Side-by-Side Duplex with
For Sale
$170,000
Pending
1521-1523 Missouri Avenue, Lorain, OH 44052
ResidentialIncome, Lorain, OH
Property Size1,680 SF
Lot Size0.24 Acres
Days on Market22
Property Features for 1521-1523 Missouri Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Laundry Room, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
Garage, Driveway
Exterior features
Awnings, PrivateEntrance, PrivateYard, Storage
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Nichols Sub
Lot features
Back Yard, Front Yard
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
Colorado Avenue to Missouri Avenue
Standard status
Pending
APN
03-00-055-111-021
Size
1,680 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
54.80 X 98.55 LOT # 157&158
Tax Annual Amount
680
Legal Description
54.80 X 98.55 LOT # 157&158
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
concrete patio areas
Electric SunSetter retractable awning
barn
storage shed
Building Details
Year built
1970
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Additional Structures
Storage
Listing Agency:
Russell Real Estate Services
(440) 282-4444
Listed By:
Hannah Sias · License #2020004444
(440) 305-0328
Added: Aug 14
Changed: Sep 1
Last Checked: Sep 4 at 2:06AM
MLS# 5236560
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 1970 side-by-side duplex contains 1,680 square feet of living area across two units, with a combined total of 4 bedrooms and 2 full bathrooms. Both units are vacant, allowing a new owner to occupy one unit, lease the other, or place tenants in both. Improvements include carpeting installed in 2025, bathroom updates completed in 2023, LeafGuard gutters added in 2024, and patio work completed in 2021 and 2024. The roof dates to 2010, while the exterior siding and storm doors were updated in 2019. Furnaces have received annual maintenance.
The property occupies a 0.24-acre lot at 1521-1523 Missouri Avenue in Lorain, Ohio. Exterior features include an electric SunSetter retractable awning, private yard areas, a garage, driveway parking, a barn, and an additional storage shed. The building has vinyl siding, asphalt and fiberglass roofing, natural-gas heat, central air, public water, and public sewer.
The property occupies a 0.24-acre lot at 1521-1523 Missouri Avenue in Lorain, Ohio. Exterior features include an electric SunSetter retractable awning, private yard areas, a garage, driveway parking, a barn, and an additional storage shed. The building has vinyl siding, asphalt and fiberglass roofing, natural-gas heat, central air, public water, and public sewer.
Key Highlights
- Side‑by‑side duplex with 1,680 square feet of living area
- Two vacant units with 4 bedrooms and 2 full bathrooms combined
- 0.24‑acre lot at 1521‑1523 Missouri Avenue, Lorain, OH 44052
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
$15,385
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
9.05%
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%
$307,700
$307.7K
Cap Rate 7%
$219,786
$219.8K
Cap Rate 9%
$170,944
$170.9K
Market Conditions
NOI Build-Up for 1,680 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
$23.2K $13.80/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$22.0K $13.08/SF
− OpEx
−$6.6K −$3.92/SF
NOI
$15.4K $9.16/SF
Area
Lorain County, OH
Vacancy
5.20%
Lease Rate
$13.80 /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%
$307,700
Cap Rate 7%
$219,786
Cap Rate 9%
$170,944
Alternative Uses
Best Use
Multifamily LT 5
$219.8K
$192.3K – $256.4K
NOI $15,385 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$205.3K
$179.6K – $239.5K
NOI $14,370 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$423.4K
$370.4K – $493.9K
NOI $29,635 @ 7.0% cap · market cap 17.43%
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
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 44052, OH
29,249
Population
13,673
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
83%
High-School Grad
9.5 sq mi
ZIP Area
3,079
Density / Sq Mi
$42,298
Median Household Income
$31,985
Median Earnings
$840
Median Rent
$104,000
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 - Vacant two-unit property with updated bathrooms, outdoor patios, a garage, and additional storage buildings.
Where is this duplex located?
The property is located at 1521-1523 Missouri Avenue Lorain, OH.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 1,680 square feet of living area; Two vacant units with 4 bedrooms and 2 full bathrooms combined; 0.24‑acre lot at 1521‑1523 Missouri Avenue, Lorain, OH 44052
