Two Houses, Great Investment
For Sale
Contact for pricing
859 E Mulberry Street, Lancaster, OH 43130
Two meticulously maintained homes, ideal for investors or multi-generational living.
Property Size2,448 SF
Price / SF$137.87
Days on Market175
Property Features for 859 E Mulberry Street
General Information
Standard status
Active
Size
2,448 SF
Total Parking Spaces
2
Property subtype
Multifamily
Building Details
Year Built
1912
Year Renovated
1990
Units
2
Listing Agency:
RE/MAX One
(740) 953-1134
Listed By:
Eric Russell · License #2010002514
Source:
Crexi
Added: Mar 8
Changed: Aug 8
Last Checked: Aug 8 at 2:56PM
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 = 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
$23,874
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
7.07%
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%
$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
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
$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 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%
$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
NOI $23,874 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$309.6K
$270.9K – $361.2K
NOI $21,670 @ 7.0% cap · market cap 6.42%
Theoretical Best
Warehouse
$493.4K
$431.7K – $575.6K
NOI $34,538 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 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.**
