12-Unit Apartment Building
For Sale
$809,900
620672 620-672 Hagenbuch St, Urbana, OH 43078
Five-building apartment property with a mix of one- and two-bedroom units in Urbana, Ohio.
Property Size7,232 SF
Lot Size1.19 Acres
Price / SF$111.99
Days on Market8
Property Features for 620672 620-672 Hagenbuch St
General Information
Standard status
Active
Size
7,232 SF
Lot size
1.19 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
opportunities for value-added improvements
Units
Unit Mix
10 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
12
Additional Details
Gross Income
$104,100
Utilities to Site
Yes
Building Details
Year Built
1955
Buildings
5
Listing Agency:
REMAX Alliance Realty
(937) 652-1100
Listed By:
V. Patrick Hamilton · License #2004002933
Source:
Thelorilynngroup
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 30 at 8:42PM
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 REMAX Alliance Realty
Investment Insights
Based on property information with market context.
This 12-unit apartment property comprises five separate buildings on 1.19 acres across three parcels. The unit mix includes 10 two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments, with approximately 7,232 square feet of living space. The buildings were constructed in 1955, and select apartments have received remodeling work while others offer improvement opportunities.
The property includes four duplex buildings along Hagenbuch Street and a four-unit building at 620-644 Hagenbuch Street, with an additional duplex at 807-809 Concord Street. The sale includes 12 refrigerators and 12 ranges. Several residents have occupied their apartments for 11, 15, and more than 20 years. Ownership currently handles water, sewer, and trash service, while residents pay the remaining utilities.
The property includes four duplex buildings along Hagenbuch Street and a four-unit building at 620-644 Hagenbuch Street, with an additional duplex at 807-809 Concord Street. The sale includes 12 refrigerators and 12 ranges. Several residents have occupied their apartments for 11, 15, and more than 20 years. Ownership currently handles water, sewer, and trash service, while residents pay the remaining utilities.
Key Highlights
- 12 rental units across five separate buildings on 1.19 acres
- Approximately 7,232 square feet of living space across three parcels
- Unit mix includes 10 two‑bedroom and 2 one‑bedroom apartments
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
$24,992
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
3.09%
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%
$499,840
$499.8K
Cap Rate 7%
$357,029
$357.0K
Cap Rate 9%
$277,689
$277.7K
Market Conditions
NOI Build-Up for 7,232 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
$38.2K $5.28/SF
− Vacancy
−$2.5K −$0.34/SF
EGI
$35.7K $4.94/SF
− OpEx
−$10.7K −$1.48/SF
NOI
$25.0K $3.46/SF
Area
Champaign County, OH
Vacancy
6.50%
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%
$499,840
Cap Rate 7%
$357,029
Cap Rate 9%
$277,689
Alternative Uses
Best Use
Multifamily LT 5
$357.0K
$312.4K – $416.5K
NOI $24,992 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$303.8K
$265.9K – $354.5K
NOI $21,268 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$2.02M
$1.77M – $2.35M
NOI $141,205 @ 7.0% cap · market cap 17.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Explore this area
Business Placement
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
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?
Apartment building - Five-building apartment property with a mix of one- and two-bedroom units in Urbana, Ohio.
Where is this apartment building located?
The property is located at 620672 620-672 Hagenbuch St Urbana, OH.
What is the asking price?
The asking price for this property is $809,900.
What are key features of this property?
This property features: 12 rental units across five separate buildings on 1.19 acres; Approximately 7,232 square feet of living space across three parcels; Unit mix includes 10 two‑bedroom and 2 one‑bedroom apartments
