Eight-Unit Apartment Building
New
For Sale
$600,000
45 S Wright Ave, Fairborn, OH 45324
Two brick apartment buildings offer consistent one-bedroom layouts with basement storage and HVAC service areas.
Property Size3,744 SF
Price / SF$160.26
Days on Market1
Property Features for 45 S Wright Ave
General Information
Standard status
Active
Size
3,744 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Asking Price
$600,000
Building Details
Year Built
1942
Buildings
2
Construction
brick
Listing Agency:
Eb Real Estate
(937) 548-4663
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 7
Last Checked: Sep 7 at 3:11PM
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 Eb Real Estate
Investment Insights
Based on property information with market context.
This apartment building package includes two brick four-family buildings at 45 S. Wright Ave. and 37 Wright Ave., offering a combined eight units and 3,744 square feet of property. Each apartment is configured with one bedroom and one bathroom. Basement areas provide HVAC equipment and tenant storage. The buildings date to 1942, with several furnaces and apartments updated.
The properties are positioned near shopping and restaurants and close to Wright Patterson Air Base in Fairborn. The sale includes both buildings as a package, creating a single offering with consistent unit layouts and shared operating characteristics. Professional management is in place, and the buildings are described as well kept.
The properties are positioned near shopping and restaurants and close to Wright Patterson Air Base in Fairborn. The sale includes both buildings as a package, creating a single offering with consistent unit layouts and shared operating characteristics. Professional management is in place, and the buildings are described as well kept.
Key Highlights
- Eight total units across two four‑family brick apartment buildings
- All units feature one bedroom and one bathroom
- 3,744 square feet of property size
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
$31,891
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
5.32%
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%
$637,820
$637.8K
Cap Rate 7%
$455,586
$455.6K
Cap Rate 9%
$354,344
$354.3K
Market Conditions
NOI Build-Up for 3,744 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
$60.7K $16.20/SF
− Vacancy
−$2.7K −$0.71/SF
EGI
$58.0K $15.49/SF
− OpEx
−$26.1K −$6.97/SF
NOI
$31.9K $8.52/SF
Area
Greene County, OH
Vacancy
4.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$637,820
Cap Rate 7%
$455,586
Cap Rate 9%
$354,344
Alternative Uses
Best Use
Apartment 5plus
$455.6K
$398.6K – $531.5K
NOI $31,891 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$704.0K
$616.0K – $821.3K
NOI $49,278 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Explore this area
Business Placement
Demographics for 45324, OH
40,449
Population
19,729
Households
2.1
Avg Household Size
34
Median Age
30%
College-Educated
92%
High-School Grad
33.1 sq mi
ZIP Area
1,222
Density / Sq Mi
$59,861
Median Household Income
$37,348
Median Earnings
$989
Median Rent
$177,700
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 - Two brick apartment buildings offer consistent one-bedroom layouts with basement storage and HVAC service areas.
Where is this apartment building located?
The property is located at 45 S Wright Ave Fairborn, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Eight total units across two four‑family brick apartment buildings; All units feature one bedroom and one bathroom; 3,744 square feet of property size
