Three-Bedroom Duplex with Extra
For Sale
$175,000
946 Putnam Avenue, Zanesville, OH 43701
Two three-bedroom units offer existing occupancy, with additional land included beside the building.
Property Size2,300 SF
Price / SF$76.09
Days on Market12
Property Features for 946 Putnam Avenue
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
does need some updating
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,248
Building Details
Buildings
1
Listing Agency:
Town & Country
(740) 819-4103
Listed By:
Tamera S Findeiss · License #2002001595
(740) 819-4103
Source:
Exprealty
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 4:11PM
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 Town & Country
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each configured with three bedrooms and one bathroom, within approximately 2,300 square feet. One apartment has been updated and is occupied under a lease, while the other has had the same resident for 9 years and would benefit from further updating.
The property also includes the adjacent lot at 946 Putnam Avenue. A former house on that parcel was destroyed by fire, and the lot conveys with the duplex.
The property also includes the adjacent lot at 946 Putnam Avenue. A former house on that parcel was destroyed by fire, and the lot conveys with the duplex.
Key Highlights
- Two units, each with 3 bedrooms and 1 bathroom
- Approximately 2,300 square feet across the duplex
- One apartment has updates and a tenant lease
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
$15,355
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
8.77%
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%
$307,100
$307.1K
Cap Rate 7%
$219,357
$219.4K
Cap Rate 9%
$170,611
$170.6K
Market Conditions
NOI Build-Up for 2,300 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
$23.5K $10.20/SF
− Vacancy
−$1.5K −$0.66/SF
EGI
$21.9K $9.54/SF
− OpEx
−$6.6K −$2.86/SF
NOI
$15.4K $6.68/SF
Area
Muskingum County, OH
Vacancy
6.50%
Lease Rate
$10.20 /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%
$307,100
Cap Rate 7%
$219,357
Cap Rate 9%
$170,611
Alternative Uses
Best Use
Multifamily LT 5
$219.4K
$191.9K – $255.9K
NOI $15,355 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$197.7K
$173.0K – $230.7K
NOI $13,841 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$499.2K
$436.8K – $582.4K
NOI $34,944 @ 7.0% cap · market cap 19.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 43701, OH
55,361
Population
25,785
Households
2.1
Avg Household Size
42
Median Age
18%
College-Educated
90%
High-School Grad
180.5 sq mi
ZIP Area
307
Density / Sq Mi
$54,900
Median Household Income
$34,345
Median Earnings
$819
Median Rent
$164,200
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 - Two three-bedroom units offer existing occupancy, with additional land included beside the building.
Where is this duplex located?
The property is located at 946 Putnam Avenue Zanesville, OH.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 bathroom; Approximately 2,300 square feet across the duplex; One apartment has updates and a tenant lease
