Building Details

Year Built 1992

Listing Agency: NavX Realty, LLC Show Phone

Listed By: Vicky L Piper (937) 790-8290

Source: Daytonhomesearcher

Added: Mar 17 Changed: Aug 29 Last Checked: Aug 25 at 6:04AM

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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 NavX Realty, LLC

Investment Insights

Based on property information with market context.

Set on 6.32 acres at 3489 Harlan Carroll Road, this farm property includes a 7,026-square-foot main residence built in 1992. The home offers 6 bedrooms and 8 bathrooms, including 7 full baths and 1 half bath, with hardwood flooring on the main level, central air, a finished full basement, and accessibility features. A 2021 metal roof adds a recent major improvement.

Outdoor amenities include a wraparound porch, private lake, and a large barn with 14 stalls, a corral, and additional storage. The property also includes a separate three-bedroom living space with its own entrance, kitchen, and laundry. The residence is equipped with 4 ranges plus a mini-range, 3 refrigerators and a mini-fridge, 2 dishwashers, 4 microwaves, 3 washers, 3 dryers, and a deep freezer.

Key Highlights

• 6.32‑acre farm property in Waynesville, OH
• 7,026‑square‑foot main residence with 6 bedrooms and 8 bathrooms
• Separate 3‑bedroom living space with private entrance, kitchen, and laundry

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

$58,035

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

5.40%

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%

$1,160,700 $1.2M

Cap Rate 7%

$829,071 $829.1K

Cap Rate 9%

$644,833 $644.8K

Market Conditions

NOI Build-Up for 7,026 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

$112.1K $15.96/SF

− Vacancy

−$6.6K −$0.94/SF

EGI

$105.5K $15.02/SF

− OpEx

−$47.5K −$6.76/SF

NOI

$58.0K $8.26/SF

Area

Warren County, OH

Vacancy

5.90%

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%

$1,160,700

Cap Rate 7%

$829,071

Cap Rate 9%

$644,833

Alternative Uses

Best Use

Apartment 5plus

$829.1K

$725.4K – $967.3K (±1% cap)

NOI $58,035 @ 7.0% cap · market cap 5.40%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.57M

$1.37M – $1.83M (±1% cap)

NOI $109,855 @ 7.0% cap · market cap 10.22%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Short term rental ...

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Butcher Big Box & Wholesale Store Grocery & Convenience Store Food Market

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

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Explore this area Business Placement

Demographics for 45068, OH

11,911

Population

4,605

Households

2.6

Avg Household Size

43

Median Age

43%

College-Educated

96%

High-School Grad

70.6 sq mi

ZIP Area

169

Density / Sq Mi

$95,040

Median Household Income

$55,262

Median Earnings

$1,252

Median Rent

$325,000

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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What type of property is this? Where is this farms located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Farm - Country farm estate with a private lake, equestrian facilities, wraparound porch, and a separate three-bedroom living space.

Where is this farm located?

The property is located at 3489 Harlan Carroll Rd Waynesville, OH.

What is the asking price?

The asking price for this property is $1,074,900.

What are key features of this property?

This property features: 6.32‑acre farm property in Waynesville, OH; 7,026‑square‑foot main residence with 6 bedrooms and 8 bathrooms; Separate 3‑bedroom living space with private entrance, kitchen, and laundry