Updated Two-Unit
For Sale
$234,900
Pending
124 Creekfield Court, Elyria, OH 44035
ResidentialIncome, Elyria, OH
Property Size2,311 SF
Lot Size0.29 Acres
Days on Market10
Property Features for 124 Creekfield Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Bedroom 3, Bedroom 4, Laundry Room, Bathroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
Driveway, Garage
Appliances
Dishwasher, Microwave, Range
Subdivision
Schaden Estates
Lot features
Cul De Sac
Elementary school district
Elyria CSD - 4706
Middle school district
Elyria CSD - 4706
High school district
Elyria CSD - 4706
Directions
From I-90 W in Cleveland, merge onto I-71 S and I-480 W, then follow I-80 W to exit 145. Continue on OH-57 N/Lorain Blvd to Midway Blvd and W River Rd N.
Standard status
Pending
APN
06-23-013-105-041
Size
2,311 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SCHADEN ESTATES 79.51 X 161.01 LOT # 14
Tax Annual Amount
3421
Legal Description
SCHADEN ESTATES 79.51 X 161.01 LOT # 14
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1979
Floors in Building
2
Building materials
VinylSiding, WoodSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Tammy J Nemeth · License #2021006103
(440) 759-3499
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 25 at 4:06AM
MLS# 5244523
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 2,311-square-foot duplex contains two residential units, each with 2 bedrooms and 1.5 bathrooms. Built in 1979, the property has received interior updates including vinyl flooring, carpeting, paint, light fixtures, and other finish improvements. A two-car garage provides one stall for each unit, with additional driveway parking available. Appliances include a dishwasher, microwave, and range.
Set on a 0.29-acre lot at the end of a cul-de-sac, the property combines a quieter residential setting with access to shopping, dining, schools, major roadways, and everyday services. Public water and public sewer serve the property. Heating is provided by baseboard systems, while wall unit(s) provide cooling. A one-year home warranty is included.
Set on a 0.29-acre lot at the end of a cul-de-sac, the property combines a quieter residential setting with access to shopping, dining, schools, major roadways, and everyday services. Public water and public sewer serve the property. Heating is provided by baseboard systems, while wall unit(s) provide cooling. A one-year home warranty is included.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1.5 bathrooms per unit
- 2,311 square feet on a 0.29‑acre lot
- Two‑car garage with one dedicated stall for each unit
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
$21,163
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
9.01%
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%
$423,260
$423.3K
Cap Rate 7%
$302,329
$302.3K
Cap Rate 9%
$235,144
$235.1K
Market Conditions
NOI Build-Up for 2,311 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
$31.9K $13.80/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$30.2K $13.08/SF
− OpEx
−$9.1K −$3.92/SF
NOI
$21.2K $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%
$423,260
Cap Rate 7%
$302,329
Cap Rate 9%
$235,144
Alternative Uses
Best Use
Multifamily LT 5
$302.3K
$264.5K – $352.7K
NOI $21,163 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$282.4K
$247.1K – $329.5K
NOI $19,767 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$582.4K
$509.6K – $679.4K
NOI $40,766 @ 7.0% cap · market cap 17.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Explore this area
Business Placement
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers a functional layout, refreshed finishes, and dedicated off-street parking.
Where is this duplex located?
The property is located at 124 Creekfield Court Elyria, OH.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1.5 bathrooms per unit; 2,311 square feet on a 0.29‑acre lot; Two‑car garage with one dedicated stall for each unit
