Two-Unit Split-Level
New
For Sale
$229,900
1401-1403 Lindenwood Dr, Lorain, OH 44053
Tenant-occupied residences offer separate laundry and garage access.
Property Size2,239 SF
Price / SF$102.68
Days on Market6
Property Features for 1401-1403 Lindenwood Dr
General Information
Standard status
Active
Size
2,239 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Amenities
covered walkway
Building Details
Year Built
1976
Buildings
1
Construction
split-level
Tenancy
Multi
Listing Agency:
Walnut Creek Realty, LLC.
Listed By:
Matthew P Klein · License #2018000266
(216) 785-2345
Source:
Homesinneohio
Added: Sep 18
Last Checked: Sep 22 at 9:19PM
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 Walnut Creek Realty, LLC.
Investment Insights
Based on property information with market context.
Built in 1976, this 2,239-square-foot split-level duplex contains two residential units, each with two bedrooms, one and one-half bathrooms, dedicated laundry, and its own garage space. A covered walkway connects the home to the garages, providing sheltered access between the living areas and parking.
The property occupies a corner lot at the intersection of Ashland Avenue and Lindenwood Drive in Lorain. Both units are currently tenant occupied, and the address is 1401-1403 Lindenwood Drive.
The property occupies a corner lot at the intersection of Ashland Avenue and Lindenwood Drive in Lorain. Both units are currently tenant occupied, and the address is 1401-1403 Lindenwood Drive.
Key Highlights
- Two‑unit split‑level duplex with 2,239 square feet
- Each unit includes 2 bedrooms and 1.5 bathrooms
- Separate laundry and garage space for each residence
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
$20,504
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
8.92%
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%
$410,080
$410.1K
Cap Rate 7%
$292,914
$292.9K
Cap Rate 9%
$227,822
$227.8K
Market Conditions
NOI Build-Up for 2,239 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
$30.9K $13.80/SF
− Vacancy
−$1.6K −$0.72/SF
EGI
$29.3K $13.08/SF
− OpEx
−$8.8K −$3.92/SF
NOI
$20.5K $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%
$410,080
Cap Rate 7%
$292,914
Cap Rate 9%
$227,822
Alternative Uses
Best Use
Multifamily LT 5
$292.9K
$256.3K – $341.7K
NOI $20,504 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$273.6K
$239.4K – $319.2K
NOI $19,152 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$564.2K
$493.7K – $658.3K
NOI $39,496 @ 7.0% cap · market cap 17.18%
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
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 44053, OH
20,735
Population
9,529
Households
2.2
Avg Household Size
44
Median Age
21%
College-Educated
91%
High-School Grad
10.8 sq mi
ZIP Area
1,920
Density / Sq Mi
$65,332
Median Household Income
$43,654
Median Earnings
$827
Median Rent
$189,500
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 - Tenant-occupied residences offer separate laundry and garage access.
Where is this duplex located?
The property is located at 1401-1403 Lindenwood Dr Lorain, OH.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two‑unit split‑level duplex with 2,239 square feet; Each unit includes 2 bedrooms and 1.5 bathrooms; Separate laundry and garage space for each residence
