Duplex With Three-Car
1497 Prospect Ave, Rocky River, OH 44116
For Sale
$429,900
Downtown duplex with separate laundry, central air, and a three-car garage near shopping, dining, and schools.
Property Size2,802 SF
Price / SF$153.43
Days on Market53
Property Features for 1497 Prospect Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Amenities
newer windows
central air
original hardwood flooring
built-in cabinetry
dishwasher
washer/dryer set
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams Citywide
Listed By:
Jane C Vitou · License #448578
(440) 725-1434
Source:
Theacclaimedrealty
Added: Sep 18
Changed: Oct 25
Last Checked: Oct 7 at 5:43PM
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 Keller Williams Citywide
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Investment Insights
Based on property information with market context.
This 1923 duplex contains 2,802 square feet and combines classic residential details with practical updates. The property features newer windows, central air, original hardwood flooring, built-in cabinetry, and generously sized rooms. Each unit has its own washer and dryer, while the second-floor residence also includes a dishwasher. A detached three-car garage adds useful parking and storage capacity.
Located at 1497 Prospect Ave in Rocky River, the property is within walking distance of downtown shopping and dining, as well as local schools. The two-unit configuration and separate laundry equipment support distinct household living arrangements within one income-producing property.
Located at 1497 Prospect Ave in Rocky River, the property is within walking distance of downtown shopping and dining, as well as local schools. The two-unit configuration and separate laundry equipment support distinct household living arrangements within one income-producing property.
Key Highlights
- Two‑unit duplex with 2,802 square feet
- Built in 1923 with newer windows and central air
- Original hardwood flooring and built‑in cabinetry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,709
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$594,180
$594.2K
Cap Rate 7%
$424,414
$424.4K
Cap Rate 9%
$330,100
$330.1K
Market Conditions
NOI Build-Up for 2,802 SF
Gross rent
$45.4K $16.20/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$42.4K $15.15/SF
− OpEx
−$12.7K −$4.54/SF
NOI
$29.7K $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%
$594,180
Cap Rate 7%
$424,414
Cap Rate 9%
$330,100
Alternative Uses
Best Use
Multifamily LT 5
$424.4K
$371.4K – $495.2K
NOI $29,709 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$395.7K
$346.2K – $461.7K
NOI $27,699 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$520.5K
$455.4K – $607.3K
NOI $36,435 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,200
Businesses Nearby
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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
$327,600
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Cuyahoga County, OH
Properties on Market for Duplexes in Cuyahoga County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Downtown duplex with separate laundry, central air, and a three-car garage near shopping, dining, and schools.
Where is this duplex located?
The property is located at 1497 Prospect Ave Rocky River, OH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,802 square feet; Built in 1923 with newer windows and central air; Original hardwood flooring and built‑in cabinetry
