Three-Unit Ranch
New
For Sale
$359,000
587 Dogwood Cir, Mansfield, OH 44903
Tenants cover electricity, gas, and trash, while ownership pays water and sewer for the occupied property.
Property Size2,668 SF
Price / SF$134.56
Days on Market6
Property Features for 587 Dogwood Cir
General Information
Standard status
Active
Size
2,668 SF
Total Parking Spaces
6
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Parking per Unit
2
Additional Details
Gross Income
$31,500
Taxes and HOA fees
Annual Taxes
$2,980
Amenities
central air
refrigerator
stove
washer and dryer
Building Details
Construction
ranch
Tenancy
Multi
Listing Agency:
Key Realty
(877) 539-7589
Listed By:
Rui Shi
(626) 500-9905
Source:
Exprealty
Added: Sep 6
Changed: Sep 10
Last Checked: Sep 10 at 3:08PM
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 Key Realty
Investment Insights
Based on property information with market context.
This 2,668 SF triplex contains three ranch-style units, each configured with two bedrooms and one bathroom. The property is currently occupied by long-term tenants and includes a newer roof, furnace, and central air. Every unit is furnished with a refrigerator, stove, washer, and dryer, providing a consistent appliance package across the building.
The property sits on a quiet cul-de-sac near Forest Hills Golf Course and Routes 30 and 71, within the Madison School District. A concrete driveway installed around 3 years ago serves the property, and each unit has two assigned parking spots. Tenants pay electricity, gas, and trash, while the landlord pays water and sewer. Ownership is responsible for approximately $130 monthly in combined water and sewer costs.
The property sits on a quiet cul-de-sac near Forest Hills Golf Course and Routes 30 and 71, within the Madison School District. A concrete driveway installed around 3 years ago serves the property, and each unit has two assigned parking spots. Tenants pay electricity, gas, and trash, while the landlord pays water and sewer. Ownership is responsible for approximately $130 monthly in combined water and sewer costs.
Key Highlights
- 3‑unit triplex totaling 2668 SF
- Each unit has 2 bedrooms and 1 bathroom
- Newer roof, furnace, and central air
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
$22,169
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
6.18%
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%
$443,380
$443.4K
Cap Rate 7%
$316,700
$316.7K
Cap Rate 9%
$246,322
$246.3K
Market Conditions
NOI Build-Up for 2,668 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
$33.6K $12.60/SF
− Vacancy
−$1.9K −$0.73/SF
EGI
$31.7K $11.87/SF
− OpEx
−$9.5K −$3.56/SF
NOI
$22.2K $8.31/SF
Area
Richland County, OH
Vacancy
5.79%
Lease Rate
$12.60 /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%
$443,380
Cap Rate 7%
$316,700
Cap Rate 9%
$246,322
Alternative Uses
Best Use
Multifamily LT 5
$316.7K
$277.1K – $369.5K
NOI $22,169 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$283.5K
$248.0K – $330.7K
NOI $19,842 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$536.8K
$469.7K – $626.2K
NOI $37,574 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 44903, OH
25,613
Population
11,425
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
114.1 sq mi
ZIP Area
224
Density / Sq Mi
$65,421
Median Household Income
$36,553
Median Earnings
$811
Median Rent
$177,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Tenants cover electricity, gas, and trash, while ownership pays water and sewer for the occupied property.
Where is this triplex located?
The property is located at 587 Dogwood Cir Mansfield, OH.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 3‑unit triplex totaling 2668 SF; Each unit has 2 bedrooms and 1 bathroom; Newer roof, furnace, and central air
