Well-Maintained Condo in
For Sale
$245,000
786 Miami Drive, Defiance, OH 43512
Move-in ready condo with open concept and mature trees.
Property Size2,010 SF
Days on Market339
Property Features for 786 Miami Drive
General Information
Standard status
Active
Size
2,010 SF
Property subtype
Condominium
Amenities
Fireplace
Central Air
Natural Gas
Forced Air
Dishwasher
Microwave
Water Heater
Disposal
Dryer
Electric Range
Refrigerator
Washer
Shingles
Building Details
Building Size
2,010 SF
Year Built
2001
Stories
1
Listing Agency:
Siefkers Real Estate & Auction
(419) 538-6184
Listed By:
Aaron Siefker
(419) 538-6184
Source:
Kw
Added: Sep 26, 2025
Changed: Aug 16
Last Checked: Aug 29 at 5:17PM
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 Siefkers Real Estate & Auction
Investment Insights
Based on property information with market context.
This well-maintained condo, built in 2001, features 3 bedrooms and 2 full baths within 2,010 square feet of living area. The property offers a large, open-concept kitchen, dining room, and living room, complete with a gas fireplace and wood flooring. Tile flooring is present in the kitchen, bathrooms, utility room, and foyer, while two bedrooms have carpet and the third has wood flooring. Patio doors lead to a back patio that overlooks mature trees. Additional features include an attached 2-car garage with a concrete approach and sidewalks. The property is part of the Auglaize Condominium Units and is located within the Defiance school district. HOA fees are $200 per month.
Key Highlights
- Spacious 2,010 SF condo with open concept living area.
- Includes 3 bedrooms and 2 full bathrooms.
- Features a gas fireplace and wood flooring in the living area.
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
$16,903
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
6.90%
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%
$338,060
$338.1K
Cap Rate 7%
$241,471
$241.5K
Cap Rate 9%
$187,811
$187.8K
Market Conditions
NOI Build-Up for 2,010 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
$32.1K $15.96/SF
− Vacancy
−$1.3K −$0.67/SF
EGI
$30.7K $15.29/SF
− OpEx
−$13.8K −$6.88/SF
NOI
$16.9K $8.41/SF
Area
Defiance County, OH
Vacancy
4.20%
Lease Rate
$15.96 /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%
$338,060
Cap Rate 7%
$241,471
Cap Rate 9%
$187,811
Alternative Uses
Best Use
Apartment 5plus
$241.5K
$211.3K – $281.7K
NOI $16,903 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$457.5K
$400.4K – $533.8K
NOI $32,028 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 43512, OH
28,208
Population
12,665
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
93%
High-School Grad
217.7 sq mi
ZIP Area
130
Density / Sq Mi
$72,082
Median Household Income
$42,014
Median Earnings
$851
Median Rent
$149,300
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 - Move-in ready condo with open concept and mature trees.
Where is this apartment building located?
The property is located at 786 Miami Drive Defiance, OH.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Spacious 2,010 SF condo with open concept living area.; Includes 3 bedrooms and 2 full bathrooms.; Features a gas fireplace and wood flooring in the living area.
