Two-Unit Duplex with
For Sale
$215,000
515 Washington St, Findlay, OH 45840
Two-story duplex with separate kitchens, outdoor space, basement access, and a two-car garage.
Property Size1,502 SF
Price / SF$143.14
Days on Market24
Property Features for 515 Washington St
General Information
Standard status
Active
Size
1,502 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Listing Agency:
Coldwell Banker Flag City
(419) 306-6427
Listed By:
Karen Brannan
(419) 306-6427
Source:
Exprealty
Added: Jul 29
Changed: Aug 15
Last Checked: Aug 20 at 12:04PM
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 Coldwell Banker Flag City
Investment Insights
Based on property information with market context.
This 1,502-square-foot duplex includes two residential units arranged across the main and second floors. The main-level unit features an eat-in kitchen, dining room, and access to the two-car garage and basement. Upstairs, the second unit offers a large eat-in kitchen along with sliding-door access to a wood deck.
The property also includes a large backyard and is located near downtown Findlay. An elevation certificate and LOMA letter document removal from the 100-year floodplain. The property is currently tenant-occupied.
The property also includes a large backyard and is located near downtown Findlay. An elevation certificate and LOMA letter document removal from the 100-year floodplain. The property is currently tenant-occupied.
Key Highlights
- 1,502‑square‑foot duplex with two residential units
- Main‑floor unit includes an eat‑in kitchen, dining room, garage access, and basement access
- Second‑floor unit has a large eat‑in kitchen and sliding doors to a wood deck
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
$15,423
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
7.17%
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%
$308,460
$308.5K
Cap Rate 7%
$220,329
$220.3K
Cap Rate 9%
$171,367
$171.4K
Market Conditions
NOI Build-Up for 1,502 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
$23.1K $15.36/SF
− Vacancy
−$1.0K −$0.69/SF
EGI
$22.0K $14.67/SF
− OpEx
−$6.6K −$4.40/SF
NOI
$15.4K $10.27/SF
Area
Hancock County, OH
Vacancy
4.50%
Lease Rate
$15.36 /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%
$308,460
Cap Rate 7%
$220,329
Cap Rate 9%
$171,367
Alternative Uses
Best Use
Multifamily LT 5
$220.3K
$192.8K – $257.1K
NOI $15,423 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$196.7K
$172.1K – $229.5K
NOI $13,770 @ 7.0% cap · market cap 6.40%
Theoretical Best
Specialty Retail
$419.0K
$366.6K – $488.8K
NOI $29,327 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,086
Businesses Nearby
Explore this area
Business Placement
Demographics for 45840, OH
54,901
Population
25,396
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
95%
High-School Grad
166.5 sq mi
ZIP Area
330
Density / Sq Mi
$64,076
Median Household Income
$42,546
Median Earnings
$934
Median Rent
$203,800
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-story duplex with separate kitchens, outdoor space, basement access, and a two-car garage.
Where is this duplex located?
The property is located at 515 Washington St Findlay, 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: 1,502‑square‑foot duplex with two residential units; Main‑floor unit includes an eat‑in kitchen, dining room, garage access, and basement access; Second‑floor unit has a large eat‑in kitchen and sliding doors to a wood deck
