Building Details

Year Built 1898

Listing Agency: Ragan McKinney Real Estate r***@raganmckinney.com Show Phone

Listed By: Ragan McKinney · License #0000160440

Source: Lovdalgroup

Added: Aug 9 Changed: Aug 30 Last Checked: Aug 25 at 5:05AM

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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 Ragan McKinney Real Estate

Investment Insights

Based on property information with market context.

This 6-unit apartment property contains 4,981 square feet and was built in 1898. All units are currently occupied by tenants, providing an established residential income configuration. Residents pay their own utilities under the existing arrangement.

The property is located at 312 W Grant Ave in Georgetown, Ohio, near local shopping, dining, and everyday amenities. Its six-unit layout and current occupancy provide a straightforward multifamily asset for an investor seeking an existing rental property.

Key Highlights

• Six‑unit multifamily property with all units tenant‑occupied
• 4,981 square feet of apartment space
• Tenants pay all utilities

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

$20,484

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

6.21%

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%

$409,680 $409.7K

Cap Rate 7%

$292,629 $292.6K

Cap Rate 9%

$227,600 $227.6K

Market Conditions

NOI Build-Up for 4,981 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

$40.0K $8.04/SF

− Vacancy

−$2.8K −$0.56/SF

EGI

$37.2K $7.48/SF

− OpEx

−$16.8K −$3.36/SF

NOI

$20.5K $4.11/SF

Area

Brown County, OH

Vacancy

7.00%

Lease Rate

$8.04 /SF/Yr

Expense Ratio

45.00%

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%

$409,680

Cap Rate 7%

$292,629

Cap Rate 9%

$227,600

Alternative Uses

Best Use

Apartment 5plus

$292.6K

$256.1K – $341.4K (±1% cap)

NOI $20,484 @ 7.0% cap · market cap 6.21%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$984.8K

$861.7K – $1.15M (±1% cap)

NOI $68,939 @ 7.0% cap · market cap 20.90%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Plumbing Service Bakery Furniture & Home Goods Garden Center

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

6

Residential units

Location Intelligence

Trade Area within ½ mile

274

Businesses Nearby

Explore this area Business Placement

Demographics for 45121, OH

8,927

Population

4,243

Households

2.1

Avg Household Size

43

Median Age

19%

College-Educated

86%

High-School Grad

106.8 sq mi

ZIP Area

84

Density / Sq Mi

$57,274

Median Household Income

$34,907

Median Earnings

$680

Median Rent

$150,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Tenant-occupied multifamily property near shopping, dining, and everyday amenities, with residents responsible for utilities.

Where is this apartment building located?

The property is located at 312 W Grant Ave Georgetown, OH.

What is the asking price?

The asking price for this property is $329,900.

What are key features of this property?

This property features: Six‑unit multifamily property with all units tenant‑occupied; 4,981 square feet of apartment space; Tenants pay all utilities