Brick
For Sale
$512,500
1489 Prospect Avenue, Rocky River, OH 44116
ResidentialIncome, Rocky River, OH
Property Size4,292 SF
Lot Size0.13 Acres
Price / SF$119.41
Days on Market9
Property Features for 1489 Prospect Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 4, Laundry Room, Bathroom 2, Bedroom 5, Basement, Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 8, Bedroom 7, Bedroom 3, Bathroom 1
Parking features
Garage, Driveway
Appliances
Range, Refrigerator
Lot features
City Lot
View
City
Elementary school district
Rocky River CSD - 1826
Middle school district
Rocky River CSD - 1826
High school district
Rocky River CSD - 1826
Directions
Detroit Ave to Prospect Ave.
Standard status
Active
APN
301-23-036
Size
4,292 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6861
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1922
Floors in Building
3
Building materials
Brick
Roof type
Asphalt, Fiberglass
Listing Agency:
Century 21 Homestar · Century 21 Real Estate
(440) 449-9100
Listed By:
Eric A Kunde · License #2005004133
(216) 702-4636
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 6 at 6:06AM
MLS# 5248762
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 1922 brick triplex contains three residential units and totals 4,292 square feet on a 0.1274-acre lot. Recent improvements include newer windows, entry doors and roofing, along with fresh interior paint. The property has a garage and driveway, window-unit cooling, and public water and sewer service.
Prospect Avenue places the building within walking distance of downtown Rocky River restaurants, grocery stores and shops, including Whole Foods, Erie Island Coffee and Mitchell’s Ice Cream.
Prospect Avenue places the building within walking distance of downtown Rocky River restaurants, grocery stores and shops, including Whole Foods, Erie Island Coffee and Mitchell’s Ice Cream.
Key Highlights
- Three‑unit residential property with 4,292 square feet of building area
- 0.1274‑acre lot in Rocky River
- Brick construction; built in 1922
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,508
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$910,160
$910.2K
Cap Rate 7%
$650,114
$650.1K
Cap Rate 9%
$505,644
$505.6K
Market Conditions
NOI Build-Up for 4,292 SF
Gross rent
$69.5K $16.20/SF
− Vacancy
−$4.5K −$1.05/SF
EGI
$65.0K $15.15/SF
− OpEx
−$19.5K −$4.54/SF
NOI
$45.5K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$910,160
Cap Rate 7%
$650,114
Cap Rate 9%
$505,644
Alternative Uses
Best Use
Multifamily LT 5
$650.1K
$568.9K – $758.5K
NOI $45,508 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$606.1K
$530.4K – $707.1K
NOI $42,428 @ 7.0% cap · market cap 8.28%
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
Lease Details
3
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units in a brick building near downtown Rocky River shopping and dining.
Where is this triplex 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: Three‑unit residential property with 4,292 square feet of building area; 0.1274‑acre lot in Rocky River; Brick construction; built in 1922
