Two-Unit Corner
For Sale
$229,900
1401-1403 Lindenwood Drive, Lorain, OH 44053
ResidentialIncome, Lorain, OH
Property Size2,239 SF
Lot Size0.23 Acres
Price / SF$102.68
Days on Market12
Property Features for 1401-1403 Lindenwood Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2, Basement, Bedroom 3
Parking features
Garage
Subdivision
Edgewood Estates Sub
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
From Oberlin Ave, turn west onto Parkway Dr. Turn Right to Ashland Ave; the property is on the left at the corner of Ashland Ave, just north of Zion Lutheran Church.
Standard status
Active
APN
02-02-005-101-055
Size
2,239 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EDGEWOOD ESTATES SUB 2 75 X 131.23 LOT # 37
Tax Annual Amount
2849
Legal Description
EDGEWOOD ESTATES SUB 2 75 X 131.23 LOT # 37
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall Unit(s)
Water source
Public
Amenities
in-unit laundry
covered walkway
Building Details
Year built
1976
Floors in Building
3
Building materials
Stucco, VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Walnut Creek Realty, LLC.
Listed By:
Matthew P Klein · License #2018000266
(216) 785-2345
Added: Sep 12
Changed: Sep 16
Last Checked: Sep 23 at 11:06PM
MLS# 5243035
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 2,239-square-foot duplex contains two tenant-occupied residences, each arranged with two bedrooms, one and one-half bathrooms, private laundry, and dedicated garage space. The split-level property was built in 1976 and features stucco and vinyl siding, fiberglass and asphalt roofing, electric heat, and wall-unit cooling. A covered walkway connects the home with the garage area. Public water and public sewer serve the property.
The 0.2256-acre parcel occupies a corner position at Ashland and Lindenwood Drive in Lorain. The property includes a basement and provides two residential units within a single multifamily asset, with separate garage access supporting each residence.
The 0.2256-acre parcel occupies a corner position at Ashland and Lindenwood Drive in Lorain. The property includes a basement and provides two residential units within a single multifamily asset, with separate garage access supporting each residence.
Key Highlights
- Two tenant‑occupied residential units
- 2,239 square feet on a 0.2256‑acre corner lot
- Each unit offers 2 bedrooms and 1.5 bathrooms
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
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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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex with separate laundry, garage space, and two-bedroom layouts in each residence.
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 tenant‑occupied residential units; 2,239 square feet on a 0.2256‑acre corner lot; Each unit offers 2 bedrooms and 1.5 bathrooms
