Brick Duplex with
New
For Sale
$180,000
905 Lamberton Street, Middletown, OH 45044
Residential Income, Middletown, OH
Property Size1,620 SF
Lot Size0.21 Acres
Price / SF$111.11
Days on Market3
Property Features for 905 Lamberton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Driveway
Window features
Vinyl Frames
Interior features
220 Volt, Storage Area
High school district
Middletown City SD
Directions
From I-75 go west on Rt 122, right on Kensington, right on Elman, right on Lamberton
Subdivision
Butler-W19
Standard status
Active
APN
Q6542045000083
Size
1,620 SF
Lot size
0.21 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1961
Number of units
2
Building materials
Brick
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
RE/MAX Preferred Group · RE/MAX International
(513) 874-8373
Listed By:
Mary Rawlins · License #227458
(513) 533-4111
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 5 at 1:06AM
MLS# 1892719
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1961 duplex contains 1,620 square feet on a 0.2093-acre lot. The brick building includes storage space, 220-volt electrical service, a shingle roof, and natural gas forced-air heating. Both units are currently vacant, allowing the next owner to address updates and establish occupancy based on their plans.
The property is located in Middletown, approximately 3 miles from I-75, with access from Lamberton Street. Parking is provided by a driveway and on-street spaces. Its location places the property midway between Dayton and Cincinnati, as identified in the listing information.
The property is located in Middletown, approximately 3 miles from I-75, with access from Lamberton Street. Parking is provided by a driveway and on-street spaces. Its location places the property midway between Dayton and Cincinnati, as identified in the listing information.
Key Highlights
- Duplex with 1,620 square feet of building area
- Situated on a 0.2093‑acre lot
- Brick construction completed in 1961
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
$15,799
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
8.78%
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%
$315,980
$316.0K
Cap Rate 7%
$225,700
$225.7K
Cap Rate 9%
$175,544
$175.5K
Market Conditions
NOI Build-Up for 1,620 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
$24.3K $15.00/SF
− Vacancy
−$1.7K −$1.07/SF
EGI
$22.6K $13.93/SF
− OpEx
−$6.8K −$4.18/SF
NOI
$15.8K $9.75/SF
Area
Butler 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%
$315,980
Cap Rate 7%
$225,700
Cap Rate 9%
$175,544
Alternative Uses
Best Use
Multifamily LT 5
$225.7K
$197.5K – $263.3K
NOI $15,799 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$207.7K
$181.7K – $242.3K
NOI $14,538 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$320.3K
$280.3K – $373.7K
NOI $22,421 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
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-unit property with natural gas heat, driveway parking, and additional storage space.
Where is this duplex located?
The property is located at 905 Lamberton Street Middletown, OH.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Duplex with 1,620 square feet of building area; Situated on a 0.2093‑acre lot; Brick construction completed in 1961
