Building Details

Year Built 1912

Year Renovated 1990

Units 2

Listing Agency: RE/MAX One

Listed By: Eric Russell · License #2010002514 Show Phone

Source: Crexi

Added: Mar 8 Changed: Aug 8 Last Checked: Aug 8 at 2:56PM

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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 RE/MAX One

Investment Insights

Based on property information with market context.

This property features two houses, presenting an opportunity for investors or buyers seeking a home with a second residence for family or rental income. The front house, located at 859 Mulberry, is a two-story home with 1448 square feet of living space. It offers flexibility with space for three or four bedrooms, including a first-floor master bedroom. The kitchen is spacious, featuring abundant cabinetry and a large eating area, allowing the existing dining room to be used as additional living space. The front house has new carpet, flooring, and paint throughout and includes a partial basement. The rear house, located at 859 1/2 Mulberry, is a ranch-style home built in 1968. It provides approximately 1000 square feet of living space, including two bedrooms, one bathroom, and a living room. The rear home is on a crawl space. Both homes are well-maintained and move-in ready. The total square footage for both properties is 2448 square feet.

Key Highlights

• Two houses on one property offer multiple living/rental scenarios.
• Move‑in ready condition for both homes.
• Front house (859 Mulberry): 1448 sq ft, potentially 3‑4 bedrooms, first‑floor master, large kitchen, new carpet, flooring, and paint.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,874

Cap Rate

7.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$477,480 $477.5K

Cap Rate 7%

$341,057 $341.1K

Cap Rate 9%

$265,267 $265.3K

Market Conditions

NOI Build-Up for 2,448 SF

Gross rent

$36.7K $15.00/SF

− Vacancy

−$2.6K −$1.07/SF

EGI

$34.1K $13.93/SF

− OpEx

−$10.2K −$4.18/SF

NOI

$23.9K $9.75/SF

Area

Fairfield County, OH

Vacancy

7.12%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$477,480

Cap Rate 7%

$341,057

Cap Rate 9%

$265,267

Alternative Uses

Best Use

Multifamily LT 5

$341.1K

$298.4K – $397.9K (±1% cap)

NOI $23,874 @ 7.0% cap · market cap 7.07%

Second Best

Apartment 5plus

$309.6K

$270.9K – $361.2K (±1% cap)

NOI $21,670 @ 7.0% cap · market cap 6.42%

Theoretical Best

Warehouse

$493.4K

$431.7K – $575.6K (±1% cap)

NOI $34,538 @ 7.0% cap · market cap 10.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Daycare Center Food Market Hair Salon Grocery & Convenience Store Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

821

Businesses Nearby

Explore this area Business Placement

Demographics for 43130, OH

62,010

Population

26,434

Households

2.3

Avg Household Size

41

Median Age

23%

College-Educated

92%

High-School Grad

164.5 sq mi

ZIP Area

377

Density / Sq Mi

$68,242

Median Household Income

$43,936

Median Earnings

$1,031

Median Rent

$215,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two meticulously maintained homes, ideal for investors or multi-generational living.

Where is this duplex located?

The property is located at 859 E Mulberry Street Lancaster, OH.

What is the asking price?

The asking price for this property is $337,500.

What are key features of this property?

This property features: Two houses on one property offer multiple living/rental scenarios.; Move‑in ready condition for both homes.; Front house (859 Mulberry): **1448 sq ft, potentially 3‑4 bedrooms, first‑floor master, large kitchen, new carpet, flooring, and paint.**