Two-Story Side-by-Side
For Sale
$235,000
623-625 W Funderburg Rd, Fairborn, OH 45324
Two residential units offer separate layouts, in-unit laundry hookups, baseboard heat, and rear off-street parking.
Property Size1,872 SF
Price / SF$125.53
Days on Market14
Property Features for 623-625 W Funderburg Rd
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi-Family
Financials
Asking Price
$235,000
Gross Income
$21,600
Average Monthly Rent
$900
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
in-unit laundry hookups
ductless mini-split air conditioning
Building Details
Year Built
1965
Buildings
1
Stories
2
Listing Agency:
Collins Real Estate Services
(937) 626-4181
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 10:39AM
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 Collins Real Estate Services
Investment Insights
Based on property information with market context.
This side-by-side duplex contains approximately 1,872 total square feet across two matching two-story residences. Each unit includes a living room, eat-in kitchen, first-floor half bath, two upstairs bedrooms, a full bathroom, and in-unit laundry hookups. Baseboard heating, ductless mini-split air-conditioning systems installed in 2026, and rear off-street parking serve the property. The building dates to 1965, with a roof replacement completed in 2019 and flooring updates made in 2020.
The property is located approximately 1.5 miles from Wright State University, with access to Wright-Patterson Air Force Base, I-675, State Route 444, Downtown Fairborn, The Mall at Fairfield Commons, shopping, restaurants, and parks. Tenants are responsible for all utilities, and the reported gross yield is 9.2%.
The property is located approximately 1.5 miles from Wright State University, with access to Wright-Patterson Air Force Base, I-675, State Route 444, Downtown Fairborn, The Mall at Fairfield Commons, shopping, restaurants, and parks. Tenants are responsible for all utilities, and the reported gross yield is 9.2%.
Key Highlights
- Two side‑by‑side units with approximately 1,872 total square feet
- Each unit has two bedrooms, 1.5 baths, and two‑story living space
- Roof replaced in 2019; flooring updated in 2020
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
$17,328
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
7.37%
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%
$346,560
$346.6K
Cap Rate 7%
$247,543
$247.5K
Cap Rate 9%
$192,533
$192.5K
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
$25.8K $13.80/SF
− Vacancy
−$1.1K −$0.58/SF
EGI
$24.8K $13.22/SF
− OpEx
−$7.4K −$3.97/SF
NOI
$17.3K $9.26/SF
Area
Greene County, OH
Vacancy
4.18%
Lease Rate
$13.80 /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%
$346,560
Cap Rate 7%
$247,543
Cap Rate 9%
$192,533
Alternative Uses
Best Use
Multifamily LT 5
$247.5K
$216.6K – $288.8K
NOI $17,328 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office B
$352.0K
$308.0K – $410.7K
NOI $24,639 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 45324, OH
40,449
Population
19,729
Households
2.1
Avg Household Size
34
Median Age
30%
College-Educated
92%
High-School Grad
33.1 sq mi
ZIP Area
1,222
Density / Sq Mi
$59,861
Median Household Income
$37,348
Median Earnings
$989
Median Rent
$177,700
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?
Duplex - Two residential units offer separate layouts, in-unit laundry hookups, baseboard heat, and rear off-street parking.
Where is this duplex located?
The property is located at 623-625 W Funderburg Rd Fairborn, OH.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two side‑by‑side units with approximately 1,872 total square feet; Each unit has two bedrooms, 1.5 baths, and two‑story living space; Roof replaced in 2019; flooring updated in 2020
