Two-Unit Corner
For Sale
$199,900
Pending
963 Adair Ave, Zanesville, OH 43701
Month-to-month occupancy and residential-or-commercial zoning support flexible property use.
Property Size2,306 SF
Days on Market98
Property Features for 963 Adair Ave
General Information
Standard status
Pending
Size
2,306 SF
Total Parking Spaces
8
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,706
Listing Agency:
Home Station Realty LLC
(740) 683-0178
Listed By:
Jodi E St. Clair · License #2023004190
(740) 683-0178
Source:
Exprealty
Added: May 18
Changed: Aug 20
Last Checked: Aug 22 at 1:40PM
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 Home Station Realty LLC
Investment Insights
Based on property information with market context.
This 2,306-square-foot duplex includes two separately occupied units. The lower level contains three bedrooms or office rooms, while the upper unit has two bedrooms. Both units are currently leased on a month-to-month basis, providing an existing rental arrangement with flexible term structure.
Located at 963 Adair Ave in Zanesville, Ohio, the property sits on a corner lot and carries residential-or-commercial zoning. An existing parking area accommodates 8 vehicles, although the parking layout requires repurposing. The configuration supports continued residential use or office-oriented occupancy within the existing two-unit setup.
Located at 963 Adair Ave in Zanesville, Ohio, the property sits on a corner lot and carries residential-or-commercial zoning. An existing parking area accommodates 8 vehicles, although the parking layout requires repurposing. The configuration supports continued residential use or office-oriented occupancy within the existing two-unit setup.
Key Highlights
- 2,306‑square‑foot duplex with two separate units
- Lower unit includes 3 bedrooms or offices
- Upper unit includes 2 bedrooms
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
$15,395
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
7.70%
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%
$307,900
$307.9K
Cap Rate 7%
$219,929
$219.9K
Cap Rate 9%
$171,056
$171.1K
Market Conditions
NOI Build-Up for 2,306 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
$22.0K $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%
$307,900
Cap Rate 7%
$219,929
Cap Rate 9%
$171,056
Alternative Uses
Best Use
Multifamily LT 5
$219.9K
$192.4K – $256.6K
NOI $15,395 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$198.2K
$173.5K – $231.3K
NOI $13,877 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$500.5K
$437.9K – $583.9K
NOI $35,035 @ 7.0% cap · market cap 17.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
738
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 - Month-to-month occupancy and residential-or-commercial zoning support flexible property use.
Where is this duplex located?
The property is located at 963 Adair Ave Zanesville, OH.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 2,306‑square‑foot duplex with two separate units; Lower unit includes 3 bedrooms or offices; Upper unit includes 2 bedrooms
