Mixed-Use Property with Retail
For Sale
$339,900
6399 Germantown Road, Middletown, OH 45402
SINGLE_FAMILY - Middletown, OH
Property Size6,516 SF
Lot Size1.95 Acres
Price / SF$52.16
Days on Market13
Property Features for 6399 Germantown Road
General Information
Property type
Residential
Property subtype
Retail
Directions
I-75 to SR-73, N on SR-4, 6399 on L
Subdivision
Butler-W18
Standard status
Active
APN
E2210020000027
Size
6,516 SF
Lot size
1.95 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1917
Flooring type
Carpet, Wood
Building materials
Concrete
Roof type
Membrane
Listing Agency:
eXp Realty
(866) 212-4991
Listed By:
Andrew Gaydosh · License #2001008598
(866) 212-4991
Added: Aug 5
Changed: Aug 17
Last Checked: Aug 17 at 3:06PM
MLS# 1889096
Copyright © 2026 MLS of Greater Cincinnati, 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 mixed-use property contains 6,516 square feet across a retail component, three apartments, a garage, and a pole barn used for storage. The retail area measures 1,080 square feet, while the broader parcel encompasses 1.948 acres. Interior finishes include wood and carpet flooring, with forced-air heating powered by natural gas. The building dates to 1917 and has a membrane roof.
Located in Middletown, Ohio, the property includes a concrete construction system and combines commercial, residential, and storage improvements within one offering. The existing configuration provides distinct retail, apartment, garage, and storage components without introducing additional use assumptions.
Located in Middletown, Ohio, the property includes a concrete construction system and combines commercial, residential, and storage improvements within one offering. The existing configuration provides distinct retail, apartment, garage, and storage components without introducing additional use assumptions.
Key Highlights
- 1,080‑square‑foot retail space
- Three apartments included
- 1.948‑acre parcel
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
$27,665
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
8.14%
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%
$553,300
$553.3K
Cap Rate 7%
$395,214
$395.2K
Cap Rate 9%
$307,389
$307.4K
Market Conditions
NOI Build-Up for 6,516 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
$42.2K $6.48/SF
− Vacancy
−$2.7K −$0.41/SF
EGI
$39.5K $6.07/SF
− OpEx
−$11.9K −$1.82/SF
NOI
$27.7K $4.25/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$6.48 /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%
$553,300
Cap Rate 7%
$395,214
Cap Rate 9%
$307,389
Alternative Uses
Best Use
Multifamily LT 5
$907.8K
$794.3K – $1.06M
NOI $63,547 @ 7.0% cap · market cap 18.70%
Second Best
Apartment 5plus
$835.4K
$731.0K – $974.6K
NOI $58,477 @ 7.0% cap · market cap 17.20%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,184 @ 7.0% cap · market cap 26.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 45402, OH
10,735
Population
6,484
Households
1.7
Avg Household Size
37
Median Age
30%
College-Educated
88%
High-School Grad
4.4 sq mi
ZIP Area
2,440
Density / Sq Mi
$45,386
Median Household Income
$40,396
Median Earnings
$921
Median Rent
$105,900
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?
Mixed-use property - Mixed-use property combining retail space, apartments, storage, and a garage.
Where is this mixed-use property located?
The property is located at 6399 Germantown Road Middletown, OH.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 1,080‑square‑foot retail space; Three apartments included; 1.948‑acre parcel
