Updated Duplex with Two
For Sale
$219,000
47 Penney Ave, Newark, OH 43055
Two-unit property with refreshed kitchens, flooring, furnaces, and plumbing, plus laundry hookups in each residence.
Property Size1,900 SF
Price / SF$115.26
Days on Market47
Property Features for 47 Penney Ave
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Amenities
washer/dryer hookups
Building Details
Year Built
1920
Buildings
1
Listing Agency:
William Parizek, Lim Realty Group
Listed By:
The Daniel Team
(614) 402-5212
Source:
Newdirectionsrealtyltd
Added: Sep 4
Changed: Oct 19
Last Checked: Oct 19 at 7:09AM
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 William Parizek, Lim Realty Group
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Investment Insights
Based on property information with market context.
This duplex contains approximately 1,900 square feet across two residential units and was built in 1920. Interior improvements include updated kitchens and flooring, along with new furnaces and plumbing updates. Both units include washer and dryer hookups, supporting convenient in-unit laundry installation.
The first-floor residence offers three bedrooms, while the upper unit provides two bedrooms. Located at 47 Penney Ave in Newark, Ohio, the property presents an owner-occupant configuration with the ability to live in one unit while leasing the other, as supported by the existing two-unit layout.
The first-floor residence offers three bedrooms, while the upper unit provides two bedrooms. Located at 47 Penney Ave in Newark, Ohio, the property presents an owner-occupant configuration with the ability to live in one unit while leasing the other, as supported by the existing two-unit layout.
Key Highlights
- Two‑unit duplex with approximately 1,900 square feet
- First‑floor unit includes 3 bedrooms
- Upper unit includes 2 bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,136
Cap Rate
8.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,720
$382.7K
Cap Rate 7%
$273,371
$273.4K
Cap Rate 9%
$212,622
$212.6K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$28.5K $15.00/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$27.3K $14.39/SF
− OpEx
−$8.2K −$4.32/SF
NOI
$19.1K $10.07/SF
Area
Licking County, OH
Vacancy
4.08%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,720
Cap Rate 7%
$273,371
Cap Rate 9%
$212,622
Alternative Uses
Best Use
Multifamily LT 5
$273.4K
$239.2K – $318.9K
NOI $19,136 @ 7.0% cap · market cap 8.74%
Second Best
Apartment 5plus
$248.6K
$217.5K – $290.0K
NOI $17,401 @ 7.0% cap · market cap 7.95%
Theoretical Best
Flex RnD
$1.53M
$1.34M – $1.78M
NOI $106,815 @ 7.0% cap · market cap 48.77%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
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Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with refreshed kitchens, flooring, furnaces, and plumbing, plus laundry hookups in each residence.
Where is this duplex located?
The property is located at 47 Penney Ave Newark, OH.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,900 square feet; First‑floor unit includes 3 bedrooms; Upper unit includes 2 bedrooms
