Two-Unit Duplex
For Sale
$189,900
3220 Illinois Ave, Middletown, OH 45042
Each residence includes two bedrooms, one bath, and washer and dryer hookups.
Property Size1,664 SF
Price / SF$114.12
Days on Market53
Property Features for 3220 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/dryer hook up
off street parking
Building Details
Year Built
1977
Buildings
1
Listing Agency:
Plum Tree Realty
(937) 838-0400
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 13
Changed: Nov 3
Last Checked: Nov 4 at 12:40PM
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 Plum Tree Realty
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Investment Insights
Based on property information with market context.
This 1,664-square-foot duplex in Middletown was built in 1977 and contains two residential units. Both units offer a two-bedroom, one-bath layout with washer and dryer hookups, providing a consistent configuration across the building.
The property is located at 3220 Illinois Ave and includes off-street parking. Tenants are responsible for gas and electric service. The duplex may also be bundled with two additional properties identified by MLS numbers 968628 and 968632.
The property is located at 3220 Illinois Ave and includes off-street parking. Tenants are responsible for gas and electric service. The duplex may also be bundled with two additional properties identified by MLS numbers 968628 and 968632.
Key Highlights
- Two‑unit duplex with 1,664 square feet
- Built in 1977
- Each unit has 2 bedrooms and 1 bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,228
Cap Rate
8.55%
Suggested Prices Based on Cap Rates
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
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 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 8.55%
Second Best
Apartment 5plus
$213.3K
$186.7K – $248.9K
NOI $14,933 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$329.0K
$287.9K – $383.8K
NOI $23,030 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two bedrooms, one bath, and washer and dryer hookups.
Where is this duplex located?
The property is located at 3220 Illinois Ave Middletown, OH.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,664 square feet; Built in 1977; Each unit has 2 bedrooms and 1 bath
