Updated Two-Unit
For Sale
$129,900
613 Pike St, Ironton, OH 45638
MULTI-DWELLING FAMILY, Two Story, Ironton, OH
Property Size1,690 SF
Lot Size0.10 Acres
Price / SF$76.86
Days on Market47
Property Features for 613 Pike St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch, Deck
Exterior features
Porch, Deck
Lot features
Level
Directions
CG Exit and at the 3 way turn L. Property on L
Subdivision
37 - Coal Grove
Standard status
Active
APN
29-051-1000.000
Size
1,690 SF
Lot size
0.10 Acres
Building Details
Year built
1926
Floors in Building
2
Building materials
Vinyl
Roof type
Metal
Architectural style
Other
Listing Agency:
BUNCH REAL ESTATE ASSOCIATES
(740) 886-7214
Listed By:
Todd Jenkins
(304) 544-2929
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 6 at 4:06AM
MLS# 184437
Copyright © 2026 Huntington Board of Realtors. 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 residential property contains 1,690 square feet on a 0.1-acre lot. The lower residence includes two bedrooms and one full bathroom, while the upper residence provides one bedroom and one full bathroom. Several updates have been completed over the past few years. Vinyl exterior construction, a metal roof, a porch, and a deck add to the property’s physical features. Built in 1926, the duplex offers a two-story configuration with distinct unit layouts.
The property is located in Ironton, near downtown and the Ashland Bridge. Its setting provides access to shopping, dining, employment, and everyday amenities, as well as connections between Ironton and Ashland.
The property is located in Ironton, near downtown and the Ashland Bridge. Its setting provides access to shopping, dining, employment, and everyday amenities, as well as connections between Ironton and Ashland.
Key Highlights
- Two‑unit duplex with 1,690 square feet of property size
- 0.1‑acre lot in Ironton, OH
- Lower unit has 2 bedrooms and 1 full bathroom
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
$11,282
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
8.69%
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%
$225,640
$225.6K
Cap Rate 7%
$161,171
$161.2K
Cap Rate 9%
$125,356
$125.4K
Market Conditions
NOI Build-Up for 1,690 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
$17.2K $10.20/SF
− Vacancy
−$1.1K −$0.66/SF
EGI
$16.1K $9.54/SF
− OpEx
−$4.8K −$2.86/SF
NOI
$11.3K $6.68/SF
Area
Lawrence County, OH
Vacancy
6.50%
Lease Rate
$10.20 /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%
$225,640
Cap Rate 7%
$161,171
Cap Rate 9%
$125,356
Alternative Uses
Best Use
Multifamily LT 5
$161.2K
$141.0K – $188.0K
NOI $11,282 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$149.8K
$131.1K – $174.8K
NOI $10,485 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$384.7K
$336.6K – $448.8K
NOI $26,929 @ 7.0% cap · market cap 20.73%
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
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 45638, OH
20,114
Population
9,039
Households
2.2
Avg Household Size
43
Median Age
16%
College-Educated
90%
High-School Grad
76.9 sq mi
ZIP Area
262
Density / Sq Mi
$49,544
Median Household Income
$34,972
Median Earnings
$782
Median Rent
$118,500
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 residential units provide distinct bedroom layouts, outdoor features, and updates completed over the past several years.
Where is this duplex located?
The property is located at 613 Pike St Ironton, OH.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,690 square feet of property size; 0.1‑acre lot in Ironton, OH; Lower unit has 2 bedrooms and 1 full bathroom
