Two-Unit Split-Level
New
For Sale
$229,900
Pending
1401-1403 Lindenwood Drive, Lorain, OH 44053
Two occupied residences each include private laundry facilities and garage space.
Property Size2,239 SF
Days on Market7
Property Features for 1401-1403 Lindenwood Drive
General Information
Standard status
Pending
Size
2,239 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,849
Building Details
Building Size
2,239 SF
Year Built
1976
Buildings
2
Tenancy
Multi
Listing Agency:
Walnut Creek Realty, LLC.
Listed By:
Matthew P Klein · License #2018000266
(216) 785-2345
Source:
Coccarealestate
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 at 5:21PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1976 split-level duplex contains two tenant-occupied units, with a total of 2,239 square feet. Each residence has two bedrooms, one and a half bathrooms, its own laundry facilities, and garage space. A covered walkway connects the home to the garage.
Key Highlights
- Two‑unit duplex with 2,239 square feet
- Both residences are tenant occupied
- Each unit has 2 bedrooms and 1.5 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,504
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
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
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences each include private laundry facilities and garage space.
Where is this duplex located?
The property is located at 1401-1403 Lindenwood Drive 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 duplex with 2,239 square feet; Both residences are tenant occupied; Each unit has 2 bedrooms and 1.5 bathrooms
