New Construction Duplex Investment
161 High Street, Elyria, OH 44035
MULTI_FAMILY - Elyria, OH
Property size:
2,432 SFLot size:
0.23 AcresPrice / SF:
$151/SF- Added:
- Feb 12, 2026
- Days on Market:
- 109
- Last Refresh:
- Jun 1 at 2:06 pm
Property Features for 161 High Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Property condition
- Under Construction
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bedroom 6, Laundry Room, Bathroom 1, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1
- Window features
- Screens
- Interior features
- KitchenIsland, LaminateCounters, OpenFloorplan, Pantry, Bar
- Exterior features
- Lighting
- Appliances
- Cooktop, Dishwasher, Freezer, Disposal, Microwave, Range, Refrigerator
- Standard status
- Active
- APN
- 06-24-027-108-032
- Size
- 2,432 SF
- Lot size
- 0.23 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- BRAMAN 60 X 168 15 Year Tax Abastement
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 2025
- Floors in Building
- 2
- Building materials
- BlownInInsulation, Concrete, VinylSiding
- Roof type
- Asphalt
Listing agent Sharon Y Jebavy License #358029 (614) 432-7325
Listing office HomeWise Real Estate, LLC 16935 Reineke Schipper Road, Botkins, OH (614) 432-7325
Listing date Feb 12, 2026
MLS# 5186668
Listing URL
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.
HighLights
- Turn‑key investment property completed in December 2025 with immediate cash flow.
- Two leased units generating $3,000/month ($36,000 annually) with 2‑year agreements in place.
- 15‑year, 100% tax abatement significantly reduces operating expenses.
- Strong 8%+ cap rate provides excellent investment returns.
- Each unit features 3 bedrooms and 1 full bath with 1,216 sq ft of living space (2,432 total sq ft).
- Includes a 1‑year builder warranty for added peace of mind.
Overview
This newly constructed duplex, completed in December 2025, presents a turn-key investment opportunity. The property features two spacious units, each offering 3 bedrooms and 1 full bath, with 1,216 square feet of living space per side, totaling 2,432 square feet. Situated on a 0.23-acre lot, both units are currently leased with 2-year agreements, generating $3,000 per month, or $36,000 annually, in rental income. The property delivers an 8%+ cap rate. A 15-year, 100% tax abatement significantly reduces operating expenses and increases net returns. As new construction, the property includes a 1-year builder warranty.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $33.6k | $13.80 |
| − Vacancy | −$1.7k | −$0.72 |
| EGI | $31.8k | $13.08 |
| − OpEx | −$9.5k | −$3.92 |
| NOI | $22.3k | $9.16 |
2,432 SF · lease $13.80/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$318.2K
$278.4K – $371.2K
NOI $22,271 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$297.2K
$260.0K – $346.7K
NOI $20,802 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$612.9K
$536.3K – $715.0K
NOI $42,900 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Elyria
- County
- Lorain
- State
- Ohio
- Longitude
- -82.125422
- Latitude
- 41.383058
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Turn-key duplex with strong cash flow and tax advantages.
Where is this duplex located?
The property is located at 161 High Street Elyria, OH.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Turn‑key investment property completed in December 2025 with immediate cash flow.; Two leased units generating $3,000/month ($36,000 annually) with 2‑year agreements in place.; 15‑year, 100% tax abatement significantly reduces operating expenses.
