Grove City Duplex For
For Sale
$355,000
Pending
3216-3218 Independence Street, Grove City, OH 43123
Single-story duplex with attached garages, currently fully rented.
Property Size1,920 SF
Days on Market98
Property Features for 3216-3218 Independence Street
General Information
Standard status
Pending
Size
1,920 SF
Property subtype
Multi-Family / Duplex
Taxes and HOA fees
Annual Taxes
$3,692
Amenities
Central Air
Forced Air
Electric, Gas
Yes
Building Details
Year Built
1977
Listing Agency:
ERA Real Solutions Realty
(614) 214-2522
Listed By:
Ginger A Thrush · License #366653
(614) 214-2522
Source:
Compass
Added: May 25
Changed: Aug 8
Last Checked: Jul 24 at 12:17PM
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 ERA Real Solutions Realty
Investment Insights
Based on property information with market context.
This single-story duplex features attached one-car garages for each unit. Both units are currently rented for $1,175 each. The property backs up to a greenspace located behind a school. The unit at 3218 Independence Street is equipped with a gas furnace. The property size is 1920 square feet.
Key Highlights
- Income‑generating property: Both units are currently rented for $1,175 each.
- Two units, each with an attached one‑car garage.
- Backs up to greenspace behind a school.
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
$20,358
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
5.73%
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%
$407,160
$407.2K
Cap Rate 7%
$290,829
$290.8K
Cap Rate 9%
$226,200
$226.2K
Market Conditions
NOI Build-Up for 1,920 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
$31.1K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.1K $15.15/SF
− OpEx
−$8.7K −$4.54/SF
NOI
$20.4K $10.60/SF
Area
Franklin County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$407,160
Cap Rate 7%
$290,829
Cap Rate 9%
$226,200
Alternative Uses
Best Use
Multifamily LT 5
$290.8K
$254.5K – $339.3K
NOI $20,358 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$283.4K
$248.0K – $330.7K
NOI $19,841 @ 7.0% cap · market cap 5.59%
Theoretical Best
Specialty Retail
$391.4K
$342.5K – $456.7K
NOI $27,400 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 43123, OH
66,188
Population
27,876
Households
2.4
Avg Household Size
39
Median Age
31%
College-Educated
91%
High-School Grad
59.7 sq mi
ZIP Area
1,109
Density / Sq Mi
$87,883
Median Household Income
$49,747
Median Earnings
$1,279
Median Rent
$262,400
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?
Duplex - Single-story duplex with attached garages, currently fully rented.
Where is this duplex located?
The property is located at 3216-3218 Independence Street Grove City, OH.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Income‑generating property: Both units are currently rented for $1,175 each.; Two units, each with an attached one‑car garage.; Backs up to greenspace behind a school.
