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    Renovated Brick Duplex Opportunity Title is generated by Realmo AI

    2400 Oberlin Avenue, Lorain, OH 44052

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    Claim this Listing
    For Sale
    Under Contract
    $215,000

    MULTI_FAMILY - Lorain, OH

    Property size:
    2,224 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $96/SF
    Added:
    Nov 13, 2025
    Days on Market:
    205
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 2400 Oberlin Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 5, Bathroom 1, Bathroom 2, Bathroom 3, Basement, Bedroom 4, Bedroom 3, Bedroom 1, Laundry Room, Bedroom 2
    Parking features
    Driveway, Garage
    Appliances
    Dishwasher, Microwave, Range, Refrigerator
    Standard status
    Active Under Contract
    APN
    02-02-016-108-064
    Size
    2,224 SF
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    HILLCREST AMENDED 78 X 150
    Tax Annual Amount
    1549

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Building materials
    Brick
    Roof type
    Asphalt, Fiberglass

    We can help!

    Listing Contact
    Jessica Allgood
    Jessica Allgood

    Listing agent Jessica Allgood License #2018001055

    Listing office Keller Williams Citywide 2001 Crocker Road, Suite 200, Westlake, OH

    Listing date Nov 13, 2025

    MLS# 5172008 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

    • Completely renovated duplex with new electrical, plumbing, flooring, paint, and modern finishes throughout.
    • New HVAC system, roof, and hot water tank ensure comfort and efficiency.
    • Two updated units: a 3‑bedroom, 1.5‑bath unit with basement access and a 2‑bedroom, 1‑bath unit, ideal for rental income or multi‑generational living.
    • Waterproofed basement with two washer/dryer hookups and walkout access provides ample storage.
    • Includes brand new appliances (Dishwasher, Microwave, Range, Refrigerator) that remain with the property.
    • New concrete driveway, sidewalk, and garage floor, plus a detached garage, add convenience and value.

    Overview

    This brick duplex features approximately 2,500 square feet of renovated space. The property has been updated with new electrical and plumbing systems, flooring, and paint. Both kitchens and all bathrooms have been remodeled with modern finishes. The home includes a new HVAC system, roof, and hot water tank. New appliances are included with the property. Concrete work has been completed on the driveway, sidewalk, and garage floor. Additional updates include new light fixtures, drywall, doors, and windows. Both porches have been updated, and a smart thermostat has been installed. Some new ductwork has been installed, and all ducts have been cleaned. The main floor features a 3-bedroom, 1.5-bath layout with basement access, while the upper level offers 2 bedrooms and a full bath. The expansive basement has been waterproofed and provides storage, complete with two washer and dryer hookups and walkout access. A new clean out for the sewer has been added. A detached garage is also included. Situated on a 0.26-acre lot, this property is suited for investors, multi-family living, or owner-occupants seeking rental income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.185619
    Latitude
    41.447253

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    FAQs

    What type of property is this?
    Duplex - Updated duplex with new systems, modern finishes, and income potential.
    Where is this duplex located?
    The property is located at 2400 Oberlin Avenue Lorain, OH.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: Completely renovated duplex with new electrical, plumbing, flooring, paint, and modern finishes throughout.; New HVAC system, roof, and hot water tank ensure comfort and efficiency.; Two updated units: a 3‑bedroom, 1.5‑bath unit with basement access and a 2‑bedroom, 1‑bath unit, ideal for rental income or multi‑generational living.
    (440) 420-1368
    We can help!
    Listing Contact
    Jessica Allgood
    Jessica Allgood
    Real Estate License ID: 2018001055
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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