Rebuilt Duplex with Modern
For Sale
$298,500
308-310 Reber Avenue, Lancaster, OH 43130
Completely rebuilt duplex featuring modern updates and separate living spaces.
Property Size2,232 SF
Price / SF$133.74
Days on Market191
Property Features for 308-310 Reber Avenue
General Information
Standard status
Active
Size
2,232 SF
Property subtype
Multi-Family / Duplex
Taxes and HOA fees
Annual Taxes
$2,637
Amenities
Forced Air
Electric, Gas
Building Details
Year Built
1900
Listing Agency:
DarfusRealEstate andManagement
(740) 407-9044
Listed By:
David T Darfus · License #2005009485
(740) 407-9044
Source:
Compass
Added: Feb 20
Changed: Aug 28
Last Checked: Aug 29 at 4:04PM
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 DarfusRealEstate andManagement
Investment Insights
Based on property information with market context.
This duplex property has been rebuilt from the foundation up, including new electric, plumbing, insulation, drywall, windows, siding, and roof as of October 25th. One side of the duplex, unit 308, features 1600 square feet of living space with three bedrooms, including a finished third floor, and one and a half bathrooms. It also includes first-floor laundry, electric heat, front and rear porches, and off-street parking. The other side, unit 310, offers 1100 square feet with two bedrooms, one and a half bathrooms, a full kitchen, first-floor laundry, front and rear porches, gas heat and air conditioning, and off-street parking.
Key Highlights
- Complete renovation down to the foundation with new electric, plumbing, insulation, drywall, windows, siding, and roof.
- Two separate units offering potential for rental income or multi‑generational living.
- Off‑street parking for both units.
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
$21,767
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
7.29%
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%
$435,340
$435.3K
Cap Rate 7%
$310,957
$311.0K
Cap Rate 9%
$241,856
$241.9K
Market Conditions
NOI Build-Up for 2,232 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
$33.5K $15.00/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$31.1K $13.93/SF
− OpEx
−$9.3K −$4.18/SF
NOI
$21.8K $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%
$435,340
Cap Rate 7%
$310,957
Cap Rate 9%
$241,856
Alternative Uses
Best Use
Multifamily LT 5
$311.0K
$272.1K – $362.8K
NOI $21,767 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$282.3K
$247.0K – $329.3K
NOI $19,758 @ 7.0% cap · market cap 6.62%
Theoretical Best
Warehouse
$449.9K
$393.6K – $524.8K
NOI $31,490 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
769
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
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 - Completely rebuilt duplex featuring modern updates and separate living spaces.
Where is this duplex located?
The property is located at 308-310 Reber Avenue Lancaster, OH.
What is the asking price?
The asking price for this property is $298,500.
What are key features of this property?
This property features: Complete renovation down to the foundation with new electric, plumbing, insulation, drywall, windows, siding, and roof.; Two separate units offering potential for rental income or multi‑generational living.; Off‑street parking for both units.
