Duplex with Separate
For Sale
$215,000
500 W Wyoming Ave, Lockland, OH 45215
Two residential units offer independent utility arrangements and convenient off-street parking at the rear.
Property Size2,496 SF
Price / SF$86.14
Days on Market22
Property Features for 500 W Wyoming Ave
General Information
Standard status
Active
Size
2,496 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1880
Listing Agency:
Keller Williams Advisors
(937) 506-8360
Listed By:
Christopher J Secaur · License #2005015284
Source:
Lovdalgroup
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 25 at 5:05AM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
Located at 500 W Wyoming Avenue in Lockland, Ohio, this duplex contains approximately 2,496 square feet across two residential units. Each unit has three bedrooms, with one offering two baths and the other one bath. Separate utilities support distinct unit operations, and both units are currently leased.
The property was built in 1880 and has received several recent capital updates. The roof is approximately 4 years old, water heaters are less than 2 years old, and furnaces are less than 12 months old. Four off-street parking spaces are positioned behind the building, adding dedicated parking for occupants.
The property was built in 1880 and has received several recent capital updates. The roof is approximately 4 years old, water heaters are less than 2 years old, and furnaces are less than 12 months old. Four off-street parking spaces are positioned behind the building, adding dedicated parking for occupants.
Key Highlights
- Approximately 2,496 square feet with two residential units
- Both units have 3 bedrooms; bath counts are 2 and 1
- Separate utilities serve the individual units
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
$18,545
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
8.63%
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%
$370,900
$370.9K
Cap Rate 7%
$264,929
$264.9K
Cap Rate 9%
$206,056
$206.1K
Market Conditions
NOI Build-Up for 2,496 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
$35.6K $14.28/SF
− Vacancy
−$1.9K −$0.77/SF
EGI
$33.7K $13.51/SF
− OpEx
−$15.2K −$6.08/SF
NOI
$18.5K $7.43/SF
Area
ZIP 45215
Vacancy
5.40%
Lease Rate
$14.28 /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%
$370,900
Cap Rate 7%
$264,929
Cap Rate 9%
$206,056
Alternative Uses
Best Use
Multifamily LT 5
$298.8K
$261.4K – $348.6K
NOI $20,913 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$264.9K
$231.8K – $309.1K
NOI $18,545 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$539.9K
$472.4K – $629.9K
NOI $37,795 @ 7.0% cap · market cap 17.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 45215, OH
30,993
Population
13,735
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
2,583
Density / Sq Mi
$71,949
Median Household Income
$45,976
Median Earnings
$954
Median Rent
$200,100
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 residential units offer independent utility arrangements and convenient off-street parking at the rear.
Where is this duplex located?
The property is located at 500 W Wyoming Ave Lockland, OH.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Approximately 2,496 square feet with two residential units; Both units have 3 bedrooms; bath counts are 2 and 1; Separate utilities serve the individual units
