Tenant-Occupied
For Sale
$160,000
4602 Southern Blvd, Boardman, OH 44512
Two apartment units provide four bedrooms, bonus rooms, and separate tenant occupancy within the Boardman School District.
Property Size2,362 SF
Price / SF$67.74
Days on Market11
Property Features for 4602 Southern Blvd
General Information
Standard status
Active
Size
2,362 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,116
Listing Agency:
Gonatas Real Estate LLC
(330) 501-8300
Listed By:
Dennis D Gonatas Sr. · License #2023000272
(330) 501-8300
Source:
Exprealty
Added: Aug 21
Changed: Aug 31
Last Checked: Aug 31 at 8:36AM
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 Gonatas Real Estate LLC
Investment Insights
Based on property information with market context.
Located at 4602 Southern Blvd in Boardman, this duplex contains 2,362 square feet across two occupied apartment units. Each residence includes two bedrooms, a full bathroom, a kitchen, a living room, and a bonus room that adds flexible usable space. The property provides four bedrooms and two full bathrooms in total.
Tenants are responsible for their own electric and gas service, while the owner currently covers water and trash. Both units are leased, providing established occupancy within the Boardman School District. The two-level configuration and individual apartment layouts offer a straightforward multifamily setup with additional bonus areas in each unit.
Tenants are responsible for their own electric and gas service, while the owner currently covers water and trash. Both units are leased, providing established occupancy within the Boardman School District. The two-level configuration and individual apartment layouts offer a straightforward multifamily setup with additional bonus areas in each unit.
Key Highlights
- 2,362 total square feet configured as a duplex
- Two tenant‑occupied apartment units
- Four total bedrooms and 2 full bathrooms
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
$14,657
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
9.16%
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%
$293,140
$293.1K
Cap Rate 7%
$209,386
$209.4K
Cap Rate 9%
$162,856
$162.9K
Market Conditions
NOI Build-Up for 2,362 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
$28.3K $12.00/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$26.6K $11.28/SF
− OpEx
−$12.0K −$5.08/SF
NOI
$14.7K $6.21/SF
Area
Mahoning County, OH
Vacancy
5.98%
Lease Rate
$12.00 /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%
$293,140
Cap Rate 7%
$209,386
Cap Rate 9%
$162,856
Alternative Uses
Best Use
Multifamily LT 5
$227.2K
$198.8K – $265.1K
NOI $15,907 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$209.4K
$183.2K – $244.3K
NOI $14,657 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$445.7K
$390.0K – $520.0K
NOI $31,201 @ 7.0% cap · market cap 19.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 44512, OH
33,282
Population
15,770
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
94%
High-School Grad
17.0 sq mi
ZIP Area
1,958
Density / Sq Mi
$62,311
Median Household Income
$38,828
Median Earnings
$788
Median Rent
$158,800
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?
Duplex - Two apartment units provide four bedrooms, bonus rooms, and separate tenant occupancy within the Boardman School District.
Where is this duplex located?
The property is located at 4602 Southern Blvd Boardman, OH.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 2,362 total square feet configured as a duplex; Two tenant‑occupied apartment units; Four total bedrooms and 2 full bathrooms
