Renovated 3-Unit
For Sale
$297,000
500 Eastern Ave, New Lexington, OH 43764
Duplex and rear cottage are separately metered for gas, water, and electric.
Property Size2,500 SF
Price / SF$118.80
Days on Market356
Property Features for 500 Eastern Ave
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,238
Building Details
Buildings
2
Listing Agency:
Ohio Broker Direct
(614) 989-7215
Listed By:
Joan Elflein · License #386319
(614) 989-7215
Source:
Exprealty
Added: Aug 22, 2025
Changed: Aug 12
Last Checked: Aug 12 at 5:30AM
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 Ohio Broker Direct
Investment Insights
Based on property information with market context.
Located at 500 Eastern Ave in New Lexington, Ohio, this 2,500-square-foot triplex includes a duplex and a separate rear cottage-style unit. The three-unit layout was renovated two years ago with new HVAC systems, updated utilities, and modern finishes. Each residence has individual gas, water, and electric metering.
Three active leases are currently in place, with one side of the duplex scheduled to become available at the end of August. The property occupies two parcels, with the duplex on one and the cottage on the other. Nearby amenities include schools, a public park, a basketball court, and a swimming pool.
Three active leases are currently in place, with one side of the duplex scheduled to become available at the end of August. The property occupies two parcels, with the duplex on one and the cottage on the other. Nearby amenities include schools, a public park, a basketball court, and a swimming pool.
Key Highlights
- Three‑unit configuration includes a duplex and separate rear cottage
- 2,500 square feet across two parcels
- Renovated two years ago with new HVAC systems and updated utilities
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
$26,507
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
8.92%
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%
$530,140
$530.1K
Cap Rate 7%
$378,671
$378.7K
Cap Rate 9%
$294,522
$294.5K
Market Conditions
NOI Build-Up for 2,500 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
$40.5K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.9K $15.15/SF
− OpEx
−$11.4K −$4.54/SF
NOI
$26.5K $10.60/SF
Area
Perry County, OH
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$530,140
Cap Rate 7%
$378,671
Cap Rate 9%
$294,522
Alternative Uses
Best Use
Multifamily LT 5
$378.7K
$331.3K – $441.8K
NOI $26,507 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$369.1K
$322.9K – $430.6K
NOI $25,834 @ 7.0% cap · market cap 8.70%
Theoretical Best
Warehouse
$503.9K
$440.9K – $587.9K
NOI $35,272 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
260
Businesses Nearby
Explore this area
Business Placement
Demographics for 43764, OH
8,177
Population
3,214
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
85%
High-School Grad
60.8 sq mi
ZIP Area
134
Density / Sq Mi
$54,388
Median Household Income
$36,581
Median Earnings
$664
Median Rent
$129,800
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?
Triplex - Duplex and rear cottage are separately metered for gas, water, and electric.
Where is this triplex located?
The property is located at 500 Eastern Ave New Lexington, OH.
What is the asking price?
The asking price for this property is $297,000.
What are key features of this property?
This property features: Three‑unit configuration includes a duplex and separate rear cottage; 2,500 square feet across two parcels; Renovated two years ago with new HVAC systems and updated utilities
