36-Unit Apartment
For Sale
$2,500,000
318 Rae Ct, Willard, OH 44890
Multibuilding apartment property with a defined unit mix, ongoing renovations, and nearby schools, parks, shopping, and essential services.
Property Size24,004 SF
Price / SF$104.15
Days on Market16
Property Features for 318 Rae Ct
General Information
Standard status
Active
Size
24,004 SF
Units
Unit Mix
35 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
36
Taxes and HOA fees
Annual Taxes
$18,160
Building Details
Buildings
13
Listing Agency:
Sluss Realty Company
(567) 224-7104
Listed By:
Deanna Fishbaugh
(567) 224-7104
Source:
Exprealty
Added: Jul 28
Changed: Aug 10
Last Checked: Aug 12 at 11:22AM
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 Sluss Realty Company
Investment Insights
Based on property information with market context.
This apartment complex contains 36 units across 13 buildings and offers approximately 24,004 square feet of property size. The unit mix includes 35 one-bedroom, one-bath residences and one two-bedroom, one-bath residence. Twelve units are currently undergoing renovation, while a waitlist is in place for occupancy. The property also features spacious grounds and convenient parking.
The complex is located near schools, parks, shopping, and major services in Willard, Ohio. Its multiple-building layout, established residential configuration, and active renovation program provide a clear overview of the existing asset and its current occupancy-related status.
The complex is located near schools, parks, shopping, and major services in Willard, Ohio. Its multiple-building layout, established residential configuration, and active renovation program provide a clear overview of the existing asset and its current occupancy-related status.
Key Highlights
- 36‑unit apartment complex across 13 buildings
- Approximately 24,004 square feet of property size
- Unit mix includes 35 one‑bedroom, one‑bath units and one two‑bedroom, one‑bath 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
$193,851
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
7.75%
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%
$3,877,020
$3.9M
Cap Rate 7%
$2,769,300
$2.8M
Cap Rate 9%
$2,153,900
$2.2M
Market Conditions
NOI Build-Up for 24,004 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
$383.1K $15.96/SF
− Vacancy
−$30.6K −$1.28/SF
EGI
$352.5K $14.68/SF
− OpEx
−$158.6K −$6.61/SF
NOI
$193.9K $8.08/SF
Area
Huron County, OH
Vacancy
8.00%
Lease Rate
$15.96 /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%
$3,877,020
Cap Rate 7%
$2,769,300
Cap Rate 9%
$2,153,900
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,851 @ 7.0% cap · market cap 7.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.99M
$4.37M – $5.82M
NOI $349,235 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 44890, OH
10,759
Population
4,705
Households
2.3
Avg Household Size
41
Median Age
16%
College-Educated
90%
High-School Grad
84.7 sq mi
ZIP Area
127
Density / Sq Mi
$64,971
Median Household Income
$39,490
Median Earnings
$834
Median Rent
$136,900
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?
Apartment building - Multibuilding apartment property with a defined unit mix, ongoing renovations, and nearby schools, parks, shopping, and essential services.
Where is this apartment building located?
The property is located at 318 Rae Ct Willard, OH.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 36‑unit apartment complex across 13 buildings; Approximately 24,004 square feet of property size; Unit mix includes 35 one‑bedroom, one‑bath units and one two‑bedroom, one‑bath unit
