Leased Duplex with Private
For Sale
$260,000
3601-3603 S Smithville Rd, Kettering, OH 45420
Two residential units offer practical layouts, laundry hookups, outdoor space, and existing leases.
Property Size1,860 SF
Price / SF$139.78
Days on Market38
Property Features for 3601-3603 S Smithville Rd
General Information
Standard status
Active
Size
1,860 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
washer/dryer hookups
private patio
Building Details
Year Built
1953
Listing Agency:
Collins Real Estate Services
(937) 626-4181
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 12:35PM
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 Collins Real Estate Services
Investment Insights
Based on property information with market context.
This duplex contains 1,860 square feet across two residential units, with each unit offering two bedrooms, one full bathroom, a living area, kitchen, washer/dryer hookups, and a private patio. The property sits on nearly 1/4 acre with a flat backyard and additional green space. Both units are currently leased, with lease end dates of May 31, 27 and March 31, 27.
Located at 3601-3603 S Smithville Rd in Kettering, Ohio, the property is near shopping, dining, schools, parks, and major roadways. Built in 1953, the duplex combines an established residential asset with functional unit layouts and outdoor areas for each residence.
Located at 3601-3603 S Smithville Rd in Kettering, Ohio, the property is near shopping, dining, schools, parks, and major roadways. Built in 1953, the duplex combines an established residential asset with functional unit layouts and outdoor areas for each residence.
Key Highlights
- 1,860‑square‑foot duplex on nearly 1/4 acre
- Two units, each with 2 bedrooms and 1 full bath
- Both units are leased through May 31, 27 and March 31, 27
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
$17,217
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
6.62%
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%
$344,340
$344.3K
Cap Rate 7%
$245,957
$246.0K
Cap Rate 9%
$191,300
$191.3K
Market Conditions
NOI Build-Up for 1,860 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
$25.7K $13.80/SF
− Vacancy
−$1.1K −$0.58/SF
EGI
$24.6K $13.22/SF
− OpEx
−$7.4K −$3.97/SF
NOI
$17.2K $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%
$344,340
Cap Rate 7%
$245,957
Cap Rate 9%
$191,300
Alternative Uses
Best Use
Multifamily LT 5
$246.0K
$215.2K – $287.0K
NOI $17,217 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$226.3K
$198.0K – $264.1K
NOI $15,843 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office B
$349.7K
$306.0K – $408.0K
NOI $24,481 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 45420, OH
25,045
Population
12,391
Households
2
Avg Household Size
39
Median Age
27%
College-Educated
92%
High-School Grad
6.4 sq mi
ZIP Area
3,913
Density / Sq Mi
$56,670
Median Household Income
$41,156
Median Earnings
$918
Median Rent
$116,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer practical layouts, laundry hookups, outdoor space, and existing leases.
Where is this duplex located?
The property is located at 3601-3603 S Smithville Rd Kettering, OH.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,860‑square‑foot duplex on nearly 1/4 acre; Two units, each with 2 bedrooms and 1 full bath; Both units are leased through May 31, 27 and March 31, 27
