Occupied Two-Unit
New
For Sale
$160,000
4602 Southern Boulevard, Boardman, OH 44512
ResidentialIncome, Boardman, OH
Property Size2,362 SF
Lot Size0.19 Acres
Price / SF$67.74
Days on Market2
Property Features for 4602 Southern Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Basement, Bedroom 1
Parking features
Garage
Subdivision
Shadyside
Elementary school district
Boardman LSD - 5002
Middle school district
Boardman LSD - 5002
High school district
Boardman LSD - 5002
Directions
Head north on Market St 1.9 mi Turn right onto Shadyside Dr Destination will be on the right 0.2 mi
Standard status
Active
APN
29-001-0-324.00-0
Size
2,362 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 99 45 X 180 SHADYSIDE PLAT
Tax Annual Amount
2116
Legal Description
LOT 99 45 X 180 SHADYSIDE PLAT
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Gonatas Real Estate LLC
(330) 729-5004
Listed By:
Dennis D Gonatas Sr. · License #2023000272
(330) 501-8300
Added: Aug 21
Last Checked: Aug 22 at 4:06AM
MLS# 5235797
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,362 square feet and is configured with two occupied apartments. Each unit includes a kitchen, living room, two bedrooms, a full bathroom, and a bonus room that expands usable interior space. The property also includes a basement and a garage, with vinyl siding and an asphalt and fiberglass roof system.
Built in 1923, the property is located in Boardman, Ohio, within the Boardman School District. Tenants separately handle electric and gas service, while water and trash are owner-paid. Public water and public sewer serve the property. Heating is provided by natural gas and forced air, with window-unit cooling. The duplex includes four total bedrooms and two full bathrooms across the units.
Built in 1923, the property is located in Boardman, Ohio, within the Boardman School District. Tenants separately handle electric and gas service, while water and trash are owner-paid. Public water and public sewer serve the property. Heating is provided by natural gas and forced air, with window-unit cooling. The duplex includes four total bedrooms and two full bathrooms across the units.
Key Highlights
- Two occupied units with 2,362 square feet of total property size
- Each apartment includes 2 bedrooms, a full bathroom, kitchen, living room, and bonus room
- 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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied apartments offer separate kitchens, living areas, bonus rooms, and bedrooms within a residential income property.
Where is this duplex located?
The property is located at 4602 Southern Boulevard 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: Two occupied units with 2,362 square feet of total property size; Each apartment includes 2 bedrooms, a full bathroom, kitchen, living room, and bonus room; Four total bedrooms and 2 full bathrooms
