Vacant Duplex With Attached
For Sale
$159,900
557 Summit Street, Marion, OH 43302
MULTI_FAMILY - Marion, OH
Property Size1,913 SF
Lot Size0.20 Acres
Price / SF$83.59
Days on Market43
Property Features for 557 Summit Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 5
Elementary school district
MARION CSD 5102 MAR CO.
Middle school district
MARION CSD 5102 MAR CO.
High school district
MARION CSD 5102 MAR CO.
Standard status
Active
APN
12-4320001.900
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1906
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1910
Number of units
2
Listing Agency:
RE/MAX Revealty · RE/MAX International
(614) 505-7438
Listed By:
Joshua D Cooper · License #2021008773
(740) 341-2636
Added: Jun 28
Changed: Aug 9
Last Checked: Aug 9 at 6:06AM
MLS# 226023944
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,913 square feet and is currently vacant. The lower residence offers 2 bedrooms and 1.5 baths, while the upper residence includes 1 bedroom and 1 bath. An attached 2-car garage adds useful on-site parking and storage. Built in 1910, the property is positioned for leasing, renovation, or an owner-occupancy arrangement.
The property is located at 557 Summit Street in Marion, Ohio, with access to Downtown Marion, shops, parks, and schools. Public water and public sewer serve the property, and electricity is available. Both units are delivered vacant, allowing the next owner to establish occupancy and leasing plans without an existing tenant commitment.
The property is located at 557 Summit Street in Marion, Ohio, with access to Downtown Marion, shops, parks, and schools. Public water and public sewer serve the property, and electricity is available. Both units are delivered vacant, allowing the next owner to establish occupancy and leasing plans without an existing tenant commitment.
Key Highlights
- Two‑unit duplex with 1,913 square feet of total living area
- Lower unit includes 2 bedrooms and 1.5 baths
- Upper unit includes 1 bedroom and 1 bath
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
433
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 - Two separate vacant units provide flexible leasing or owner-occupancy options with an attached garage and public utilities.
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: Two‑unit duplex with 1,913 square feet of total living area; Lower unit includes 2 bedrooms and 1.5 baths; Upper unit includes 1 bedroom and 1 bath
