Renovated Multifamily
For Sale
$231,900
622 S Blanchard St, Findlay, OH 45840
Multifamily asset with updated systems, a renovated one-bedroom unit, and electric service to the storage shed.
Property Size1,700 SF
Price / SF$136.41
Days on Market10
Property Features for 622 S Blanchard St
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Residential Income
Building Details
Tenancy
Multi
Listing Agency:
Beycome Brokerage Realty
(844) 239-2663
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Source:
Exprealty
Added: Aug 31
Changed: Sep 8
Last Checked: Sep 9 at 6:48AM
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 Beycome Brokerage Realty
Investment Insights
Based on property information with market context.
This multifamily property at 622 S Blanchard St includes 1,700 square feet and one-bedroom, one-bathroom layouts in each unit. Unit 1 features a remodeled kitchen and bathroom, new flooring, and a replacement water heater. The property also includes a shed with electric service that provides additional storage for Unit 1.
Major improvements include a roof replacement completed in 2019, conversion from baseboard heating to mini-split heating and air conditioning in 2020, and driveway replacement in 2021. Long-term tenants are in place, and the property is located in Findlay, Ohio, near local amenities and services.
Major improvements include a roof replacement completed in 2019, conversion from baseboard heating to mini-split heating and air conditioning in 2020, and driveway replacement in 2021. Long-term tenants are in place, and the property is located in Findlay, Ohio, near local amenities and services.
Key Highlights
- 1,700‑square‑foot multifamily property at 622 S Blanchard St, Findlay, OH
- Each unit has a 1‑bedroom, 1‑bathroom layout
- Unit 1 renovated with a new kitchen, flooring, water heater, and 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
$15,586
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
6.72%
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%
$311,720
$311.7K
Cap Rate 7%
$222,657
$222.7K
Cap Rate 9%
$173,178
$173.2K
Market Conditions
NOI Build-Up for 1,700 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
$29.6K $17.40/SF
− Vacancy
−$1.2K −$0.73/SF
EGI
$28.3K $16.67/SF
− OpEx
−$12.8K −$7.50/SF
NOI
$15.6K $9.17/SF
Area
Hancock County, OH
Vacancy
4.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$311,720
Cap Rate 7%
$222,657
Cap Rate 9%
$173,178
Alternative Uses
Best Use
Apartment 5plus
$222.7K
$194.8K – $259.8K
NOI $15,586 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$474.2K
$414.9K – $553.2K
NOI $33,193 @ 7.0% cap · market cap 14.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Explore this area
Business Placement
Demographics for 45840, OH
54,901
Population
25,396
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
95%
High-School Grad
166.5 sq mi
ZIP Area
330
Density / Sq Mi
$64,076
Median Household Income
$42,546
Median Earnings
$934
Median Rent
$203,800
Median Home Value
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?
Multifamily property - Multifamily asset with updated systems, a renovated one-bedroom unit, and electric service to the storage shed.
Where is this multifamily property located?
The property is located at 622 S Blanchard St Findlay, OH.
What is the asking price?
The asking price for this property is $231,900.
What are key features of this property?
This property features: 1,700‑square‑foot multifamily property at 622 S Blanchard St, Findlay, OH; Each unit has a 1‑bedroom, 1‑bathroom layout; Unit 1 renovated with a new kitchen, flooring, water heater, and bathroom
