Vacant Duplex with Attached
For Sale
$159,900
557 Summit Street, Marion, OH 43302
Vacant duplex with two separate units, each with private bedroom and bath counts, plus an attached two-car garage.
Property Size1,913 SF
Lot Size0.21 Acres
Price / SF$83.59
Days on Market73
Property Features for 557 Summit Street
General Information
Standard status
Active
Size
1,913 SF
Lot size
0.21 Acres
Property subtype
Multi-Family / Duplex
Net Operating Income
$12,500
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,906
Building Details
Year Built
1910
Listing Agency:
RE/MAX Revealty
Listed By:
Joshua D Cooper · License #2021008773
(740) 341-2636
Source:
Compass
Added: Jun 26
Changed: Aug 8
Last Checked: Jul 31 at 11:58AM
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 RE/MAX Revealty
Investment Insights
Based on property information with market context.
This vacant, rent-ready duplex offers two separate units with a combined total of 1,913 square feet. The downstairs unit features 2 bedrooms and 1.5 baths, while the upstairs unit includes 1 bedroom and 1 bath. Both units are fully vacant, providing flexibility for new tenants, renovation, or owner occupancy. An attached two-car garage adds practical off-street parking and storage.
The property sits on a 0.21-acre lot and is served by public sewer. It is positioned in Marion with convenient access to Downtown Marion, shops, parks, and schools.
The unit configuration supports straightforward leasing and household flexibility, with each unit having its own bedroom and bath layout.
The property sits on a 0.21-acre lot and is served by public sewer. It is positioned in Marion with convenient access to Downtown Marion, shops, parks, and schools.
The unit configuration supports straightforward leasing and household flexibility, with each unit having its own bedroom and bath layout.
Key Highlights
- Vacant duplex in Marion with two separate units totaling 1,913 SF, ready for leasing or owner‑occupancy
- Downstairs unit: 2 bedrooms and 1.5 baths; upstairs unit: 1 bedroom and 1 bath
- Both units are fully vacant, offering a clean slate for new tenants and rent‑setting
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
$6,493
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
4.06%
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%
$129,860
$129.9K
Cap Rate 7%
$92,757
$92.8K
Cap Rate 9%
$72,144
$72.1K
Market Conditions
NOI Build-Up for 1,913 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
$10.1K $5.28/SF
− Vacancy
−$825 −$0.43/SF
EGI
$9.3K $4.85/SF
− OpEx
−$2.8K −$1.45/SF
NOI
$6.5K $3.39/SF
Area
Marion County, OH
Vacancy
8.17%
Lease Rate
$5.28 /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%
$129,860
Cap Rate 7%
$92,757
Cap Rate 9%
$72,144
Alternative Uses
Best Use
Multifamily LT 5
$92.8K
$81.2K – $108.2K
NOI $6,493 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$80.4K
$70.3K – $93.8K
NOI $5,626 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$386.2K
$337.9K – $450.5K
NOI $27,031 @ 7.0% cap · market cap 16.90%
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
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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 - Vacant duplex with two separate units, each with private bedroom and bath counts, plus an attached two-car garage.
Where is this duplex located?
The property is located at 557 Summit Street Marion, OH.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Vacant duplex in Marion with two separate units totaling 1,913 SF, ready for leasing or owner‑occupancy; Downstairs unit: 2 bedrooms and 1.5 baths; upstairs unit: 1 bedroom and 1 bath; Both units are fully vacant, offering a clean slate for new tenants and rent‑setting
