Updated Duplex with Oversized
For Sale
$174,900
Pending
2305-2307 Hamilton Avenue, Lorain, OH 44052
ResidentialIncome, Lorain, OH
Property Size1,000 SF
Lot Size0.19 Acres
Days on Market70
Property Features for 2305-2307 Hamilton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Interior features
EatInKitchen
Appliances
Disposal, Range, Refrigerator
Subdivision
Brookview 01
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
Oberlin Avenue to West 23rd Street. Turn East on West 23d street. This unit is on the corner of West 23rd Street and Hamilton Avenue.
Standard status
Pending
APN
02-01-006-157-001
Size
1,000 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
100 X 85 LOT # 292
Tax Annual Amount
1760
Legal Description
100 X 85 LOT # 292
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1969
Floors in Building
2
Building materials
AluminumSiding
Roof type
Asphalt
Listing Agency:
Rieth Realty, Inc.
(440) 282-5156
Listed By:
James G Rieth CRB · License #178601
(440) 653-0033
Added: Jun 16
Changed: Aug 20
Last Checked: Aug 24 at 7:06PM
MLS# 5219398
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 duplex contains two residential units within a 1,000-square-foot property built in 1969. The building has aluminum siding, an asphalt roof, natural-gas forced-air heat, and central air conditioning. Interior features include eat-in kitchens, ranges, refrigerators, and disposals. A new concrete driveway leads to an oversized two-car garage, giving each tenant vehicle space along with additional storage. Many updates have been completed throughout the property.
Long-term tenants currently occupy the units. Gas and electric service are billed directly to tenants, while water, sewer, and trash are on one meter and paid by the owner. Public water and public sewer serve the property. The duplex is near schools, shops, and access to major highways in Lorain, Ohio.
Long-term tenants currently occupy the units. Gas and electric service are billed directly to tenants, while water, sewer, and trash are on one meter and paid by the owner. Public water and public sewer serve the property. The duplex is near schools, shops, and access to major highways in Lorain, Ohio.
Key Highlights
- Two‑unit duplex on a 0.19‑acre lot
- 1,000 square feet; built in 1969
- Oversized two‑car garage provides vehicle space and storage for both tenants
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
$9,158
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
5.24%
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%
$183,160
$183.2K
Cap Rate 7%
$130,829
$130.8K
Cap Rate 9%
$101,756
$101.8K
Market Conditions
NOI Build-Up for 1,000 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
$13.8K $13.80/SF
− Vacancy
−$718 −$0.72/SF
EGI
$13.1K $13.08/SF
− OpEx
−$3.9K −$3.92/SF
NOI
$9.2K $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%
$183,160
Cap Rate 7%
$130,829
Cap Rate 9%
$101,756
Alternative Uses
Best Use
Multifamily LT 5
$130.8K
$114.5K – $152.6K
NOI $9,158 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$122.2K
$106.9K – $142.6K
NOI $8,554 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$252.0K
$220.5K – $294.0K
NOI $17,640 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
160
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 - Two-unit property with separate tenant parking, storage space, and central air conditioning.
Where is this duplex located?
The property is located at 2305-2307 Hamilton Avenue Lorain, OH.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit duplex on a 0.19‑acre lot; 1,000 square feet; built in 1969; Oversized two‑car garage provides vehicle space and storage for both tenants
