Building Details

Year Built 1938

Stories 2

Listing Agency: KW Commercial Keller Williams Legacy Group

Listed By: Tracy Jones · License #2022006975 Show Phone

Source: Crexi

Added: Mar 9 Changed: Oct 10 Last Checked: Oct 9 at 7:38PM

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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 KW Commercial Keller Williams Legacy Group

Investment Insights

Based on property information with market context.

This multi-unit property, located at 41 Railroad Street, New London, OH 44851, presents an income-producing investment opportunity. The property consists of five rental units, including two 1-bedroom apartments and three 2-bedroom apartments. The total property size is 1840 square feet. The property generates $2,850 per month in rental income. This property offers consistent income potential with a desirable rental mix. It is suitable for investors looking to add a performing asset to their portfolio or those entering the investment market, providing immediate rental income and long-term potential.

Key Highlights

• Income‑producing multi‑unit property.
• Generates $2,850 per month in rental income.
• Features a mix of two 1‑bedroom and three 2‑bedroom apartments.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,859

Cap Rate

4.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$297,180 $297.2K

Cap Rate 7%

$212,271 $212.3K

Cap Rate 9%

$165,100 $165.1K

Market Conditions

NOI Build-Up for 1,840 SF

Gross rent

$29.4K $15.96/SF

− Vacancy

−$2.3K −$1.28/SF

EGI

$27.0K $14.68/SF

− OpEx

−$12.2K −$6.61/SF

NOI

$14.9K $8.08/SF

Area

Huron County, OH

Vacancy

8.00%

Lease Rate

$15.96 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$297,180

Cap Rate 7%

$212,271

Cap Rate 9%

$165,100

Alternative Uses

Best Use

Apartment 5plus

$212.3K

$185.7K – $247.7K (±1% cap)

NOI $14,859 @ 7.0% cap · market cap 4.50%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$382.4K

$334.6K – $446.2K (±1% cap)

NOI $26,770 @ 7.0% cap · market cap 8.11%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant (Bike/Boat/Book/etc) Store Storage Facility Cafe & Coffee Shop

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

172

Businesses Nearby

Explore this area Business Placement

Demographics for 44851, OH

5,303

Population

2,238

Households

2.4

Avg Household Size

44

Median Age

12%

College-Educated

87%

High-School Grad

76.1 sq mi

ZIP Area

70

Density / Sq Mi

$62,458

Median Household Income

$41,687

Median Earnings

$831

Median Rent

$154,900

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 apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - Multi-unit property with five apartments, generating $2,850 monthly income.

Where is this apartment building located?

The property is located at 41 Railroad Street New London, OH.

What is the asking price?

The asking price for this property is $329,900.

What are key features of this property?

This property features: Income‑producing multi‑unit property.; Generates $2,850 per month in rental income.; Features a mix of two 1‑bedroom and three 2‑bedroom apartments.