Four-Unit Multifamily
For Sale
$399,900
Pending
403 W Main Street, Lebanon, OH 45036
Residential Income, Lebanon, OH
Property Size1,747 SF
Lot Size0.36 Acres
Days on Market51
Property Features for 403 W Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
High school district
Lebanon City SD
Directions
Rt 48 to West on Main.
Subdivision
Warren-E13
Standard status
Pending
APN
1205201005
Size
1,747 SF
Lot size
0.36 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
1900
Number of units
4
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 874-3300
Listed By:
John Alley
(513) 766-9200
Added: Jul 10
Changed: Aug 26
Last Checked: Aug 29 at 11:06AM
MLS# 1886318
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit residential property at 403 W Main Street in Lebanon, Ohio, offers 1,747 square feet across a mix of two two-bedroom units and two one-bedroom units. The property has wood siding, natural gas heating, and a shingle roof, with construction dating to 1900.
The asset has maintained full occupancy for several years and sits near the heart of downtown Lebanon. Restaurants and shopping are located nearby, providing convenient access to established local amenities. The property occupies 0.36 acres in Warren County and is identified by postal code 45036.
The asset has maintained full occupancy for several years and sits near the heart of downtown Lebanon. Restaurants and shopping are located nearby, providing convenient access to established local amenities. The property occupies 0.36 acres in Warren County and is identified by postal code 45036.
Key Highlights
- Four‑unit configuration with two two‑bedroom units and two one‑bedroom units
- 1,747 square feet on 0.36 acres
- Fully rented for several years
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
$16,139
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
4.04%
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%
$322,780
$322.8K
Cap Rate 7%
$230,557
$230.6K
Cap Rate 9%
$179,322
$179.3K
Market Conditions
NOI Build-Up for 1,747 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
$24.5K $14.04/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$23.1K $13.20/SF
− OpEx
−$6.9K −$3.96/SF
NOI
$16.1K $9.24/SF
Area
Warren County, OH
Vacancy
6.00%
Lease Rate
$14.04 /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%
$322,780
Cap Rate 7%
$230,557
Cap Rate 9%
$179,322
Alternative Uses
Best Use
Multifamily LT 5
$230.6K
$201.7K – $269.0K
NOI $16,139 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$206.1K
$180.4K – $240.5K
NOI $14,430 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$390.2K
$341.4K – $455.3K
NOI $27,315 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 45036, OH
41,060
Population
15,036
Households
2.7
Avg Household Size
39
Median Age
32%
College-Educated
92%
High-School Grad
81.2 sq mi
ZIP Area
506
Density / Sq Mi
$97,944
Median Household Income
$51,565
Median Earnings
$1,090
Median Rent
$317,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential income property with a balanced mix of one- and two-bedroom units near downtown Lebanon.
Where is this quadplex located?
The property is located at 403 W Main Street Lebanon, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four‑unit configuration with two two‑bedroom units and two one‑bedroom units; 1,747 square feet on 0.36 acres; Fully rented for several years
