contains 960 square feet, 2 bedrooms, and 1 bath; Attached 1‑car garage included with every unit
