Occupied Two-Unit
For Sale
$195,900
605 N Detroit Street, Bellefontaine, OH 43311
Multi-Family, Bellefontaine, OH
Property Size1,872 SF
Lot Size0.17 Acres
Price / SF$104.65
Days on Market208
Property Features for 605 N Detroit Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2
Parking features
None
Patio and Porch features
Porch
Interior features
Attic, Ceiling Fan(s)
Basement
Unfinished, Full
Lot features
Plat
Elementary school district
4601 Bellefontaine CSD
Middle school district
4601 Bellefontaine CSD
High school district
4601 Bellefontaine CSD
Directions
605 N Detroit Street
Subdivision
901 Bellefontaine
Standard status
Active
APN
170910812013000
Size
1,872 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Linoleum, Vinyl, Hardwood
Building materials
Metal Siding
Architectural style
Other
Listing Agency:
Bell Hankins Realty Group, LLC
(937) 935-2450
Listed By:
Stanleigh Penhorwood · License #2026000062
(937) 210-6156
Added: Feb 24
Changed: Sep 13
Last Checked: Sep 20 at 7:06AM
MLS# 1044176
Copyright © 2026 Western Regional Information System & Technology, Inc. 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 1,872 square feet and is arranged as a 2-bedroom, 1-bathroom residence alongside a 1-bedroom, 1-bathroom residence. Both units include a kitchen, living room, and laundry hookups, with hardwood, vinyl, and linoleum flooring across the property. Interior features include an attic and ceiling fans. The building was constructed in 1920 and has metal siding, natural gas forced-air heat, window-unit cooling, and a porch.
Located at 605 N Detroit Street in Bellefontaine, Ohio, the property occupies 0.17 acres and is served by public sewer. Both residences are leased on yearly terms and currently occupied. The property does not include designated parking.
Located at 605 N Detroit Street in Bellefontaine, Ohio, the property occupies 0.17 acres and is served by public sewer. Both residences are leased on yearly terms and currently occupied. The property does not include designated parking.
Key Highlights
- Two‑unit duplex with 1,872 square feet
- Unit mix includes one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit
- Both units are occupied under yearly leases
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
$6,354
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
3.24%
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%
$127,080
$127.1K
Cap Rate 7%
$90,771
$90.8K
Cap Rate 9%
$70,600
$70.6K
Market Conditions
NOI Build-Up for 1,872 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
$9.9K $5.28/SF
− Vacancy
−$808 −$0.43/SF
EGI
$9.1K $4.85/SF
− OpEx
−$2.7K −$1.45/SF
NOI
$6.4K $3.39/SF
Area
Logan 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%
$127,080
Cap Rate 7%
$90,771
Cap Rate 9%
$70,600
Alternative Uses
Best Use
Multifamily LT 5
$90.8K
$79.4K – $105.9K
NOI $6,354 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$78.6K
$68.8K – $91.8K
NOI $5,505 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$377.9K
$330.7K – $440.9K
NOI $26,452 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased units offer separate kitchens, living rooms, and laundry hookups.
Where is this duplex located?
The property is located at 605 N Detroit Street Bellefontaine, OH.
What is the asking price?
The asking price for this property is $195,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,872 square feet; Unit mix includes one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit; Both units are occupied under yearly leases
