Well-Maintained Duplex with Fenced
389-391 Oak Street Marion, OH 43302
389-391 Oak Street, Marion, OH, 43302
$174,900
For Sale
$174,900
Duplex with separate entrances, 3-bedroom units, and a fully fenced backyard—well-suited for rental or owner occupancy.
Property Size2,016 SF
Price / SF$86.76
Days on Market163
Property Features for 389-391 Oak Street
General Information
- Standard status
- Active
- Size
- 2,016 SF
- Property subtype
- Multi-Family / Duplex
Building Details
- Year Built
- 1900
Listing agency
Signature Real Estate
(614) 687-0953
Listed by
Colby LeManton · License #2016002181
(614) 687-0953
Source
Compass
Added: Feb 8 Updated: Jul 10 at 1:50PM Checked: Jul 21 at 8:18AM
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 Signature Real Estate
Investment Insights
Based on property information with market context.
This well-maintained duplex provides two separate residential units, each with 3 bedrooms and 1 bathroom. The property has separate entrances for each unit and includes a fully fenced backyard that offers private outdoor space. Unit 1 is currently rented with a long-term tenant in place since 2015, generating $1,200 per month. Unit 2 is vacant and ready to be owner occupied or rented.
The duplex has undergone several key updates. The roof was replaced in 2015. Furnaces were updated in 2022 and 2017, and hot water tanks were replaced in 2014 and 2021. Regarding utilities, the owner currently pays sewer, which averages approximately $90 per month combined for both units, while tenants pay all other utilities. The seller is also willing to assist with closing costs.
Located at 389-391 Oak Street in Marion, OH 43302, this setup can appeal to investors seeking one income-producing unit while maintaining flexibility with the second unit. It can also work for an owner-occupant looking to live in Unit 2 and use Unit 1’s existing tenancy to help offset housing costs. Please do not disturb tenants. A member of the selling entity is a licensed real estate agent.
The duplex has undergone several key updates. The roof was replaced in 2015. Furnaces were updated in 2022 and 2017, and hot water tanks were replaced in 2014 and 2021. Regarding utilities, the owner currently pays sewer, which averages approximately $90 per month combined for both units, while tenants pay all other utilities. The seller is also willing to assist with closing costs.
Located at 389-391 Oak Street in Marion, OH 43302, this setup can appeal to investors seeking one income-producing unit while maintaining flexibility with the second unit. It can also work for an owner-occupant looking to live in Unit 2 and use Unit 1’s existing tenancy to help offset housing costs. Please do not disturb tenants. A member of the selling entity is a licensed real estate agent.
Key Highlights
- Duplex built in 1900 with two separate units, each offering 3 bedrooms and 1 bathroom
- Unit 1 rented for $1,200/month with a long‑term tenant in place since 2015; Unit 2 is vacant
- Separate entrances for each unit plus a fully fenced backyard for added privacy and outdoor space
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $10.6k | $5.28 |
| − Vacancy | −$870 | −$0.43 |
| EGI | $9.8k | $4.85 |
| − OpEx | −$2.9k | −$1.45 |
| NOI | $6.8k | $3.39 |
2,016 SF · lease $5.28/SF/yr · vacancy 8.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$97.7K
$85.5K – $114.0K
NOI $6,842 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$84.7K
$74.1K – $98.8K
NOI $5,929 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$407.0K
$356.1K – $474.8K
NOI $28,487 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Duplex with separate entrances, 3-bedroom units, and a fully fenced backyard—well-suited for rental or owner occupancy.
Where is this duplex located?
The property is located at 389-391 Oak Street Marion, OH.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Duplex built in 1900 with two separate units, each offering 3 bedrooms and 1 bathroom; Unit 1 rented for $1,200/month with a long‑term tenant in place since 2015; Unit 2 is vacant; Separate entrances for each unit plus a fully fenced backyard for added privacy and outdoor space
