Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Three-Unit Residential Income Property Title is generated by Realmo AI

    640 Jefferson Street, Greenfield, OH 45123

    View on Map
    Claim this Listing
    For Sale
    $77,900

    Three-unit triplex with one unit nearly rent-ready and two units needing light cosmetic updates for stabilization.

    Type:Multi-Family / Duplex
    Property size:
    2,193 SF
    Price / SF:
    $35/SF
    Added:
    Oct 13, 2025
    Days on Market:
    237
    Last Refresh:
    Jun 6 at 5:23 am

    Property Features for 640 Jefferson Street

    General Information

    Standard status
    Active
    Size
    2,193 SF
    Property subtype
    Multi-Family / Duplex

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    Ginson D Speich
    Ginson D Speich

    Listing agent Ginson D Speich License #2011000184

    Listing office Keller Williams Greater Cols

    Listing date Oct 13, 2025

    Source Compass

    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 Keller Williams Greater Cols

    HighLights

    • Three‑unit triplex (3 units total) with one unit nearly rent‑ready and two units needing light cosmetic updates
    • Year built: 1920
    • Market rents cited at approximately $600/month per unit
    • Stabilized income estimate listed at about $1,800/month ($21,600 annually)
    • Expense approach described as conservative; cap rate potential described as mid‑to‑high teens range

    Overview

    This is a three-unit residential income property (triplex) with a mix of readiness levels. According to the seller, one unit is nearly rent-ready, while the other two require light cosmetic improvements to bring them to a more lease-ready condition.

    The property is located in Greenfield, Ohio at 640 Jefferson Street. It is being offered for sale as an opportunity to address the remaining interior updates and align the units with the rent targets described in the listing.

    For investors and owner-operators seeking a straightforward value-add model, the current condition provides a clear, practical path to stabilization. The listing notes market rent support of approximately $600 per month per unit, which would translate to roughly $1,800 per month in combined gross potential once fully stabilized. It also cites conservative expense assumptions and a potential mid-to-high teens cap rate range, depending on final operating costs and lease-up outcomes. Overall, this is a three-unit portfolio addition focused on completing cosmetic work and moving the property toward full rent performance.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Highland
    State
    Ohio
    Longitude
    -83.3900118
    Latitude
    39.3498802

    Nearby Similar for Sale

    • $159,900
      2,465 SF

      Four-Unit Apartment Building

      Historic four-apartment building with a mix of one-bedroom and efficiency units, plus included water and sewer.
      338 N Washington, Greenfield, OH 45123
      View Details
    • $250,000
      2,520 SF

      Retail Space with Drive-Thru Canopy

      2,520 SF retail space with finished lower level.
      125 Jefferson Street, Greenfield, OH, 45123
      View Details
    • $159,900
      2,465 SF

      Historic Greenfield Home with Apartments

      Four-unit property with original wood floors and tenant occupancy.
      338 North Washington Street, Greenfield, OH 45123
      View Details
    • $77,900

      Greenfield Triplex: Investment Opportunity

      Three-unit property in Greenfield, Ohio with immediate upside potential.
      640 Jefferson Street, Greenfield, OH 45123
      View Details
    • $180,000
      6,000 SF

      Spacious Retail Space For Sale

      6000+ sq ft retail space, great location, motivated seller.
      1026 Jefferson Street, Greenfield, OH 45123
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit triplex with one unit nearly rent-ready and two units needing light cosmetic updates for stabilization.
    Where is this triplex located?
    The property is located at 640 Jefferson Street Greenfield, OH.
    What is the asking price?
    The asking price for this property is $77,900.
    What are key features of this property?
    This property features: Three‑unit triplex (3 units total) with one unit nearly rent‑ready and two units needing light cosmetic updates; Year built: 1920; Market rents cited at approximately $600/month per unit
    (614) 312-0883
    We can help!
    Listing Contact
    Ginson D Speich
    Ginson D Speich
    Real Estate License ID: 2011000184
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    640 Jefferson Street, Greenfield, OH 45123
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!