Two-Unit Duplex with Extra
New
For Sale
$175,000
946 Putnam Avenue, Zanesville, OH 43701
ResidentialIncome, Zanesville, OH
Property Size2,300 SF
Lot Size0.29 Acres
Price / SF$76.09
Days on Market7
Property Features for 946 Putnam Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2
Parking features
Off Street, Alley, Driveway
Elementary school district
Zanesville CSD - 6006
Middle school district
Zanesville CSD - 6006
High school district
Zanesville CSD - 6006
Directions
Just past Dollar General on Putnam Ave
Standard status
Active
APN
81-06-02-16-000
Size
2,300 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1248
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1901
Floors in Building
2
Building materials
VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Town & Country
(740) 454-0500
Listed By:
Tamera S Findeiss · License #2002001595
(740) 819-4103
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 23 at 10:06AM
MLS# 5236726
Copyright © 2026 MLS Now. 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 2,300-square-foot duplex contains two three-bedroom, one-bath residences. One apartment has received updates, while the other has had the same tenant for 9 years and needs some updating. Both units are currently rented, and the updated apartment is subject to a lease.
The property includes a 0.29-acre additional lot beside the duplex. A house formerly stood on that lot and was destroyed by fire; the lot transfers with the property. Built in 1901, the duplex features vinyl siding, fiberglass and asphalt roofing, forced-air natural gas heat, public water, and public sewer. Parking is available through off-street spaces, a driveway, and alley access.
The property includes a 0.29-acre additional lot beside the duplex. A house formerly stood on that lot and was destroyed by fire; the lot transfers with the property. Built in 1901, the duplex features vinyl siding, fiberglass and asphalt roofing, forced-air natural gas heat, public water, and public sewer. Parking is available through off-street spaces, a driveway, and alley access.
Key Highlights
- Two 3‑bedroom, 1‑bath apartments
- 2,300 square feet in the duplex
- Additional 0.29‑acre lot included with 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
$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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer three bedrooms and one bathroom, with one unit updated and the other requiring some updating.
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 3‑bedroom, 1‑bath apartments; 2,300 square feet in the duplex; Additional 0.29‑acre lot included with the property
