Multifamily Complex in Lodi,
For Sale
Contact for pricing
411 Bank Street, Lodi, OH 44254
Five-unit multifamily complex with expansion potential in Lodi, Ohio.
Property Size1,788 SF
Lot Size0.24 Acres
Price / SF$220.92
Days on Market103
Property Features for 411 Bank Street
General Information
Standard status
Active
Size
1,788 SF
Lot size
0.24 Acres
Property subtype
Multifamily, Mixed Use
Zoning
Multi-Use
Building Details
Buildings
5
Units
5
Listing Agency:
Gerspacher Real Estate Group
(330) 722-5002
Listed By:
Sheila Miu · License #OH SAL2022006764
Source:
Crexi
Added: May 21
Changed: Aug 22
Last Checked: Aug 29 at 7:51AM
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 Gerspacher Real Estate Group
Investment Insights
Based on property information with market context.
Located in the Village of Lodi, Ohio, this multifamily complex features five units within approximately 1,788 square feet on 0.2379 acres. The property includes three one-bedroom units, each with approximately 300 square feet, one two-bedroom unit with 588 square feet, and one 300-square-foot efficiency unit. The one-bedroom units each contain a living room, kitchen with a sink, stove, and refrigerator, and a bedroom. The two-bedroom unit includes a kitchen with a sink, stove, refrigerator, and microwave, a living room, and two bedrooms. The efficiency unit is a single large room with a kitchen area that includes a sink, stove, and refrigerator. The property is serviced by city water and sewer. All units are separately metered, with tenants responsible for their electric and gas expenses. The landlord covers water, sewer, and trash services and handles landscaping and snowplowing. Tenant-provided window A/C units can be used for cooling. An adjacent parcel is also available for acquisition. This additional parcel includes approximately 0.2557 acres featuring a retail/office building in shell state of approximately 1,072 square feet and an approximately 800-square-foot three-door garage with an existing tenant. The property is located in an Opportunity Zone.
Key Highlights
- Located in an Opportunity Zone, offering potential tax benefits.
- Multifamily complex featuring 5 units: 3 one‑bedroom, 1 two‑bedroom, and 1 efficiency unit.
- Separately metered for electric/gas, tenants responsible for utilities.
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
$16,257
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
4.12%
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%
$325,140
$325.1K
Cap Rate 7%
$232,243
$232.2K
Cap Rate 9%
$180,633
$180.6K
Market Conditions
NOI Build-Up for 1,788 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
$29.0K $16.20/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$26.0K $14.55/SF
− OpEx
−$9.8K −$5.46/SF
NOI
$16.3K $9.09/SF
Area
Medina County, OH
Vacancy
10.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$325,140
Cap Rate 7%
$232,243
Cap Rate 9%
$180,633
Alternative Uses
Best Use
Mixed Use
$232.2K
$203.2K – $271.0K
NOI $16,257 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$201.8K
$176.5K – $235.4K
NOI $14,123 @ 7.0% cap · market cap 3.58%
Theoretical Best
Specialty Retail
$498.7K
$436.4K – $581.9K
NOI $34,911 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 44254, OH
4,784
Population
2,174
Households
2.2
Avg Household Size
46
Median Age
11%
College-Educated
89%
High-School Grad
26.0 sq mi
ZIP Area
184
Density / Sq Mi
$64,511
Median Household Income
$38,120
Median Earnings
$818
Median Rent
$185,700
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?
Apartment building - Five-unit multifamily complex with expansion potential in Lodi, Ohio.
Where is this apartment building located?
The property is located at 411 Bank Street Lodi, OH.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Located in an Opportunity Zone, offering potential tax benefits.; Multifamily complex featuring 5 units: 3 one‑bedroom, 1 two‑bedroom, and 1 efficiency unit.; Separately metered for electric/gas, tenants responsible for utilities.
