Three-Unit Apartment
For Sale
$210,000
4 S Main St, Franklin, OH 45005
The property offers varied layouts, including a studio, one-bedroom residence, and upper-level three-bedroom home.
Property Size2,300 SF
Price / SF$91.30
Days on Market38
Property Features for 4 S Main St
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
presented in its current condition, inviting buyers to envision and implement their personalized updates.
Units
Unit Mix
1 x studio, 1 x 1BR + flex, 1 x 3BR
Multifamily Units
3
Amenities
220-volt wiring
Building Details
Buildings
1
Listing Agency:
First Realty Group
(937) 435-5000
Listed By:
Rodney K Litteral
(937) 435-5000
Source:
Exprealty
Added: Jul 16
Changed: Aug 21
Last Checked: Aug 21 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 First Realty Group
Investment Insights
Based on property information with market context.
This triplex contains three separate residences totaling 2,300 square feet. The unit mix includes a studio, a one-bedroom apartment with an additional room that may function as a second bedroom, and a three-bedroom residence located on the upper level. The building also has 220-volt wiring and is being offered in its current condition, allowing the next owner to undertake updates according to their plans.
The property is located at 4 S Main St in Franklin, OH. Its combination of distinct unit layouts and residential scale provides a straightforward configuration for continued multifamily use.
The property is located at 4 S Main St in Franklin, OH. Its combination of distinct unit layouts and residential scale provides a straightforward configuration for continued multifamily use.
Key Highlights
- Three separate residential units within a triplex
- 2,300 square feet of total living area
- Unit mix includes a studio, one‑bedroom apartment, and upper‑level three‑bedroom residence
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
$18,998
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
9.05%
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%
$379,960
$380.0K
Cap Rate 7%
$271,400
$271.4K
Cap Rate 9%
$211,089
$211.1K
Market Conditions
NOI Build-Up for 2,300 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
$36.7K $15.96/SF
− Vacancy
−$2.2K −$0.94/SF
EGI
$34.5K $15.02/SF
− OpEx
−$15.5K −$6.76/SF
NOI
$19.0K $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%
$379,960
Cap Rate 7%
$271,400
Cap Rate 9%
$211,089
Alternative Uses
Best Use
Multifamily LT 5
$303.5K
$265.6K – $354.1K
NOI $21,248 @ 7.0% cap · market cap 10.12%
Second Best
Apartment 5plus
$271.4K
$237.5K – $316.6K
NOI $18,998 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$513.7K
$449.5K – $599.4K
NOI $35,962 @ 7.0% cap · market cap 17.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 45005, OH
31,577
Population
13,458
Households
2.3
Avg Household Size
42
Median Age
18%
College-Educated
90%
High-School Grad
36.6 sq mi
ZIP Area
863
Density / Sq Mi
$74,239
Median Household Income
$44,082
Median Earnings
$1,005
Median Rent
$201,200
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?
Triplex - The property offers varied layouts, including a studio, one-bedroom residence, and upper-level three-bedroom home.
Where is this triplex located?
The property is located at 4 S Main St Franklin, OH.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Three separate residential units within a triplex; 2,300 square feet of total living area; Unit mix includes a studio, one‑bedroom apartment, and upper‑level three‑bedroom residence
