Duplex With Three-Car
New
For Sale
$429,900
1497 Prospect Ave, Rocky River, OH 44116
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 Market7
Property Features for 1497 Prospect Ave
General Information
Standard status
Active
Size
2,802 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
newer windows
central air
original hardwood flooring
built-in cabinetry
dishwasher
washer/dryer set
Building Details
Year Built
1923
Buildings
1
Listing Agency:
Keller Williams Citywide
Listed By:
Jane C Vitou · License #448578
(440) 725-1434
Source:
Theacclaimedrealty
Added: Sep 18
Last Checked: Sep 24 at 11:34AM
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
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 = 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
$29,709
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
6.91%
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%
$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
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
$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 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%
$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
Warehouse
$2.25M
$1.96M – $2.62M
NOI $157,156 @ 7.0% cap · market cap 36.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,200
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
