Duplex with Private
For Sale
$190,000
13 Norwood Ave, Norwalk, OH 44857
Upper and lower residences offer distinct layouts, including a renovated upper unit and a vacant lower unit.
Property Size1,668 SF
Price / SF$113.91
Days on Market32
Property Features for 13 Norwood Ave
General Information
Standard status
Active
Size
1,668 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1910
Buildings
1
Listing Agency:
RE/MAX Quality Realty - Norwal
(419) 663-3536
Listed By:
Patrick C. Spettel
Source:
Heavenn.greaterclevelandhomesearch
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 28 at 12:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Quality Realty - Norwal
Investment Insights
Based on property information with market context.
This upper/lower duplex contains 1,668 square feet across two residential units and was built in 1910. The lower residence offers 3 bedrooms and 1 bathroom, with newer flooring, an exposed-brick feature in the laundry room, and high ceilings. It is currently vacant. The upper residence includes 2 bedrooms and 1 bathroom, along with a private laundry room, and has undergone substantial renovation. That unit is currently occupied.
Located at 13 Norwood Ave in Norwalk, Ohio, the property provides a two-unit configuration suitable for continued rental use or an owner-occupant arrangement, as supported by the separate residences and current occupancy status.
Located at 13 Norwood Ave in Norwalk, Ohio, the property provides a two-unit configuration suitable for continued rental use or an owner-occupant arrangement, as supported by the separate residences and current occupancy status.
Key Highlights
- 1,668‑square‑foot duplex with upper and lower residences
- Lower unit includes 3 bedrooms and 1 bathroom and is currently vacant
- Upper unit offers 2 bedrooms, 1 bathroom, and a private laundry room
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
$14,629
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
7.70%
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%
$292,580
$292.6K
Cap Rate 7%
$208,986
$209.0K
Cap Rate 9%
$162,544
$162.5K
Market Conditions
NOI Build-Up for 1,668 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
$22.6K $13.56/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$20.9K $12.53/SF
− OpEx
−$6.3K −$3.76/SF
NOI
$14.6K $8.77/SF
Area
Huron County, OH
Vacancy
7.60%
Lease Rate
$13.56 /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%
$292,580
Cap Rate 7%
$208,986
Cap Rate 9%
$162,544
Alternative Uses
Best Use
Multifamily LT 5
$209.0K
$182.9K – $243.8K
NOI $14,629 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$192.4K
$168.4K – $224.5K
NOI $13,470 @ 7.0% cap · market cap 7.09%
Theoretical Best
Specialty Retail
$346.7K
$303.4K – $404.5K
NOI $24,268 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Explore this area
Business Placement
Demographics for 44857, OH
23,619
Population
10,579
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
93%
High-School Grad
81.6 sq mi
ZIP Area
289
Density / Sq Mi
$62,227
Median Household Income
$42,100
Median Earnings
$795
Median Rent
$170,400
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 - Upper and lower residences offer distinct layouts, including a renovated upper unit and a vacant lower unit.
Where is this duplex located?
The property is located at 13 Norwood Ave Norwalk, OH.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: 1,668‑square‑foot duplex with upper and lower residences; Lower unit includes 3 bedrooms and 1 bathroom and is currently vacant; Upper unit offers 2 bedrooms, 1 bathroom, and a private laundry room
