Listing Agency: eXp Realty Show Phone

Listed By: Cheryl Buettell Show Phone

Source: Exprealty

Added: Aug 21 Changed: Aug 29 Last Checked: Aug 29 at 11:00AM

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Investment Insights

Based on property information with market context.

This renovated triplex contains three distinct rental units with varied layouts. The 1,800-square-foot main-floor residence includes three bedrooms, two full baths, a dining room, large living room, kitchen, and office or storage area. The upper unit offers two bedrooms, one bath, an eat-in kitchen, flex space, and living room. A rear unit adds another two-bedroom, one-bath layout with an oversized living area, kitchen, and pantry. Each unit has private laundry facilities.

The property is located in Cedarville near Cedarville University and is leased through May 2027. Off-alley parking accommodates up to 12 vehicles, and the property also includes a detached one-car garage. Interior and exterior updates have been completed throughout.

Key Highlights

• Three rental units with distinct floor plans
• 1,800‑square‑foot main‑floor unit with 3 bedrooms and 2 full baths
• All units include private laundry facilities

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

$51,428

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

7.97%

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%

$1,028,560 $1.0M

Cap Rate 7%

$734,686 $734.7K

Cap Rate 9%

$571,422 $571.4K

Market Conditions

NOI Build-Up for 5,556 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

$76.7K $13.80/SF

− Vacancy

−$3.2K −$0.58/SF

EGI

$73.5K $13.22/SF

− OpEx

−$22.0K −$3.97/SF

NOI

$51.4K $9.26/SF

Area

Greene County, OH

Vacancy

4.18%

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%

$1,028,560

Cap Rate 7%

$734,686

Cap Rate 9%

$571,422

Alternative Uses

Best Use

Multifamily LT 5

$734.7K

$642.9K – $857.1K (±1% cap)

NOI $51,428 @ 7.0% cap · market cap 7.97%

Second Best

Apartment 5plus

$676.1K

$591.6K – $788.8K (±1% cap)

NOI $47,326 @ 7.0% cap · market cap 7.34%

Theoretical Best

Office B

$1.04M

$914.1K – $1.22M (±1% cap)

NOI $73,127 @ 7.0% cap · market cap 11.34%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Massie Creek Antiques Home Decor Store

Suggested Use

Top Pick Law Firm Bakery Furniture & Home Goods Garden Center Nail Salon Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

212

Businesses Nearby

Explore this area Business Placement

Demographics for 45314, OH

6,261

Population

1,460

Households

4.3

Avg Household Size

25

Median Age

47%

College-Educated

96%

High-School Grad

51.4 sq mi

ZIP Area

122

Density / Sq Mi

$87,366

Median Household Income

$10,056

Median Earnings

$829

Median Rent

$276,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Triplex - Three-unit property near Cedarville University with updated interiors, individual laundry, and off-alley parking.

Where is this triplex located?

The property is located at 33 Xenia Ave Cedarville, OH.

What is the asking price?

The asking price for this property is $645,000.

What are key features of this property?

This property features: Three rental units with distinct floor plans; 1,800‑square‑foot main‑floor unit with 3 bedrooms and 2 full baths; All units include private laundry facilities