Three-Unit Multifamily
New
For Sale
$275,000
318 N Pardee St, Wadsworth, OH 44281
Multifamily building with varied unit layouts, shared laundry, and dedicated off-street parking near downtown Wadsworth.
Property Size2,124 SF
Price / SF$129.47
Days on Market4
Property Features for 318 N Pardee St
General Information
Standard status
Active
Size
2,124 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
1 x studio, 1 x 1BR, 1 x 2BR
Multifamily Units
3
Amenities
shared laundry
Building Details
Year Built
1900
Listing Agency:
Ohio Broker Direct
(614) 989-7215
Listed By:
Joan Elflein · License #386319
Source:
Kmlkrealty
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 8:23AM
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 Ohio Broker Direct
Investment Insights
Based on property information with market context.
This 2,124-square-foot multifamily property contains three self-contained residential units: a studio, a one-bedroom apartment, and a two-bedroom apartment. Each unit includes a private full bathroom. Shared laundry facilities are located in the basement, and the property provides six dedicated off-street parking spaces. Built in 1900, the building offers an established residential configuration for an owner-user or multifamily investor.
The property is located at 318 N Pardee St in Wadsworth, Ohio, in Medina County. It is minutes from downtown Wadsworth, with restaurants, shopping, professional services, entertainment, local parks, and the Wadsworth Community Center nearby. Cleveland and Akron are approximately 30 minutes away, providing access to both metropolitan areas while retaining a smaller-community setting.
The property is located at 318 N Pardee St in Wadsworth, Ohio, in Medina County. It is minutes from downtown Wadsworth, with restaurants, shopping, professional services, entertainment, local parks, and the Wadsworth Community Center nearby. Cleveland and Akron are approximately 30 minutes away, providing access to both metropolitan areas while retaining a smaller-community setting.
Key Highlights
- Three self‑contained residential units totaling 2,124 square feet
- Unit mix includes a studio, one‑bedroom, and two‑bedroom apartment
- Private full bathroom in each 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
$19,252
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
7.00%
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%
$385,040
$385.0K
Cap Rate 7%
$275,029
$275.0K
Cap Rate 9%
$213,911
$213.9K
Market Conditions
NOI Build-Up for 2,124 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
$29.3K $13.80/SF
− Vacancy
−$1.8K −$0.85/SF
EGI
$27.5K $12.95/SF
− OpEx
−$8.3K −$3.88/SF
NOI
$19.3K $9.06/SF
Area
Medina County, OH
Vacancy
6.17%
Lease Rate
$13.80 /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%
$385,040
Cap Rate 7%
$275,029
Cap Rate 9%
$213,911
Alternative Uses
Best Use
Multifamily LT 5
$275.0K
$240.7K – $320.9K
NOI $19,252 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$239.7K
$209.7K – $279.6K
NOI $16,777 @ 7.0% cap · market cap 6.10%
Theoretical Best
Specialty Retail
$592.4K
$518.4K – $691.2K
NOI $41,471 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
Demographics for 44281, OH
33,241
Population
14,298
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
47.8 sq mi
ZIP Area
695
Density / Sq Mi
$88,128
Median Household Income
$46,653
Median Earnings
$1,031
Median Rent
$262,200
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?
Triplex - Multifamily building with varied unit layouts, shared laundry, and dedicated off-street parking near downtown Wadsworth.
Where is this triplex located?
The property is located at 318 N Pardee St Wadsworth, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three self‑contained residential units totaling 2,124 square feet; Unit mix includes a studio, one‑bedroom, and two‑bedroom apartment; Private full bathroom in each unit
