Residential Income Property with
For Sale
$512,500
1489 Prospect Avenue, Rocky River, OH 44116
Radiant heat, window-unit cooling, and a garage are among the property's documented features.
Property Size4,292 SF
Price / SF$119.41
Days on Market8
Property Features for 1489 Prospect Avenue
General Information
Standard status
Active
Size
4,292 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,861
Amenities
Fitness Center, Golf, Lake, Restaurant, Tennis Court(s)
Window Unit(s)
Radiant
Exterior Entry
Range, Refrigerator
City
Driveway, Garage
Building Details
Year Built
1922
Buildings
1
Stories
3
Listing Agency:
Northeast Ohio Realty LLC
Listed By:
Eric A Kunde · License #2005004133
(216) 702-4636
Source:
Evrealestate
Added: Sep 30
Changed: Oct 6
Last Checked: Oct 7 at 12:15PM
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 Northeast Ohio Realty LLC
Investment Insights
Based on property information with market context.
This 4,292-square-foot residential income property was built in 1922. Interior features include radiant heat, window-unit cooling, an exterior entrance, a range, and a refrigerator. The property also has a driveway and garage.
Key Highlights
- 4,292 square feet of residential income property
- Built in 1922
- Radiant heat and window‑unit cooling
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,428
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$848,560
$848.6K
Cap Rate 7%
$606,114
$606.1K
Cap Rate 9%
$471,422
$471.4K
Market Conditions
NOI Build-Up for 4,292 SF
Gross rent
$81.9K $19.08/SF
− Vacancy
−$4.7K −$1.11/SF
EGI
$77.1K $17.97/SF
− OpEx
−$34.7K −$8.09/SF
NOI
$42.4K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$848,560
Cap Rate 7%
$606,114
Cap Rate 9%
$471,422
Alternative Uses
Best Use
Apartment 5plus
$606.1K
$530.4K – $707.1K
NOI $42,428 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.44M
$3.01M – $4.01M
NOI $240,726 @ 7.0% cap · market cap 46.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 44116, OH
21,821
Population
10,484
Households
2.1
Avg Household Size
45
Median Age
64%
College-Educated
97%
High-School Grad
4.9 sq mi
ZIP Area
4,453
Density / Sq Mi
$93,532
Median Household Income
$60,738
Median Earnings
$1,146
Median Rent
$327,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Radiant heat, window-unit cooling, and a garage are among the property's documented features.
Where is this residential income property located?
The property is located at 1489 Prospect Avenue Rocky River, OH.
What is the asking price?
The asking price for this property is $512,500.
What are key features of this property?
This property features: 4,292 square feet of residential income property; Built in 1922; Radiant heat and window‑unit cooling
