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    Two-Home Residential Income Property Title is generated by Realmo AI

    859 East Mulberry Street, Lancaster, OH 43130

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    For Sale
    $337,500

    Two move-in-ready homes provide rental income flexibility with one residence featuring a first-floor primary bedroom.

    Type:Multi-Family / Twin Single
    Property size:
    2,448 SF
    Price / SF:
    $137/SF
    Added:
    Sep 12, 2025
    Days on Market:
    268
    Last Refresh:
    Jun 6 at 5:01 am

    Property Features for 859 East Mulberry Street

    General Information

    Standard status
    Active
    Size
    2,448 SF
    Property subtype
    Multi-Family / Twin Single

    Building Details

    Year Built
    1912

    We can help!

    Listing Contact
    Eric Russell
    Eric Russell

    Listing agent Eric Russell License #2010002514

    Listing office RE/MAX ONE

    Listing date Sep 12, 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 RE/MAX ONE

    HighLights

    • Two move‑in‑ready homes: front 1448 SF two‑story and rear 1000 SF ranch for total 2448 SF
    • Front home at 859 Mulberry: built in 1912, large two‑story layout with space for 3–4 bedrooms and first‑floor master bedroom
    • Front home includes an enormous kitchen with abundant cabinetry and large eating area plus a dining room for added living space
    • Front home updates include new carpet, flooring, and paint throughout
    • Rear home at 859 1/2 Mulberry: ranch style built in 1968 with 2 bedrooms, 1 bathroom, and living room
    • Comfort features include central air and forced‑air gas heat for the property

    Overview

    This for-sale residential income property includes two separately maintained homes positioned for flexible living or rental use. The front house at 859 Mulberry is a two-story home with approximately 1,448 square feet, space for three to four bedrooms, and a first-floor master bedroom. The home also features an enlarged kitchen with abundant cabinetry and a large eating area, and it has had new carpet, flooring, and paint throughout.

    The rear home at 859 1/2 Mulberry is a ranch-style residence built in 1968 with approximately 1,000 square feet of living space. It includes two bedrooms, one bathroom, and a living room, and it sits on a crawl space. The front house has a partial basement.

    Both homes are described as extremely well maintained and move-in ready, supporting scenarios such as renting one home while living in the other, or owning two rental properties in the same offering. Buyers seeking either an investor-led setup or a family-closest arrangement may find the dual-home configuration practical, particularly given the updates noted for the front residence.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $36.7k $15.00
    − Vacancy −$2.6k −$1.07
    EGI $34.1k $13.93
    − OpEx −$10.2k −$4.18
    NOI $23.9k $9.75
    2,448 SF · lease $15.00/SF/yr · vacancy 7.12% · expense 30.00%

    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 local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.5836228
    Latitude
    39.7160918

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    FAQs

    What type of property is this?
    Duplex - Two move-in-ready homes provide rental income flexibility with one residence featuring a first-floor primary bedroom.
    Where is this duplex located?
    The property is located at 859 East 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 move‑in‑ready homes: front 1448 SF two‑story and rear 1000 SF ranch for total 2448 SF; Front home at 859 Mulberry: built in 1912, large two‑story layout with space for 3–4 bedrooms and first‑floor master bedroom; Front home includes an enormous kitchen with abundant cabinetry and large eating area plus a dining room for added living space
    (740) 953-1134
    We can help!
    Listing Contact
    Eric Russell
    Eric Russell
    Real Estate License ID: 2010002514
    Learn More
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    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.

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