Two-Unit
For Sale
$164,900
428 N State St, Marion, OH 43302
The units offer distinct layouts, with separate meters for each residence.
Property Size1,572 SF
Price / SF$104.90
Days on Market11
Property Features for 428 N State St
General Information
Standard status
Active
Size
1,572 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Amenities
front porch
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Austin Carpenter, Real Estate & Auction Services
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Oct 5
Changed: Oct 13
Last Checked: Oct 14 at 10:47PM
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 Austin Carpenter, Real Estate & Auction Services
Investment Insights
Based on property information with market context.
Built in 1925, this 1,572-square-foot duplex contains two residences: a one-bedroom, one-bath unit and a four-bedroom, two-bath unit. Both have updated kitchens with microwaves, fresh interior paint, and new flooring. Each residence is served by a separate meter, and a front porch adds exterior space.
The varied unit sizes provide a compact one-bedroom layout alongside a larger four-bedroom residence.
The varied unit sizes provide a compact one-bedroom layout alongside a larger four-bedroom residence.
Key Highlights
- Two residences totaling 1,572 square feet
- One‑bedroom, one‑bath unit and four‑bedroom, two‑bath unit
- Separate meters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,335
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$106,700
$106.7K
Cap Rate 7%
$76,214
$76.2K
Cap Rate 9%
$59,278
$59.3K
Market Conditions
NOI Build-Up for 1,572 SF
Gross rent
$8.3K $5.28/SF
− Vacancy
−$678 −$0.43/SF
EGI
$7.6K $4.85/SF
− OpEx
−$2.3K −$1.45/SF
NOI
$5.3K $3.39/SF
Area
Marion County, OH
Vacancy
8.17%
Lease Rate
$5.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$106,700
Cap Rate 7%
$76,214
Cap Rate 9%
$59,278
Alternative Uses
Best Use
Multifamily LT 5
$76.2K
$66.7K – $88.9K
NOI $5,335 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$66.0K
$57.8K – $77.1K
NOI $4,623 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$317.3K
$277.7K – $370.2K
NOI $22,213 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
910
Businesses Nearby
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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
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Frequently Asked Questions
What type of property is this?
Duplex - The units offer distinct layouts, with separate meters for each residence.
Where is this duplex located?
The property is located at 428 N State St Marion, OH.
What is the asking price?
The asking price for this property is $164,900.
What are key features of this property?
This property features: Two residences totaling 1,572 square feet; One‑bedroom, one‑bath unit and four‑bedroom, two‑bath unit; Separate meters for each unit
