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$204.14
Days on Market148
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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
Listed By:
Sheila Miu · License #OH SAL2022006764
(330) 722-5002
Source:
Crexi
Added: May 21
Changed: Oct 9
Last Checked: Oct 14 at 7:39PM
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 / Yr
$16,257
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
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
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 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 4.45%
Second Best
Apartment 5plus
$201.8K
$176.5K – $235.4K
NOI $14,123 @ 7.0% cap · market cap 3.87%
Theoretical Best
Specialty Retail
$498.7K
$436.4K – $581.9K
NOI $34,911 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $365,000.
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.
