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    Income-Producing Duplex with Recent Updates Title is generated by Realmo AI

    508 W 23rd Street, Lorain, OH 44052

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    For Sale
    Under Contract
    $155,000

    MULTI_FAMILY - Lorain, OH

    Property size:
    2,274 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $68/SF
    Added:
    Mar 29, 2026
    Days on Market:
    46
    Last Refresh:
    May 13 at 12:06 pm

    Property Features for 508 W 23rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 2, Laundry Room, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 3
    Parking features
    Driveway, Garage
    Appliances
    Dryer, Range, Refrigerator, Washer
    Standard status
    Active Under Contract
    APN
    02-01-003-171-021
    Size
    2,274 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    HOGAN 3RD 50 X 150
    Tax Annual Amount
    1170

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

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

    We can help!

    Listing Contact
    Angie Lopez
    Angie Lopez

    Listing agent Angie Lopez License #2021002776

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

    Listing date Mar 29, 2026

    MLS# 5195958 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

    • Excellent income‑producing investment opportunity with $1,750 total rental income.
    • Updated exterior with newer vinyl siding, newer roof, and vinyl windows.
    • Newer kitchens and bathrooms in both units.
    • Major mechanical updates: newer furnaces and two newer hot water tanks (2020).
    • All appliances included: stove, refrigerator, washer, and dryer.
    • In‑unit laundry area in each unit, plus basement laundry connection.

    Overview

    This property presents an investment or homeowner opportunity, featuring two units with a total area of 2274 square feet on a 0.17-acre lot. The property is located on a quiet side street in Lorain, OH. The upper unit is currently occupied, while the upstairs tenant will be moving out next month. The property is currently receiving $1,750. Both units feature bright interiors with natural light, updated flooring, and fresh paint. The upper unit includes a private balcony, while the lower unit features covered porches. Each unit has its own in-unit laundry area. All appliances, including the stove, refrigerator, washer, and dryer, are included. Exterior updates include newer vinyl siding, a newer roof, and vinyl windows. Interior updates include newer kitchens and bathrooms. Major mechanical updates include two newer hot water tanks from 2020 and a newer furnace. There are two furnaces, one in the basement and one in the upstairs unit. A spacious backyard with a storage shed provides additional outdoor functionality. The basement includes a laundry connection, currently not in use but offering future value-add potential. The property has previously qualified for Section 8.
    Property Profile Insight Report 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 Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.171765
    Latitude
    41.449217

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    FAQs

    What type of property is this?
    Duplex - Updated duplex in Lorain, OH, with strong rental income.
    Where is this duplex located?
    The property is located at 508 W 23rd Street Lorain, OH.
    What is the asking price?
    The asking price for this property is $155,000.
    What are key features of this property?
    This property features: Excellent income‑producing investment opportunity with $1,750 total rental income.; Updated exterior with newer vinyl siding, newer roof, and vinyl windows.; Newer kitchens and bathrooms in both units.
    (216) 855-4477
    We can help!
    Listing Contact
    Angie Lopez
    Angie Lopez
    Real Estate License ID: 2021002776
    Learn More
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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.

    More about this property
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