Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    317 West Ave Elyria, OH 44035

    Sponsored
    For Sale
    $168,500

    MULTI_FAMILY - Elyria, OH

    Property size:
    2,112 SF
    Lot size:
    0.31 Acres
    Days on Market:
    1
    Last Refresh:
    Jan 27 at 10:06 pm

    Property Features for 317 West Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Basement
    Bedrooms
    4
    Bathrooms
    3
    APN
    06-26-041-000-008
    Size
    2,112 SF
    Lot size
    0.31 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1887
    Floors in Building
    2
    Building materials
    AluminumSiding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Marian Lukach

    Greater Cleveland (216) 839-5500

    Listing agent Marian Lukach (216) 905-2672 License #2021004099

    Listing date Jan 27, 2026

    MLS# 5183741 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.

    Learn more

    Property Insight Report

    Overview

    Turnkey Multifamily Investment Property

    This turnkey, cash-flowing 3-unit multifamily property in Elyria, OH, offers long-term stability and minimal maintenance. All three units are occupied by reliable tenants with 10+ years of residency, providing consistent income and low turnover. The tenants handle landscaping and minor repairs, reducing owner involvement. The property has been thoughtfully maintained with efficiency upgrades and minimal deferred maintenance. Recent improvements include a fully tuned and serviced boiler with replacement of dated components and new high-efficiency window/portable A/C units for each unit. The unit mix includes two 1-bed/1-bath units and one 2-bed/1-bath unit. Current rents total $1,750 per month with approximate monthly expenses of $500, producing strong net income and an attractive cap rate. All utilities are on one meter for simplified management. This is an ideal buy-and-hold opportunity offering immediate cash flow. The property is situated on a 0.31-acre lot and the building size is 2112 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.110927
    Latitude
    41.364753

    Nearby Similar for Sale

    • New
      $199,900
      0.26 Acres

      Mixed-Use Property in High-Traffic Location

      Mixed-use property with retail/office space and residential apartment.
      436 Cleveland St, Elyria, OH 44035
      View Details
    • New
      $157,500
      Pending

      Elyria Duplex with Income Potential

      Turnkey duplex in Elyria, tenants pay all utilities.
      227 6Th St, Elyria, OH 44035
      View Details
    • $285,000
      0.06 Acres

      Professional Office Condo For Sale

      2400 sq ft office condo in prime Lorain County location.
      5319 Meadow Lane Ct, Sheffield Village, OH 44035
      View Details
    • $209,000
      0.37 Acres

      Mixed-Use Building on High-Traffic Corner

      Mixed-use building with income potential in high-traffic location.
      632 Cleveland St, Elyria, OH 44035
      View Details
    • $135,000
      Pending

      Updated Duplex Near Medical Center

      Turnkey duplex in Elyria, near hospitals and commuter routes.
      338 17Th St, Elyria, OH 44035
      View Details
    • $165,000
      3,920 SF

      Elyria Mixed-Use Investment Opportunity

      Four-unit property with storefront, great income potential, convenient location.
      1115 East Ave, Elyria, OH 44035
      View Details
    • $450,000
      1.02 Acres

      Elyria Commercial Building with Storage

      9102 SF brick building plus 4000 SF metal storage building.
      220 Oberlin Rd, Elyria, OH 44035
      View Details
    • $100,000
      Pending

      Elyria Multifamily Property For Sale

      Multifamily property in Elyria, Ohio, tenant occupied, sold as-is.
      241 7Th St, Elyria, OH 44035
      View Details
    • $92,900
      0.67 Acres

      Elyria Commercial Building with Drive-Thru

      Former bank building with drive-thru lanes and high visibility.
      223 Abbe Rd N, Elyria, OH 44035
      View Details
    • $198,900
      0.46 Acres

      Elyria Commercial Corner Lot

      High-visibility corner lot in downtown Elyria with redevelopment potential.
      827 Middle Ave, Elyria, OH 44035
      View Details
    • $4,495,000
      79,851 SF

      Elyria Warehouse and Office Space

      79,851 SF warehouse and office building for sale.
      225 East Ave, Elyria, OH 44035
      View Details
    • $99,999
      Pending

      Elyria Duplex: Investment Opportunity

      Duplex in Elyria, Ohio, offering income potential.
      526 East Ave, Elyria, OH 44035
      View Details

    FAQs

    What type of property is this?
    Triplex - Cash-flowing 3-unit property with long-term tenants and minimal maintenance.
    Where is this triplex located?
    The property is located at 317 West Ave Elyria, OH.
    What is the asking price?
    The asking price for this property is $168,500.
    What are key features of this property?
    This property features: - Turnkey, cash-flowing 3-unit multifamily property with immediate income.; - Long-term tenants (10+ years residency) ensure consistent income and low turnover.; - Low-maintenance due to tenant responsibility for landscaping and minor repairs.
    (216) 905-2672
    Request Owner's contact information
    317 West Ave Elyria, OH 44035
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    317 West Ave
    Elyria, OH 44035
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    317 West Ave Elyria, OH 44035
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Marian Lukach
    Real Estate License ID: 2021004099
    (216) 905-2672
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.