Updated Brick
For Sale
$335,000
3823-3827 Richlawn Rd, Richfield, OH 44286
Fully occupied ranch-style property with one extensively renovated unit and existing leases extending into 2026.
Property Size1,755 SF
Price / SF$190.88
Days on Market29
Property Features for 3823-3827 Richlawn Rd
General Information
Standard status
Active
Size
1,755 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$28,800
Multifamily Units
2
Building Details
Year Built
1961
Buildings
1
Construction
brick ranch-style
Tenancy
Multi
Listing Agency:
Keller Williams Chervenic Rlty
(330) 620-1123
Listed By:
Aimee Neiman · License #2020001502
Source:
Theacclaimedrealty
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 12:33PM
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 Keller Williams Chervenic Rlty
Investment Insights
Based on property information with market context.
This 1,755-square-foot brick duplex was built in 1961 and is configured as two residential units. The left unit has undergone extensive renovations, including new windows, air conditioning, granite countertops, and a custom shower. The right unit is also described as being in great condition, providing a property with improvements across both sides.
Both units are occupied under existing leases. The left-side lease runs through 7/31/26, while the right-side lease continues through 8/31/26; each tenancy is scheduled to move to month-to-month status after expiration. The property is located at 3823-3827 Richlawn Rd in Richfield, Ohio, within the Revere School District.
Both units are occupied under existing leases. The left-side lease runs through 7/31/26, while the right-side lease continues through 8/31/26; each tenancy is scheduled to move to month-to-month status after expiration. The property is located at 3823-3827 Richlawn Rd in Richfield, Ohio, within the Revere School District.
Key Highlights
- Two‑unit brick duplex totaling 1,755 SF
- Built in 1961
- Left unit includes new windows, A/C, granite countertops, and a custom shower
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
$16,072
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
4.80%
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%
$321,440
$321.4K
Cap Rate 7%
$229,600
$229.6K
Cap Rate 9%
$178,578
$178.6K
Market Conditions
NOI Build-Up for 1,755 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
$24.2K $13.80/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$23.0K $13.08/SF
− OpEx
−$6.9K −$3.92/SF
NOI
$16.1K $9.16/SF
Area
Summit 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%
$321,440
Cap Rate 7%
$229,600
Cap Rate 9%
$178,578
Alternative Uses
Best Use
Multifamily LT 5
$229.6K
$200.9K – $267.9K
NOI $16,072 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$201.0K
$175.9K – $234.5K
NOI $14,070 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$430.7K
$376.9K – $502.5K
NOI $30,148 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 44286, OH
6,258
Population
2,770
Households
2.3
Avg Household Size
51
Median Age
50%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
265
Density / Sq Mi
$115,227
Median Household Income
$65,121
Median Earnings
$1,082
Median Rent
$388,300
Median Home Value
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 - Fully occupied ranch-style property with one extensively renovated unit and existing leases extending into 2026.
Where is this duplex located?
The property is located at 3823-3827 Richlawn Rd Richfield, OH.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two‑unit brick duplex totaling 1,755 SF; Built in 1961; Left unit includes new windows, A/C, granite countertops, and a custom shower
