6-Unit Apartment
New
For Sale
$573,000
99 Bowman Road, Chillicothe, OH 45601
Residential Income, Chillicothe, OH
Property Size4,340 SF
Lot Size0.21 Acres
Price / SF$132.03
Days on Market2
Property Features for 99 Bowman Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 7, Bathroom 4, Bathroom 3, Bathroom 5, Bedroom 1, Bedroom 8
Window features
Double Pane Windows
Subdivision
No Subdivision
Elementary school district
Chillicothe CSD
Middle school district
Chillicothe CSD
High school district
Chillicothe CSD
Standard status
Active
APN
305135012000
Size
4,340 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5336
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
private parking
community-shared laundry facility
Building Details
Year built
1953
Roof type
Rubber, Asphalt
Listing Agency:
Dwell Real Estate LLC
(740) 851-6332
Listed By:
Cheryl Brown-Wynn · License #2005004825
(740) 649-0574
Added: Sep 28
Last Checked: Sep 29 at 1:06AM
MLS# 201479
Copyright © 2026 Scioto Valley Association of Realtors. 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 4,340-square-foot apartment property contains six units: four with two bedrooms and one bathroom each, plus two with one bedroom and one bathroom each. Built in 1953, the building has forced-air, natural gas heating and central air conditioning. Residents have access to private parking and a shared laundry facility.
Public water and sewer serve the property, which occupies a 0.209-acre site in Chillicothe, Ohio. The roof includes rubber and asphalt materials.
Public water and sewer serve the property, which occupies a 0.209-acre site in Chillicothe, Ohio. The roof includes rubber and asphalt materials.
Key Highlights
- Six apartments: four 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units
- 4,340 square feet on a 0.209‑acre site
- Private parking and shared laundry facility
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
$26,983
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
4.71%
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%
$539,660
$539.7K
Cap Rate 7%
$385,471
$385.5K
Cap Rate 9%
$299,811
$299.8K
Market Conditions
NOI Build-Up for 4,340 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
$52.1K $12.00/SF
− Vacancy
−$3.0K −$0.70/SF
EGI
$49.1K $11.30/SF
− OpEx
−$22.1K −$5.09/SF
NOI
$27.0K $6.22/SF
Area
Ross County, OH
Vacancy
5.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$539,660
Cap Rate 7%
$385,471
Cap Rate 9%
$299,811
Alternative Uses
Best Use
Apartment 5plus
$385.5K
$337.3K – $449.7K
NOI $26,983 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$819.0K
$716.6K – $955.5K
NOI $57,330 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
Demographics for 45601, OH
56,849
Population
23,358
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
348.7 sq mi
ZIP Area
163
Density / Sq Mi
$57,430
Median Household Income
$39,973
Median Earnings
$858
Median Rent
$160,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - A varied one- and two-bedroom layout is paired with resident parking and shared laundry.
Where is this apartment building located?
The property is located at 99 Bowman Road Chillicothe, OH.
What is the asking price?
The asking price for this property is $573,000.
What are key features of this property?
This property features: Six apartments: four 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units; 4,340 square feet on a 0.209‑acre site; Private parking and shared laundry facility
