Two-Story Duplex with Full
For Sale
$425,000
Pending
8653 Refugee Road, Pickerington, OH 43147
Well-maintained two-unit duplex with full basements, garages, decks, and a large yard with a creek.
Property Size2,432 SF
Days on Market75
Property Features for 8653 Refugee Road
General Information
Standard status
Pending
Size
2,432 SF
Property subtype
Multi-Family / Duplex
Net Operating Income
$36,000
Taxes and HOA fees
Annual Taxes
$4,999
Amenities
Central Air
Forced Air
Gas
Yes
Building Details
Year Built
1979
Listing Agency:
Minister Realty, Inc.
Listed By:
Todd A Corban · License #2002017769
(614) 769-1843
Source:
Compass
Added: Jun 23
Changed: Aug 8
Last Checked: Jul 24 at 2:49PM
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 Minister Realty, Inc.
Investment Insights
Based on property information with market context.
This two-story duplex offers two separate units, each with two bedrooms and 1.5 bathrooms, a one-car garage, and a full basement. Living spaces include a large wood deck and a kitchen equipped with stainless appliances and a walk-in pantry. The exterior is low-maintenance brick and stucco, and the units feature high-efficiency gas heat and water heaters, along with insulated windows.
The property is located within Pickerington Schools. One unit is described as occupied by a long-term tenant on a month-to-month basis, while the other unit is vacant and available to be seen, cleaned and freshly painted for occupancy.
Each unit is approximately 1,216 square feet, providing a balanced layout for income use or owner-occupancy. A live-in-and-rent arrangement is also supported by the duplex configuration, with separate garages, basements, and outdoor space for each side.
The property is located within Pickerington Schools. One unit is described as occupied by a long-term tenant on a month-to-month basis, while the other unit is vacant and available to be seen, cleaned and freshly painted for occupancy.
Each unit is approximately 1,216 square feet, providing a balanced layout for income use or owner-occupancy. A live-in-and-rent arrangement is also supported by the duplex configuration, with separate garages, basements, and outdoor space for each side.
Key Highlights
- Two‑unit duplex with Pickerington Schools; each unit has 2 bedrooms and 1.5 baths.
- Approx. 1,216 SF per unit, with a full basement and a 1‑car garage for each side.
- Large wood deck and big yard featuring a creek on the property.
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
$23,718
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
5.58%
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%
$474,360
$474.4K
Cap Rate 7%
$338,829
$338.8K
Cap Rate 9%
$263,533
$263.5K
Market Conditions
NOI Build-Up for 2,432 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
$36.5K $15.00/SF
− Vacancy
−$2.6K −$1.07/SF
EGI
$33.9K $13.93/SF
− OpEx
−$10.2K −$4.18/SF
NOI
$23.7K $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%
$474,360
Cap Rate 7%
$338,829
Cap Rate 9%
$263,533
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.5K – $395.3K
NOI $23,718 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$307.6K
$269.1K – $358.8K
NOI $21,529 @ 7.0% cap · market cap 5.07%
Theoretical Best
Warehouse
$490.2K
$428.9K – $571.9K
NOI $34,312 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 43147, OH
45,281
Population
16,267
Households
2.8
Avg Household Size
38
Median Age
50%
College-Educated
97%
High-School Grad
29.9 sq mi
ZIP Area
1,514
Density / Sq Mi
$125,472
Median Household Income
$61,595
Median Earnings
$1,596
Median Rent
$315,600
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?
Duplex - Well-maintained two-unit duplex with full basements, garages, decks, and a large yard with a creek.
Where is this duplex located?
The property is located at 8653 Refugee Road Pickerington, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with Pickerington Schools; each unit has 2 bedrooms and 1.5 baths.; Approx. 1,216 SF per unit, with a full basement and a 1‑car garage for each side.; Large wood deck and big yard featuring a creek on the property.
