Two-Unit Duplex with
New
For Sale
$194,900
3218 Illinois Ave, Middletown, OH 45042
Two residential units offer laundry hookups, off-street parking, and tenant-paid gas and electric.
Property Size1,664 SF
Price / SF$117.13
Days on Market5
Property Features for 3218 Illinois Ave
General Information
Standard status
Active
Size
1,664 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
washer and dryer hook up
off street parking
Building Details
Year Built
1972
Buildings
1
Listing Agency:
Leis Realty Company
(937) 548-5750
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 13
Changed: Sep 15
Last Checked: Sep 16 at 6:44PM
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 Leis Realty Company
Investment Insights
Based on property information with market context.
Built in 1972, this 1,664-square-foot duplex at 3218 Illinois Ave in Middletown, OH, contains two residential units. Each unit is configured with 2 bedrooms and 1 bathroom, providing a consistent layout across the building. Washer and dryer hookups are included, and off-street parking serves the property.
Unit 3218 A is vacant, while Unit 3218 B has an existing tenant arrangement. Tenants are responsible for gas and electric service. The duplex may also be bundled with two additional properties identified by MLS numbers 968628 and 968634.
Unit 3218 A is vacant, while Unit 3218 B has an existing tenant arrangement. Tenants are responsible for gas and electric service. The duplex may also be bundled with two additional properties identified by MLS numbers 968628 and 968634.
Key Highlights
- 1,664‑square‑foot duplex in Middletown, OH
- Built in 1972
- Each unit has 2 bedrooms and 1 bathroom
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
$16,228
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
8.33%
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%
$324,560
$324.6K
Cap Rate 7%
$231,829
$231.8K
Cap Rate 9%
$180,311
$180.3K
Market Conditions
NOI Build-Up for 1,664 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
$25.0K $15.00/SF
− Vacancy
−$1.8K −$1.07/SF
EGI
$23.2K $13.93/SF
− OpEx
−$7.0K −$4.18/SF
NOI
$16.2K $9.75/SF
Area
Butler 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%
$324,560
Cap Rate 7%
$231,829
Cap Rate 9%
$180,311
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.9K – $270.5K
NOI $16,228 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$213.3K
$186.7K – $248.9K
NOI $14,933 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$329.0K
$287.9K – $383.8K
NOI $23,030 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 45042, OH
26,972
Population
12,324
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
91%
High-School Grad
49.2 sq mi
ZIP Area
548
Density / Sq Mi
$66,732
Median Household Income
$41,800
Median Earnings
$950
Median Rent
$192,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer laundry hookups, off-street parking, and tenant-paid gas and electric.
Where is this duplex located?
The property is located at 3218 Illinois Ave Middletown, OH.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: 1,664‑square‑foot duplex in Middletown, OH; Built in 1972; Each unit has 2 bedrooms and 1 bathroom
